Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2025

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2025						December 31, 2024
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	187	$	187	$	—	$	178	$	178
MetLife Holdings - Annuities	182		2,559		2,377		231		2,300		2,069
Other	135		98		(37)		141		103		(38)
Total	$	317	$	2,844	$	2,527	$	372	$	2,581	$	2,209

Market Risk Benefit, Activity

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	178	$	203

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	179	$	205

Attributed fees collected	1		1
Benefit payments	(3)		(2)
Effect of changes in interest rates	2		2


Actual policyholder behavior different from expected behavior	—		(1)

Effect of foreign currency translation and other, net	9		(15)

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	188		190
Cumulative effect of changes in the instrument-specific credit risk	(1)		(1)

Balance, end of period	$	187	$	189



At period end:
Net amount at risk, excluding offsets from hedging:

At annuitization or exercise of other living benefits	$	127	$	113
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:


		Three Months Ended March 31,
		2025		2024
	(In millions)
Balance, beginning of period		$	2,069	$	2,722

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	1,992	$	2,772

Attributed fees collected		84		90
Benefit payments		(23)		(22)
Effect of changes in interest rates		123		(373)
Effect of changes in capital markets		83		(306)
Effect of changes in equity index volatility		14		34
Actual policyholder behavior different from expected behavior		73		69

Effect of foreign currency translation and other, net		(11)		(26)
Effect of changes in risk margin		16		(46)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,351		2,192
Cumulative effect of changes in the instrument-specific credit risk		24		39
Effect of foreign currency translation on the cumulative instrument-specific credit risk		2		—
Balance, end of period		$	2,377	$	2,231



At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death		$	2,664	$	2,489
At annuitization or exercise of other living benefits		$	810	$	579
Weighted-average attained age of contractholders:
In the event of death		72 years		72 years
At annuitization or exercise of other living benefits		72 years		70 years

__________________

(1)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

Information regarding these product liabilities (assets) was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	(38)	$	(32)

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(53)	$	(50)

Attributed fees collected	11		13
Benefit payments	(1)		(2)
Effect of changes in interest rates	(3)		(42)
Effect of changes in capital markets	(2)		(13)
Effect of changes in equity index volatility	—		(1)
Actual policyholder behavior different from expected behavior	2		2

Effect of foreign currency translation and other, net	(7)		(4)
Effect of changes in risk margin	—		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(53)		(98)
Cumulative effect of changes in the instrument-specific credit risk	15		23
Effect of foreign currency translation on the cumulative instrument-specific credit risk	1		—
Balance, end of period	(37)		(75)
Less: Reinsurance recoverable	15		13
Balance, end of period, net of reinsurance	$	(52)	$	(88)