10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-15787

 _____________________________________

MetLife, Inc.

(Exact name of registrant as specified in its charter)

Delaware			13-4075851
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
200 Park Avenue,	New York,	NY	10166-0188
(Address of principal executive offices)			(Zip Code)

(212) 578-9500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	MET	New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,  Series A, par value $0.01	MET PRA	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E	MET PRE	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F	MET PRF	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

At July 26, 2024, 700,324,845 shares of the registrant’s common stock were outstanding.

Table of Contents

		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at June 30, 2024 and December 31, 2023 and for the Three Months and Six Months Ended June 30, 2024 and 2023)
	Interim Condensed Consolidated Balance Sheets	4
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
	Interim Condensed Consolidated Statements of Equity	6
	Interim Condensed Consolidated Statements of Cash Flows	7
	Notes to the Interim Condensed Consolidated Financial Statements:
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	8
	Note 2 — Segment Information	11
	Note 3 — Disposition	18
	Note 4 — Future Policy Benefits	18
	Note 5 — Policyholder Account Balances	29
	Note 6 — Market Risk Benefits	38
	Note 7 — Separate Accounts	42
	Note 8 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	46
	Note 9 — Closed Block	47
	Note 10 — Investments	50
	Note 11 — Derivatives	64
	Note 12 — Fair Value	76
	Note 13 — Long-term Debt	92
	Note 14 — Equity	92
	Note 15 — Other Revenues and Other Expenses	97
	Note 16 — Employee Benefit Plans	98
	Note 17 — Income Tax	98
	Note 18 — Earnings Per Common Share	99
	Note 19 — Contingencies, Commitments and Guarantees	99
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	103
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	153
Item 4.	Controls and Procedures	154
Part II — Other Information
Item 1.	Legal Proceedings	155
Item 1A.	Risk Factors	155
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	155
Item 5.	Other Information	156
Item 6.	Exhibits	157
Signatures		158

As used in this Form 10‑Q, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.

Many factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1) economic condition difficulties, including risks relating to interest rates, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change, public health and terrorism and security;

(2) global capital and credit market adversity;

(3) credit facility inaccessibility;

(4) financial strength or credit ratings downgrades;

(5) unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(11) MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(12) MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(13) investment defaults, downgrades, or volatility;

(14) investment sales or lending difficulties;

(15) collateral or derivative-related payments;

(16) investment valuations, allowances, or impairments changes;

(17) claims or other results that differ from our estimates, assumptions, or models;

(18) global political, legal, or operational risks;

(19) business competition;

(20) technological changes;

(21) catastrophes;

(22) climate changes or responses to it;

(23) deficiencies in our closed block;

(24) goodwill or other asset impairment, or deferred income tax asset allowance;

(25) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(26) product guarantee volatility, costs, and counterparty risks;

(27) risk management failures;

(28) insufficient protection from operational risks;

(29) failure to protect confidentiality and integrity of data or other cybersecurity or disaster recovery failures;

(30) accounting standards changes;

(31) excessive risk-taking;

(32) marketing and distribution difficulties;

(33) pension and other postretirement benefit assumption changes;

(34) inability to protect our intellectual property or avoid infringement claims;

(35) acquisition, integration, growth, disposition, or reorganization difficulties;

(36) Brighthouse Financial, Inc. separation risks;

(37) MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(38) legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

2

Corporate Information

We encourage investors and others to frequently visit our website (www.metlife.com), including our Investor Relations web pages (https://investor.metlife.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, in news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website, including MetLife’s Sustainability Report, is not incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we submit to the U.S. Securities and Exchange Commission, and any references to our website are intended to be inactive textual references only.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

3

Part I — Financial Information

Item 1. Financial Statements

MetLife, Inc.

Interim Condensed Consolidated Balance Sheets

June 30, 2024 and December 31, 2023 (Unaudited)

(In millions, except share and per share data)

	June 30, 2024		December 31, 2023
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $121 and $184, respectively); and amortized cost: $303,191 and $300,555, respectively	$	277,736	$	281,412
Equity securities, at estimated fair value	754		757
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,106		10,331
Mortgage loans (net of allowance for credit loss of $806 and $721, respectively)	89,802		92,506
Policy loans	8,691		8,788
Real estate and real estate joint ventures (includes $321 and $317, respectively, under the fair value option; $34 and $0, respectively, of real estate held-for-sale; $210 and $0, respectively, relating to variable interest entities)	13,517		13,332
Other limited partnership interests	14,288		14,764
Short-term investments, principally at estimated fair value	3,804		6,045
Other invested assets (includes $1,863 and $1,993, respectively, of leveraged and direct financing leases; $429 and $333, respectively, relating to variable interest entities)	18,131		18,202
Total investments	436,829		446,137
Cash and cash equivalents, principally at estimated fair value	20,786		20,639
Accrued investment income	3,657		3,589
Premiums, reinsurance and other receivables	31,820		28,971
Market risk benefits, at estimated fair value	356		286
Deferred policy acquisition costs and value of business acquired	19,568		20,151
Current income tax recoverable	348		190
Deferred income tax asset	2,681		2,612
Goodwill	8,950		9,236
Other assets	11,043		11,139
Separate account assets	139,707		144,634
Total assets	$	675,745	$	687,584
Liabilities and Equity
Liabilities
Future policy benefits	$	190,993	$	196,406
Policyholder account balances	219,543		219,269
Market risk benefits, at estimated fair value	2,618		3,179
Other policy-related balances	19,379		19,736
Policyholder dividends payable	365		386
Payables for collateral under securities loaned and other transactions	17,719		17,524
Short-term debt (includes $113 and $0, respectively, relating to variable interest entities)	390		119
Long-term debt	14,809		15,548
Collateral financing arrangement	555		637
Junior subordinated debt securities	3,163		3,161
Deferred income tax liability	216		927
Other liabilities	38,748		35,805
Separate account liabilities	139,707		144,634
Total liabilities	648,205		657,331
Contingencies, Commitments and Guarantees (Note 19)
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference	—		—
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,193,636,489 and 1,191,823,651 shares issued, respectively; 703,760,956 and 730,821,111 shares outstanding, respectively	12		12
Additional paid-in capital	33,740		33,690
Retained earnings	40,873		40,146
Treasury stock, at cost; 489,875,533 and 461,002,540 shares, respectively	(26,637)		(24,591)
Accumulated other comprehensive income (loss)	(20,736)		(19,242)
Total MetLife, Inc.’s stockholders’ equity	27,252		30,015
Noncontrolling interests	288		238
Total equity	27,540		30,253
Total liabilities and equity	$	675,745	$	687,584

See accompanying notes to the interim condensed consolidated financial statements.

4

MetLife, Inc.

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months and Six Months Ended June 30, 2024 and 2023 (Unaudited)

(In millions, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
Premiums	$	11,628	$	11,678	$	21,681	$	21,267
Universal life and investment-type product policy fees	1,281		1,288		2,529		2,577
Net investment income	5,205		5,072		10,641		9,717
Other revenues	638		621		1,312		1,260
Net investment gains (losses)	(421)		(1,039)		(796)		(1,723)
Net derivative gains (losses)	(508)		(997)		(1,487)		(1,087)
Total revenues	17,823		16,623		33,880		32,011
Expenses
Policyholder benefits and claims	11,485		11,809		21,559		21,681
Policyholder liability remeasurement (gains) losses	(10)		(16)		(32)		(25)
Market risk benefit remeasurement (gains) losses	(182)		(817)		(876)		(629)
Interest credited to policyholder account balances	2,000		1,933		4,290		3,797
Policyholder dividends	148		151		295		310
Other expenses	3,180		3,133		6,397		6,190
Total expenses	16,621		16,193		31,633		31,324
Income (loss) before provision for income tax	1,202		430		2,247		687
Provision for income tax expense (benefit)	249		22		419		194
Net income (loss)	953		408		1,828		493
Less: Net income (loss) attributable to noncontrolling interests	7		6		15		11
Net income (loss) attributable to MetLife, Inc.	946		402		1,813		482
Less: Preferred stock dividends	34		32		101		98
Net income (loss) available to MetLife, Inc.’s common shareholders	$	912	$	370	$	1,712	$	384
Comprehensive income (loss)	$	(11)	$	(829)	$	336	$	2,712
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	8		8		17		(5)
Comprehensive income (loss) attributable to MetLife, Inc.	$	(19)	$	(837)	$	319	$	2,717

Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic	$	1.28	$	0.48	$	2.39	$	0.50
Diluted	$	1.28	$	0.48	$	2.37	$	0.50

See accompanying notes to the interim condensed consolidated financial statements.

5

MetLife, Inc.

Interim Condensed Consolidated Statements of Equity

Six Months Ended June 30, 2024 and 2023 (Unaudited)

(In millions)

	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock at Cost		Accumulated Other Comprehensive Income (Loss)		Total MetLife, Inc.’s Stockholders’ Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	—	$	12	$	33,690	$	40,146	$	(24,591)	$	(19,242)	$	30,015	$	238	$	30,253
Cumulative effects of changes in accounting principles, net of income tax							(219)						(219)				(219)
Treasury stock acquired in connection with share repurchases (includes $11 million of excise tax)									(1,183)				(1,183)				(1,183)
Stock-based compensation					28								28				28
Dividends on preferred stock							(67)						(67)				(67)
Dividends on common stock (declared per share of $0.520)							(377)						(377)				(377)
Change in equity of noncontrolling interests													—		14		14
Net income (loss)							867						867		8		875
Other comprehensive income (loss), net of income tax											(529)		(529)		1		(528)
Balance at March 31, 2024	$	—	$	12	$	33,718	$	40,350	$	(25,774)	$	(19,771)	$	28,535	$	261	$	28,796
Treasury stock acquired in connection with share repurchases (includes $8 million of excise tax)									(863)				(863)				(863)
Stock-based compensation					22								22				22
Dividends on preferred stock							(34)						(34)				(34)
Dividends on common stock (declared per share of $0.545)							(389)						(389)				(389)
Change in equity of noncontrolling interests													—		19		19
Net income (loss)							946						946		7		953
Other comprehensive income (loss), net of income tax											(965)		(965)		1		(964)
Balance at June 30, 2024	$	—	$	12	$	33,740	$	40,873	$	(26,637)	$	(20,736)	$	27,252	$	288	$	27,540

	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock at Cost		Accumulated Other Comprehensive Income (Loss)		Total MetLife, Inc.’s Stockholders’ Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2022	$	—	$	12	$	33,616	$	40,332	$	(21,458)	$	(22,621)	$	29,881	$	244	$	30,125
Treasury stock acquired in connection with share repurchases (includes $7 million of excise tax)									(787)				(787)				(787)
Stock-based compensation					1								1				1
Dividends on preferred stock							(66)						(66)				(66)
Dividends on common stock (declared per share of $0.500)							(389)						(389)				(389)
Change in equity of noncontrolling interests													—		(2)		(2)
Net income (loss)							80						80		5		85
Other comprehensive income (loss), net of income tax											3,474		3,474		(18)		3,456
Balance at March 31, 2023	$	—	$	12	$	33,617	$	39,957	$	(22,245)	$	(19,147)	$	32,194	$	229	$	32,423
Treasury stock acquired in connection with share repurchases (includes $6 million of excise tax)									(678)				(678)				(678)
Stock-based compensation					13								13				13
Dividends on preferred stock							(32)						(32)				(32)
Dividends on common stock (declared per share of $0.520)							(399)						(399)				(399)
Change in equity of noncontrolling interests													—		(6)		(6)
Net income (loss)							402						402		6		408
Other comprehensive income (loss), net of income tax											(1,239)		(1,239)		2		(1,237)
Balance at June 30, 2023	$	—	$	12	$	33,630	$	39,928	$	(22,923)	$	(20,386)	$	30,261	$	231	$	30,492

See accompanying notes to the interim condensed consolidated financial statements.

6

MetLife, Inc.

Interim Condensed Consolidated Statements of Cash Flows

Six Months Ended June 30, 2024 and 2023 (Unaudited)

(In millions)

	Six Months Ended June 30,
	2024		2023
Net cash provided by (used in) operating activities	$	5,818	$	5,064
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	26,840		32,415
Equity securities	44		927
Mortgage loans	4,777		4,347
Real estate and real estate joint ventures	298		76
Other limited partnership interests	626		541
Short-term investments	7,641		6,262
Purchases and originations of:
Fixed maturity securities available-for-sale	(31,986)		(35,072)
Equity securities	(64)		(51)
Mortgage loans	(3,545)		(5,094)
Real estate and real estate joint ventures	(707)		(555)
Other limited partnership interests	(574)		(910)
Short-term investments	(5,440)		(8,216)
Cash received in connection with freestanding derivatives	1,034		1,446
Cash paid in connection with freestanding derivatives	(2,261)		(2,742)
Net change in policy loans	(17)		16
Net change in other invested assets	(506)		(1,133)
Other, net	(127)		(107)
Net cash provided by (used in) investing activities	(3,967)		(7,850)
Cash flows from financing activities
Policyholder account balances - deposits	50,011		51,869
Policyholder account balances - withdrawals	(48,065)		(49,013)
Net change in payables for collateral under securities loaned and other transactions	385		(1,972)
Long-term debt issued	1,270		1,000
Long-term debt repaid	(1,741)		(1,019)
Collateral financing arrangement repaid	(82)		(41)
Derivatives with certain financing elements and other derivative-related transactions, net	(150)		58
Proceeds from mortgage loan secured financing	92		277
Repayments of mortgage loan secured financing	(419)		(663)
Treasury stock acquired in connection with share repurchases	(2,027)		(1,452)
Dividends on preferred stock	(101)		(98)
Dividends on common stock	(766)		(788)
Other, net	127		(74)
Net cash provided by (used in) financing activities	(1,466)		(1,916)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(238)		(76)
Change in cash and cash equivalents	147		(4,778)
Cash and cash equivalents, beginning of period	$	20,639	$	20,195
Cash and cash equivalents, end of period	$	20,786	$	15,417

Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	527	$	472
Income tax	$	994	$	1,116
Non-cash transactions:
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions	$	2,342	$	1,691
Real estate and real estate joint ventures acquired in satisfaction of debt	$	334	$	6
Other invested assets received in connection with the sale of other limited partnership interests	$	372	$	—
Consolidation of real estate and real estate joint ventures:
Increase of real estate and real estate joint ventures	$	134	$	—
Increase of short-term debt	$	113	$	—

See accompanying notes to the interim condensed consolidated financial statements.

7

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting, unless the fair value option (“FVO”) is applied, for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (each, an “ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.

8

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Adopted Accounting Pronouncements

The table below describes the impacts of ASUs adopted by the Company.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.	January 1, 2024. The Company adopted this update, applying a modified retrospective basis.	The Company has elected to use the proportional amortization method to account for its tax equity investments that meet the required criteria. The adoption of this update resulted in a decrease to retained earnings of $219 million, net of income tax, primarily related to the Company’s tax equity investments reported within other invested assets, as of January 1, 2024.

9

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2024 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	The amendments in this update are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss; (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM.	Effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.

