v3.26.1
Market Risk Benefits
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Market Risk Benefits
5. Policyholder Account Balances
The Company establishes liabilities for PABs, which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
March 31, 2026December 31, 2025
(In millions)
Group Benefits - Life
$11,085$11,005
RIS:
Capital markets investment products and stable value GICs
67,06965,592
Annuities and risk solutions
27,48926,406
Asia:
Universal and variable universal life
54,81254,374
Fixed annuities
43,95643,188
Corporate & Other:
Annuities6,1846,383
Life and other
7,0367,109
Other
22,20522,800
Total$239,836$236,857
Rollforwards
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.
Group Benefits
Life
The Group Benefits segment’s life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account portion of variable life insurance products. Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$11,005$7,632
Transfer (1)
—3,773
Deposits1,1391,005
Policy charges(167)(167)
Surrenders and withdrawals(956)(971)
Benefit payments(3)(4)
Net transfers from (to) separate accounts(1)1
Interest credited6871
Balance, end of period$11,085$11,340
Weighted-average annual crediting rate
2.5 %2.5 %
At period end:
Cash surrender value$11,015$11,275
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$269,900$266,816
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
The Group Benefits segment’s 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 GMCRAt GMCRGreater 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$514$93$748$4,312$5,667
Equal to or greater than 2% but less than 4%
4,4729875—4,645
Equal to or greater than 4%
66124—56741
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A32
Total$5,647$215$823$4,368$11,085
March 31, 2025
Equal to or greater than 0% but less than 2%
$468$75$810$4,164$5,517
Equal to or greater than 2% but less than 4%
4,85110462—5,017
Equal to or greater than 4%
69327348771
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A35
Total$6,012$206$875$4,212$11,340
RIS
Capital Markets Investment Products and Stable Value GICs
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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$65,592$63,715
Deposits20,01522,694
Surrenders and withdrawals(18,767)(22,340)
Interest credited595601
Effect of foreign currency translation and other, net(366)477
Balance, end of period$67,069$65,147
Weighted-average annual crediting rate
3.7 %3.8 %
Cash surrender value at period end
$1,506$1,468
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 GMCRAt GMCRGreater 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$2,436$2,436
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A64,633
Total$—$—$—$2,436$67,069
March 31, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$2,376$2,376
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A62,771
Total$—$—$—$2,376$65,147
Annuities and Risk Solutions
The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group and individual fixed deferred annuities, the fixed account portion of group variable deferred annuities, registered index-linked 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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$26,406$20,699
Transfer (1)
—3,109
Deposits1,7011,113
Policy charges(50)(47)
Surrenders and withdrawals(588)(240)
Benefit payments(321)(288)
Net transfers from (to) separate accounts(6)15
Interest credited273239
Other7420
Balance, end of period$27,489$24,620
Weighted-average annual crediting rate
4.1 %4.0 %
At period end:
Cash surrender value$14,490$12,928
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$46,517$44,669
At annuitization or exercise of other living benefits$13$15
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
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 GMCRAt GMCRGreater 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$—$—$8$3,740$3,748
Equal to or greater than 2% but less than 4%
4262,2025411,5694,738
Equal to or greater than 4%
4,082—43164,519
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A14,484
Total$4,508$2,202$980$5,315$27,489
March 31, 2025
Equal to or greater than 0% but less than 2%
$—$—$7$2,545$2,552
Equal to or greater than 2% but less than 4%
3492,5076221,1934,671
Equal to or greater than 4%
4,4031142364,843
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A12,554
Total$4,752$2,518$1,052$3,744$24,620
Asia
Universal and Variable Universal Life
The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$54,374$50,801
Deposits1,5041,175
Policy charges(231)(231)
Surrenders and withdrawals(940)(698)
Benefit payments(134)(157)
Interest credited412369
Effect of foreign currency translation and other, net(173)704
Balance, end of period$54,812$51,963
Weighted-average annual crediting rate
3.1 %2.9 %
At period end:
Cash surrender value$48,823$45,470
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$80,365$86,430
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 GMCRAt GMCRGreater 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$9,644$18$270$2,081$12,013
Equal to or greater than 2% but less than 4%
6,93215,9194,87511,98339,709
Equal to or greater than 4%
226———226
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A2,864
Total$16,802$15,937$5,145$14,064$54,812
March 31, 2025
Equal to or greater than 0% but less than 2%
$10,301$17$243$1,699$12,260
Equal to or greater than 2% but less than 4%
7,51315,8445,09810,55939,014
Equal to or greater than 4%
236———236
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A453
Total$18,050$15,861$5,341$12,258$51,963
Fixed Annuities
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$43,188$38,421
Deposits1,4151,445
Policy charges(1)(1)
Surrenders and withdrawals(657)(470)
Benefit payments(483)(477)
Interest credited356289
Effect of foreign currency translation and other, net13894
Balance, end of period$43,956$39,301
Weighted-average annual crediting rate
3.3 %3.0 %
At period end:
Cash surrender value$39,758$34,369
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$2$1
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 GMCRAt GMCRGreater 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$278$369$3,763$38,501$42,911
Equal to or greater than 2% but less than 4%
—4——4
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,041
Total$278$373$3,763$38,501$43,956
March 31, 2025
Equal to or greater than 0% but less than 2%
$310$480$4,624$32,683$38,097
Equal to or greater than 2% but less than 4%
—4——4
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,200
Total$310$484$4,624$32,683$39,301
Corporate & Other
Annuities
Corporate & Other’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:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$6,383$10,142
Transfer (1)
—(3,109)
Deposits2431
Policy charges(2)(2)
Surrenders and withdrawals(206)(245)
Benefit payments(67)(84)
Net transfers from (to) separate accounts424
Interest credited5054
Other(2)(4)
Balance, end of period$6,184$6,807
Weighted-average annual crediting rate
3.3 %3.2 %
At period end:
Cash surrender value$5,692$6,250
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$2,425$2,577
At annuitization or exercise of other living benefits
$854$778
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs, which are disclosed in “Corporate & Other – Annuities” in Note 6.
