XML 44 R33.htm IDEA: XBRL DOCUMENT

Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2025

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


	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

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:


	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 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:


	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

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

Information regarding this liability was as follows:


	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

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


	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	$	—

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


	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.

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

__________________

(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:


	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

__________________

(1)Including offsets from reinsurance, the net amount at risk at both June 30, 2025 and 2024 would be reduced by 99%.

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)
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

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 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%	$	—	$	—	$	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

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)
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

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)
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

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)
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

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)
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