v3.26.1
Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Deferred Policy Acquisition Costs
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows:
Six Months
Ended
June 30, 2026
Group
Benefits
RIS
Asia (1)
Latin
America (2)
EMEA (2)
Corporate &
Other (3)
Total
(In millions)
DAC:
Balance, beginning of period$250 $785 $11,643 $2,343 $2,021 $2,691 $19,733 
Capitalizations12 170 935 466 317 9 1,909 
Amortization(20)(47)(405)(337)(204)(96)(1,109)
Effect of foreign currency translation and other, net— — (263)63 (38)(2)(240)
Balance, end of period$242 $908 $11,910 $2,535 $2,096 $2,602 $20,293 
VOBA:
Balance, beginning of period$— $10 $875 $393 $91 $5 $1,374 
Amortization— (1)(29)(22)(5)(1)(58)
Effect of foreign currency translation and other, net— — (30)(6)(2)— (38)
Balance, end of period$— $9 $816 $365 $84 $4 $1,278 
Six Months
Ended
June 30, 2025
Group
Benefits
RIS
Asia (1)
Latin
America (2)
EMEA (2)
Corporate &
Other (3)
Total
(In millions)
DAC:
Balance, beginning of period
$250 $552 $10,785 $1,836 $1,664 $3,091 $18,178 
Transfer, January 1 (4)
— 98 — — — (98)— 
Capitalizations12 83 769 348262 11 1,485 
Amortization(13)(39)(417)(247)(178)(106)(1,000)
Effect of foreign currency translation and other, net— — 499 177 145 3 824 
Balance, end of period$249 $694 $11,636 $2,114 $1,893 $2,901 $19,487 
VOBA:
Balance, beginning of period$— $13 $935 $393 $94 $14 $1,449 
Amortization— (1)(33)(19)(6)(1)(60)
Effect of foreign currency translation and other, net— — 81 27 9 — 117 
Balance, end of period$— $12 $983 $401 $97 $13 $1,506 
Total DAC and VOBA:
Balance at June 30, 2026$21,571 
Balance at June 30, 2025$20,993 
Balance at December 31, 2025
$21,107 
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(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.
(2)Includes DAC balances primarily related to universal life, variable universal life, ordinary life and accident & health products.
(3)Includes DAC balances primarily related to whole life, variable annuities, term life, universal life, and long-term care products. See Note 1 for further information on the Strategic Reorganization.
(4)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.
Unearned Revenue
Information regarding the Company’s unearned revenue primarily related to interest sensitive whole life, variable life and universal life products by segment, as well as Corporate & Other, included in other policy-related balances was as follows:
Six Months
Ended
June 30, 2026
RIS
AsiaLatin
 America		EMEA
Corporate & Other (1)
Total
(In millions)
Balance, beginning of period$23 $3,346 $997 $723 $73 $5,162 
Deferrals1 231 77 55 5 369 
Amortization(3)(117)(65)(39)(2)(226)
Effect of foreign currency translation and other, net— (36)23 (5)— (18)
Balance, end of period$21 $3,424 $1,032 $734 $76 $5,287 
Six Months
Ended
June 30, 2025
RIS
AsiaLatin
 America		EMEA
Corporate & Other (1)
Total
(In millions)
Balance, beginning of period$27 $3,076 $841 $622 $69 $4,635 
Deferrals1 229 68 59 6 363 
Amortization(3)(124)(55)(37)(3)(222)
Effect of foreign currency translation and other, net— 52 81 39 — 172 
Balance, end of period$25 $3,233 $935 $683 $72 $4,948 
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(1)See Note 1 for information on the Strategic Reorganization.