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Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2025

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Group Benefits - Group life	$	7,647	$	7,632
RIS:
Capital markets investment products and stable value GICs	65,147		63,715
Annuities and risk solutions	21,568		20,699
Asia:
Universal and variable universal life	51,963		50,801
Fixed annuities	39,301		38,421
EMEA - Variable annuities	2,305		2,337
MetLife Holdings:
Annuities	9,859		10,142
Life and other	10,986		11,132
Other	16,847		16,566
Total	$	225,623	$	221,445

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	7,632	$	7,692
Deposits	928		1,083
Policy charges	(167)		(163)
Surrenders and withdrawals	(787)		(906)
Benefit payments	(4)		(4)
Net transfers from (to) separate accounts	1		(3)
Interest credited	44		48

Balance, end of period	$	7,647	$	7,747

Weighted-average annual crediting rate	2.3 %		2.5 %

At period end:
Cash surrender value	$	7,582	$	7,687
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	266,816	$	260,502

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	63,715	$	64,140
Deposits	22,694		18,073

Surrenders and withdrawals	(22,340)		(18,070)


Interest credited	601		573
Effect of foreign currency translation and other, net	477		(447)
Balance, end of period	$	65,147	$	64,269

Weighted-average annual crediting rate	3.8 %		3.6 %
Cash surrender value at period end	$	1,468	$	1,992

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	20,699	$	17,711
Deposits	1,099		700
Policy charges	(47)		(15)
Surrenders and withdrawals	(139)		(58)
Benefit payments	(275)		(242)
Net transfers from (to) separate accounts	(2)		19
Interest credited	215		177
Other	18		(26)
Balance, end of period	$	21,568	$	18,266

Weighted-average annual crediting rate	4.1 %		3.9 %

At period end:
Cash surrender value	$	9,889	$	8,043
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	44,587	$	42,677

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	50,801	$	49,739
Deposits	1,175		1,682
Policy charges	(231)		(282)
Surrenders and withdrawals	(698)		(826)
Benefit payments	(157)		(124)

Interest credited	369		382
Effect of foreign currency translation and other, net	704		(1,087)
Balance, end of period	$	51,963	$	49,484

Weighted-average annual crediting rate	2.9 %		3.1 %

At period end:
Cash surrender value	$	45,470	$	42,842
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	86,430	$	90,786

Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	38,421	$	36,863
Deposits	1,445		1,665
Policy charges	(1)		—
Surrenders and withdrawals	(470)		(740)
Benefit payments	(477)		(649)

Interest credited	289		248
Effect of foreign currency translation and other, net	94		(418)
Balance, end of period	$	39,301	$	36,969

Weighted-average annual crediting rate	3.0 %		2.7 %

At period end:
Cash surrender value	$	34,369	$	32,072
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	1	$	3

Information regarding the EMEA segment’s variable annuity PABs in the U.K. was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	2,337	$	2,720
Deposits	1		1
Policy charges	(13)		(15)
Surrenders and withdrawals	(59)		(73)
Benefit payments	(30)		(31)

Interest credited (1)	(3)		54
Effect of foreign currency translation and other, net	72		(25)
Balance, end of period	$	2,305	$	2,631

Weighted-average annual crediting rate	(0.5 %)		8.4 %

At period end:
Cash surrender value	$	2,305	$	2,631
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	437	$	422
At annuitization or exercise of other living benefits	$	556	$	541

__________________

(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying Unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	10,142	$	11,537
Deposits	45		38
Policy charges	(3)		(3)
Surrenders and withdrawals	(346)		(457)
Benefit payments	(97)		(108)
Net transfers from (to) separate accounts	41		27
Interest credited	78		91
Other	(1)		4
Balance, end of period	$	9,859	$	11,129

Weighted-average annual crediting rate	3.2 %		3.3 %

At period end:
Cash surrender value	$	9,289	$	10,507
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death	$	2,659	$	2,486
At annuitization or exercise of other living benefits	$	793	$	614

