Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2026

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:


	June 30, 2026		December 31, 2025
	(In millions)
Group Benefits - Life	$	11,109	$	11,005
RIS:
Capital markets investment products and stable value GICs	68,616		65,592
Annuities and risk solutions	29,122		26,406
Asia:
Universal and variable universal life	55,090		54,374
Fixed annuities	45,099		43,188
Corporate & Other:
Annuities	6,039		6,383
Life and other	6,982		7,109
Other	23,401		22,800
Total	$	245,458	$	236,857

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	11,005	$	7,632
Transfer (1)	—		3,773
Deposits	2,465		2,000
Policy charges	(333)		(336)
Surrenders and withdrawals	(2,158)		(1,993)
Benefit payments	(6)		(5)
Net transfers from (to) separate accounts	—		1
Interest credited	136		141

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 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,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	65,592	$	63,715
Deposits	41,653		42,621

Surrenders and withdrawals	(39,388)		(42,716)


Interest credited	1,205		1,202
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

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	26,406	$	20,699
Transfer (1)	—		3,109
Deposits	3,464		2,012
Policy charges	(102)		(99)
Surrenders and withdrawals	(895)		(514)
Benefit payments	(633)		(564)
Net transfers from (to) separate accounts	1		32
Interest credited	560		490
Other	321		18
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.

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	54,374	$	50,801
Deposits	2,878		2,817
Policy charges	(457)		(482)
Surrenders and withdrawals	(1,877)		(1,336)
Benefit payments	(266)		(292)

Interest credited	886		783
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

Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	43,188	$	38,421
Deposits	3,293		3,738
Policy charges	(8)		(2)
Surrenders and withdrawals	(1,310)		(828)
Benefit payments	(974)		(936)

Interest credited	730		601
Effect of foreign currency translation and other, net	180		425
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

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	6,383	$	10,142
Transfer (1)	—		(3,109)
Deposits	59		57
Policy charges	(4)		(5)
Surrenders and withdrawals	(423)		(462)
Benefit payments	(135)		(168)
Net transfers from (to) separate accounts	58		70
Interest credited	99		107
Other	2		1
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

__________________

(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.

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	7,109	$	11,132
Transfer (1)	—		(3,773)
Deposits	269		256
Policy charges	(322)		(336)
Surrenders and withdrawals	(157)		(132)
Benefit payments	(75)		(79)
Net transfers from (to) separate accounts	21		24
Interest credited	140		146
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

__________________

(2)Including offsets from reinsurance, the net amount at risk at June 30, 2026 and 2025 would be reduced by 98% and 99%, respectively.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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 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)
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%	4,373		95		85		—		4,553
Equal to or greater than 4%	651		24		—		59		734
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		31
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%	4,747		101		60		—		4,908
Equal to or greater than 4%	687		26		3		50		766
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		33
Total	$	5,913	$	203	$	855	$	4,209	$	11,213

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 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)
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/A		N/A		N/A		N/A		66,131
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/A		N/A		N/A		N/A		63,966
Total	$	—	$	—	$	—	$	2,591	$	66,557

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 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)
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%	459		2,114		538		1,710		4,821
Equal to or greater than 4%	4,185		—		290		6		4,481
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		15,338
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%	370		2,446		601		1,224		4,641
Equal to or greater than 4%	4,379		11		423		6		4,819
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,898
Total	$	4,749	$	2,457	$	1,032	$	4,047	$	25,183

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 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)
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%	6,765		15,878		4,749		12,240		39,632
Equal to or greater than 4%	223		—		—		—		223
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		3,390
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%	7,575		15,942		5,047		11,063		39,627
Equal to or greater than 4%	232		—		—		—		232
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		950
Total	$	18,480	$	15,966	$	5,292	$	12,876	$	53,564

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 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)
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/A		N/A		N/A		N/A		1,009
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/A		N/A		N/A		N/A		1,206
Total	$	293	$	461	$	4,443	$	35,016	$	41,419

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 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)
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%	2,485		1,463		223		47		4,218
Equal to or greater than 4%	640		170		4		—		814
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		333
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%	2,553		1,825		323		81		4,782
Equal to or greater than 4%	490		380		7		—		877
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		362
Total	$	3,072	$	2,230	$	822	$	147	$	6,633

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 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)
June 30, 2026
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	—	$	—
Equal to or greater than 2% but less than 4%	362		167		588		139		1,256
Equal to or greater than 4%	4,669		382		1		20		5,072
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		654
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%	359		170		628		144		1,301
Equal to or greater than 4%	4,882		397		1		22		5,302
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		638
Total	$	5,241	$	567	$	629	$	166	$	7,241