
	March 31, 2026		December 31, 2025
	(In millions)
Life	$	10,265	$	10,197
Capital markets investment products and stable value guaranteed interest contracts (“GICs”)	60,117		59,278
Annuities and risk solutions	15,764		15,671
Fixed and variable annuities	5,607		5,788
Other	12,958		13,157
Total	$	104,711	$	104,091

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	10,197		$	7,469
Transfer (1)	—			3,084
Deposits	1,084			935
Policy charges	(167)			(167)
Surrenders and withdrawals	(908)			(892)
Benefit payments	(3)			(4)
Net transfers from (to) separate accounts	(1)			1
Interest credited	63			66
Balance, end of period	$	10,265		$	10,492

Weighted-average annual crediting rate	2.5		%	2.5		%

At period end:
Cash surrender value	$	10,195		$	10,428
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	269,900		$	266,816


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	$	—	$	647	$	4,294	$	5,455
Equal to or greater than 2% but less than 4%	3,867		97		73		—		4,037
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	$	5,042	$	121	$	720	$	4,350	$	10,265

March 31, 2025
Equal to or greater than 0% but less than 2%	$	468	$	—	$	718	$	4,153	$	5,339
Equal to or greater than 2% but less than 4%	4,183		102		62		—		4,347
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	$	5,344	$	129	$	783	$	4,201	$	10,492


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	59,278		$	57,799
Deposits	17,713			20,402

Surrenders and withdrawals	(17,037)			(20,561)


Interest credited	524			535
Effect of foreign currency translation and other, net	(361)			477
Balance, end of period	$	60,117		$	58,652

Weighted-average annual crediting rate	3.6		%	3.8		%
Cash surrender value at period end	$	1,168		$	1,054


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		57,681
Total	$	—	$	—	$	—	$	2,436	$	60,117

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		56,276
Total	$	—	$	—	$	—	$	2,376	$	58,652

The annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group fixed deferred annuities, the fixed account portion of group variable deferred annuities, registered index-linked annuities and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	15,671		$	11,673
Transfer (1)	—			3,109
Deposits	532			264
Policy charges	(45)			(44)
Surrenders and withdrawals	(455)			(146)
Benefit payments	(168)			(161)
Net transfers from (to) separate accounts	(6)			15
Interest credited	161			150
Other	74			16
Balance, end of period	$	15,764		$	14,876

Weighted-average annual crediting rate	4.2		%	4.1		%

At period end:
Cash surrender value	$	10,954		$	10,443
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	34,555		$	33,999
At annuitization or exercise of other living benefits	$	13		$	15


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	$	2,641	$	2,649
Equal to or greater than 2% but less than 4%	426		2,202		453		51		3,132
Equal to or greater than 4%	3,363		—		300		6		3,669
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		6,314
Total	$	3,789	$	2,202	$	761	$	2,698	$	15,764

March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	7	$	2,148	$	2,155
Equal to or greater than 2% but less than 4%	350		2,507		522		48		3,427
Equal to or greater than 4%	3,690		11		293		6		4,000
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		5,294
Total	$	4,040	$	2,518	$	822	$	2,202	$	14,876


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	5,788		$	9,513
Transfer (1)	—			(3,109)
Deposits	22			25
Policy charges	(2)			(2)
Surrenders and withdrawals	(180)			(226)
Benefit payments	(66)			(83)
Net transfers from (to) separate accounts	4			24
Interest credited	43			48
Other	(2)			(3)
Balance, end of period	$	5,607		$	6,187

Weighted-average annual crediting rate	3.1		%	3.1		%

At period end:
Cash surrender value	$	5,091		$	5,598
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	$	814		$	738


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%	2,452		1,533		287		56		4,328
Equal to or greater than 4%	112		172		—		—		284
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		311
Total	$	2,604	$	1,714	$	649	$	329	$	5,607

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		2,404		347		83		4,901
Equal to or greater than 4%	160		148		2		—		310
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		348
Total	$	2,242	$	2,678	$	758	$	161	$	6,187

The Company establishes assets and liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit, less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The following information about the direct and assumed liabilities (assets) for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies.

The Company’s variable annuity products offer contract features whereby the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantee contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding the Company’s variable annuity products was as follows:


	Three Months Ended March 31,
		2026		2025
	(In millions)
Balance, beginning of period (1)		$	1,827	$	2,069

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	1,742	$	2,026
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)		—		(191)

Attributed fees collected		61		66
Benefit payments		(24)		(23)
Effect of changes in interest rates		(5)		122
Effect of changes in capital markets		63		60
Effect of changes in equity index volatility		59		11
Actual policyholder behavior different from expected behavior		57		57

Effect of foreign currency translation and other, net		(17)		3
Effect of changes in risk margin		2		13
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		1,938		2,144
Cumulative effect of changes in the instrument-specific credit risk		43		41

Balance, end of period		1,981		2,185
Less: Reinsurance recoverable		373		—
Balance, end of period, net of reinsurance		$	1,608	$	2,185

At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death		$	2,425	$	2,577
At annuitization or exercise of other living benefits		$	814	$	738
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		71 years

(1) A product previously reported within Annuities has been moved to Other. 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.

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 10 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 10 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Balance, beginning of period (1)	$	117	$	24

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	138	$	29
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)	—		191

Attributed fees collected	4		4

Effect of changes in interest rates	6		12
Effect of changes in capital markets	6		5
Effect of changes in equity index volatility	14		3
Actual policyholder behavior different from expected behavior	1		(2)

Effect of foreign currency translation and other, net	(11)		1
Effect of changes in risk margin	1		2
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	159		245
Cumulative effect of changes in the instrument-specific credit risk	(26)		(36)

Balance, end of period	$	133	$	209

(1)A product previously reported within Annuities has been moved to Other. 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.