v3.26.1
Policyholder Account Balances
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Policyholder Account Balances
5. Policyholder Account Balances
The Company establishes liabilities for PABs, which are generally equal to the account value, and which include accrued interest credited, but exclude the impact of any applicable charge that may be incurred upon surrender.
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
(In millions)
Group Benefits - Life
$11,109$11,005
RIS:
Capital markets investment products and stable value GICs
68,61665,592
Annuities and risk solutions
29,12226,406
Asia:
Universal and variable universal life
55,09054,374
Fixed annuities
45,09943,188
Corporate & Other:
Annuities6,0396,383
Life and other
6,9827,109
Other
23,40122,800
Total$245,458$236,857
Rollforwards
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 within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.
Group Benefits
Life
The Group Benefits segment’s life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account portion of variable life insurance products. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$11,005$7,632
Transfer (1)
—3,773
Deposits2,4652,000
Policy charges(333)(336)
Surrenders and withdrawals(2,158)(1,993)
Benefit payments(6)(5)
Net transfers from (to) separate accounts—1
Interest credited136141
Balance, end of period$11,109$11,213
Weighted-average annual crediting rate
2.5 %2.5 %
At period end:
Cash surrender value$11,037$11,149
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$269,231$267,754
__________________
(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 six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
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 GMCRAt GMCRGreater 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)
June 30, 2026
Equal to or greater than 0% but less than 2%
$515$93$732$4,451$5,791
Equal to or greater than 2% but less than 4%
4,3739585—4,553
Equal to or greater than 4%
65124—59734
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A31
Total$5,539$212$817$4,510$11,109
June 30, 2025
Equal to or greater than 0% but less than 2%
$479$76$792$4,159$5,506
Equal to or greater than 2% but less than 4%
4,74710160—4,908
Equal to or greater than 4%
68726350766
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A33
Total$5,913$203$855$4,209$11,213
RIS
Capital Markets Investment Products and Stable Value GICs
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:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$65,592$63,715
Deposits41,65342,621
Surrenders and withdrawals(39,388)(42,716)
Interest credited1,2051,202
Effect of foreign currency translation and other, net(446)1,735
Balance, end of period$68,616$66,557
Weighted-average annual crediting rate
3.7 %3.8 %
Cash surrender value at period end
$1,737$1,268
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 GMCRAt GMCRGreater 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)
June 30, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$2,485$2,485
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A66,131
Total$—$—$—$2,485$68,616
June 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$2,591$2,591
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A63,966
Total$—$—$—$2,591$66,557
Annuities and Risk Solutions
The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group and individual 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:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$26,406$20,699
Transfer (1)
—3,109
Deposits3,4642,012
Policy charges(102)(99)
Surrenders and withdrawals(895)(514)
Benefit payments(633)(564)
Net transfers from (to) separate accounts132
Interest credited560490
Other32118
Balance, end of period$29,122$25,183
Weighted-average annual crediting rate
4.1 %4.1 %
At period end:
Cash surrender value$15,912$13,162
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$47,144$46,711
At annuitization or exercise of other living benefits$18$12
__________________
(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 six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
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 GMCRAt GMCRGreater 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)
June 30, 2026
Equal to or greater than 0% but less than 2%
$—$—$8$4,474$4,482
Equal to or greater than 2% but less than 4%
4592,1145381,7104,821
Equal to or greater than 4%
4,185—29064,481
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A15,338
Total$4,644$2,114$836$6,190$29,122
June 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$8$2,817$2,825
Equal to or greater than 2% but less than 4%
3702,4466011,2244,641
Equal to or greater than 4%
4,3791142364,819
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A12,898
Total$4,749$2,457$1,032$4,047$25,183
Asia
Universal and Variable Universal Life
The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$54,374$50,801
Deposits2,8782,817
Policy charges(457)(482)
Surrenders and withdrawals(1,877)(1,336)
Benefit payments(266)(292)
Interest credited886783
Effect of foreign currency translation and other, net(448)1,273
Balance, end of period$55,090$53,564
Weighted-average annual crediting rate
3.3 %3.1 %
At period end:
Cash surrender value$48,263$46,520
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$78,300$86,369
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 GMCRAt GMCRGreater 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)
June 30, 2026
Equal to or greater than 0% but less than 2%
$9,412$11$271$2,151$11,845
Equal to or greater than 2% but less than 4%
6,76515,8784,74912,24039,632
Equal to or greater than 4%
223———223
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A3,390
Total$16,400$15,889$5,020$14,391$55,090
June 30, 2025
Equal to or greater than 0% but less than 2%
$10,673$24$245$1,813$12,755
Equal to or greater than 2% but less than 4%
7,57515,9425,04711,06339,627
Equal to or greater than 4%
232———232
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A950
Total$18,480$15,966$5,292$12,876$53,564
Fixed Annuities
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$43,188$38,421
Deposits3,2933,738
Policy charges(8)(2)
Surrenders and withdrawals(1,310)(828)
Benefit payments(974)(936)
Interest credited730601
Effect of foreign currency translation and other, net180425
Balance, end of period$45,099$41,419
Weighted-average annual crediting rate
3.4 %3.1 %
At period end:
Cash surrender value$40,312$36,270
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$4$1
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 GMCRAt GMCRGreater 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)
June 30, 2026
Equal to or greater than 0% but less than 2%
$258$317$3,639$39,872$44,086
Equal to or greater than 2% but less than 4%
—4——4
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,009
Total$258$321$3,639$39,872$45,099
June 30, 2025
Equal to or greater than 0% but less than 2%
$293$457$4,443$35,016$40,209
Equal to or greater than 2% but less than 4%
—4——4
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,206
Total$293$461$4,443$35,016$41,419
Corporate & Other
Annuities
Corporate & Other’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$6,383$10,142
Transfer (1)
—(3,109)
Deposits5957
Policy charges(4)(5)
Surrenders and withdrawals(423)(462)
Benefit payments(135)(168)
Net transfers from (to) separate accounts5870
Interest credited99107
Other21
Balance, end of period$6,039$6,633
Weighted-average annual crediting rate
3.3 %3.2 %
At period end:
Cash surrender value$5,551$6,094
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$2,114$2,413
At annuitization or exercise of other living benefits
$732$720
__________________
(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 six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(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.
