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Separate Account (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2025December 31, 2024
(In millions)
RIS:
Stable Value and Risk Solutions
$36,928 $40,319 
Annuities
10,967 11,001 
Latin America - Pensions43,827 38,765 
MetLife Holdings - Annuities27,188 27,829 
Other24,265 21,590 
Total
$143,175 $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)
Six Months Ended June 30, 2025
Balance, beginning of period$40,319 $11,001 $38,765 $27,829 
Premiums and deposits1,121 20 3,479 118 
Policy charges(140)(9)(137)(272)
Surrenders and withdrawals(3,258)(383)(2,565)(1,661)
Benefit payments(82)— (911)(228)
Investment performance1,416 454 2,597 1,507 
Net transfers from (to) general account30 (26)— (107)
Effect of foreign currency translation and other, net (1)(2,478)(90)2,599 2 
Balance, end of period$36,928 $10,967 $43,827 $27,188 
Six Months Ended June 30, 2024
Balance, beginning of period$41,343 $11,659 $41,320 $29,224 
Premiums and deposits1,053 25 3,427 123 
Policy charges(139)(10)(132)(296)
Surrenders and withdrawals(2,945)(401)(2,652)(1,857)
Benefit payments(60)— (812)(259)
Investment performance692 (95)875 1,972 
Net transfers from (to) general account(20)— — (59)
Effect of foreign currency translation and other, net (1) (1,235)68 (3,082)(5)
Balance, end of period$38,689 $11,246 $38,944 $28,843 
Cash surrender value at June 30, 2025 (2)$34,285 N/A$43,827 $27,065 
Cash surrender value at June 30, 2024 (2)$34,519 N/A$38,944 $28,706 
__________________
(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:
June 30, 2025
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,683 $1,253 $12,132 $3,741 $— $26,809 
Public utilities— 1,095 209 — — — 1,304 
Municipals— 293 22 — — — 315 
Corporate bonds:
Materials— 273 — — 1 — 274 
Communications— 749 29 — — — 778 
Consumer— 1,809 45 — 5 — 1,859 
Energy— 939 126 805 13 — 1,883 
Financial— 3,182 517 4,946 435 — 9,080 
Industrial and other— 769 4 2,465 1 — 3,239 
Technology— 586 35 — — — 621 
Total corporate bonds— 8,307 756 8,216 455 — 17,734 
Total bonds— 19,378 2,240 20,348 4,196 — 46,162 
Mortgage-backed securities
— 8,164 — — — — 8,164 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
— 2,435 — — — — 2,435 
Redeemable preferred stock— 3 106 — — — 109 
Total fixed maturity securities— 29,980 2,346 20,348 4,196 — 56,870 
Equity securities— 2,817 3,137 3,185 1,499 — 10,638 
Mutual funds 1,353 10,923 3,455 16,275 277 34,208 66,491 
Other invested assets
— 1,409 341 3,497 39 — 5,286 
Total investments1,353 45,129 9,279 43,305 6,011 34,208 139,285 
Other assets
— 2,864 465 522 37 2 3,890 
Total$1,353 $47,993 $9,744 $43,827 $6,048 $34,210 $143,175 
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