Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

6 Months Ended

Jun. 30, 2025

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Intangible Assets and Liabilities and Unearned Revenue, excluding Goodwill [Text Block]

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

	Group Benefits		RIS		Asia (1)		Latin America (2)		EMEA (2)		MetLife Holdings (3)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2025	$	250	$	552	$	10,785	$	1,836	$	1,664	$	3,063	$	28	$	18,178
Capitalizations	12		81		769		348		262		7		6		1,485
Amortization	(13)		(34)		(417)		(247)		(178)		(107)		(4)		(1,000)
Effect of foreign currency translation and other, net	—		—		499		177		145		—		3		824
Balance at June 30, 2025	$	249	$	599	$	11,636	$	2,114	$	1,893	$	2,963	$	33	$	19,487
Balance at January 1, 2024	$	258	$	397	$	10,864	$	1,950	$	1,618	$	3,271	$	30	$	18,388
Capitalizations	9		107		696		353		243		9		6		1,423
Amortization	(13)		(30)		(379)		(232)		(166)		(114)		(3)		(937)
Effect of foreign currency translation and other, net	—		—		(618)		(156)		(49)		—		(1)		(824)
Balance at June 30, 2024	$	254	$	474	$	10,563	$	1,915	$	1,646	$	3,166	$	32	$	18,050
VOBA:
Balance at January 1, 2025	$	—	$	13	$	935	$	393	$	94	$	14	$	—	$	1,449
Amortization	—		(1)		(33)		(19)		(6)		(1)		—		(60)
Effect of foreign currency translation and other, net	—		—		81		27		9		—		—		117
Balance at June 30, 2025	$	—	$	12	$	983	$	401	$	97	$	13	$	—	$	1,506
Balance at January 1, 2024	$	—	$	16	$	1,119	$	497	$	113	$	18	$	—	$	1,763
Amortization	—		(1)		(38)		(22)		(7)		(2)		—		(70)
Effect of foreign currency translation and other, net	—		—		(136)		(36)		(3)		—		—		(175)
Balance at June 30, 2024	$	—	$	15	$	945	$	439	$	103	$	16	$	—	$	1,518
Total DAC and VOBA:
Balance at June 30, 2025															$	20,993
Balance at June 30, 2024															$	19,568
Balance at December 31, 2024															$	19,627

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(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.

(2)Includes DAC balances primarily related to universal life, variable universal life, ordinary life and accident & health products.

(3)Includes DAC balances primarily related to whole life, variable annuities, term life, universal life, variable universal life and long-term care products.

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Six Months Ended June 30, 2025
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	27	$	3,076	$	841	$	622	$	69	$	4,635
Deferrals	1		229		68		59		6		363
Amortization	(3)		(124)		(55)		(37)		(3)		(222)
Effect of foreign currency translation and other, net	—		52		81		39		—		172
Balance, end of period	$	25	$	3,233	$	935	$	683	$	72	$	4,948
	Six Months Ended June 30, 2024
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	31	$	2,850	$	989	$	608	$	59	$	4,537
Deferrals	1		285		75		49		8		418
Amortization	(3)		(107)		(60)		(34)		(2)		(206)
Effect of foreign currency translation and other, net	—		(50)		(74)		(11)		—		(135)
Balance, end of period	$	29	$	2,978	$	930	$	612	$	65	$	4,614