10

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information

In the fourth quarter of 2023, MetLife reorganized from five segments into the following six segments to reflect changes in management’s responsibilities: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other.

Group Benefits

The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, vision and accident & health insurance.

RIS

The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions and capital markets investment products.

Asia

The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.

Latin America

The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

EMEA

The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s investment management business (through which the Company provides public fixed income, private capital and real estate investment solutions to institutional investors worldwide).

11

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Financial Measures and Segment Accounting Policies

Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for net income (loss). The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax.

These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits (“MRBs”) remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities, and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.

•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Other adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

12

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and six months ended June 30, 2024 and 2023. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.

The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

13

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Three Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,599	$	2,448	$	1,216	$	1,122	$	536	$	692	$	15	$	11,628	$	—	$	11,628
Universal life and investment-type product policy fees	229		73		434		373		77		94		1		1,281		—		1,281
Net investment income	313		2,117		1,167		398		54		1,016		95		5,160		45		5,205
Other revenues	382		61		18		11		8		37		97		614		24		638
Net investment gains (losses)	—		—		—		—		—		—		—		—		(421)		(421)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(508)		(508)
Total revenues	6,523		4,699		2,835		1,904		675		1,839		208		18,683		(860)		17,823
Expenses
Policyholder benefits and claims and policyholder dividends	4,780		3,248		988		1,018		265		1,252		9		11,560		73		11,633
Policyholder liability remeasurement (gains) losses	2		(23)		(4)		(3)		1		17		—		(10)		—		(10)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(182)		(182)
Interest credited to PABs	48		838		657		115		17		106		—		1,781		219		2,000
Capitalization of deferred policy acquisition costs (“DAC”)	(5)		(46)		(335)		(175)		(115)		(4)		(3)		(683)		—		(683)
Amortization of DAC and value of business acquired (“VOBA”)	7		16		207		129		82		57		1		499		—		499
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		3		—		4		—		3		246		257		—		257
Other expenses	1,016		145		702		505		328		220		188		3,104		9		3,113
Total expenses	5,849		4,181		2,210		1,593		577		1,651		441		16,502		119		16,621
Provision for income tax expense (benefit)	141		108		176		85		21		35		(47)		519		(270)		249
Adjusted earnings	$	533	$	410	$	449	$	226	$	77	$	153	$	(186)	1,662
Adjustments to:
Total revenues															(860)
Total expenses															(119)
Provision for income tax (expense) benefit															270
Net income (loss)															$	953			$	953

14

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Three Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,427	$	2,681	$	1,310	$	1,023	$	499	$	719	$	19	$	11,678	$	—	$	11,678
Universal life and investment-type product policy fees	223		71		396		352		75		170		1		1,288		—		1,288
Net investment income	327		1,948		1,050		418		47		1,170		80		5,040		32		5,072
Other revenues	363		71		21		10		8		49		106		628		(7)		621
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,039)		(1,039)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(997)		(997)
Total revenues	6,340		4,771		2,777		1,803		629		2,108		206		18,634		(2,011)		16,623
Expenses
Policyholder benefits and claims and policyholder dividends	4,866		3,441		1,057		976		237		1,341		12		11,930		30		11,960
Policyholder liability remeasurement (gains) losses	2		(11)		(27)		3		2		15		—		(16)		—		(16)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(817)		(817)
Interest credited to PABs	48		702		570		105		19		198		—		1,642		291		1,933
Capitalization of DAC	(5)		(50)		(397)		(148)		(119)		(6)		(4)		(729)		—		(729)
Amortization of DAC and VOBA	7		12		190		117		85		64		4		479		—		479
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		4		—		4		—		3		244		256		—		256
Other expenses	950		146		778		465		314		231		229		3,113		20		3,133
Total expenses	5,869		4,244		2,166		1,522		537		1,846		485		16,669		(476)		16,193
Provision for income tax expense (benefit)	99		110		180		62		22		51		(83)		441		(419)		22
Adjusted earnings	$	372	$	417	$	431	$	219	$	70	$	211	$	(196)	1,524
Adjustments to:
Total revenues															(2,011)
Total expenses															476
Provision for income tax (expense) benefit															419
Net income (loss)															$	408			$	408

15

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Six Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	11,310	$	3,123	$	2,513	$	2,237	$	1,072	$	1,405	$	21	$	21,681	$	—	$	21,681
Universal life and investment-type product policy fees	451		148		860		743		154		172		1		2,529		—		2,529
Net investment income	628		4,206		2,275		784		108		2,026		201		10,228		413		10,641
Other revenues	779		124		39		22		15		87		195		1,261		51		1,312
Net investment gains (losses)	—		—		—		—		—		—		—		—		(796)		(796)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,487)		(1,487)
Total revenues	13,168		7,601		5,687		3,786		1,349		3,690		418		35,699		(1,819)		33,880
Expenses
Policyholder benefits and claims and policyholder dividends	10,016		4,719		2,055		2,001		523		2,503		17		21,834		20		21,854
Policyholder liability remeasurement (gains) losses	(1)		(22)		(36)		(11)		1		37		—		(32)		—		(32)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(876)		(876)
Interest credited to PABs	96		1,634		1,304		229		36		209		—		3,508		782		4,290
Capitalization of DAC	(9)		(107)		(696)		(353)		(243)		(9)		(6)		(1,423)		—		(1,423)
Amortization of DAC and VOBA	13		31		417		254		173		116		3		1,007		—		1,007
Amortization of negative VOBA	—		—		(10)		—		(2)		—		—		(12)		—		(12)
Interest expense on debt	1		7		—		7		—		7		499		521		—		521
Other expenses	2,019		317		1,446		1,017		660		443		382		6,284		20		6,304
Total expenses	12,135		6,579		4,480		3,144		1,148		3,306		895		31,687		(54)		31,633
Provision for income tax expense (benefit)	216		213		335		183		47		72		(117)		949		(530)		419
Adjusted earnings	$	817	$	809	$	872	$	459	$	154	$	312	$	(360)	3,063
Adjustments to:
Total revenues															(1,819)
Total expenses															54
Provision for income tax (expense) benefit															530
Net income (loss)															$	1,828			$	1,828

16

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Six Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,878	$	3,182	$	2,687	$	2,048	$	995	$	1,442	$	35	$	21,267	$	—	$	21,267
Universal life and investment-type product policy fees	441		150		793		687		152		353		1		2,577		—		2,577
Net investment income	637		3,762		1,931		797		92		2,297		130		9,646		71		9,717
Other revenues	743		139		41		22		16		102		207		1,270		(10)		1,260
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,723)		(1,723)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,087)		(1,087)
Total revenues	12,699		7,233		5,452		3,554		1,255		4,194		373		34,760		(2,749)		32,011
Expenses
Policyholder benefits and claims and policyholder dividends	9,860		4,666		2,187		1,942		498		2,710		28		21,891		100		21,991
Policyholder liability remeasurement (gains) losses	(2)		(40)		(16)		(1)		(1)		35		—		(25)		—		(25)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(629)		(629)
Interest credited to PABs	94		1,348		1,106		204		35		397		—		3,184		613		3,797
Capitalization of DAC	(11)		(95)		(798)		(299)		(227)		(12)		(5)		(1,447)		—		(1,447)
Amortization of DAC and VOBA	13		23		383		223		170		132		5		949		—		949
Amortization of negative VOBA	—		—		(11)		—		(2)		—		—		(13)		—		(13)
Interest expense on debt	1		7		—		6		—		6		491		511		—		511
Other expenses	1,882		292		1,585		895		614		469		406		6,143		47		6,190
Total expenses	11,837		6,201		4,436		2,970		1,087		3,737		925		31,193		131		31,324
Provision for income tax expense (benefit)	183		215		305		150		38		88		(186)		793		(599)		194
Adjusted earnings	$	679	$	817	$	711	$	434	$	130	$	369	$	(366)	2,774
Adjustments to:
Total revenues															(2,749)
Total expenses															(131)
Provision for income tax (expense) benefit															599
Net income (loss)															$	493			$	493

17

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits	$	35,966	$	36,715
RIS	222,719		218,587
Asia	151,700		157,206
Latin America	66,527		69,177
EMEA	18,846		18,596
MetLife Holdings	144,045		148,524
Corporate & Other	35,942		38,779
Total	$	675,745	$	687,584

3. Disposition

Pending Disposition of MetLife Malaysia

In October 2023, the Company entered into an agreement to sell its ownership interests in AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia) (collectively, “MetLife Malaysia”). The transaction is expected to close in 2024 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information.

4. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.

18

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	64,338	$	64,324
Asia:
Whole and term life & endowments	11,260		12,874
Accident & health	9,189		10,712
Latin America - Fixed annuities	9,020		9,637
MetLife Holdings - Long-term care	14,455		15,240
Deferred Profit Liabilities:
RIS - Annuities	3,735		3,697
Asia:
Whole and term life & endowments	690		654
Accident & health	788		830
Latin America - Fixed annuities	522		562
Additional Insurance Liabilities:
Asia:
Variable life	1,074		1,258
Universal and variable universal life	354		424
MetLife Holdings - Universal and variable universal life	2,434		2,362
MetLife Holdings - Participating life	48,911		49,543
Other long-duration (1)	10,544		11,099
Short-duration and other	13,679		13,190
Total	$	190,993	$	196,406

__________________

(1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.

19

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	(25)			(29)
Adjusted balance	(25)			(29)
Issuances	4,206			2,558
Net premiums collected	(4,181)			(2,529)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	64,515		$	58,695
Balance, beginning of period, at original discount rate	$	64,737		$	61,426
Effect of actual variances from expected experience (1)	(93)			(167)
Adjusted balance	64,644			61,259
Issuances	4,328			2,561
Interest accrual	1,526			1,411
Benefit payments	(2,976)			(2,726)
Ending balance at original discount rate	67,522			62,505
Effect of changes in discount rate assumptions	(2,847)			(2,020)
Balance, end of period, at current discount rate at balance sheet date	64,675			60,485
Cumulative amount of fair value hedging adjustments	(337)			(204)
Net liability for FPBs	64,338			60,281
Less: Reinsurance recoverables	1,933			—
Net liability for FPBs, net of reinsurance	$	62,405		$	60,281
Undiscounted - Expected future benefit payments	$	123,752		$	115,364
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	64,675		$	60,485
Weighted-average duration of the liability	9 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.7		%	4.7		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.3		%

_________________

(1)    For the six months ended June 30, 2024 and 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $49 million and $98 million, respectively. Excluding the corresponding impact in DPL, for the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements.

20

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Significant Methodologies and Assumptions

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the six months ended June 30, 2024, the Company incurred a loss at issue of $126 million. This loss at issue was offset by a deferred gain on ceded reinsurance, which will be amortized over the life of the reinsurance agreement.

21

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Asia

Whole and Term Life & Endowments

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:

	Six Months Ended June 30,
		2024			2023
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	4,561		$	4,682
Balance, beginning of period, at original discount rate		$	4,793		$	4,943
Effect of actual variances from expected experience		(33)			(26)
Adjusted balance		4,760			4,917
Issuances		269			328
Interest accrual		34			27
Net premiums collected		(304)			(300)
Effect of foreign currency translation		(507)			(384)
Ending balance at original discount rate		4,252			4,588
Effect of changes in discount rate assumptions		(277)			(196)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		30			15
Balance, end of period, at current discount rate at balance sheet date		$	4,005		$	4,407
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	17,435		$	17,463
Balance, beginning of period, at original discount rate		$	17,198		$	18,209
Effect of actual variances from expected experience		(33)			1
Adjusted balance		17,165			18,210
Issuances		269			328
Interest accrual		183			185
Benefit payments		(484)			(624)
Effect of foreign currency translation		(1,813)			(1,360)
Ending balance at original discount rate		15,320			16,739
Effect of changes in discount rate assumptions		(131)			154
Effect of foreign currency translation on the effect of changes in discount rate assumptions		76			11
Balance, end of period, at current discount rate at balance sheet date		15,265			16,904
Cumulative impact of flooring the future policyholder benefits reserve		—			2
Net liability for FPBs		11,260			12,499
Less: Amount due to reinsurer		(1)			(2)
Net liability for FPBs, net of reinsurance		$	11,261		$	12,501
Undiscounted:
Expected future gross premiums		$	8,363		$	8,786
Expected future benefit payments		$	25,574		$	26,771
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,140		$	7,691
Expected future benefit payments		$	15,265		$	16,904
Weighted-average duration of the liability		17 years			17 years
Weighted -average interest accretion (original locked-in) rate		2.6		%	2.5		%
Weighted-average current discount rate at balance sheet date		2.8		%	2.5		%

22

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Accident & Health

The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	19,835		$	21,181
Balance, beginning of period, at original discount rate	$	21,232		$	22,594
Effect of actual variances from expected experience (1)	292			(33)
Adjusted balance	21,524			22,561
Issuances	551			536
Interest accrual	110			120
Net premiums collected	(928)			(1,055)
Effect of foreign currency translation	(2,496)			(1,849)
Ending balance at original discount rate	18,761			20,313
Effect of changes in discount rate assumptions	(1,720)			(1,006)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	187			83
Balance, end of period, at current discount rate at balance sheet date	$	17,228		$	19,390
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	30,480		$	30,879
Balance, beginning of period, at original discount rate	$	36,010		$	37,189
Effect of actual variances from expected experience (1)	331			(53)
Adjusted balance	36,341			37,136
Issuances	551			536
Interest accrual	232			246
Benefit payments	(614)			(653)
Effect of foreign currency translation	(4,161)			(3,017)
Ending balance at original discount rate	32,349			34,248
Effect of changes in discount rate assumptions	(6,761)			(4,664)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	750			385
Balance, end of period, at current discount rate at balance sheet date	26,338			29,969
Cumulative impact of flooring the future policyholder benefits reserve	79			83
Net liability for FPBs	9,189			10,662
Less: Reinsurance recoverables	143			149
Net liability for FPBs, net of reinsurance	$	9,046		$	10,513
Undiscounted:
Expected future gross premiums	$	36,531		$	39,362
Expected future benefit payments	$	42,531		$	44,435
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	29,420		$	33,399
Expected future benefit payments	$	26,338		$	29,969
Weighted-average duration of the liability	23 years			26 years
Weighted-average interest accretion (original locked-in) rate	1.7		%	1.8		%
Weighted-average current discount rate at balance sheet date	2.8		%	2.3		%

_________________

(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident and health products of ($6) million.

23

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Latin America - Fixed Annuities

The Latin America segment’s fixed annuity products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, at beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	—			—
Adjusted balance	—			—
Issuances	494			525
Interest accrual	5			5
Net premiums collected	(499)			(530)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	9,637		$	9,265
Balance, beginning of period, at original discount rate	$	9,249		$	8,240
Effect of actual variances from expected experience (1)	(9)			(9)
Adjusted balance	9,240			8,231
Issuances	509			577
Interest accrual	167			173
Benefit payments	(339)			(336)
Inflation adjustment	184			243
Effect of foreign currency translation	(691)			538
Ending balance at original discount rate	9,070			9,426
Effect of changes in discount rate assumptions	(28)			706
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(22)			60
Balance, end of period, at current discount rate at balance sheet date	9,020			10,192
Net liability for FPBs	$	9,020		$	10,192
Undiscounted - Expected future benefit payments	$	13,648		$	14,343
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	9,020		$	10,192
Weighted-average duration of the liability	10 years			11 years
Weighted-average interest accretion (original locked-in) rate	3.6		%	3.9		%
Weighted-average current discount rate at balance sheet date	3.7		%	2.9		%

__________________

(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the six months ended June 30, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million.

