
	June 30, 2026		December 31, 2025
	(In millions)
Life	$	10,297	$	10,197
Capital markets investment products and stable value guaranteed interest contracts (“GICs”)	61,418		59,278
Annuities and risk solutions	16,388		15,671
Fixed and variable annuities	5,466		5,788
Other	12,807		13,157
Total	$	106,376	$	104,091

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. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.


	Six Months Ended June 30,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	10,197		$	7,469
Transfer (1)	—			3,084
Deposits	2,368			1,874
Policy charges	(333)			(336)
Surrenders and withdrawals	(2,055)			(1,836)
Benefit payments	(6)			(5)
Net transfers from (to) separate accounts	—			1
Interest credited	126			131
Balance, end of period	$	10,297		$	10,382

Weighted-average annual crediting rate	2.5		%	2.5		%

At period end:
Cash surrender value	$	10,225		$	10,317
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	269,231		$	267,754


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	$	—	$	627	$	4,431	$	5,573
Equal to or greater than 2% but less than 4%	3,785		94		80		—		3,959
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	$	4,951	$	118	$	707	$	4,490	$	10,297

June 30, 2025
Equal to or greater than 0% but less than 2%	$	479	$	—	$	697	$	4,149	$	5,325
Equal to or greater than 2% but less than 4%	4,099		99		60		—		4,258
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	$	5,265	$	125	$	760	$	4,199	$	10,382


	Six Months Ended June 30,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	59,278		$	57,799
Deposits	36,936			38,786

Surrenders and withdrawals	(35,423)			(39,018)


Interest credited	1,066			1,070
Effect of foreign currency translation and other, net	(439)			1,736
Balance, end of period	$	61,418		$	60,373

Weighted-average annual crediting rate	3.6		%	3.7		%
Cash surrender value at period end	$	1,414		$	849


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		58,933
Total	$	—	$	—	$	—	$	2,485	$	61,418

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		57,782
Total	$	—	$	—	$	—	$	2,591	$	60,373

The annuity and risk solutions PABs include certain structured settlements and institutional income annuities, group 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,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	15,671		$	11,673
Transfer (1)	—			3,109
Deposits	1,107			663
Policy charges	(93)			(91)
Surrenders and withdrawals	(610)			(301)
Benefit payments	(334)			(316)
Net transfers from (to) separate accounts	1			32
Interest credited	325			304
Other	321			17
Balance, end of period	$	16,388		$	15,090

Weighted-average annual crediting rate	4.1		%	4.1		%

At period end:
Cash surrender value	$	11,603		$	10,615
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	35,024		$	35,977
At annuitization or exercise of other living benefits	$	18		$	12


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	$	2,699	$	2,707
Equal to or greater than 2% but less than 4%	459		2,114		450		53		3,076
Equal to or greater than 4%	3,468		—		161		6		3,635
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		6,970
Total	$	3,927	$	2,114	$	619	$	2,758	$	16,388

June 30, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	8	$	2,380	$	2,388
Equal to or greater than 2% but less than 4%	370		2,446		503		53		3,372
Equal to or greater than 4%	3,668		11		293		6		3,978
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		5,352
Total	$	4,038	$	2,457	$	804	$	2,439	$	15,090


	Six Months Ended June 30,
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	5,788		$	9,513
Transfer (1)	—			(3,109)
Deposits	52			49
Policy charges	(4)			(5)
Surrenders and withdrawals	(382)			(426)
Benefit payments	(133)			(166)
Net transfers from (to) separate accounts	58			70
Interest credited	85			95
Other	2			1
Balance, end of period	$	5,466		$	6,022

Weighted-average annual crediting rate	3.1		%	3.1		%

At period end:
Cash surrender value	$	4,953		$	5,453
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	$	694		$	680


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%	2,480		1,462		218		47		4,207
Equal to or greater than 4%	110		168		—		—		278
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		307
Total	$	2,629	$	1,640	$	679	$	211	$	5,466

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%	2,552		1,819		318		81		4,770
Equal to or greater than 4%	164		139		1		—		304
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		336
Total	$	2,745	$	1,983	$	811	$	147	$	6,022

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 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.

The Company’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. Information regarding the Company’s variable annuity products was as follows:


	Six Months Ended June 30,
		2026		2025
	(In millions)
Balance, beginning of period (1)		$	1,827	$	2,069

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	1,742	$	2,026
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)		—		(191)

Attributed fees collected		120		131
Benefit payments		(49)		(45)
Effect of changes in interest rates		(98)		43
Effect of changes in capital markets		(254)		(178)
Effect of changes in equity index volatility		43		(1)
Actual policyholder behavior different from expected behavior		109		110

Effect of foreign currency translation and other, net		19		95
Effect of changes in risk margin		(29)		(2)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		1,603		1,988
Cumulative effect of changes in the instrument-specific credit risk		73		63

Balance, end of period		1,676		2,051
Less: Reinsurance recoverable		209		—
Balance, end of period, net of reinsurance		$	1,467	$	2,051

At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death		$	2,114	$	2,413
At annuitization or exercise of other living benefits		$	694	$	680
Weighted-average attained age of contractholders:
In the event of death		73 years		72 years
At annuitization or exercise of other living benefits		72 years		71 years

(1) A product previously reported within Annuities has been moved to Other. 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.

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 10 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.

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. 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 10 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,
	2026		2025
	(In millions)
Balance, beginning of period (1)	$	117	$	24

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	138	$	29
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)	—		191

Attributed fees collected	7		8

Effect of changes in interest rates	(3)		(18)
Effect of changes in capital markets	(16)		(16)
Effect of changes in equity index volatility	11		(1)
Actual policyholder behavior different from expected behavior	2		(2)

Effect of foreign currency translation and other, net	(3)		12
Effect of changes in risk margin	(1)		—
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	135		203
Cumulative effect of changes in the instrument-specific credit risk	(26)		(29)

Balance, end of period	$	109	$	174

(1)A product previously reported within Annuities has been moved to Other. 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.