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Separate Account (Tables)
 3 Months Ended
Mar. 31, 2025
Separate Accounts Disclosure [Abstract]  
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
March 31, 2025December 31, 2024
(In millions)
RIS:
Stable Value and Risk Solutions
$38,141 $40,319 
Annuities
11,220 11,001 
Latin America - Pensions41,179 38,765 
MetLife Holdings - Annuities26,296 27,829 
Other21,307 21,590 
Total
$138,143 $139,504 
Separate Account, Liability Rollforward
The balances of and changes in separate account liabilities were as follows:
RIS
Stable Value and
Risk Solutions
RIS
Annuities
Latin America
Pensions		MetLife Holdings
Annuities
(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period$40,319 $11,001 $38,765 $27,829 
Premiums and deposits642 11 1,668 61 
Policy charges(67)(5)(69)(135)
Surrenders and withdrawals(2,297)(178)(1,218)(846)
Benefit payments(39)— (427)(114)
Investment performance609 291 708 (459)
Net transfers from (to) general account1 1 — (41)
Effect of foreign currency translation and other, net (1)
(1,027)99 1,752 1 
Balance, end of period$38,141 $11,220 $41,179 $26,296 
Three Months Ended March 31, 2024
Balance, beginning of period$41,343 $11,659 $41,320 $29,224 
Premiums and deposits818 15 1,702 63 
Policy charges(64)(5)(67)(144)
Surrenders and withdrawals(1,828)(172)(1,276)(885)
Benefit payments(27)— (404)(129)
Investment performance310 (54)1,797 1,767 
Net transfers from (to) general account(19)— — (27)
Effect of foreign currency translation and other, net (1)
(1,082)22 (4,560)(3)
Balance, end of period$39,451 $11,465 $38,512 $29,866 
Cash surrender value at March 31, 2025 (2)$34,077 N/A$41,179 $26,177 
Cash surrender value at March 31, 2024 (2)$35,132 N/A$38,512 $29,719 
__________________
(1)The effect of foreign currency translation and other, net for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(2)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
Fair Value, Separate Account Investment
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
March 31, 2025
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,665 $1,177 $11,140 $3,292 $— $25,274 
Public utilities— 1,095 187 — — — 1,282 
Municipals— 297 19 — — — 316 
Corporate bonds:
Materials— 281 — — 1 — 282 
Communications— 746 14 — — — 760 
Consumer— 1,850 34 — 4 — 1,888 
Energy— 978 109 797 13 — 1,897 
Financial— 3,283 461 4,882 409 — 9,035 
Industrial and other— 768 42 2,448 — — 3,258 
Technology— 599 — — — — 599 
Total corporate bonds— 8,505 660 8,127 427 — 17,719 
Total bonds— 19,562 2,043 19,267 3,719 — 44,591 
Mortgage-backed securities
— 8,296 — — — — 8,296 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
— 2,404 — — — — 2,404 
Redeemable preferred stock— 8 — — — — 8 
Total fixed maturity securities— 30,270 2,043 19,267 3,719 — 55,299 
Equity securities— 2,595 2,352 2,806 1,340 — 9,093 
Mutual funds 1,241 10,669 3,066 15,114 195 32,689 62,974 
Other invested assets
— 1,468 313 3,149 29 — 4,959 
Total investments1,241 45,002 7,774 40,336 5,283 32,689 132,325 
Other assets
— 4,450 471 843 54 — 5,818 
Total$1,241 $49,452 $8,245 $41,179 $5,337 $32,689 $138,143 
December 31, 2024
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,950 $1,115 $10,545 $3,017 $15 $24,642 
Public utilities— 1,090 188 — — 7 1,285 
Municipals— 250 18 — — 12 280 
Corporate bonds:
Materials— 245 — — — 1 246 
Communications— 811 15 — — 4 830 
Consumer— 1,903 34 — — 13 1,950 
Energy— 958 113 729 4 4 1,808 
Financial— 3,472 515 4,760 309 26 9,082 
Industrial and other— 775 46 2,231 7 2 3,061 
Technology— 518 — — — 2 520 
Total corporate bonds— 8,682 723 7,720 320 52 17,497 
Total bonds— 19,972 2,044 18,265 3,337 86 43,704 
Mortgage-backed securities
— 9,021 — — — 38 9,059 
ABS & CLO
— 2,145 — — — 17 2,162 
Redeemable preferred stock— 8 — — — — 8 
Total fixed maturity securities— 31,146 2,044 18,265 3,337 141 54,933 
Equity securities— 2,830 2,324 2,353 1,200 — 8,707 
Mutual funds1,319 10,035 3,098 14,295 129 34,751 63,627 
Other invested assets
— 1,398 312 2,557 43 — 4,310 
Total investments1,319 45,409 7,778 37,470 4,709 34,892 131,577 
Other assets
— 6,011 453 1,295 166 2 7,927 
Total$1,319 $51,420 $8,231 $38,765 $4,875 $34,894 $139,504