24

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	5,687		$	5,775
Balance, beginning of period, at original discount rate	$	5,566		$	5,807
Effect of actual variances from expected experience	13			83
Adjusted balance	5,579			5,890
Interest accrual	141			149
Net premiums collected	(286)			(293)
Ending balance at original discount rate	5,434			5,746
Effect of changes in discount rate assumptions	(80)			3
Balance, end of period, at current discount rate at balance sheet date	$	5,354		$	5,749
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	20,927		$	19,619
Balance, beginning of period, at original discount rate	$	20,494		$	20,165
Effect of actual variances from expected experience	31			99
Adjusted balance	20,525			20,264
Interest accrual	540			534
Benefit payments	(421)			(382)
Ending balance at original discount rate	20,644			20,416
Effect of changes in discount rate assumptions	(835)			(169)
Balance, end of period, at current discount rate at balance sheet date	19,809			20,247
Net liability for FPBs	$	14,455		$	14,498
Undiscounted:
Expected future gross premiums	$	10,280		$	10,893
Expected future benefit payments	$	44,653		$	45,653
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	6,715		$	7,089
Expected future benefit payments	$	19,809		$	20,247
Weighted-average duration of the liability	14 years			15 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date	5.8		%	5.5		%

Rollforwards - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

25

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Asia

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:

	Six Months Ended June 30,
	2024			2023			2024			2023
	Variable Life						Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,258		$	1,381		$	424		$	455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	—			—			(14)			(33)
Balance, beginning of period, before AOCI adjustment	1,258			1,381			438			488
Effect of actual variances from expected experience	(14)			(8)			(32)			(22)
Adjusted balance	1,244			1,373			406			466
Assessments accrual	(2)			(2)			—			—
Interest accrual	9			10			3			3
Excess benefits paid	(23)			(19)			—			—
Effect of foreign currency translation and other, net	(154)			(119)			(53)			(41)
Balance, end of period, before AOCI adjustment	1,074			1,243			356			428
Add: AOCI adjustment	—			—			(2)			(18)
Balance, end of period	$	1,074		$	1,243		$	354		$	410
Weighted-average duration of the liability	16 years			17 years			43 years			43 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.5		%

26

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

	Six Months Ended June 30,
	2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	2,362		$	2,156
Less: AOCI adjustment	(14)			(63)
Balance, beginning of period, before AOCI adjustment	2,376			2,219
Effect of actual variances from expected experience	28			(6)
Adjusted balance	2,404			2,213
Assessments accrual	51			55
Interest accrual	65			61
Excess benefits paid	(70)			(63)
Balance, end of period, before AOCI adjustment	2,450			2,266
Add: AOCI adjustment	(16)			2
Balance, end of period	2,434			2,268
Less: Reinsurance recoverables	2,117			744
Balance, end of period, net of reinsurance	$	317		$	1,524
Weighted-average duration of the liability	15 years			16 years
Weighted-average interest accretion rate	5.5		%	5.6		%

27

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

		Six Months Ended June 30,
		2024				2023
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities		$	4,246	$	1,526	$	2,592	$	1,411
Asia:
Whole and term life & endowments		564		149		555		158
Accident & health		1,551		122		1,762		126
Latin America - Fixed annuities		499		162		529		168
MetLife Holdings - Long-term care		362		399		366		385
Deferred Profit Liabilities:
RIS - Annuities		N/A		88		N/A		81
Asia:
Whole and term life & endowments		N/A		17		N/A		14
Accident & health		N/A		9		N/A		9
Latin America - Fixed annuities		N/A		10		N/A		11
Additional Insurance Liabilities:
Asia:
Variable life		55		9		11		10
Universal and variable universal life		(33)		3		(14)		3
MetLife Holdings - Universal and variable universal life		334		65		380		61
Other long-duration		2,132		239		2,015		227
Total		$	9,710	$	2,798	$	8,196	$	2,664

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

28

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	16,468	$	16,098
Less: Reinsurance recoverables	2,592		2,452
Net balance, beginning of period	13,876		13,646
Incurred related to:
Current period	13,420		13,580
Prior periods (1)	99		306
Total incurred	13,519		13,886
Paid related to:
Current period	(8,723)		(8,546)
Prior periods	(4,921)		(4,959)
Total paid	(13,644)		(13,505)
Net balance, end of period	13,751		14,027
Add: Reinsurance recoverables	2,762		2,590
Balance, end of period (included in FPBs and other policy-related balances)	$	16,513	$	16,617

__________________

(1)For the six months ended June 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

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

	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits - Group life	$	7,644	$	7,692
RIS:
Capital markets investment products and stable value GICs	64,945		64,140
Annuities and risk solutions	18,797		17,711
Asia:
Universal and variable universal life	49,229		49,739
Fixed annuities	37,629		36,863
EMEA - Variable annuities	2,552		2,720
MetLife Holdings:
Annuities	10,747		11,537
Life and other	11,303		11,641
Other	16,697		17,226
Total	$	219,543	$	219,269

29

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

Rollforwards

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

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	7,692	$	8,028
Deposits	1,959		1,685
Policy charges	(327)		(318)
Surrenders and withdrawals	(1,767)		(1,608)
Benefit payments	(6)		(6)
Net transfers from (to) separate accounts	(3)		1
Interest credited	96		93
Balance, end of period	$	7,644	$	7,875
Weighted-average annual crediting rate	2.5 %		2.4 %
At period end:
Cash surrender value	$	7,584	$	7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	264,497	$	251,590

30

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The Group Benefits segment’s group 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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	157	$	819	$	4,574	$	5,550
Equal to or greater than 2% but less than 4%	1,217		9		59		1		1,286
Equal to or greater than 4%	697		—		39		34		770
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		38
Total	$	1,914	$	166	$	917	$	4,609	$	7,644
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	79	$	910	$	4,615	$	5,604
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		120
Total	$	1,998	$	90	$	1,016	$	4,651	$	7,875

RIS

Capital Markets Investment Products and Stable Value GICs

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,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	64,140	$	63,723
Deposits	37,608		38,526
Surrenders and withdrawals	(37,540)		(39,865)
Interest credited	1,180		971
Effect of foreign currency translation and other, net	(443)		748
Balance, end of period	$	64,945	$	64,103
Weighted-average annual crediting rate	3.7 %		3.1 %
Cash surrender value at period end	$	1,850	$	2,309

31

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,647	$	2,647
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,298
Total	$	—	$	—	$	—	$	2,647	$	64,945
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,507
Total	$	—	$	—	$	1	$	2,595	$	64,103

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income 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,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	17,711	$	15,549
Deposits	1,467		1,362
Policy charges	(63)		(96)
Surrenders and withdrawals	(189)		(83)
Benefit payments	(471)		(385)
Net transfers from (to) separate accounts	20		54
Interest credited	360		307
Other	(38)		(15)
Balance, end of period	$	18,797	$	16,693
Weighted-average annual crediting rate	4.0 %		3.8 %
At period end:
Cash surrender value	$	8,209	$	7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	43,702	$	43,311

32

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	2,048	$	2,067
Equal to or greater than 2% but less than 4%	201		35		109		421		766
Equal to or greater than 4%	4,239		—		397		5		4,641
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		11,323
Total	$	4,440	$	35	$	525	$	2,474	$	18,797
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,472	$	1,525
Equal to or greater than 2% but less than 4%	227		35		130		448		840
Equal to or greater than 4%	4,439		117		107		6		4,669
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		9,659
Total	$	4,666	$	152	$	290	$	1,926	$	16,693

Asia

Universal and Variable Universal Life

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	49,739	$	46,417
Deposits	3,146		3,244
Policy charges	(545)		(563)
Surrenders and withdrawals	(1,736)		(1,238)
Benefit payments	(234)		(287)
Interest credited	744		683
Effect of foreign currency translation and other, net	(1,885)		(1,405)
Balance, end of period	$	49,229	$	46,851
Weighted-average annual crediting rate	3.1 %		3.0 %
At period end:
Cash surrender value	$	43,078	$	40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	88,255	$	92,521

33

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

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, 2024
Equal to or greater than 0% but less than 2%	$	9,431	$	18	$	230	$	1,281	$	10,960
Equal to or greater than 2% but less than 4%	7,413		15,613		5,486		8,989		37,501
Equal to or greater than 4%	242		—		—		—		242
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		526
Total	$	17,086	$	15,631	$	5,716	$	10,270	$	49,229
June 30, 2023
Equal to or greater than 0% but less than 2%	$	10,211	$	45	$	138	$	239	$	10,633
Equal to or greater than 2% but less than 4%	20,859		2,919		5,783		5,884		35,445
Equal to or greater than 4%	261		—		—		—		261
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		512
Total	$	31,331	$	2,964	$	5,921	$	6,123	$	46,851

Fixed Annuities

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

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	36,863	$	32,454
Deposits	3,412		4,612
Policy charges	(1)		(1)
Surrenders and withdrawals	(1,645)		(1,003)
Benefit payments	(1,174)		(1,071)
Interest credited	509		404
Effect of foreign currency translation and other, net	(335)		(271)
Balance, end of period	$	37,629	$	35,124
Weighted-average annual crediting rate	2.8 %		2.4 %
At period end:
Cash surrender value	$	32,555	$	30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	—	$	6,224

34

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

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, 2024
Equal to or greater than 0% but less than 2%	$	394	$	487	$	5,486	$	30,060	$	36,427
Equal to or greater than 2% but less than 4%	—		5		—		—		5
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,197
Total	$	394	$	492	$	5,486	$	30,060	$	37,629
June 30, 2023
Equal to or greater than 0% but less than 2%	$	343	$	603	$	6,795	$	26,057	$	33,798
Equal to or greater than 2% but less than 4%	—		6		—		—		6
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,320
Total	$	343	$	609	$	6,795	$	26,057	$	35,124

EMEA

Variable Annuities

Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	2,720	$	2,802
Deposits	2		2
Policy charges	(30)		(32)
Surrenders and withdrawals	(142)		(132)
Benefit payments	(61)		(64)
Interest credited (1)	87		32
Effect of foreign currency translation and other, net	(24)		153
Balance, end of period	$	2,552	$	2,761
Weighted-average annual crediting rate	6.8 %		2.4 %
At period end:
Cash surrender value	$	2,552	$	2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	410	$	635
At annuitization or exercise of other living benefits	$	529	$	797

__________________

(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.

35

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,537	$	13,286
Deposits	86		132
Policy charges	(7)		(8)
Surrenders and withdrawals	(903)		(1,038)
Benefit payments	(211)		(224)
Net transfers from (to) separate accounts	58		47
Interest credited	183		200
Other	4		15
Balance, end of period	$	10,747	$	12,410
Weighted-average annual crediting rate	3.4 %		3.2 %
At period end:
Cash surrender value	$	10,154	$	11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,541	$	3,246
At annuitization or exercise of other living benefits	$	707	$	813

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.

36

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	4	$	195	$	446	$	38	$	683
Equal to or greater than 2% but less than 4%	1,049		6,760		472		198		8,479
Equal to or greater than 4%	759		404		24		—		1,187
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		398
Total	$	1,812	$	7,359	$	942	$	236	$	10,747
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,917		5,447		395		72		9,831
Equal to or greater than 4%	982		277		19		—		1,278
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		455
Total	$	5,343	$	5,882	$	633	$	97	$	12,410

Life and Other

The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,641	$	12,402
Deposits	381		446
Policy charges	(347)		(354)
Surrenders and withdrawals	(523)		(612)
Benefit payments	(76)		(85)
Net transfers from (to) separate accounts	19		21
Interest credited	211		223
Other	(3)		3
Balance, end of period	$	11,303	$	12,044
Weighted-average annual crediting rate	3.7 %		3.7 %
At period end:
Cash surrender value	$	10,863	$	11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	65,885	$	69,633

__________________

(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 2024 and December 31, 2023, would be reduced by 99%.

37

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	18	$	54	$	72
Equal to or greater than 2% but less than 4%	4,242		172		270		540		5,224
Equal to or greater than 4%	4,960		124		407		15		5,506
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,202	$	296	$	695	$	609	$	11,303
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	21	$	56	$	77
Equal to or greater than 2% but less than 4%	4,735		172		289		558		5,754
Equal to or greater than 4%	5,158		127		415		12		5,712
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,893	$	299	$	725	$	626	$	12,044

6. Market Risk Benefits

The Company establishes liabilities for certain retirement assurance and 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 Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	177	$	177	$	—	$	203	$	203
MetLife Holdings - Annuities	213		2,366		2,153		156		2,878		2,722
Other	143		75		(68)		130		98		(32)
Total	$	356	$	2,618	$	2,262	$	286	$	3,179	$	2,893

Rollforwards

The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

38

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Asia - Retirement Assurance

The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	203	$	226
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	205	$	233
Attributed fees collected	2		1
Benefit payments	(6)		(7)
Effect of changes in interest rates	4		3
Actual policyholder behavior different from expected behavior	(1)		—
Effect of foreign currency translation and other, net	(26)		(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	178		207
Cumulative effect of changes in the instrument-specific credit risk	(1)		(5)
Balance, end of period	$	177	$	202
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits	$	111	$	110
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Significant Methodologies and Assumptions

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, 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 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 12 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.

39

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

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.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where 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 guarantees 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. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:

		Six Months Ended June 30,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,722	$	3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,772	$	3,360
Attributed fees collected		179		193
Benefit payments		(45)		(21)
Effect of changes in interest rates		(556)		23
Effect of changes in capital markets		(372)		(661)
Effect of changes in equity index volatility		26		(109)
Actual policyholder behavior different from expected behavior		132		57
Effect of foreign currency translation and other, net (1)		5		131
Effect of changes in risk margin		(62)		(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,079		2,938
Cumulative effect of changes in the instrument-specific credit risk		76		(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk		(2)		5
Balance, end of period		$	2,153	$	2,793
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,544	$	3,254
At annuitization or exercise of other living benefits		$	671	$	793
Weighted-average attained age of contractholders:
In the event of death		71 years		70 years
At annuitization or exercise of other living benefits		70 years		70 years

__________________

(1)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

40

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Significant Methodologies and Assumptions

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 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 12 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.

