v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions 15. Related Party Transactions
The Company has entered into various service agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $798 million and $1.6 billion for the three months and six months ended June 30, 2026, respectively, and $742 million and $1.5 billion for the three months and six months ended June 30, 2025, respectively. Total revenues received from affiliates related to these agreements were $21 million and $40 million for the three months and six months ended June 30, 2026, respectively, and $17 million and $37 million for the three months and six months ended June 30, 2025, respectively. The Company had net payables to affiliates, related to the items discussed above, of $42 million and $72 million at June 30, 2026 and December 31, 2025, respectively.
The Company has issued group annuity and stable value contracts to MetLife Group, Inc. (“MLG”), an affiliate, and Company-owned life insurance policies (“COLI”) to a trust held by MLG, for the benefit of pension and other postretirement benefit plans, and active benefit plans, that are sponsored by MLG. These contracts and COLI are reported as separate account assets and liabilities. In addition, the Company has issued a group life insurance contract and group annuity contracts to MLG for pension and postretirement benefit plans sponsored by MLG, which are reported as PABs.
See Note 8 for additional information on related party transactions.
Related Party Reinsurance Transactions
The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, MTL, Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties.
Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2026202520262025
(In millions)
Premiums
Reinsurance assumed
$2 $(1)$4 $3 
Reinsurance ceded
(112)(108)(223)(218)
Net premiums
$(110)$(109)$(219)$(215)
Universal life and investment-type product policy fees
Reinsurance assumed
$12 $6 $25 $15 
Reinsurance ceded
— — 1 (1)
Net universal life and investment-type product policy fees
$12 $6 $26 $14 
Other revenues
Reinsurance assumed
$26 $30 $52 $55 
Reinsurance ceded
112 114 224 226 
Net other revenues
$138 $144 $276 $281 
Policyholder benefits and claims
Reinsurance assumed
$5 $8 $13 $18 
Reinsurance ceded
(89)(86)(180)(175)
Net policyholder benefits and claims
$(84)$(78)$(167)$(157)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed$2 $(2)$2 $(3)
Reinsurance ceded— 1 (3)— 
Net policyholder liability remeasurement (gains) losses$2 $(1)$(1)$(3)
Interest credited to PABs
Reinsurance assumed
$81 $84 $163 $170 
Reinsurance ceded
(3)(3)(5)(5)
Net interest credited to PABs
$78 $81 $158 $165 
Other expenses
Reinsurance assumed
$25 $12 $170 $23 
Reinsurance ceded
57 51 108 30 
Net other expenses
$82 $63 $278 $53 
Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:
June 30, 2026December 31, 2025
Assumed CededAssumedCeded
(In millions)
Assets
Premiums, reinsurance and other
receivables (1)		$140 $10,908 $146 $11,017 
DAC and VOBA
113 (145)122 (149)
Total assets
$253 $10,763 $268 $10,868 
Liabilities
FPBs
$1,856 $— $1,941 $— 
PABs
8,145 — 8,441 — 
Other policy-related balances65 (59)69 (55)
Other liabilities798 9,291 934 9,582 
Total liabilities
$10,864 $9,232 $11,385 $9,527 
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(1)Includes affiliated ceded PABs and FPBs.
The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of this reinsurance agreement qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with this agreement are included within other liabilities and were ($37) million at both June 30, 2026 and December 31, 2025. Net derivative gains (losses) associated with these embedded derivatives were ($2) million and $0 for the three months and six months ended June 30, 2026, respectively, and $0 and ($4) million for the three months and six months ended June 30, 2025, respectively.
Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($319) million and ($244) million at June 30, 2026 and December 31, 2025, respectively. Net derivative gains (losses) associated with the embedded derivative were $5 million and $75 million for the three months and six months ended June 30, 2026, respectively, and ($4) million and ($102) million for the three months and six months ended June 30, 2025, respectively.