Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

The following information about the separate account liabilities 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 separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuity participating and non-participating group contracts and group variable deferred annuities, Latin America savings-oriented pension product in Chile within the country’s mandatory individual capitalization pension system, and Corporate & Other variable annuities.


	RIS Stable Value and Risk Solutions		RIS Annuities		Latin America Pensions		Corporate & Other Annuities
	(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period	$	38,925	$	18,099	$	48,549	$	19,621
Premiums and deposits	623		62		1,915		14
Policy charges	(78)		(27)		(74)		(104)
Surrenders and withdrawals	(697)		(431)		(1,565)		(592)
Benefit payments	(42)		(11)		(611)		(117)
Investment performance	45		(287)		254		(470)
Net transfers from (to) general account	13		(7)		—		(4)
Effect of foreign currency translation and other, net	(503)		308		(1,727)		(1)
Balance, end of period	$	38,286	$	17,706	$	46,741	$	18,347
Three Months Ended March 31, 2025
Balance, beginning of period	$	40,319	$	11,001	$	38,765	$	27,829
Transfer, January 1 (1)	—		6,926		—		(6,926)
Premiums and deposits	642		56		1,668		16
Policy charges	(67)		(27)		(69)		(113)
Surrenders and withdrawals	(2,297)		(370)		(1,218)		(654)
Benefit payments	(39)		(10)		(427)		(104)
Investment performance	609		61		708		(229)
Net transfers from (to) general account	1		(16)		—		(24)
Effect of foreign currency translation and other, net (2)	(1,027)		100		1,752		—
Balance, end of period	$	38,141	$	17,721	$	41,179	$	19,795

Cash surrender value at March 31, 2026 (3)	$	34,431	$	6,518	$	46,741	$	18,249
Cash surrender value at March 31, 2025 (3)	$	34,077	$	6,492	$	41,179	$	19,685

__________________

(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.


	March 31, 2026
	Group Benefits		RIS		Asia		Latin America		EMEA		Corporate & Other		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,052	$	1,048	$	11,986	$	4,478	$	—	$	26,564
Public utilities	—		1,061		130		—		—		—		1,191
Municipals	—		294		20		—		—		—		314
Corporate bonds	—		7,985		714		7,963		421		—		17,083
Total bonds	—		18,392		1,912		19,949		4,899		—		45,152
Mortgage-backed securities	—		8,332		—		—		—		—		8,332
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,351		—		—		—		—		2,351
Redeemable preferred stock	—		7		140		—		—		—		147
Total fixed maturity securities	—		29,082		2,052		19,949		4,899		—		55,982
Equity securities	—		2,678		4,032		4,050		2,141		—		12,901
Mutual funds:
Bond funds	86		1,600		251		6,319		43		1,960		10,259
Equity funds	1,084		6,275		3,053		12,841		60		12,779		36,092
Balanced funds	80		91		—		—		—		3		174
Other	115		10,819		379		—		28		10,490		21,831
Total mutual funds	1,365		18,785		3,683		19,160		131		25,232		68,356
Other invested assets	—		988		327		2,997		187		—		4,499
Total investments	1,365		51,533		10,094		46,156		7,358		25,232		141,738
Other assets	—		4,559		740		585		64		—		5,948
Total	$	1,365	$	56,092	$	10,834	$	46,741	$	7,422	$	25,232	$	147,686


	December 31, 2025
	Group Benefits		RIS		Asia		Latin America		EMEA		Corporate & Other		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,257	$	1,128	$	12,336	$	4,326	$	—	$	27,047
Public utilities	—		1,077		173		—		—		—		1,250
Municipals	—		307		17		—		—		—		324
Corporate bonds	—		8,078		733		8,749		461		—		18,021
Total bonds	—		18,719		2,051		21,085		4,787		—		46,642
Mortgage-backed securities	—		8,306		—		—		—		—		8,306
ABS & CLO	—		2,388		—		—		—		—		2,388
Redeemable preferred stock	—		8		138		—		—		—		146
Total fixed maturity securities	—		29,421		2,189		21,085		4,787		—		57,482
Equity securities	—		2,889		3,698		4,261		1,953		—		12,801
Mutual funds:
Bond funds	87		1,270		191		5,657		44		2,041		9,290
Equity funds	1,156		6,561		3,366		13,495		169		13,782		38,529
Balanced funds	80		89		—		—		—		2		171
Other	115		10,673		336		—		68		11,097		22,289
Total mutual funds	1,438		18,593		3,893		19,152		281		26,922		70,279
Other invested assets	—		1,198		312		3,753		118		—		5,381
Total investments	1,438		52,101		10,092		48,251		7,139		26,922		145,943
Other assets	—		5,027		640		298		25		—		5,990
Total	$	1,438	$	57,128	$	10,732	$	48,549	$	7,164	$	26,922	$	151,933