Corporate & Other’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 GMCRAt 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$40$9$362$273$684
Equal to or greater than 2% but less than 4%
2,4581,533292564,339
Equal to or greater than 4%
6471744—825
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A336
Total$3,145$1,716$658$329$6,184
March 31, 2025
Equal to or greater than 0% but less than 2%
$15$126$409$78$628
Equal to or greater than 2% but less than 4%
2,0672,411352834,913
Equal to or greater than 4%
4903928—890
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A376
Total$2,572$2,929$769$161$6,807
Life and Other
Corporate & Other’s life and other PABs include universal life products, the fixed account portion of variable life insurance products and funding agreements. Information regarding this liability was as follows:
Three Months
Ended
March 31,
20262025
(Dollars in millions)
Balance, beginning of period$7,109$11,132
Transfer (1)
—(3,773)
Deposits129115
Policy charges(161)(170)
Surrenders and withdrawals(74)(56)
Benefit payments(41)(45)
Net transfers from (to) separate accounts514
Interest credited7172
Other(2)3
Balance, end of period$7,036$7,292
Weighted-average annual crediting rate
4.1 %4.0 %
At period end:
Cash surrender value$6,508$6,743
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$60,110$63,491
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the Group Benefits segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)Including offsets from reinsurance, the net amount at risk at March 31, 2026 and 2025 would be reduced by 99% and 98%, respectively.
Corporate & Other’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 GMCRAt 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)
March 31, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3621646051401,271
Equal to or greater than 4%
4,7203851205,126
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A639
Total$5,082$549$606$160$7,036
March 31, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3581682565271,309
Equal to or greater than 4%
4,814120400235,357
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A626
Total$5,172$288$656$550$7,292
6. Market Risk Benefits
The Company establishes assets and liabilities for 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.
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
March 31, 2026December 31, 2025
AssetLiability
Net Liability (Asset)
AssetLiability
Net Liability (Asset)
(In millions)
Corporate & Other - Annuities
$207 $2,152 $1,945$258 $2,043 $1,785
Other185 370 185200 363 163
Total$392$2,522$2,130$458$2,406$1,948
Rollforwards
The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
Corporate & Other
Corporate & Other’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 guarantee 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. Corporate & Other’s variable annuity products also include an in-force block of assumed variable annuity guarantees from
a third party. Information regarding Corporate & Other’s variable annuity products (including assumed reinsurance) was as follows:
Three Months
Ended
March 31,
20262025
(In millions)
Balance, beginning of period (1)
$1,785$2,069
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$1,665$1,992
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)
—(191)
Attributed fees collected
7480
Benefit payments
(24)(23)
Effect of changes in interest rates
(14)108
Effect of changes in capital markets
6176
Effect of changes in equity index volatility
6611
Actual policyholder behavior different from expected behavior
6672
Effect of foreign currency translation and other, net
(28)(14)
Effect of changes in risk margin
214
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
1,8682,125
Cumulative effect of changes in the instrument-specific credit risk
7857
Effect of foreign currency translation on the cumulative instrument-specific credit risk
(1)2
Balance, end of period
1,9452,184
Less: Reinsurance recoverable373—
Balance, end of period, net of reinsurance
$1,572$2,184
At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death
$2,428 $2,582 
At annuitization or exercise of other living benefits
$830 $795 
Weighted-average attained age of contractholders:
In the event of death
73 years72 years
At annuitization or exercise of other living benefits
72 years72 years
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1 for further information on the Strategic Reorganization.
(2)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Corporate & Other – Annuities” in Note 5.
Significant Methodologies and Assumptions
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 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 11 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.
Other
In addition to the disaggregated MRB product rollforward 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 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:
Three Months
Ended
March 31,
20262025
(In millions)
Balance, beginning of period (1)
$163 $140 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$160 $126 
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)
— 191 
Attributed fees collected15 16 
Benefit payments(4)(4)
Effect of changes in interest rates(6)14 
Effect of changes in capital markets1 5 
Effect of changes in equity index volatility31 4 
Actual policyholder behavior different from expected behavior7 3 
Effect of foreign currency translation and other, net (14)3 
Effect of changes in risk margin— 2 
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk190 360 
Cumulative effect of changes in the instrument-specific credit risk(4)(18)
Effect of foreign currency translation on the cumulative instrument-specific credit risk(1)1 
Balance, end of period185 343 
Less: Reinsurance recoverable10 15 
Balance, end of period, net of reinsurance$175 $328 
__________________
(1)A product previously reported within the former MetLife Holdings segment was moved to the RIS segment as part of the Strategic Reorganization. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1 for further information on the Strategic Reorganization.