
	June 30, 2025		December 31, 2024
	(In millions)
Group Benefits - Group life	$	7,605	$	7,632
RIS:
Capital markets investment products and stable value GICs	66,557		63,715
Annuities and risk solutions	22,191		20,699
Asia:
Universal and variable universal life	53,564		50,801
Fixed annuities	41,419		38,421
EMEA - Variable annuities	2,376		2,337
MetLife Holdings:
Annuities	9,625		10,142
Life and other	10,849		11,132
Other	18,247		16,566
Total	$	232,433	$	221,445

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	7,632	$	7,692
Deposits	1,860		1,959
Policy charges	(336)		(327)
Surrenders and withdrawals	(1,634)		(1,767)
Benefit payments	(5)		(6)
Net transfers from (to) separate accounts	1		(3)
Interest credited	87		96

Balance, end of period	$	7,605	$	7,644

Weighted-average annual crediting rate	2.3 %		2.5 %

At period end:
Cash surrender value	$	7,540	$	7,584
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	267,754	$	264,497

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)
June 30, 2025
Equal to or greater than 0% but less than 2%	$	479	$	76	$	779	$	4,113	$	5,447
Equal to or greater than 2% but less than 4%	1,204		95		60		—		1,359
Equal to or greater than 4%	687		26		3		50		766
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		33
Total	$	2,370	$	197	$	842	$	4,163	$	7,605

June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	157	$	819	$	4,574	$	5,550
Equal to or greater than 2% but less than 4%	1,217		9		59		1		1,286
Equal to or greater than 4%	697		—		39		34		770
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		38
Total	$	1,914	$	166	$	917	$	4,609	$	7,644


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	63,715	$	64,140
Deposits	42,621		37,608

Surrenders and withdrawals	(42,716)		(37,540)


Interest credited	1,202		1,180
Effect of foreign currency translation and other, net	1,735		(443)
Balance, end of period	$	66,557	$	64,945

Weighted-average annual crediting rate	3.8 %		3.7 %
Cash surrender value at period end	$	1,268	$	1,850

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)
June 30, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,591	$	2,591


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		63,966
Total	$	—	$	—	$	—	$	2,591	$	66,557

June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,647	$	2,647


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,298
Total	$	—	$	—	$	—	$	2,647	$	64,945

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	20,699	$	17,711
Deposits	1,983		1,467
Policy charges	(98)		(63)
Surrenders and withdrawals	(307)		(189)
Benefit payments	(541)		(471)
Net transfers from (to) separate accounts	(4)		20
Interest credited	441		360
Other	18		(38)
Balance, end of period	$	22,191	$	18,797

Weighted-average annual crediting rate	4.2 %		4.0 %

At period end:
Cash surrender value	$	10,183	$	8,209
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	46,678	$	43,702


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)
June 30, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	8	$	2,817	$	2,825
Equal to or greater than 2% but less than 4%	164		57		449		1,203		1,873
Equal to or greater than 4%	4,155		11		423		6		4,595
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,898
Total	$	4,319	$	68	$	880	$	4,026	$	22,191

June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	2,048	$	2,067
Equal to or greater than 2% but less than 4%	201		35		109		421		766
Equal to or greater than 4%	4,239		—		397		5		4,641
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		11,323
Total	$	4,440	$	35	$	525	$	2,474	$	18,797


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	50,801	$	49,739
Deposits	2,817		3,146
Policy charges	(482)		(545)
Surrenders and withdrawals	(1,336)		(1,736)
Benefit payments	(292)		(234)

Interest credited	783		744
Effect of foreign currency translation and other, net	1,273		(1,885)
Balance, end of period	$	53,564	$	49,229

Weighted-average annual crediting rate	3.1 %		3.1 %

At period end:
Cash surrender value	$	46,520	$	43,078
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	86,369	$	88,255


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)
June 30, 2025
Equal to or greater than 0% but less than 2%	$	10,673	$	24	$	245	$	1,813	$	12,755
Equal to or greater than 2% but less than 4%	7,575		15,942		5,047		11,063		39,627
Equal to or greater than 4%	232		—		—		—		232
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		950
Total	$	18,480	$	15,966	$	5,292	$	12,876	$	53,564

June 30, 2024
Equal to or greater than 0% but less than 2%	$	9,431	$	18	$	230	$	1,281	$	10,960
Equal to or greater than 2% but less than 4%	7,413		15,613		5,486		8,989		37,501
Equal to or greater than 4%	242		—		—		—		242
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		526
Total	$	17,086	$	15,631	$	5,716	$	10,270	$	49,229


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	38,421	$	36,863
Deposits	3,738		3,412
Policy charges	(2)		(1)
Surrenders and withdrawals	(828)		(1,645)
Benefit payments	(936)		(1,174)

Interest credited	601		509
Effect of foreign currency translation and other, net	425		(335)
Balance, end of period	$	41,419	$	37,629

Weighted-average annual crediting rate	3.1 %		2.8 %

At period end:
Cash surrender value	$	36,270	$	32,555
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	1	$	—


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)
June 30, 2025
Equal to or greater than 0% but less than 2%	$	293	$	457	$	4,443	$	35,016	$	40,209
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		1,206
Total	$	293	$	461	$	4,443	$	35,016	$	41,419

June 30, 2024
Equal to or greater than 0% but less than 2%	$	394	$	487	$	5,486	$	30,060	$	36,427
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		1,197
Total	$	394	$	492	$	5,486	$	30,060	$	37,629


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	2,337	$	2,720
Deposits	1		2
Policy charges	(26)		(30)
Surrenders and withdrawals	(117)		(142)
Benefit payments	(64)		(61)

Interest credited (1)	34		87
Effect of foreign currency translation and other, net	211		(24)
Balance, end of period	$	2,376	$	2,552

Weighted-average annual crediting rate	2.9 %		6.8 %

At period end:
Cash surrender value	$	2,376	$	2,552
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	451	$	410
At annuitization or exercise of other living benefits	$	577	$	529

(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.