41

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Other

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. 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 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	(32)	$	32
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(50)	$	24
Attributed fees collected	25		16
Benefit payments	(3)		(18)
Effect of changes in interest rates	(46)		(26)
Effect of changes in capital markets	(15)		(14)
Effect of changes in equity index volatility	(1)		(4)
Actual policyholder behavior different from expected behavior	4		(22)
Effect of foreign currency translation and other, net	(2)		17
Effect of changes in risk margin	(1)		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(89)		(28)
Cumulative effect of changes in the instrument-specific credit risk	21		12
Effect of foreign currency translation on the cumulative instrument-specific credit risk	—		1
Balance, end of period	(68)		(15)
Less: Reinsurance recoverable	11		18
Balance, end of period, net of reinsurance	$	(79)	$	(33)

7. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate Account Liabilities

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

	June 30, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	38,689	$	41,343
Annuities	11,246		11,659
Latin America - Pensions	38,944		41,320
MetLife Holdings - Annuities	28,843		29,224
Other	21,985		21,088
Total	$	139,707	$	144,634

42

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

	RIS Stable Value and Risk Solutions		RIS Annuities		Latin America Pensions		MetLife Holdings Annuities
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	1,053		25		3,427		123
Policy charges	(139)		(10)		(132)		(296)
Surrenders and withdrawals	(2,945)		(401)		(2,652)		(1,857)
Benefit payments	(60)		—		(812)		(259)
Investment performance	692		(95)		875		1,972
Net transfers from (to) general account	(20)		—		—		(59)
Effect of foreign currency translation and other, net (1)	(1,235)		68		(3,082)		(5)
Balance, end of period	$	38,689	$	11,246	$	38,944	$	28,843
Six Months Ended June 30, 2023
Balance, beginning of period	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	1,586		120		4,096		139
Policy charges	(148)		(11)		(150)		(305)
Surrenders and withdrawals	(7,542)		(360)		(2,921)		(1,362)
Benefit payments	(46)		—		(879)		(242)
Investment performance	1,277		448		187		2,933
Net transfers from (to) general account	(57)		3		—		(47)
Effect of foreign currency translation and other, net	(715)		(102)		2,452		1
Balance, end of period	$	42,620	$	11,792	$	42,213	$	29,616
Cash surrender value at June 30, 2024 (2)	$	34,519	N/A		$	38,944	$	28,706
Cash surrender value at June 30, 2023 (2)	$	37,782	N/A		$	42,213	$	29,471

__________________

(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)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

43

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	June 30, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	530	$	1,184	$	279	$	2,889	$	—	$	4,882
U.S. government and agency	—		9,307		—		9,115		—		18		18,440
Public utilities	—		1,078		220		—		—		5		1,303
Municipals	—		306		24		—		—		13		343
Corporate bonds:
Materials	—		125		—		—		—		1		126
Communications	—		759		15		—		—		3		777
Consumer	—		1,783		36		—		—		10		1,829
Energy	—		832		102		—		—		3		937
Financial	—		2,512		500		5,268		281		18		8,579
Industrial and other	—		705		53		3,302		—		2		4,062
Technology	—		474		7		—		—		3		484
Foreign	—		1,947		—		3,425		8		12		5,392
Total corporate bonds	—		9,137		713		11,995		289		52		22,186
Total bonds	—		20,358		2,141		21,389		3,178		88		47,154
Mortgage-backed securities	—		9,381		—		—		—		40		9,421
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,349		17		—		—		11		2,377
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		32,097		2,158		21,389		3,178		139		58,961
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,392		2,610		2,258		779		—		8,039
Banks, trust and insurance companies	—		705		309		386		373		—		1,773
Public utilities	—		64		20		—		128		—		212
Non-redeemable preferred stock	—		—		132		—		—		—		132
Mutual funds	1,270		9,276		3,036		10,672		127		35,439		59,820
Total equity securities	1,270		12,437		6,107		13,316		1,407		35,439		69,976
Other invested assets	—		1,504		383		3,621		74		—		5,582
Total investments	1,270		46,038		8,648		38,326		4,659		35,578		134,519
Other assets	—		3,995		454		618		118		3		5,188
Total	$	1,270	$	50,033	$	9,102	$	38,944	$	4,777	$	35,581	$	139,707

44

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)

	December 31, 2023
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	509	$	1,190	$	1,051	$	2,638	$	—	$	5,388
U.S. government and agency	—		9,673		—		9,920		—		18		19,611
Public utilities	—		1,077		308		—		—		4		1,389
Municipals	—		380		31		—		—		13		424
Corporate bonds:
Materials	—		144		—		—		—		—		144
Communications	—		893		8		—		—		3		904
Consumer	—		1,882		39		—		—		8		1,929
Energy	—		911		105		—		—		2		1,018
Financial	—		2,717		551		6,006		398		15		9,687
Industrial and other	—		764		38		3,598		—		3		4,403
Technology	—		547		—		—		—		3		550
Foreign	—		1,920		—		3,095		27		13		5,055
Total corporate bonds	—		9,778		741		12,699		425		47		23,690
Total bonds	—		21,417		2,270		23,670		3,063		82		50,502
Mortgage-backed securities	—		9,671		—		—		—		35		9,706
ABS & CLO	—		2,557		18		—		—		11		2,586
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		33,654		2,288		23,670		3,063		128		62,803
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,411		2,661		2,453		677		—		8,202
Banks, trust and insurance companies	—		731		269		392		341		—		1,733
Public utilities	—		67		19		—		72		—		158
Non-redeemable preferred stock	—		—		115		—		—		—		115
Mutual funds	1,159		8,517		2,929		10,099		109		35,418		58,231
Total equity securities	1,159		11,726		5,993		12,944		1,199		35,418		68,439
Other invested assets	—		1,620		403		4,212		30		—		6,265
Total investments	1,159		47,000		8,684		40,826		4,292		35,546		137,507
Other assets	—		6,093		503		494		35		2		7,127
Total	$	1,159	$	53,093	$	9,187	$	41,320	$	4,327	$	35,548	$	144,634

45

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

	Group Benefits		RIS		Asia (1)		Latin America (2)		EMEA (2)		MetLife Holdings (3)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2024	$	258	$	397	$	10,864	$	1,950	$	1,618	$	3,271	$	30	$	18,388
Capitalizations	9		107		696		353		243		9		6		1,423
Amortization	(13)		(30)		(379)		(232)		(166)		(114)		(3)		(937)
Effect of foreign currency translation and other, net	—		—		(618)		(156)		(49)		—		(1)		(824)
Balance at June 30, 2024	$	254	$	474	$	10,563	$	1,915	$	1,646	$	3,166	$	32	$	18,050
Balance at January 1, 2023	$	265	$	267	$	10,270	$	1,542	$	1,480	$	3,791	$	29	$	17,644
Capitalizations	11		95		798		299		227		12		5		1,447
Amortization	(13)		(22)		(336)		(197)		(161)		(130)		(5)		(864)
Effect of foreign currency translation and other, net	—		—		(428)		178		16		—		1		(233)
Balance at June 30, 2023	$	263	$	340	$	10,304	$	1,822	$	1,562	$	3,673	$	30	$	17,994
VOBA:
Balance at January 1, 2024	$	—	$	16	$	1,119	$	497	$	113	$	18	$	—	$	1,763
Amortization	—		(1)		(38)		(22)		(7)		(2)		—		(70)
Effect of foreign currency translation and other, net	—		—		(136)		(36)		(3)		—		—		(175)
Balance at June 30, 2024	$	—	$	15	$	945	$	439	$	103	$	16	$	—	$	1,518
Balance at January 1, 2023	$	—	$	19	$	1,290	$	545	$	127	$	28	$	—	$	2,009
Amortization	—		(1)		(47)		(26)		(9)		(2)		—		(85)
Effect of foreign currency translation and other, net	—		—		(109)		39		2		—		—		(68)
Balance at June 30, 2023	$	—	$	18	$	1,134	$	558	$	120	$	26	$	—	$	1,856
Total DAC and VOBA:
Balance at June 30, 2024															$	19,568
Balance at June 30, 2023															$	19,850
Balance at December 31, 2023															$	20,151

__________________

(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 and variable universal life products.

(3)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products.

46

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Six Months Ended June 30, 2024
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	31	$	2,850	$	989	$	608	$	59	$	4,537
Deferrals	1		285		75		49		8		418
Amortization	(3)		(107)		(60)		(34)		(2)		(206)
Effect of foreign currency translation and other, net	—		(50)		(74)		(11)		—		(135)
Balance, end of period	$	29	$	2,978	$	930	$	612	$	65	$	4,614
	Six Months Ended June 30, 2023
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	36	$	2,382	$	848	$	559	$	281	$	4,106
Deferrals	1		283		70		46		28		428
Amortization	(4)		(80)		(58)		(31)		(11)		(184)
Effect of foreign currency translation and other, net	—		(32)		108		13		—		89
Balance, end of period	$	33	$	2,553	$	968	$	587	$	298	$	4,439

9. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

47

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Closed Block (continued)

Information regarding the liabilities and assets designated to the closed block was as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
FPBs	$	35,492	$	36,142
Other policy-related balances	283		319
Policyholder dividends payable	172		174
Policyholder dividend obligation	—		—
Current income tax payable	4		—
Other liabilities	797		668
Total closed block liabilities	36,748		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,247		19,939
Equity securities, at estimated fair value	11		10
Mortgage loans	5,938		6,151
Policy loans	3,876		3,960
Real estate and real estate joint ventures (“REJV”)	688		668
Other invested assets	487		496
Total investments	30,247		31,224
Cash and cash equivalents	759		717
Accrued investment income	374		383
Premiums, reinsurance and other receivables	67		54
Current income tax recoverable	—		3
Deferred income tax asset	397		312
Total assets designated to the closed block	31,844		32,693
Excess of closed block liabilities over assets designated to the closed block	4,904		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,204)		(820)
Unrealized gains (losses) on derivatives, net of income tax	164		130
Total amounts included in AOCI	(1,040)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,864	$	3,920

48

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
	(In millions)
Revenues
Premiums		$	216	$	226	$	434	$	461
Net investment income		342		341		685		679
Net investment gains (losses)		(13)		5		(20)		9
Net derivative gains (losses)		2		5		7		3
Total revenues		547		577		1,106		1,152
Expenses
Policyholder benefits and claims		415		445		819		858
Policyholder dividends		86		89		176		186
Other expenses		20		22		40		44
Total expenses		521		556		1,035		1,088
Revenues, net of expenses before provision for income tax expense (benefit)		26		21		71		64
Provision for income tax expense (benefit)		5		4		15		13
Revenues, net of expenses and provision for income tax expense (benefit)		$	21	$	17	$	56	$	51

MLIC charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.

49

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

	June 30, 2024										December 31, 2023
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)
U.S. corporate	$	87,346	$	(37)	$	1,573	$	8,204	$	80,678	$	85,563	$	(68)	$	1,894	$	6,672	$	80,717
Foreign corporate	58,031		(2)		1,513		6,123		53,419		59,123		(2)		1,750		5,427		55,444
Foreign government	44,444		(58)		1,071		5,403		40,054		48,260		(88)		1,754		4,437		45,489
U.S. government and agency	37,991		—		238		4,991		33,238		35,374		—		590		3,712		32,252
RMBS	35,366		(1)		305		3,054		32,616		31,479		(1)		353		2,735		29,096
ABS & CLO	18,207		(9)		89		512		17,775		17,910		(7)		54		663		17,294
Municipals	11,642		—		229		1,401		10,470		11,991		—		408		1,228		11,171
CMBS	10,164		(14)		78		742		9,486		10,855		(18)		73		961		9,949
Total fixed maturity securities AFS	$	303,191	$	(121)	$	5,096	$	30,430	$	277,736	$	300,555	$	(184)	$	6,876	$	25,835	$	281,412

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2024:

	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	11,450	$	48,991	$	52,138	$	126,778	$	63,713	$	303,070
Estimated fair value	$	11,484	$	48,300	$	49,969	$	108,106	$	59,877	$	277,736

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

50

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

	June 30, 2024								December 31, 2023
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	9,292	$	745	$	43,435	$	7,432	$	4,722	$	420	$	45,373	$	6,208
Foreign corporate	6,069		226		29,622		5,897		3,210		187		32,355		5,240
Foreign government	5,939		599		17,192		4,795		3,913		246		19,715		4,187
U.S. government and agency	9,778		439		16,053		4,552		7,856		368		13,960		3,344
RMBS	5,169		106		17,954		2,947		3,465		60		17,128		2,675
ABS & CLO	1,501		9		7,125		502		1,662		31		11,438		629
Municipals	1,052		96		5,370		1,305		483		34		5,449		1,194
CMBS	1,301		18		5,867		722		1,034		36		6,671		917
Total fixed maturity securities AFS	$	40,101	$	2,238	$	142,618	$	28,152	$	26,345	$	1,382	$	152,089	$	24,394
Investment grade	$	37,786	$	2,114	$	137,638	$	27,415	$	24,834	$	1,287	$	146,138	$	23,675
Below investment grade	2,315		124		4,980		737		1,511		95		5,951		719
Total fixed maturity securities AFS	$	40,101	$	2,238	$	142,618	$	28,152	$	26,345	$	1,382	$	152,089	$	24,394
Total number of securities in an unrealized loss position	5,529				12,516				2,922				13,049

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $4.6 billion for the six months ended June 30, 2024 to $30.4 billion primarily due to an increase in interest rates and the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at June 30, 2024, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of June 30, 2024, $737 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the consumer, communications, and transportation sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

51

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

At June 30, 2024, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at June 30, 2024.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Three Months Ended June 30, 2024
Balance, at beginning of period	$	15	$	2	$	66	$	1	$	9	$	20	$	113
ACL not previously recorded	14		—		—		—		—		—		14
Changes for securities with previously recorded ACL	11		—		(1)		—		—		—		10
Securities sold or exchanged	(3)		—		(7)		—		—		(6)		(16)
Balance, at end of period	$	37	$	2	$	58	$	1	$	9	$	14	$	121
Three Months Ended June 30, 2023
Balance, at beginning of period	$	63	$	2	$	117	$	—	$	—	$	11	$	193
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	6		—		(2)		—		—		—		4
Securities sold or exchanged	—		—		—		—		—		—		—
Balance, at end of period	$	69	$	2	$	115	$	—	$	—	$	11	$	197

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Six Months Ended June 30, 2024
Balance, at beginning of period	$	68	$	2	$	88	$	1	$	7	$	18	$	184
ACL not previously recorded	14		—		—		—		—		—		14
Changes for securities with previously recorded ACL	11		—		(5)		—		2		2		10
Securities sold or exchanged	(56)		—		(25)		—		—		(6)		(87)
Balance, at end of period	$	37	$	2	$	58	$	1	$	9	$	14	$	121
Six Months Ended June 30, 2023
Balance, at beginning of period	$	29	$	5	$	130	$	—	$	—	$	19	$	183
ACL not previously recorded	36		—		—		—		—		—		36
Changes for securities with previously recorded ACL	6		—		(15)		—		—		3		(6)
Securities sold or exchanged	(2)		(3)		—		—		—		(11)		(16)
Balance, at end of period	$	69	$	2	$	115	$	—	$	—	$	11	$	197

52

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Equity Securities

The following table presents equity securities by security type:

	June 30, 2024						December 31, 2023
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
	(In millions)
Common stock (2)	$	403	$	242	$	645	$	424	$	239	$	663
Non-redeemable preferred stock	110		(1)		109		90		4		94
Total	$	513	$	241	$	754	$	514	$	243	$	757

________________

(1)    Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

(2)    Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.

