| Market Risk Benefit |
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | Asset | | Liability | | Net Liability (Asset) | | Asset | | Liability | | Net Liability (Asset) | | | (In millions) | Corporate & Other - Annuities | | $ | 207 | | | $ | 2,152 | | | $ | 1,945 | | $ | 258 | | | $ | 2,043 | | | $ | 1,785 | | Other | | 185 | | | 370 | | | 185 | | 200 | | | 363 | | | 163 | | Total | | $ | 392 | | $ | 2,522 | | $ | 2,130 | | $ | 458 | | $ | 2,406 | | $ | 1,948 |
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| Market Risk Benefit, Activity |
Information regarding Corporate & Other’s variable annuity products (including assumed reinsurance) was as follows: | | | | | | | | | | | | | | | | | Three Months
Ended
March 31, | | | 2026 | | 2025 | | (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 | | 74 | | 80 | Benefit payments | | (24) | | (23) | Effect of changes in interest rates | | (14) | | 108 | Effect of changes in capital markets | | 61 | | 76 | Effect of changes in equity index volatility | | 66 | | 11 | Actual policyholder behavior different from expected behavior | | 66 | | 72 | | | | | | Effect of foreign currency translation and other, net | | (28) | | (14) | Effect of changes in risk margin | | 2 | | 14 | Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | | 1,868 | | 2,125 | Cumulative effect of changes in the instrument-specific credit risk | | 78 | | 57 | Effect of foreign currency translation on the cumulative instrument-specific credit risk | | (1) | | 2 | Balance, end of period | | 1,945 | | 2,184 | | Less: Reinsurance recoverable | | 373 | | — | 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 years | | 72 years | At annuitization or exercise of other living benefits | | 72 years | | 72 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. Information regarding these product liabilities (assets) was as follows: | | | | | | | | | | | | | | | | | Three Months
Ended
March 31, | | | 2026 | | 2025 | | | (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 collected | | 15 | | | 16 | | | Benefit payments | | (4) | | | (4) | | | Effect of changes in interest rates | | (6) | | | 14 | | | Effect of changes in capital markets | | 1 | | | 5 | | | Effect of changes in equity index volatility | | 31 | | | 4 | | | Actual policyholder behavior different from expected behavior | | 7 | | | 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 risk | | 190 | | | 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 period | | 185 | | | 343 | | | Less: Reinsurance recoverable | | 10 | | | 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.
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