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	10,142	$	11,537
Deposits	86		86
Policy charges	(5)		(7)
Surrenders and withdrawals	(670)		(903)
Benefit payments	(191)		(211)
Net transfers from (to) separate accounts	106		58
Interest credited	156		183
Other	1		4
Balance, end of period	$	9,625	$	10,747

Weighted-average annual crediting rate	3.2 %		3.4 %

At period end:
Cash surrender value	$	9,074	$	10,154
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death	$	2,447	$	2,541
At annuitization or exercise of other living benefits	$	732	$	707


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)
June 30, 2025
Equal to or greater than 0% but less than 2%	$	29	$	25	$	492	$	66	$	612
Equal to or greater than 2% but less than 4%	2,759		4,214		475		102		7,550
Equal to or greater than 4%	714		380		7		—		1,101
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		362
Total	$	3,502	$	4,619	$	974	$	168	$	9,625

June 30, 2024
Equal to or greater than 0% but less than 2%	$	4	$	195	$	446	$	38	$	683
Equal to or greater than 2% but less than 4%	1,049		6,760		472		198		8,479
Equal to or greater than 4%	759		404		24		—		1,187
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		398
Total	$	1,812	$	7,359	$	942	$	236	$	10,747


	Six Months Ended June 30,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	11,132	$	11,641
Deposits	397		381
Policy charges	(336)		(347)
Surrenders and withdrawals	(491)		(523)
Benefit payments	(79)		(76)
Net transfers from (to) separate accounts	24		19
Interest credited	200		211
Other	2		(3)
Balance, end of period	$	10,849	$	11,303

Weighted-average annual crediting rate	3.7 %		3.7 %

At period end:
Cash surrender value	$	10,304	$	10,863
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death	$	62,364	$	65,885


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)
June 30, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	13	$	46	$	59
Equal to or greater than 2% but less than 4%	3,902		176		628		144		4,850
Equal to or greater than 4%	4,882		397		1		22		5,302
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		638
Total	$	8,784	$	573	$	642	$	212	$	10,849

June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	18	$	54	$	72
Equal to or greater than 2% but less than 4%	4,242		172		270		540		5,224
Equal to or greater than 4%	4,960		124		407		15		5,506
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,202	$	296	$	695	$	609	$	11,303

The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.


	June 30, 2025						December 31, 2024
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	191	$	191	$	—	$	178	$	178
MetLife Holdings - Annuities	210		2,424		2,214		231		2,300		2,069
Other	142		94		(48)		141		103		(38)
Total	$	352	$	2,709	$	2,357	$	372	$	2,581	$	2,209

The following information about the direct and assumed liabilities (assets) for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:


	Six Months Ended June 30,
	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	2		2
Benefit payments	(7)		(6)
Effect of changes in interest rates	2		4


Actual policyholder behavior different from expected behavior	—		(1)

Effect of foreign currency translation and other, net	16		(26)

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	192		178
Cumulative effect of changes in the instrument-specific credit risk	(1)		(1)

Balance, end of period	$	191	$	177



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

At annuitization or exercise of other living benefits	$	129	$	111
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates, and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

The MetLife Holdings segment’s variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:


		Six Months Ended June 30,
		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		167		179
Benefit payments		(46)		(45)
Effect of changes in interest rates		23		(556)
Effect of changes in capital markets		(195)		(372)
Effect of changes in equity index volatility		(4)		26
Actual policyholder behavior different from expected behavior		141		132

Effect of foreign currency translation and other, net		75		5
Effect of changes in risk margin		(2)		(62)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,151		2,079
Cumulative effect of changes in the instrument-specific credit risk		61		76
Effect of foreign currency translation on the cumulative instrument-specific credit risk		2		(2)
Balance, end of period		$	2,214	$	2,153



At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death		$	2,452	$	2,544
At annuitization or exercise of other living benefits		$	724	$	671
Weighted-average attained age of contractholders:
In the event of death		72 years		71 years
At annuitization or exercise of other living benefits		72 years		70 years

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:


	Six Months Ended June 30,
	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	23		25
Benefit payments	(2)		(3)
Effect of changes in interest rates	(17)		(46)
Effect of changes in capital markets	(14)		(15)
Effect of changes in equity index volatility	—		(1)
Actual policyholder behavior different from expected behavior	6		4

Effect of foreign currency translation and other, net	(9)		(2)
Effect of changes in risk margin	(1)		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(67)		(89)
Cumulative effect of changes in the instrument-specific credit risk	17		21
Effect of foreign currency translation on the cumulative instrument-specific credit risk	2		—
Balance, end of period	(48)		(68)
Less: Reinsurance recoverable	15		11
Balance, end of period, net of reinsurance	$	(63)	$	(79)