Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

The following information about the separate account liabilities includes 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.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuity participating and non-participating group contracts and group variable deferred annuities, Latin America savings-oriented pension product in Chile within the country’s mandatory individual capitalization pension system, and Corporate & Other variable annuities.


	RIS Stable Value and Risk Solutions		RIS Annuities		Latin America Pensions		Corporate & Other Annuities
	(In millions)
Six Months Ended June 30, 2026
Balance, beginning of period	$	38,925	$	18,099	$	48,549	$	19,621
Premiums and deposits	1,059		135		4,018		34
Policy charges	(157)		(54)		(144)		(214)
Surrenders and withdrawals	(1,386)		(868)		(3,235)		(1,229)
Benefit payments	(104)		(22)		(1,240)		(225)
Investment performance	904		764		2,960		1,331
Net transfers from (to) general account	9		(10)		—		(59)
Effect of foreign currency translation and other, net (1)	(1,085)		125		(1,195)		(1)
Balance, end of period	$	38,165	$	18,169	$	49,713	$	19,258
Six Months Ended June 30, 2025
Balance, beginning of period	$	40,319	$	11,001	$	38,765	$	27,829
Transfer, January 1 (2)	—		6,926		—		(6,926)
Premiums and deposits	1,121		103		3,479		35
Policy charges	(140)		(51)		(137)		(230)
Surrenders and withdrawals	(3,258)		(787)		(2,565)		(1,257)
Benefit payments	(82)		(20)		(911)		(208)
Investment performance	1,416		879		2,597		1,082
Net transfers from (to) general account	30		(62)		—		(71)
Effect of foreign currency translation and other, net (1)	(2,478)		(151)		2,599		63
Balance, end of period	$	36,928	$	17,838	$	43,827	$	20,317

Cash surrender value at June 30, 2026 (3)	$	34,871	$	7,139	$	49,713	$	19,150
Cash surrender value at June 30, 2025 (3)	$	34,285	$	6,938	$	43,827	$	20,127

__________________

(2)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.


	June 30, 2026
	Group Benefits		RIS		Asia		Latin America		EMEA		Corporate & Other		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	8,949	$	948	$	12,005	$	4,794	$	—	$	26,696
Public utilities	—		1,098		149		—		—		—		1,247
Municipals	—		276		19		—		—		—		295
Corporate bonds	—		8,048		781		8,292		393		—		17,514
Total bonds	—		18,371		1,897		20,297		5,187		—		45,752
Mortgage-backed securities	—		8,267		—		—		—		—		8,267
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,373		—		—		—		—		2,373
Redeemable preferred stock	—		7		175		—		—		—		182
Total fixed maturity securities	—		29,018		2,072		20,297		5,187		—		56,574
Equity securities	—		2,973		6,253		4,157		2,394		—		15,777
Mutual funds:
Bond funds	87		1,582		270		7,043		43		1,939		10,964
Equity funds	1,232		6,948		4,117		14,436		69		14,177		40,979
Balanced funds	89		104		—		—		—		3		196
Other	125		11,342		349		—		29		10,836		22,681
Total mutual funds	1,533		19,976		4,736		21,479		141		26,955		74,820
Other invested assets (1)	—		651		366		3,150		159		—		4,326
Total investments	1,533		52,618		13,427		49,083		7,881		26,955		151,497
Other assets	—		3,828		868		630		27		—		5,353
Total	$	1,533	$	56,446	$	14,295	$	49,713	$	7,908	$	26,955	$	156,850

(1)Other invested assets for Latin America includes derivatives. These derivatives are primarily interest rate swaps and foreign currency forward contracts used to manage capital market risks within the pension funds on behalf of the participants and are not designated as hedging instruments. Changes in the estimated fair value of these derivatives are offset by corresponding changes in separate account liabilities, as the investment performance of the related separate account assets accrues to the participants, and therefore do not have a material impact on the Company’s net income. These derivatives are subject to master netting agreements, and any collateral posting requirements are managed by the general account and not included in the table above. The Company recorded cash collateral received of $533 million at June 30, 2026 in connection with these derivatives, with a corresponding payable recorded within other liabilities.


	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 investments	1,438		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