Contractholder-Directed Equity Securities and FVO Securities

The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	June 30, 2024						December 31, 2023
	Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
	(In millions)
Unit-linked investments	$	7,176	$	1,496	$	8,672	$	7,770	$	1,112	$	8,882
FVO securities	837		597		1,434		972		477		1,449
Total	$	8,013	$	2,093	$	10,106	$	8,742	$	1,589	$	10,331

________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	June 30, 2024				December 31, 2023
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value (1)		% of Total
	(Dollars in millions)
Commercial	$	57,699	64.2	%	$	60,326	65.2	%
Agricultural	19,636		21.9		19,805		21.4
Residential	13,273		14.8		13,096		14.2
Total amortized cost	90,608		100.9		93,227		100.8
ACL	(806)		(0.9)		(721)		(0.8)
Total mortgage loans	$	89,802	100.0	%	$	92,506	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $7.8 billion at amortized cost ($7.6 billion commercial and $253 million agricultural) and the related ACL of $92 million, with the corresponding mortgage loan secured financing liability of $7.8 billion included in other liabilities on the consolidated balance sheet at June 30, 2024. The consolidated balance sheet at December 31, 2023 includes certain mortgage loans originated for third parties of

53

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

$8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $91 million and $184 million for the three months and six months ended June 30, 2024, respectively, and were recorded in investment income and investment expenses, both within net investment income.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($806) million and ($736) million at June 30, 2024 and December 31, 2023, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2024 was $269 million, $193 million and $97 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $277 million, $204 million and $95 million, respectively.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $263 million and $747 million for the three months and six months ended June 30, 2024, respectively, and $193 million and $1.0 billion for the three months and six months ended June 30, 2023, respectively.

For both the three months and six months ended June 30, 2024, the Company contributed commercial mortgage loans with an amortized cost of $218 million to REJVs which subsequently completed foreclosure on those mortgage loans. See “— Real Estate and REJV” for the carrying value of wholly-owned real estate acquired through foreclosure.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	Six Months Ended June 30,
	2024								2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	367	$	172	$	182	$	721	$	218	$	119	$	190	$	527
Provision (release)	155		6		(41)		120		148		49		13		210
Charge-offs, net of recoveries	(28)		(7)		—		(35)		—		(13)		—		(13)
Balance, end of period	$	494	$	171	$	141	$	806	$	366	$	155	$	203	$	724

ACL Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

54

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

55

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded.

These mortgage loan modifications are summarized as follows:

	Three Months Ended June 30,
	2024				2023
	Maturity Extension		Weighted Average  Life Increase		Maturity Extension		Weighted Average  Life Increase
	Amortized Cost		Affected Loans  (in Years)	% of Book Value	Amortized Cost		Affected Loans  (in Years)	% of Book Value
	(Dollars in millions)
Commercial	$	156	Less than one year	<1%	$	158	One year	<1%

	Six Months Ended June 30,
	2024				2023
	Maturity Extension		Weighted Average  Life Increase		Maturity Extension		Weighted Average  Life Increase
	Amortized Cost		Affected Loans  (in Years)	% of Book Value	Amortized Cost		Affected Loans  (in Years)	% of Book Value
	(Dollars in millions)
Commercial	$	236	Less than one year	<1%	$	222	Less than one year	<1	%

During the three months ended June 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became foreclosed. During the six months ended June 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent

56

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

and foreclosed. For both the three months and six months ended June 30, 2023, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties were current.

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,481	$	2,526	$	2,432	$	3,216	$	1,596	$	14,427	$	2,251	$	27,929	48.4	%
65% to 75%	91		361		4,400		2,497		1,341		6,142		—		14,832		25.7
76% to 80%	—		15		588		386		293		2,745		—		4,027		7.0
Greater than 80%	1		43		895		1,118		948		7,906		—		10,911		18.9
Total	$	1,573	$	2,945	$	8,315	$	7,217	$	4,178	$	31,220	$	2,251	$	57,699	100.0	%
DSCR:
> 1.20x	$	1,436	$	2,145	$	7,503	$	6,696	$	3,880	$	26,446	$	2,251	$	50,357	87.3	%
1.00x - 1.20x	35		531		572		488		139		2,751		—		4,516		7.8
<1.00x	102		269		240		33		159		2,023		—		2,826		4.9
Total	$	1,573	$	2,945	$	8,315	$	7,217	$	4,178	$	31,220	$	2,251	$	57,699	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	342	$	1,152	$	2,783	$	2,639	$	2,626	$	7,263	$	1,424	$	18,229	92.9	%
65% to 75%	8		51		87		294		147		547		129		1,263		6.4
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	—		—		—		14		32		79		19		144		0.7
Total	$	350	$	1,203	$	2,870	$	2,947	$	2,805	$	7,889	$	1,572	$	19,636	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	241	$	944	$	2,493	$	1,612	$	324	$	7,252	$	—	$	12,866	96.9	%
Nonperforming (1)	1		22		67		25		13		279		—		407		3.1
Total	$	242	$	966	$	2,560	$	1,637	$	337	$	7,531	$	—	$	13,273	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $140 million at both June 30, 2024 and December 31, 2023.

57

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both June 30, 2024 and December 31, 2023. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows:

	Past Due				Past Due  and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
	(In millions)
Commercial	$	660	$	75	$	38	$	3	$	741	$	427
Agricultural	194		40		15		—		189		206
Residential	407		418		17		16		390		402
Total	$	1,261	$	533	$	70	$	19	$	1,320	$	1,035

Real Estate and REJV

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	June 30, 2024		December 31, 2023		Three Months Ended June 30,				Six Months Ended June 30,
					2024		2023		2024		2023
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,242	$	4,446	$	83	$	90	$	167	$	182
Other real estate	520		507		78		85		125		135
REJV	8,755		8,379		(81)		(38)		(202)		(154)
Total real estate and REJV	$	13,517	$	13,332	$	80	$	137	$	90	$	163

The carrying value of wholly-owned real estate acquired through foreclosure was $264 million and $190 million at June 30, 2024 and December 31, 2023, respectively. Depreciation expense on real estate investments was $29 million and $59 million for the three months and six months ended June 30, 2024, respectively, and $30 million and $58 million for the three months and six months ended June 30, 2023, respectively. Real estate investments, net of accumulated depreciation, were $974 million and $952 million at June 30, 2024 and December 31, 2023, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a summary of leased real estate investments and income earned, by property type.

58

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Other Invested Assets

Tax Equity Investments

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheet, was $787 million and $1.0 billion at June 30, 2024 and December 31, 2023, respectively. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit) in the interim condensed consolidated statements of operations. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting. For the three months and six months ended June 30, 2024, income tax credits and other income tax benefits of $38 million and $75 million, respectively, and amortized expense of $34 million and $67 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $12.0 billion and $10.8 billion, principally at estimated fair value, at June 30, 2024 and December 31, 2023, respectively.

Concentrations of Credit Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:

	June 30, 2024		December 31, 2023
	(In millions)
Japan	$	18,786	$	22,606
South Korea	$	6,038	$	6,411
Mexico	$	3,375	$	3,778

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

A summary of these transactions and agreements accounted for as secured borrowings were as follows:

		June 30, 2024						December 31, 2023
		Securities (1)						Securities (1)
Agreement Type		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending		$	10,787	$	11,159	$	10,953	$	10,510	$	10,788	$	10,553
Repurchase agreements		$	2,984	$	2,975	$	2,912	$	3,029	$	2,975	$	2,913

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments, and cash equivalents at both June 30, 2024 and December 31, 2023.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

59

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	June 30, 2024										December 31, 2023
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	2,280	$	3,785	$	3,805	$	—	$	9,870	$	1,393	$	4,106	$	3,919	$	—	$	9,418
Foreign government	—		1,107		—		—		1,107		—		483		624		—		1,107
Agency RMBS	—		109		73		—		182		—		88		175		—		263
Total	$	2,280	$	5,001	$	3,878	$	—	$	11,159	$	1,393	$	4,677	$	4,718	$	—	$	10,788
Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	2,975	$	—	$	—	$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,510	$	1,596
Invested assets held in trust (external reinsurance agreements) (1)	924		941
Invested assets pledged as collateral (2)	28,093		26,017
Total invested assets on deposit, held in trust and pledged as collateral	$	30,527	$	28,554

__________________

(1)    Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.0 billion at June 30, 2024 and December 31, 2023, respectively.

(2)     The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.

60

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $715 million and $714 million, at redemption value, at June 30, 2024 and December 31, 2023, respectively.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	June 30, 2024				December 31, 2023
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets and REJV)	$	625	$	141	$	282	$	1
Renewable energy partnership (primarily other invested assets)	61		—		64		—
Total	$	686	$	141	$	346	$	1

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	June 30, 2024				December 31, 2023
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	57,716	$	57,716	$	54,182	$	54,182
Other limited partnership interests (“OLPI”)	13,398		18,197		14,034		19,591
Other investments (REJV and FVO securities)	1,096		1,097		1,039		1,055
Other invested assets	1,079		1,215		1,206		1,275
Total	$	73,289	$	78,225	$	70,461	$	76,103

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI and REJV is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

61

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

As described in Note 19, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the six months ended June 30, 2024 or 2023.

Net Investment Income

The composition of net investment income by asset type was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Asset Type	2024		2023		2024		2023
	(In millions)
Fixed maturity securities AFS	$	3,355	$	3,228	$	6,643	$	6,367
Equity securities	7		10		14		22
FVO securities	22		50		107		98
Mortgage loans	1,187		1,306		2,381		2,347
Policy loans	110		119		223		238
Real estate and REJV	80		137		90		163
OLPI	325		225		626		250
Cash, cash equivalents and short-term investments	250		248		541		465
Operating joint ventures	22		13		44		32
Other	192		122		343		278
Subtotal investment income	5,550		5,458		11,012		10,260
Less: Investment expenses	564		681		1,132		1,142
Subtotal, net	4,986		4,777		9,880		9,118
Unit-linked investments	219		295		761		599
Net investment income	$	5,205	$	5,072	$	10,641	$	9,717
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)	$	66	$	41	$	134	$	79
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	139		330		719		652
Net realized and unrealized gains (losses) recognized in net investment income	$	205	$	371	$	853	$	731
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income	$	151	$	291	$	663	$	591
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	276	$	172	$	486	$	79

62

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Asset Type	2024		2023		2024		2023
	(In millions)
Fixed maturity securities AFS	$	(246)	$	(996)	$	(331)	$	(1,576)
Equity securities	(19)		32		9		80
Mortgage loans	(9)		(41)		(95)		(205)
Real estate and REJV (excluding changes in estimated fair value)	12		13		47		31
OLPI (excluding changes in estimated fair value) (1)	(9)		3		(59)		12
Other gains (losses)	23		43		29		20
Subtotal	(248)		(946)		(400)		(1,638)
Change in estimated fair value of OLPI and REJV	3		2		6		(3)
Non-investment portfolio gains (losses)	(176)		(95)		(402)		(82)
Subtotal	(173)		(93)		(396)		(85)
Net investment gains (losses)	$	(421)	$	(1,039)	$	(796)	$	(1,723)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)	$	(195)	$	(20)	$	(330)	$	(566)
Impairment (losses)	—		(898)		—		(905)
Recognized gains (losses):
Change in ACL recognized in earnings	(35)		(42)		(81)		(224)
Unrealized net gains (losses) recognized in earnings	(15)		16		17		54
Total recognized gains (losses)	(50)		(26)		(64)		(170)
Non-investment portfolio gains (losses)	(176)		(95)		(402)		(82)
Net investment gains (losses)	$	(421)	$	(1,039)	$	(796)	$	(1,723)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	$	(15)	$	31	$	17	$	20
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship	$	—	$	(27)	$	—	$	(22)
Foreign currency gains (losses)	$	(120)	$	(27)	$	(165)	$	14
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)	$	(195)	$	(20)	$	(330)	$	(566)
Recognized in net investment income	66		41		134		79
Net realized investment gains (losses) from sales and disposals of investments	$	(129)	$	21	$	(196)	$	(487)

__________________

(1)    Includes a net loss of $3 million and $46 million during the three months and six months ended June 30, 2024 for private equity investments sold. During the three months ended June 30, 2024, the Company sold a $57 million portfolio of investments to a fund for proceeds of $54 million in cash and receivables secured by the value of the fund. During the six

63

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

months ended June 30, 2024, the Company sold $798 million in portfolios of investments to a fund for proceeds of $752 million in cash and receivables secured by the value of the fund. The Company’s investment management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Fixed Maturity Securities AFS	2024		2023		2024		2023
	(In millions)
Proceeds	$	8,106	$	8,412	$	14,458	$	23,456
Gross investment gains	$	121	$	73	$	277	$	366
Gross investment (losses)	(358)		(213)		(670)		(1,069)
Realized gains (losses) on sales and disposals	(237)		(140)		(393)		(703)
Net credit loss (provision) release (change in ACL recognized in earnings)	(9)		(7)		62		(17)
Impairment (losses)	—		(849)		—		(856)
Net credit loss (provision) release and impairment (losses)	(9)		(856)		62		(873)
Net investment gains (losses)	$	(246)	$	(996)	$	(331)	$	(1,576)
Equity Securities
Realized gains (losses) on sales and disposals	$	—	$	15	$	(2)	$	22
Unrealized net gains (losses) recognized in earnings	(19)		17		11		58
Net investment gains (losses)	$	(19)	$	32	$	9	$	80

11. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s accounting policies for derivatives and Note 12 for information about the fair value hierarchy for derivatives.

Derivative Strategies

Types of Derivative Instruments and Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    

•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;

•Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures;

•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        

For detailed information on these contracts and the related strategies, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report.