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs, which are disclosed in “MetLife Holdings – Annuities” in Note 6.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	11,132	$	11,641
Deposits	193		206
Policy charges	(170)		(174)
Surrenders and withdrawals	(240)		(265)
Benefit payments	(45)		(39)
Net transfers from (to) separate accounts	14		11
Interest credited	99		106
Other	3		—
Balance, end of period	$	10,986	$	11,486

Weighted-average annual crediting rate	3.7 %		3.7 %

At period end:
Cash surrender value	$	10,436	$	11,038
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	63,491	$	66,684

__________________

(1)Including offsets from reinsurance, the net amount at risk at March 31, 2025 and December 31, 2024, would be reduced by 98% and 99%, respectively.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	468	$	75	$	797	$	4,118	$	5,458
Equal to or greater than 2% but less than 4%	1,224		97		62		—		1,383
Equal to or greater than 4%	693		27		3		48		771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	199	$	862	$	4,166	$	7,647

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	154	$	839	$	4,628	$	5,621
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	163	$	939	$	4,663	$	7,747

The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,376	$	2,376


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,771
Total	$	—	$	—	$	—	$	2,376	$	65,147

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,270
Total	$	—	$	—	$	1	$	1,998	$	64,269

The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	7	$	2,545	$	2,552
Equal to or greater than 2% but less than 4%	192		33		452		1,172		1,849
Equal to or greater than 4%	4,173		11		423		6		4,613
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,554
Total	$	4,365	$	44	$	882	$	3,723	$	21,568

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,834	$	1,854
Equal to or greater than 2% but less than 4%	244		34		106		416		800
Equal to or greater than 4%	4,260		—		390		5		4,655
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		10,957
Total	$	4,504	$	34	$	516	$	2,255	$	18,266

The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	10,301	$	17	$	243	$	1,699	$	12,260
Equal to or greater than 2% but less than 4%	7,513		15,844		5,098		10,559		39,014
Equal to or greater than 4%	236		—		—		—		236
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		453
Total	$	18,050	$	15,861	$	5,341	$	12,258	$	51,963

March 31, 2024
Equal to or greater than 0% but less than 2%	$	9,960	$	21	$	230	$	1,149	$	11,360
Equal to or greater than 2% but less than 4%	7,732		15,644		5,550		8,387		37,313
Equal to or greater than 4%	246		—		—		—		246
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		565
Total	$	17,938	$	15,665	$	5,780	$	9,536	$	49,484

The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	310	$	480	$	4,624	$	32,683	$	38,097
Equal to or greater than 2% but less than 4%	—		4		—		—		4

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,200
Total	$	310	$	484	$	4,624	$	32,683	$	39,301

March 31, 2024
Equal to or greater than 0% but less than 2%	$	331	$	521	$	5,821	$	29,031	$	35,704
Equal to or greater than 2% but less than 4%	—		5		—		—		5

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,260
Total	$	331	$	526	$	5,821	$	29,031	$	36,969

The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	15	$	126	$	409	$	78	$	628
Equal to or greater than 2% but less than 4%	2,224		4,885		522		104		7,735
Equal to or greater than 4%	720		392		8		—		1,120
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		376
Total	$	2,959	$	5,403	$	939	$	182	$	9,859

March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	866		7,157		540		201		8,764
Equal to or greater than 4%	773		403		30		—		1,206
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		414
Total	$	1,645	$	7,797	$	1,012	$	261	$	11,129

The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	13	$	46	$	59
Equal to or greater than 2% but less than 4%	3,986		175		256		527		4,944
Equal to or greater than 4%	4,814		120		400		23		5,357
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		626
Total	$	8,800	$	295	$	669	$	596	$	10,986

March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	17	$	54	$	71
Equal to or greater than 2% but less than 4%	4,351		171		275		546		5,343
Equal to or greater than 4%	5,022		124		410		15		5,571
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,373	$	295	$	702	$	615	$	11,486