v3.26.1
Separate Account (Tables)
 6 Months Ended
Jun. 30, 2026
Separate Accounts Disclosure [Abstract]  
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2026December 31, 2025
(In millions)
RIS:
Stable value and risk solutions
$38,165 $38,925 
Annuities
18,169 18,099 
Latin America - Pensions49,713 48,549 
Corporate & Other - Annuities
19,258 19,621 
Other31,545 26,739 
Total
$156,850 $151,933 
Separate Account, Liability Rollforward
The balances of and changes in separate account liabilities were as follows:
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 deposits1,059 135 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 performance904 764 2,960 1,331 
Net transfers from (to) general account9 (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 deposits1,121 103 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 performance1,416 879 2,597 1,082 
Net transfers from (to) general account30 (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 
__________________
(1)The effect of foreign currency translation and other, net, for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(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.
(3)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
Fair Value, Separate Account Investment
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
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 investments1,533 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 investments1,438 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