64

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

		June 30, 2024						December 31, 2023
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,978	$	1,094	$	644	$	4,550	$	1,257	$	535
Foreign currency swaps	Foreign currency exchange rate	1,333		37		12		1,475		55		—
Foreign currency forwards	Foreign currency exchange rate	350		—		87		450		—		65
Subtotal		6,661		1,131		743		6,475		1,312		600
Cash flow hedges:
Interest rate swaps	Interest rate	4,155		—		353		4,156		1		265
Interest rate forwards	Interest rate	5,590		33		1,008		6,115		51		938
Foreign currency swaps	Foreign currency exchange rate	45,463		2,633		1,719		43,906		2,457		1,509
Subtotal		55,208		2,666		3,080		54,177		2,509		2,712
Net investment in a foreign operation hedges:
Foreign currency forwards	Foreign currency exchange rate	406		51		—		503		—		8
Currency options	Foreign currency exchange rate	3,000		541		—		3,000		394		—
Subtotal		3,406		592		—		3,503		394		8
Total qualifying hedges		65,275		4,389		3,823		64,155		4,215		3,320
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	29,726		1,459		1,276		29,801		1,497		1,102
Interest rate floors	Interest rate	9,228		34		—		15,321		41		—
Interest rate caps	Interest rate	27,152		245		—		30,016		373		—
Interest rate futures	Interest rate	1,853		4		3		1,243		1		5
Interest rate options	Interest rate	42,377		232		153		43,926		385		103
Interest rate forwards	Interest rate	2,816		42		82		2,383		69		36
Synthetic GICs	Interest rate	48,982		—		—		49,066		—		—
Foreign currency swaps	Foreign currency exchange rate	10,716		1,210		140		11,891		1,200		356
Foreign currency forwards	Foreign currency exchange rate	13,657		29		1,398		14,128		310		806
Currency futures	Foreign currency exchange rate	292		—		—		314		2		—
Currency options	Foreign currency exchange rate	320		35		35		50		—		—
Credit default swaps — purchased	Credit	2,812		7		72		2,877		3		79
Credit default swaps — written	Credit	13,952		247		5		12,468		233		5
Equity futures	Equity market	1,790		10		7		2,163		8		11
Equity index options	Equity market	14,714		297		250		19,421		399		255
Equity variance swaps	Equity market	96		—		3		99		—		2
Equity total return swaps	Equity market	2,020		1		100		1,912		1		218
Longevity swaps (1)	Longevity	1,000		—		—		—		—		—
Total non-designated or nonqualifying derivatives		223,503		3,852		3,524		237,079		4,522		2,978
Total		$	288,778	$	8,241	$	7,347	$	301,234	$	8,737	$	6,298

__________________

(1)Longevity swaps are used by the Company to mitigate risk associated with life expectancy and unanticipated changes in mortality rates.

65

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:

	June 30, 2024						December 31, 2023
Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
			Assets		Liabilities				Assets		Liabilities
	(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	$	9,107	$	24	$	762	$	9,096	$	13	$	663
Foreign currency exchange rate	505		1		20		716		22		2
Equity market	4,533		111		206		5,189		77		373
	$	14,145	$	136	$	988	$	15,001	$	112	$	1,038

The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($385) million and ($501) million for the six months ended June 30, 2024 and 2023, respectively.

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both June 30, 2024 and December 31, 2023. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

66

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, net investment in a foreign operation (“NIFO”), nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended June 30, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(41)	$	(15)	$	—	N/A
Hedged items	—		—		N/A		34		13		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(2)		(26)		N/A		—		(7)		—		N/A
Hedged items	2		19		N/A		—		7		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		—		N/A		—		—		—		N/A
Subtotal	—		(7)		N/A		(7)		(2)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(264)
Amount of gains (losses) reclassified from AOCI into income	5		(3)		—		—		—		—		(2)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		104
Amount of gains (losses) reclassified from AOCI into income	2		(8)		—		—		—		—		6
Foreign currency transaction gains (losses) on hedged items	—		(2)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	7		(12)		—		—		—		—		(157)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		184
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		17
Subtotal	N/A		—		N/A		N/A		N/A		N/A		201
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(218)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(564)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		9		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(12)		N/A		N/A		N/A		N/A
Equity derivatives (1)	(11)		N/A		(108)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		178		N/A		N/A		N/A		N/A
Subtotal	(11)		N/A		(715)		N/A		N/A		N/A		N/A
Earned income on derivatives	53		—		180		(2)		(44)		—		—
Synthetic GICs	N/A		N/A		19		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		8		—		N/A		N/A		N/A
Total	$	49	$	(19)	$	(508)	$	(9)	$	(46)	$	—	$	44

67

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

	Three Months Ended June 30, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(135)	$	(35)	$	—	N/A
Hedged items	(1)		—		N/A		121		34		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(5)		(51)		N/A		—		13		—		N/A
Hedged items	4		39		N/A		—		(11)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		10		N/A		—		—		—		N/A
Subtotal	(2)		(2)		N/A		(14)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(205)
Amount of gains (losses) reclassified from AOCI into income	13		55		—		—		—		—		(68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(262)
Amount of gains (losses) reclassified from AOCI into income	1		200		—		—		—		—		(201)
Foreign currency transaction gains (losses) on hedged items	—		(176)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—		—
Subtotal	14		79		—		—		—		—		(737)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		160
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		25
Subtotal	N/A		—		N/A		N/A		N/A		N/A		185
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(434)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(800)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(18)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		85		N/A		N/A		N/A		N/A
Equity derivatives (1)	(36)		N/A		(409)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		319		N/A		N/A		N/A		N/A
Subtotal	(36)		N/A		(1,257)		N/A		N/A		N/A		N/A
Earned income on derivatives	32		—		260		3		(34)		—		—
Synthetic GICs	N/A		N/A		18		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(18)		—		N/A		N/A		N/A
Total	$	8	$	77	$	(997)	$	(11)	$	(33)	$	—	$	(552)

68

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

	Six Months Ended June 30, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(150)	$	(58)	$	—	N/A
Hedged items	—		—		N/A		137		55		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	2		(57)		N/A		—		(31)		—		N/A
Hedged items	—		42		N/A		—		35		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		4		N/A		—		—		—		N/A
Subtotal	2		(11)		N/A		(13)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(482)
Amount of gains (losses) reclassified from AOCI into income	13		(1)		—		—		—		—		(12)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(19)
Amount of gains (losses) reclassified from AOCI into income	3		(376)		—		—		—		—		373
Foreign currency transaction gains (losses) on hedged items	—		349		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	16		(27)		—		—		—		—		(141)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		344
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		37
Subtotal	N/A		—		N/A		N/A		N/A		N/A		381
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(571)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(1,270)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		2		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		22		N/A		N/A		N/A		N/A
Equity derivatives (1)	(36)		N/A		(450)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		341		N/A		N/A		N/A		N/A
Subtotal	(36)		N/A		(1,926)		N/A		N/A		N/A		N/A
Earned income on derivatives	83		—		361		(6)		(93)		—		—
Synthetic GICs	N/A		N/A		38		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		40		N/A		N/A		N/A		N/A
Total	$	65	$	(38)	$	(1,487)	$	(19)	$	(92)	$	—	$	240

69

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

	Six Months Ended June 30, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(1)	$	—	N/A		$	(9)	$	1	$	—	N/A
Hedged items	—		—		N/A		(5)		(2)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(22)		(54)		N/A		—		13		—		N/A
Hedged items	21		42		N/A		—		(11)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		—		N/A		—		—		—		N/A
Subtotal	(2)		(12)		N/A		(14)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	342
Amount of gains (losses) reclassified from AOCI into income	27		60		—		—		—		—		(87)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(422)
Amount of gains (losses) reclassified from AOCI into income	2		311		—		—		—		1		(314)
Foreign currency transaction gains (losses) on hedged items	—		(290)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—		—
Subtotal	29		81		—		—		—		1		(482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		206
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		27
Subtotal	N/A		—		N/A		N/A		N/A		N/A		233
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(276)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(962)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(31)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		88		N/A		N/A		N/A		N/A
Equity derivatives (1)	(42)		N/A		(921)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		442		N/A		N/A		N/A		N/A
Subtotal	(42)		N/A		(1,660)		N/A		N/A		N/A		N/A
Earned income on derivatives	75		—		572		8		(68)		—		—
Synthetic GICs	N/A		N/A		36		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(35)		N/A		N/A		N/A		N/A
Total	$	60	$	69	$	(1,087)	$	(6)	$	(67)	$	1	$	(249)

__________________

(1)Excludes earned income on derivatives.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

70

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Balance Sheet Line Item	Carrying Amount  of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
	(In millions)
Fixed maturity securities AFS	$	370	$	454	$	3	$	3
Mortgage loans	$	223	$	359	$	(5)	$	(11)
FPBs	$	(2,661)	$	(2,863)	$	337	$	191
PABs	$	(2,252)	$	(1,911)	$	170	$	25

__________________

(1)Includes ($100) million and ($111) million of hedging adjustments on discontinued hedging relationships at June 30, 2024 and December 31, 2023, respectively.

For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $4 million and ($6) million for the three months and six months ended June 30, 2024, respectively, and $26 million and $27 million for the three months and six months ended June 30, 2023, respectively.

At both June 30, 2024 and December 31, 2023, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed five years.

At June 30, 2024 and December 31, 2023, the balance in AOCI associated with cash flow hedges was $25 million and $166 million, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At June 30, 2024, the Company expected to reclassify $42 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

NIFO Hedges

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations.

At June 30, 2024 and December 31, 2023, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.1 billion and $681 million, respectively. At June 30, 2024 and December 31, 2023, the carrying amount of debt designated as a non-derivative hedging instrument was $261 million and $298 million, respectively.

71

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	June 30, 2024					December 31, 2023
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	1	$	102	1.5	$	2	$	150	1.6
Credit default swaps referencing indices	82		4,125		2.6	80		3,830		2.7
Subtotal	83		4,227		2.6	82		3,980		2.6
Baa
Single name credit default swaps (3)	1		93		1.8	1		99		2.1
Credit default swaps referencing indices	150		9,431		4.4	145		8,188		5.4
Subtotal	151		9,524		4.4	146		8,287		5.3
Ba
Single name credit default swaps (3)	—		17		1.6	—		17		2.1
Credit default swaps referencing indices	2		25		2.5	2		25		3.0
Subtotal	2		42		2.1	2		42		2.6
B
Credit default swaps referencing indices	9		129		4.5	2		129		5.0
Subtotal	9		129		4.5	2		129		5.0
Caa
Credit default swaps referencing indices	(3)		30		2.0	(4)		30		2.5
Subtotal	(3)		30		2.0	(4)		30		2.5
Total	$	242	$	13,952	3.8	$	228	$	12,468	4.5

_________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

72

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 12 for a description of the impact of credit risk on the valuation of derivatives.

73

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2024				December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	8,203	$	7,053	$	8,749	$	6,014
OTC-cleared (1)	203		373		158		277
Exchange-traded	14		10		11		16
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	8,420		7,436		8,918		6,307
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,513)		(3,513)		(3,568)		(3,568)
OTC-cleared	(23)		(23)		(5)		(5)
Exchange-traded	(1)		(1)		(1)		(1)
Cash collateral: (3), (4)
OTC-bilateral	(3,272)		—		(3,448)		—
OTC-cleared	(162)		(298)		(150)		(239)
Exchange-traded	—		(2)		—		(5)
Securities collateral: (5)
OTC-bilateral	(1,380)		(3,522)		(1,563)		(2,427)
OTC-cleared	—		(51)		—		(33)
Exchange-traded	—		(7)		—		(10)
Net amount after application of master netting agreements and collateral	$	69	$	19	$	183	$	19

__________________

(1)At June 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $179 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $89 million and $9 million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2024 and December 31, 2023, the Company received excess cash collateral of $150 million and $163 million, respectively, and provided excess cash collateral of $80 million and $98 million, respectively, which is not included in the table above due to the foregoing limitation.

74

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $499 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $1.5 billion, respectively, for its OTC-bilateral derivatives, $808 million and $945 million, respectively, for its OTC-cleared derivatives, and $169 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. Substantially all of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s credit or financial strength rating, as applicable, were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement payment based on such party’s reasonable valuation of the derivatives. A small number of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of MetLife, Inc. and/or the counterparty. At June 30, 2024, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	June 30, 2024						December 31, 2023
	Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total		Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	3,501	$	39	$	3,540	$	2,443	$	4	$	2,447
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	3,942	$	56	$	3,998	$	3,011	$	6	$	3,017

__________________

(1)After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

75

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2024		December 31, 2023
		(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance	Other liabilities	$	(113)	$	(70)
Fixed annuities with equity indexed returns	PABs	168		163
Total		$	55	$	93

12. Fair Value

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

76

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

	June 30, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	66,333	$	14,345	$	80,678
Foreign corporate	—		38,524		14,895		53,419
Foreign government	—		40,014		40		40,054
U.S. government and agency	16,700		16,538		—		33,238
RMBS	—		30,428		2,188		32,616
ABS & CLO	—		15,172		2,603		17,775
Municipals	—		10,469		1		10,470
CMBS	—		8,410		1,076		9,486
Total fixed maturity securities AFS	16,700		225,888		35,148		277,736
Equity securities	415		77		262		754
Unit-linked and FVO securities (1)	7,397		1,613		1,096		10,106
Short-term investments (2)	2,389		1,130		10		3,529
Other investments	42		515		1,073		1,630
Derivative assets: (3)
Interest rate	4		3,139		—		3,143
Foreign currency exchange rate	—		4,523		13		4,536
Credit	—		254		—		254
Equity market	10		291		7		308
Total derivative assets	14		8,207		20		8,241
MRBs	—		—		356		356
Reinsured MRBs (4)	—		—		11		11
Separate account assets (5)	64,100		74,485		1,122		139,707
Total assets (6)	$	91,057	$	311,915	$	39,098	$	442,070
Liabilities
Derivative liabilities: (3)
Interest rate	$	3	$	3,434	$	82	$	3,519
Foreign currency exchange rate	—		3,378		13		3,391
Credit	—		77		—		77
Equity market	7		353		—		360
Total derivative liabilities	10		7,242		95		7,347
Embedded derivatives within liability host contracts (7)	—		—		55		55
MRBs	—		—		2,618		2,618
Separate account liabilities (5)	—		3		—		3
Total liabilities	$	10	$	7,245	$	2,768	$	10,023

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

	December 31, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	67,003	$	13,714	$	80,717
Foreign corporate	—		40,813		14,631		55,444
Foreign government	—		45,438		51		45,489
U.S. government and agency	15,327		16,925		—		32,252
RMBS	3		27,495		1,598		29,096
ABS & CLO	—		15,191		2,103		17,294
Municipals	—		11,171		—		11,171
CMBS	—		9,099		850		9,949
Total fixed maturity securities AFS	15,330		233,135		32,947		281,412
Equity securities	429		79		249		757
Unit-linked and FVO securities (1)	7,520		1,708		1,103		10,331
Short-term investments (2)	5,103		667		27		5,797
Other investments	48		363		975		1,386
Derivative assets: (3)
Interest rate	1		3,674		—		3,675
Foreign currency exchange rate	2		4,393		23		4,418
Credit	—		228		8		236
Equity market	8		393		7		408
Total derivative assets	11		8,688		38		8,737
MRBs	—		—		286		286
Reinsured MRBs (4)	—		—		18		18
Separate account assets (5)	66,229		77,258		1,147		144,634
Total assets (6)	$	94,670	$	321,898	$	36,790	$	453,358
Liabilities
Derivative liabilities: (3)
Interest rate	$	5	$	2,805	$	174	$	2,984
Foreign currency exchange rate	—		2,737		7		2,744
Credit	—		84		—		84
Equity market	11		475		—		486
Total derivative liabilities	16		6,101		181		6,298
Embedded derivatives within liability host contracts (7)	—		—		93		93
MRBs	—		—		3,179		3,179
Separate account liabilities (5)	4		4		—		8
Total liabilities	$	20	$	6,105	$	3,453	$	9,578

__________________

(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both June 30, 2024 and December 31, 2023.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.

(5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $52 million at both June 30, 2024 and December 31, 2023.

