v3.26.1
Separate Account (Tables)
 3 Months Ended
Mar. 31, 2026
Separate Accounts Disclosure [Abstract]  
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
March 31, 2026December 31, 2025
(In millions)
RIS:
Stable value and risk solutions
$38,286 $38,925 
Annuities
17,706 18,099 
Latin America - Pensions46,741 48,549 
Corporate & Other - Annuities
18,347 19,621 
Other26,606 26,739 
Total
$147,686 $151,933 
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
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 deposits623 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 performance45 (287)254 (470)
Net transfers from (to) general account13 (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 deposits642 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 performance609 61 708 (229)
Net transfers from (to) general account1 (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.
(2)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.
(3)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:
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 investments1,365 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 investments1,438 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