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 GMCRAt 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)
June 30, 2026
Equal to or greater than 0% but less than 2%
$39$10$461$164$674
Equal to or greater than 2% but less than 4%
2,4851,463223474,218
Equal to or greater than 4%
6401704—814
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A333
Total$3,164$1,643$688$211$6,039
June 30, 2025
Equal to or greater than 0% but less than 2%
$29$25$492$66$612
Equal to or greater than 2% but less than 4%
2,5531,825323814,782
Equal to or greater than 4%
4903807—877
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A362
Total$3,072$2,230$822$147$6,633
Life and Other
Corporate & Other’s life and other PABs include universal life products, the fixed account portion of variable life insurance products and funding agreements. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20262025
(Dollars in millions)
Balance, beginning of period$7,109$11,132
Transfer (1)
—(3,773)
Deposits269256
Policy charges(322)(336)
Surrenders and withdrawals(157)(132)
Benefit payments(75)(79)
Net transfers from (to) separate accounts2124
Interest credited140146
Other(3)3
Balance, end of period$6,982$7,241
Weighted-average annual crediting rate
4.1 %4.1 %
At period end:
Cash surrender value$6,456$6,696
Net amount at risk, excluding offsets from reinsurance (2):
In the event of death
$58,904$62,364
__________________
(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 six months ended June 30, 2025 have been updated to reflect this change. See Note 1 for further information on the Strategic Reorganization.
(2)Including offsets from reinsurance, the net amount at risk at June 30, 2026 and 2025 would be reduced by 98% and 99%, respectively.
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 GMCRAt 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)
June 30, 2026
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3621675881391,256
Equal to or greater than 4%
4,6693821205,072
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A654
Total$5,031$549$589$159$6,982
June 30, 2025
Equal to or greater than 0% but less than 2%
$—$—$—$—$—
Equal to or greater than 2% but less than 4%
3591706281441,301
Equal to or greater than 4%
4,8823971225,302
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A638
Total$5,241$567$629$166$7,241
6. Market Risk Benefits
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 Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
AssetLiabilityNet Liability (Asset)AssetLiabilityNet Liability (Asset)
(In millions)
Corporate & Other - Annuities
$287 $1,896 $1,609$258 $2,043 $1,785
Other203 339 136200 363 163
Total$490$2,235$1,745$458$2,406$1,948
Rollforwards
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 within a particular segment of the business.
Corporate & Other
Corporate & Other’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. Corporate & Other’s variable annuity products also include an in-force block of assumed variable annuity guarantees from a third party. Information regarding Corporate & Other’s variable annuity products (including assumed reinsurance) was as follows:
Six Months
Ended
June 30,
20262025
(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
147160
Benefit payments
(49)(45)
Effect of changes in interest rates
(123)26
Effect of changes in capital markets
(276)(181)
Effect of changes in equity index volatility
48(3)
Actual policyholder behavior different from expected behavior
124139
Effect of foreign currency translation and other, net
(2)67
Effect of changes in risk margin
(30)(2)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
1,5041,962
Cumulative effect of changes in the instrument-specific credit risk
10787
Effect of foreign currency translation on the cumulative instrument-specific credit risk
(2)2
Balance, end of period
1,6092,051
Less: Reinsurance recoverable209—
Balance, end of period, net of reinsurance
$1,400$2,051
At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death
$2,116 $2,418 
At annuitization or exercise of other living benefits
$697 $711 
Weighted-average attained age of contractholders:
In the event of death
73 years72 years
At annuitization or exercise of other living benefits
72 years72 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 six months ended June 30, 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.
Significant Methodologies and Assumptions
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 11 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.
Other
In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features across various segments. 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 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:
Six Months
Ended
June 30,
20262025
(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 collected29 32 
Benefit payments(9)(10)
Effect of changes in interest rates(33)(17)
Effect of changes in capital markets(50)(28)
Effect of changes in equity index volatility41 (1)
Actual policyholder behavior different from expected behavior16 7 
Effect of foreign currency translation and other, net (12)15 
Effect of changes in risk margin(2)(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk140 314 
Cumulative effect of changes in the instrument-specific credit risk(3)(10)
Effect of foreign currency translation on the cumulative instrument-specific credit risk(1)2 
Balance, end of period136 306 
Less: Reinsurance recoverable8 15 
Balance, end of period, net of reinsurance$128 $291 
__________________
(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 six months ended June 30, 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.