| Deferred Policy Acquisition Costs |
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Group Benefits | | RIS | | Asia (1) | | Latin America (2) | | EMEA (2) | | Corporate & Other (3) | | Total | | | (In millions) | | | DAC: | | | | | | | | | | | | | | | Balance at January 1, 2026 | $ | 250 | | | $ | 785 | | | $ | 11,643 | | | $ | 2,343 | | | $ | 2,021 | | | $ | 2,691 | | | $ | 19,733 | | | | Capitalizations | 6 | | | 87 | | | 465 | | | 240 | | | 155 | | | 6 | | | 959 | | | | Amortization | (12) | | | (22) | | | (201) | | | (161) | | | (95) | | | (52) | | | (543) | | | | Effect of foreign currency translation and other, net | — | | | — | | | (157) | | | — | | | (40) | | | (1) | | | (198) | | | | Balance at March 31, 2026 | $ | 244 | | | $ | 850 | | | $ | 11,750 | | | $ | 2,422 | | | $ | 2,041 | | | $ | 2,644 | | | $ | 19,951 | | | | | | | | | | | | | | | | | | Balance at January 1, 2025 | $ | 250 | | | $ | 552 | | | $ | 10,785 | | | $ | 1,836 | | | $ | 1,664 | | | $ | 3,091 | | | $ | 18,178 | | | Transfer, January 1 (4) | — | | | 98 | | | — | | | — | | | — | | | (98) | | | — | | | | Capitalizations | 5 | | | 37 | | | 351 | | | 172 | | 126 | | | 7 | | | 698 | | | | Amortization | (6) | | | (18) | | | (205) | | | (120) | | | (91) | | | (54) | | | (494) | | | | Effect of foreign currency translation and other, net | — | | | — | | | 194 | | | 54 | | | 47 | | | 1 | | | 296 | | | | Balance at March 31, 2025 | $ | 249 | | | $ | 669 | | | $ | 11,125 | | | $ | 1,942 | | | $ | 1,746 | | | $ | 2,947 | | | $ | 18,678 | | | | | | | | | | | | | | | | | | | VOBA: | | | | | | | | | | | | | | | Balance at January 1, 2026 | $ | — | | | $ | 10 | | | $ | 875 | | | $ | 393 | | | $ | 91 | | | $ | 5 | | | $ | 1,374 | | | | | | | | | | | | | | | | | | | Amortization | — | | | (1) | | | (15) | | | (12) | | | (3) | | | — | | | (31) | | | | Effect of foreign currency translation and other, net | — | | | — | | | (13) | | | (11) | | | (1) | | | — | | | (25) | | | | Balance at March 31, 2026 | $ | — | | | $ | 9 | | | $ | 847 | | | $ | 370 | | | $ | 87 | | | $ | 5 | | | $ | 1,318 | | | | | | | | | | | | | | | | | | Balance at January 1, 2025 | $ | — | | | $ | 13 | | | $ | 935 | | | $ | 393 | | | $ | 94 | | | $ | 14 | | | $ | 1,449 | | | | | | | | | | | | | | | | | | | Amortization | — | | | (1) | | | (16) | | | (9) | | | (4) | | | (1) | | | (31) | | | | Effect of foreign currency translation and other, net | — | | | — | | | 47 | | | 16 | | | 3 | | | — | | | 66 | | | | Balance at March 31, 2025 | $ | — | | | $ | 12 | | | $ | 966 | | | $ | 400 | | | $ | 93 | | | $ | 13 | | | $ | 1,484 | | | | | | | | | | | | | | | | | | | Total DAC and VOBA: | | | | | | | | | | | | | | | Balance at March 31, 2026 | | | | | | | | | | | | | $ | 21,269 | | | Balance at March 31, 2025 | | | | | | | | | | | | | $ | 20,162 | | | Balance at December 31, 2025 | | | | | | | | | | | | | $ | 21,107 | | |
__________________(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products. (2)Includes DAC balances primarily related to universal life, variable universal life, ordinary life and accident & health products. (3)Includes DAC balances primarily related to whole life, variable annuities, term life, universal life, and long-term care products. See Note 1 for further information on the Strategic Reorganization. (4)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.
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| Unearned Revenue |
Information regarding the Company’s unearned revenue primarily related to interest sensitive whole life, variable life and universal life products by segment, as well as Corporate & Other, included in other policy-related balances was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months
Ended
March 31, 2026 | | | RIS | | Asia | | Latin
America | | EMEA | | Corporate & Other (1) | | Total | | | (In millions) | | Balance, beginning of period | | $ | 23 | | | $ | 3,346 | | | $ | 997 | | | $ | 723 | | | $ | 73 | | | $ | 5,162 | | | Deferrals | | 1 | | | 114 | | | 38 | | | 27 | | | 3 | | | 183 | | | Amortization | | (2) | | | (58) | | | (32) | | | (19) | | | (1) | | | (112) | | | Effect of foreign currency translation and other, net | | — | | | (28) | | | (7) | | | (14) | | | — | | | (49) | | | Balance, end of period | | $ | 22 | | | $ | 3,374 | | | $ | 996 | | | $ | 717 | | | $ | 75 | | | $ | 5,184 | | | | | | | | | | | | | | | | | Three Months
Ended
March 31, 2025 | | | RIS | | Asia | | Latin
America | | EMEA | | Corporate & Other (1) | | Total | | | (In millions) | | Balance, beginning of period | | $ | 27 | | | $ | 3,076 | | | $ | 841 | | | $ | 622 | | | $ | 69 | | | $ | 4,635 | | | Deferrals | | 1 | | | 106 | | | 33 | | | 24 | | | 3 | | | 167 | | | Amortization | | (2) | | | (61) | | | (26) | | | (18) | | | (2) | | | (109) | | | Effect of foreign currency translation and other, net | | — | | | 6 | | | 16 | | | 19 | | | — | | | 41 | | | Balance, end of period | | $ | 26 | | | $ | 3,127 | | | $ | 864 | | | $ | 647 | | | $ | 70 | | | $ | 4,734 | |
__________________(1)See Note 1 for information on the Strategic Reorganization.
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