Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31, 2026		December 31, 2025
	(In millions)
Group Benefits - Life	$	11,085	$	11,005
RIS:
Capital markets investment products and stable value GICs	67,069		65,592
Annuities and risk solutions	27,489		26,406
Asia:
Universal and variable universal life	54,812		54,374
Fixed annuities	43,956		43,188
Corporate & Other:
Annuities	6,184		6,383
Life and other	7,036		7,109
Other	22,205		22,800
Total	$	239,836	$	236,857

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	11,005	$	7,632
Transfer (1)	—		3,773
Deposits	1,139		1,005
Policy charges	(167)		(167)
Surrenders and withdrawals	(956)		(971)
Benefit payments	(3)		(4)
Net transfers from (to) separate accounts	(1)		1
Interest credited	68		71

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 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,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	65,592	$	63,715
Deposits	20,015		22,694

Surrenders and withdrawals	(18,767)		(22,340)


Interest credited	595		601
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

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	26,406	$	20,699
Transfer (1)	—		3,109
Deposits	1,701		1,113
Policy charges	(50)		(47)
Surrenders and withdrawals	(588)		(240)
Benefit payments	(321)		(288)
Net transfers from (to) separate accounts	(6)		15
Interest credited	273		239
Other	74		20
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.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	54,374	$	50,801
Deposits	1,504		1,175
Policy charges	(231)		(231)
Surrenders and withdrawals	(940)		(698)
Benefit payments	(134)		(157)

Interest credited	412		369
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

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


	Three Months Ended March 31,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	43,188	$	38,421
Deposits	1,415		1,445
Policy charges	(1)		(1)
Surrenders and withdrawals	(657)		(470)
Benefit payments	(483)		(477)

Interest credited	356		289
Effect of foreign currency translation and other, net	138		94
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

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	6,383	$	10,142
Transfer (1)	—		(3,109)
Deposits	24		31
Policy charges	(2)		(2)
Surrenders and withdrawals	(206)		(245)
Benefit payments	(67)		(84)
Net transfers from (to) separate accounts	4		24
Interest credited	50		54
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

__________________

(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.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	7,109	$	11,132
Transfer (1)	—		(3,773)
Deposits	129		115
Policy charges	(161)		(170)
Surrenders and withdrawals	(74)		(56)
Benefit payments	(41)		(45)
Net transfers from (to) separate accounts	5		14
Interest credited	71		72
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

__________________

(2)Including offsets from reinsurance, the net amount at risk at March 31, 2026 and 2025 would be reduced by 99% and 98%, respectively.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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 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)
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%	4,472		98		75		—		4,645
Equal to or greater than 4%	661		24		—		56		741
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		32
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%	4,851		104		62		—		5,017
Equal to or greater than 4%	693		27		3		48		771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	6,012	$	206	$	875	$	4,212	$	11,340

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)
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/A		N/A		N/A		N/A		64,633
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/A		N/A		N/A		N/A		62,771
Total	$	—	$	—	$	—	$	2,376	$	65,147

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)
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%	426		2,202		541		1,569		4,738
Equal to or greater than 4%	4,082		—		431		6		4,519
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		14,484
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%	349		2,507		622		1,193		4,671
Equal to or greater than 4%	4,403		11		423		6		4,843
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,554
Total	$	4,752	$	2,518	$	1,052	$	3,744	$	24,620

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)
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%	6,932		15,919		4,875		11,983		39,709
Equal to or greater than 4%	226		—		—		—		226
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		2,864
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%	7,513		15,844		5,098		10,559		39,014
Equal to or greater than 4%	236		—		—		—		236
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		453
Total	$	18,050	$	15,861	$	5,341	$	12,258	$	51,963

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)
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/A		N/A		N/A		N/A		1,041
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/A		N/A		N/A		N/A		1,200
Total	$	310	$	484	$	4,624	$	32,683	$	39,301

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 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)
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%	2,458		1,533		292		56		4,339
Equal to or greater than 4%	647		174		4		—		825
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		336
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%	2,067		2,411		352		83		4,913
Equal to or greater than 4%	490		392		8		—		890
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		376
Total	$	2,572	$	2,929	$	769	$	161	$	6,807

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 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)
March 31, 2026
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	—	$	—
Equal to or greater than 2% but less than 4%	362		164		605		140		1,271
Equal to or greater than 4%	4,720		385		1		20		5,126
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		639
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%	358		168		256		527		1,309
Equal to or greater than 4%	4,814		120		400		23		5,357
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		626
Total	$	5,172	$	288	$	656	$	550	$	7,292