(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Instrument	Level 2 Observable Inputs			Level 3 Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	illiquidity premium
	•	benchmark yields; spreads off benchmark yields; new issuances; issuer ratings		•	delta spread adjustments to reflect specific credit-related issues
	•	trades of identical or comparable securities; duration		•	credit spreads
	•	privately-placed securities are valued using the additional key inputs:		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
		•	market yield curve; call provisions	•	independent non-binding broker quotations
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer
		•	delta spread adjustments to reflect specific credit-related issues
Foreign government securities, U.S. government and agency securities and Municipals
	Valuation Approaches: Principally the market approach.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	independent non-binding broker quotations
	•	benchmark U.S. Treasury yield or other yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	the spread off the U.S. Treasury yield curve for the identical security		•	credit spreads
	•	issuer ratings and issuer spreads; broker-dealer quotations
	•	comparable securities that are actively traded
Structured Products
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market and income approaches.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	credit spreads
	•	spreads for actively traded securities; spreads off benchmark yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	expected prepayment speeds and volumes		•	independent non-binding broker quotations
	•	current and forecasted loss severity; ratings; geographic region		•	credit ratings
	•	weighted average coupon and weighted average maturity
	•	average delinquency rates; DSCR
	•	credit ratings
	•	issuance-specific information, including, but not limited to:
		•	collateral type; structure of the security; vintage of the loans
		•	payment terms of the underlying assets
		•	payment priority within the tranche; deal performance

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
Equity securities
	Valuation Approaches: Principally the market approach.		Valuation Approaches: Principally the market and income approaches.
	Key Input:		Key Inputs:
	•	quoted prices in markets that are not considered active	•	credit ratings; issuance structures
			•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
			•	independent non-binding broker quotations
Unit-linked and FVO securities, Short-term investments and Other investments
	Valuation Approaches: Principally the market and income approaches.		Valuation Approaches: Principally the market and income approaches.
	Key Inputs:		Key Inputs:
	•	Unit-linked and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.	•	Unit-linked and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
	•	Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
	Key Input:		•	N/A
	•	quoted prices or reported NAV provided by the fund managers
OLPI
	•	N/A	Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
			Key Inputs:
			•	liquidity; bid/ask spreads; performance record of the fund manager
			•	other relevant variables that may impact the exit value of the particular partnership interest

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

Instrument		Interest Rate		Foreign Currency Exchange Rate		Credit		Equity Market
Inputs common to Level 2 and Level 3 by instrument type	•	swap yield curves	•	swap yield curves	•	swap yield curves	•	swap yield curves
	•	basis curves	•	basis curves	•	credit curves	•	spot equity index levels
	•	interest rate volatility (1)	•	currency spot rates	•	recovery rates	•	dividend yield curves
			•	cross currency basis curves			•	equity volatility (1)
			•	currency volatility (1)
Level 3	•	swap yield curves (2)	•	swap yield curves (2)	•	swap yield curves (2)	•	dividend yield curves (2)
	•	basis curves (2)	•	basis curves (2)	•	credit curves (2)	•	equity volatility (1), (2)
	•	repurchase rates	•	cross currency basis curves (2)	•	credit spreads	•	correlation between model inputs (1)
	•	interest rate volatility (1), (2)	•	currency correlation	•	repurchase rates
			•	currency volatility (1)	•	independent non-binding broker quotations

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

Embedded Derivatives

Embedded derivatives principally include equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

MRBs

See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					June 30, 2024				December 31, 2023				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	52	-	125	91	4	-	131	93	Increase
	•	Market pricing	•	Quoted prices (4)	27	-	111	93	—	-	110	92	Increase
	•	Consensus pricing	•	Offered quotes (4)	90	-	100	96	86	-	102	96	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	116	95	—	-	112	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	3	-	103	96	3	-	101	93	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	428	-	452	437	367	-	399	385	Increase (7)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (6)	185	-	237	227	185	-	399	193	Increase (7)
Credit	•	Consensus pricing	•	Offered quotes (8)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.15%	0.05%	0%	-	0.15%	0.05%	(9)
				Ages 41 - 60	0.04%	-	0.75%	0.22%	0.04%	-	0.75%	0.22%	(9)
				Ages 61 - 115	0%	-	100%	1.23%	0%	-	100%	1.23%	(9)
			•	Lapse rates:
				Durations 1 - 10	0.39%	-	20.10%	8.72%	0.39%	-	20.10%	8.72%	Decrease (10)
				Durations 11 - 20	0.39%	-	15%	4.34%	0.39%	-	15%	4.34%	Decrease (10)
				Durations 21 - 116	0.10%	-	15%	4.59%	0.10%	-	15%	4.59%	Decrease (10)
			•	Utilization rates	0.20%	-	22%	0.44%	0.20%	-	22%	0.44%	Increase (11)
			•	Withdrawal rates	0%	-	20%	4.47%	0%	-	20%	4.47%	(12)
			•	Long-term equity volatilities	16.34%	-	21.85%	18.55%	8.05%	-	21.85%	18.55%	Increase (13)
			•	Nonperformance risk spread	0.11%	-	1.46%	0.73%	0.38%	-	1.59%	0.73%	Decrease (14)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)At June 30, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of 0% and less than 1%, respectively, of the total net derivative estimated fair value.

(9)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(10)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(12)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(13)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(14)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

The following tables summarize the change of assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period	$	28,503	$	45	$	5,277	$	—	$	253	$	1,093
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(46)		—		12		—		(11)		36
Total realized/unrealized gains (losses) included in AOCI	(294)		(4)		(5)		—		—		—
Purchases (3)	1,940		—		1,343		2		27		112
Sales (3)	(794)		(1)		(168)		(1)		(7)		(139)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	72		—		86		—		—		—
Transfers out of Level 3 (4)	(141)		—		(678)		—		—		(6)
Balance, end of period	$	29,240	$	40	$	5,867	$	1	$	262	$	1,096
Three Months Ended June 30, 2023
Balance, beginning of period	$	25,676	$	46	$	4,553	$	—	$	258	$	1,011
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(8)		(1)		2		—		(1)		50
Total realized/unrealized gains (losses) included in AOCI	(369)		3		(43)		—		—		—
Purchases (3)	1,122		5		272		7		—		190
Sales (3)	(527)		(4)		(112)		—		(7)		(193)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	210		11		71		—		—		—
Transfers out of Level 3 (4)	(136)		—		(189)		—		—		(1)
Balance, end of period	$	25,968	$	60	$	4,554	$	7	$	250	$	1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	(9)	$	—	$	11	$	—	$	(10)	$	36
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(8)	$	(1)	$	4	$	—	$	1	$	50
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	(314)	$	(4)	$	(7)	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(379)	$	3	$	(45)	$	—	$	—	$	—

86

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period	$	14	$	1,171	$	(139)	$	(62)	$	1,142
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		—		17		8		(8)
Total realized/unrealized gains (losses) included in AOCI	—		—		(15)		—		—
Purchases (3)	6		42		—		—		44
Sales (3)	(10)		(140)		—		—		(56)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		67		(1)		—
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		—		(5)		—		—
Balance, end of period	$	10	$	1,073	$	(75)	$	(55)	$	1,122
Three Months Ended June 30, 2023
Balance, beginning of period	$	58	$	928	$	53	$	(44)	$	1,202
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		23		32		(18)		(17)
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(41)		—		—
Purchases (3)	5		13		—		—		72
Sales (3)	(44)		—		—		—		(21)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		(3)		(2)		—
Transfers into Level 3 (4)	—		—		—		—		12
Transfers out of Level 3 (4)	—		—		(255)		—		—
Balance, end of period	$	18	$	964	$	(214)	$	(64)	$	1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	—	$	(5)	$	17	$	8	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	23	$	13	$	(17)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	—	$	—	$	(9)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(1)	$	—	$	(48)	$	—	$	—

87

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	28,345	$	51	$	4,551	$	—	$	249	$	1,103
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(52)		2		15		—		(8)		67
Total realized/unrealized gains (losses) included in AOCI	(678)		(5)		40		—		—		—
Purchases (3)	3,078		—		1,582		2		31		114
Sales (3)	(1,406)		(3)		(340)		(1)		(10)		(165)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	109		—		165		—		—		—
Transfers out of Level 3 (4)	(156)		(5)		(146)		—		—		(23)
Balance, end of period	$	29,240	$	40	$	5,867	$	1	$	262	$	1,096
Six Months Ended June 30, 2023
Balance, beginning of period	$	24,401	$	103	$	4,269	$	—	$	259	$	787
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(17)		(1)		(7)		—		6		95
Total realized/unrealized gains (losses) included in AOCI	343		2		(24)		—		—		—
Purchases (3)	2,408		13		413		7		2		205
Sales (3)	(1,064)		(12)		(239)		—		(17)		(26)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	391		10		212		—		—		1
Transfers out of Level 3 (4)	(494)		(55)		(70)		—		—		(5)
Balance, end of period	$	25,968	$	60	$	4,554	$	7	$	250	$	1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	(3)	$	2	$	15	$	—	$	(3)	$	67
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(20)	$	(1)	$	3	$	—	$	(3)	$	94
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	(686)	$	(5)	$	35	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	321	$	2	$	(26)	$	—	$	—	$	—

88

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	27	$	975	$	(143)	$	(93)	$	1,147
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		12		(16)		40		(37)
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(40)		—		—
Purchases (3)	10		47		—		—		83
Sales (3)	(26)		(140)		—		—		(67)
Issuances (3)	—		—		135		—		—
Settlements (3)	—		—		—		(2)		—
Transfers into Level 3 (4)	—		179		—		—		3
Transfers out of Level 3 (4)	—		—		(11)		—		(7)
Balance, end of period	$	10	$	1,073	$	(75)	$	(55)	$	1,122
Six Months Ended June 30, 2023
Balance, beginning of period	$	57	$	926	$	(170)	$	(17)	$	1,210
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		25		38		(35)		(39)
Total realized/unrealized gains (losses) included in AOCI	—		—		46		—		—
Purchases (3)	17		13		—		—		170
Sales (3)	(47)		—		—		—		(110)
Issuances (3)	—		—		(1)		—		—
Settlements (3)	—		—		33		(12)		1
Transfers into Level 3 (4)	—		—		—		—		16
Transfers out of Level 3 (4)	(9)		—		(160)		—		—
Balance, end of period	$	18	$	964	$	(214)	$	(64)	$	1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	—	$	8	$	(14)	$	40	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	26	$	31	$	(35)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	—	$	—	$	(21)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(1)	$	—	$	7	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

89

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

	June 30, 2024		December 31, 2023
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	970	$	474
Other invested assets (2)	$	63	$	63

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(105)	$	(54)	$	(154)	$	(141)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.

(2)The Company recognized an impairment loss in connection with the pending disposition of MetLife Malaysia. See Note 3.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three-level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The Company believes that due to the short-term nature of these excluded assets, which are primarily classified in Level 2, the estimated fair value approximates carrying value. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

90

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	June 30, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	89,802	$	—	$	—	$	84,495	$	84,495
Policy loans	$	8,691	$	—	$	—	$	9,273	$	9,273
Other invested assets	$	1,259	$	—	$	715	$	544	$	1,259
Premiums, reinsurance and other receivables	$	5,446	$	—	$	1,290	$	4,057	$	5,347
Other assets	$	241	$	—	$	77	$	165	$	242
Liabilities
PABs	$	139,397	$	—	$	—	$	133,722	$	133,722
Long-term debt	$	14,790	$	—	$	14,236	$	—	$	14,236
Collateral financing arrangement	$	555	$	—	$	—	$	483	$	483
Junior subordinated debt securities	$	3,163	$	—	$	3,550	$	—	$	3,550
Other liabilities	$	10,783	$	—	$	1,537	$	8,832	$	10,369
Separate account liabilities	$	71,446	$	—	$	71,446	$	—	$	71,446

	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	92,506	$	—	$	—	$	87,753	$	87,753
Policy loans	$	8,788	$	—	$	—	$	9,516	$	9,516
Other invested assets	$	919	$	—	$	714	$	205	$	919
Premiums, reinsurance and other receivables	$	5,182	$	—	$	791	$	4,400	$	5,191
Other assets	$	268	$	—	$	82	$	184	$	266
Liabilities
PABs	$	138,233	$	—	$	—	$	134,025	$	134,025
Long-term debt	$	15,516	$	—	$	15,621	$	—	$	15,621
Collateral financing arrangement	$	637	$	—	$	—	$	551	$	551
Junior subordinated debt securities	$	3,161	$	—	$	3,552	$	—	$	3,552
Other liabilities	$	10,556	$	—	$	609	$	9,651	$	10,260
Separate account liabilities	$	75,705	$	—	$	75,705	$	—	$	75,705

91

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

13. Long-term Debt

Senior Notes

In June 2024, MetLife, Inc. issued $500 million of senior notes due December 2034 which bear interest at a fixed rate of 5.300%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $4 million of related costs which will be amortized over the term of the senior notes.

In April 2024, MetLife, Inc. redeemed for $438 million in cash all of its £350 million aggregate principal amount outstanding 5.375% senior notes due December 2024.

In March 2024, MetLife, Inc. issued the following fixed rate senior notes totaling $752 million, interest on which is payable semi-annually:

•¥7.1 billion due March 2029 which bear interest annually at 1.009%;

•¥23.1 billion due March 2031 which bear interest annually at 1.415%;

•¥16.7 billion due March 2034 which bear interest annually at 1.670%;

•¥11.2 billion due March 2039 which bear interest annually at 1.953%;

•¥15.5 billion due March 2044 which bear interest annually at 2.195%;

•¥23.5 billion due March 2054 which bear interest annually at 2.390%; and

•¥15.2 billion due March 2059 which bear interest annually at 2.448%.

In connection with the March 2024 issuances, MetLife, Inc. incurred $6 million of related costs which are amortized over the applicable term of each series of the senior notes.

14. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows at both June 30, 2024 and December 31, 2023:

Series	Shares Authorized	Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A	27,600,000	24,000,000
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D	500,000	500,000
5.625% Non-Cumulative Preferred Stock, Series E	32,200	32,200
4.75% Non-Cumulative Preferred Stock, Series F	40,000	40,000
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G	1,000,000	1,000,000
Series A Junior Participating Preferred Stock	10,000,000	—
Not designated	160,827,800	—
Total	200,000,000	25,572,200

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Series		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A		$	0.430	$	10	$	0.375	$	9	$	0.850	$	20	$	0.736	$	18
D		$	—	—		$	—	—		$	29.375	15		$	29.375	15
E		$	351.563	12		$	351.563	11		$	703.126	23		$	703.126	22
F		$	296.875	12		$	296.875	12		$	593.750	24		$	593.750	24
G		$	—	—		$	—	—		$	19.250	19		$	19.250	19
Total				$	34			$	32			$	101			$	98

92

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

Common Stock

MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:

Announcement Date	Authorization Amount		Authorization Remaining at June 30, 2024 (1)
	(In millions)
May 1, 2024	$	3,000	$	3,000
May 25, 2023	$	1,000	$	75
May 3, 2023	$	3,000	$	—
May 4, 2022	$	3,000	$	—

__________________

(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at June 30, 2024 does not reflect the applicable excise tax payable.

Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.

For the six months ended June 30, 2024 and 2023, MetLife, Inc. repurchased 28,872,993 shares and 23,665,630 shares of its common stock, respectively, through open market purchases for $2.0 billion and $1.5 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.

Stock-Based Compensation Plans

Performance Shares and Performance Units

Final Performance Shares are paid in shares of MetLife, Inc.’s common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2021 – December 31, 2023 performance period was 147.5%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,048,303 Performance Shares and 118,848 Performance Units associated with that performance period that vested on December 31, 2023. As a result, in the first quarter of 2024, MetLife, Inc. issued 1,546,247 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 175,301 Performance Units (less withholding for taxes and other items, as applicable).

Dividend Restrictions

Insurance Operations

For the six months ended June 30, 2024, American Life Insurance Company paid a dividend of $1.1 billion to MetLife, Inc., for which regulatory approval was obtained as required.

See Note 19 of the Notes to Consolidated Financial Statements included in the 2023 Annual Report for additional information on dividend restrictions.

93

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

AOCI

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:

	Three Months Ended June 30, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(16,813)	$	202	$	4,773	$	(47)	$	(6,465)	$	(1,421)	$	(19,771)
OCI before reclassifications	(3,373)		(160)		2,373		(33)		(268)		(2)		(1,463)
Deferred income tax benefit (expense)	810		128		(540)		7		(52)		1		354
AOCI before reclassifications, net of income tax	(19,376)		170		6,606		(73)		(6,785)		(1,422)		(20,880)
Amounts reclassified from AOCI	248		3		—		—		—		32		283
Deferred income tax benefit (expense)	(59)		(74)		—		—		—		(6)		(139)
Amounts reclassified from AOCI, net of income tax	189		(71)		—		—		—		26		144
Balance, end of period	$	(19,187)	$	99	$	6,606	$	(73)	$	(6,785)	$	(1,396)	$	(20,736)
	Three Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(16,354)	$	1,748	$	2,748	$	186	$	(6,119)	$	(1,356)	$	(19,147)
OCI before reclassifications	(3,173)		(468)		1,471		(99)		(102)		(1)		(2,372)
Deferred income tax benefit (expense)	739		114		(300)		21		(61)		—		513
AOCI before reclassifications, net of income tax	(18,788)		1,394		3,919		108		(6,282)		(1,357)		(21,006)
Amounts reclassified from AOCI	1,040		(269)		—		—		—		30		801
Deferred income tax benefit (expense)	(231)		54		—		—		—		(4)		(181)
Amounts reclassified from AOCI, net of income tax	809		(215)		—		—		—		26		620
Balance, end of period	$	(17,979)	$	1,179	$	3,919	$	108	$	(6,282)	$	(1,331)	$	(20,386)

94

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

	Six Months Ended June 30, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(14,506)	$	183	$	2,658	$	27	$	(6,158)	$	(1,446)	$	(19,242)
OCI before reclassifications	(6,492)		(501)		5,084		(127)		(485)		(4)		(2,525)
Deferred income tax benefit (expense)	1,509		204		(1,136)		27		(142)		1		463
AOCI before reclassifications, net of income tax	(19,489)		(114)		6,606		(73)		(6,785)		(1,449)		(21,304)
Amounts reclassified from AOCI	393		360		—		—		—		64		817
Deferred income tax benefit (expense)	(91)		(147)		—		—		—		(11)		(249)
Amounts reclassified from AOCI, net of income tax	302		213		—		—		—		53		568
Balance, end of period	$	(19,187)	$	99	$	6,606	$	(73)	$	(6,785)	$	(1,396)	$	(20,736)
	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(22,646)	$	1,557	$	6,115	$	107	$	(6,377)	$	(1,377)	$	(22,621)
OCI before reclassifications	4,410		(81)		(2,898)		1		180		(5)		1,607
Deferred income tax benefit (expense)	(989)		17		702		—		(85)		1		(354)
AOCI before reclassifications, net of income tax	(19,225)		1,493		3,919		108		(6,282)		(1,381)		(21,368)
Amounts reclassified from AOCI	1,606		(401)		—		—		—		60		1,265
Deferred income tax benefit (expense)	(360)		87		—		—		—		(10)		(283)
Amounts reclassified from AOCI, net of income tax	1,246		(314)		—		—		—		50		982
Balance, end of period	$	(17,979)	$	1,179	$	3,919	$	108	$	(6,282)	$	(1,331)	$	(20,386)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

95

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(250)	$	(1,079)	$	(409)	$	(1,690)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		3		—		5		Net investment income
Net unrealized investment gains (losses)	1		36		16		79		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(248)		(1,040)		(393)		(1,606)
Income tax (expense) benefit	59		231		91		360
Net unrealized investment gains (losses), net of income tax	(189)		(809)		(302)		(1,246)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	5		13		13		27		Net investment income
Interest rate derivatives	(3)		55		(1)		60		Net investment gains (losses)
Foreign currency exchange rate derivatives	2		1		3		2		Net investment income
Foreign currency exchange rate derivatives	(8)		200		(376)		311		Net investment gains (losses)
Foreign currency exchange rate derivatives	—		—		—		1		Other expenses
Credit derivatives	1		—		1		—		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(3)		269		(360)		401
Income tax (expense) benefit	74		(54)		147		(87)
Gains (losses) on cash flow hedges, net of income tax	71		215		(213)		314
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(34)		(32)		(69)		(65)
Amortization of prior service (costs) credit	2		2		5		5
Amortization of defined benefit plan items, before income tax	(32)		(30)		(64)		(60)
Income tax (expense) benefit	6		4		11		10
Amortization of defined benefit plan items, net of income tax	(26)		(26)		(53)		(50)
Total reclassifications, net of income tax	$	(144)	$	(620)	$	(568)	$	(982)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.

96

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Vision fee for service arrangements	$	130	$	143	$	276	$	302
Prepaid legal plans	145		130		293		261
Fee-based investment management	98		103		196		203
Administrative services-only contracts	69		64		136		128
Recordkeeping and administrative services (1)	37		38		75		75
Other revenue from service contracts from customers	79		68		159		139
Total revenues from service contracts from customers	558		546		1,135		1,108
Other	80		75		177		152
Total other revenues	$	638	$	621	$	1,312	$	1,260

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

Receivables related to revenues from service contracts from customers were $231 million and $243 million at June 30, 2024 and December 31, 2023, respectively.

Other Expenses

Information on other expenses was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Employee-related costs (1)	$	900	$	896	$	1,850	$	1,829
Third-party staffing costs	362		360		711		704
General and administrative expenses	153		187		301		330
Pension, postretirement and postemployment benefit costs	65		59		130		118
Premium taxes, other taxes, and licenses & fees	171		184		347		345
Commissions and other variable expenses	1,462		1,447		2,965		2,864
Capitalization of DAC	(683)		(729)		(1,423)		(1,447)
Amortization of DAC and VOBA	499		479		1,007		949
Amortization of negative VOBA	(6)		(6)		(12)		(13)
Interest expense on debt	257		256		521		511
Total other expenses	$	3,180	$	3,133	$	6,397	$	6,190

__________________

(1)Includes ($27) million and ($77) million for the three months and six months ended June 30, 2024, respectively, and ($34) million and ($72) million for the three months and six months ended June 30, 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

97

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

16. Employee Benefit Plans

Pension and Other Postretirement Benefit Plans

Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.

The components of net periodic benefit costs, reported in other expenses, were as follows:

	Three Months Ended June 30,
	2024				2023
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Service costs	$	41	$	1	$	37	$	—
Interest costs	114		10		117		10
Expected return on plan assets	(115)		(14)		(121)		(15)
Amortization of net actuarial (gains) losses	41		(6)		39		(7)
Amortization of prior service costs (credit)	(3)		—		(3)		—
Net periodic benefit costs (credit)	$	78	$	(9)	$	69	$	(12)
	Six Months Ended June 30,
	2024				2023
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Service costs	$	81	$	2	$	75	$	1
Interest costs	228		20		235		21
Expected return on plan assets	(230)		(28)		(241)		(28)
Amortization of net actuarial (gains) losses	83		(14)		78		(15)
Amortization of prior service costs (credit)	(6)		—		(6)		—
Net periodic benefit costs (credit)	$	156	$	(20)	$	141	$	(21)

17. Income Tax

For the three months and six months ended June 30, 2024, the effective tax rate on income (loss) before provision for income tax was 21% and 19%, respectively. The Company’s effective tax rate for the three months ended June 30, 2024 was equal to the U.S. statutory rate of 21% and included tax benefits from (i) non-taxable investment income and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method, offset by tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates. The Company’s effective tax rate for the six months ended June 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, (ii) the reversal of previously non-deductible losses, (iii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method, and (iv) the corporate tax deduction for stock compensation.

For the three months and six months ended June 30, 2023, the effective tax rate on income (loss) before provision for income tax was 5% and 28%, respectively. The Company’s effective tax rate for the three months ended June 30, 2023

98

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

17. Income Tax (continued)

differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) low income housing and other tax credits, (ii) foreign earnings taxed at lower statutory rates than the U.S. statutory rate and foreign losses taxed at higher statutory rates, (iii) adjustments related to prior years taxes, and (iv) non-taxable investment income. The Company’s effective tax rate for the six months ended June 30, 2023 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) low income housing and other tax credits, (ii) the corporate tax deduction for stock compensation, (iii) adjustments related to prior years taxes, and (iv) non-taxable investment income.

18. Earnings Per Common Share

The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:    

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic	710.5		765.9		716.8		770.6
Incremental common shares from assumed exercise or issuance of stock-based awards	4.2		3.7		4.7		4.8
Weighted average common stock outstanding - diluted	714.7		769.6		721.5		775.4
Net Income (Loss):
Net income (loss)	$	953	$	408	$	1,828	$	493
Less: Net income (loss) attributable to noncontrolling interests	7		6		15		11
Less: Preferred stock dividends	34		32		101		98
Net income (loss) available to MetLife, Inc.’s common shareholders	$	912	$	370	$	1,712	$	384
Basic	$	1.28	$	0.48	$	2.39	$	0.50
Diluted	$	1.28	$	0.48	$	2.37	$	0.50

19. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

99

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

19. Contingencies, Commitments and Guarantees (continued)

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established, there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at June 30, 2024. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of June 30, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC.

MLIC’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2023 Annual Report, MLIC received approximately 2,565 asbestos-related claims in 2023. For the six months ended June 30, 2024 and 2023, MLIC received approximately 1,556 and 1,306 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for historical information concerning asbestos claims and MLIC’s update in its recorded liability at December 31, 2023. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

100

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

19. Contingencies, Commitments and Guarantees (continued)

The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through June 30, 2024.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. The Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case to the trial court where the Relator has filed an amended complaint. The Company intends to defend the action vigorously.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into the issue, and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits and additional legal actions relating to the issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.0 billion and $4.0 billion at June 30, 2024 and December 31, 2023, respectively.

Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $8.7 billion and $9.2 billion at June 30, 2024 and December 31, 2023, respectively.

101

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

19. Contingencies, Commitments and Guarantees (continued)

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $636 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.

The Company’s recorded liabilities were $19 million at both June 30, 2024 and December 31, 2023, for indemnities and guarantees.

102

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Page
Forward-Looking Statements and Other Financial Information	104
Industry Trends	104
Summary of Critical Accounting Estimates	106
Acquisitions and Dispositions	106
Results of Operations	107
Investments	128
Derivatives	142
Liquidity and Capital Resources	143
Adopted Accounting Pronouncements	150
Future Adoption of Accounting Pronouncements	150
Non-GAAP and Other Financial Disclosures	150
Risk Management	152

103

Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), the cautionary language regarding forward-looking statements included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, “Quantitative and Qualitative Disclosures About Market Risk” and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Note Regarding Forward-Looking Statements” for cautionary language regarding forward-looking statements.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America (“GAAP”). See “— Non-GAAP and Other Financial Disclosures” for definitions and a discussion of these and other financial measures, and “— Results of Operations” and “— Investments” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

Industry Trends

We continue to be impacted by the changing global financial and economic environment that has been affecting the industry.

Financial and Economic Environment

Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, our large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors.

We are closely monitoring political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio and derivatives, such as global inflation, supply chain disruptions, acts of war, and banking sector volatility. We are also monitoring the imposition of tariffs, sanctions or other barriers to international trade, changes to international trade agreements, and their potential impacts on our business, results of operations and financial condition. See “— Investments — Current Environment,” as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates — Effects of Inflation” in the 2023 Annual Report.

Governments and central banks around the world use fiscal and monetary policies to address uncertain economic conditions. In the United States (“U.S.”), the Federal Open Market Committee took various actions in 2023 to promote economic stability and combat inflation, including raising interest rates. Rates have remained steady in 2024, reflecting expectations for lower inflation. The European Central Bank (“ECB”) and Bank of England (“BoE”) have been taking similar actions. However, in June 2024, the ECB announced an interest rate reduction and in August 2024, the BoE announced an interest rate reduction. The Bank of Japan (“BoJ”) has, until recently, mostly kept its policy settings on hold, reflecting a more cautious view on growth and inflation. The Japanese yen has weakened against the U.S. dollar reflecting policy divergence between the BoJ and the U.S. Federal Reserve.

Impact of Market Interest Rates

Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways. For a discussion of the potential impact of low and rising interest rates, and inflation, as well as management actions taken in response to the changing U.S. interest rate environment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates” and “Risk Factors — Economic Environment and Capital Markets Risks” included in the 2023 Annual Report.

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Competitive Pressures

See “Business — Competition” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Competitive Pressures” in the 2023 Annual Report for information on our competitive position.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments” included in the 2023 Annual Report, as amended or supplemented here.

State Insurance Regulation

Surplus and Capital

Investments

The National Association of Insurance Commissioners (“NAIC”) is focused on enhancing regulatory oversight of insurers’ investments in complex assets, such as structured securities. In connection with evaluating the risks of investing in leveraged loans and collateralized loan obligations (“CLOs”), the NAIC adopted an amendment to the Purposes and Procedures Manual in 2023. Under the amendment, the NAIC Structured Securities Group (“SSG”) will assign risk weights to CLOs based on its own modeling, as opposed to credit ratings. The SSG will model CLO investments and evaluate tranche level losses across all debt tranches under a series of calibrated and weighted collateral stress scenarios to assign NAIC designations that minimize risk-based capital (“RBC”) arbitrage. The NAIC’s goal is to ensure that the aggregate RBC factor for owning all tranches of a CLO is similar to that required for owning all of the underlying loan collateral. Insurers are required to begin reporting the financially modeled NAIC designations for CLOs with their year-end 2024 financial statement filings, although the NAIC announced in March 2024 that implementation is expected to be delayed by a year to allow more time to develop the modeling methodology. The delay requires an amendment to the Purposes and Procedures Manual, which the NAIC is likely to adopt in August 2024.

Innovation and Technology

The NAIC and state insurance regulators have been focused on addressing unfair discrimination in the use of consumer data and technology, and some states have passed laws targeting unfair discrimination practices. In July 2024, the New York State Department of Financial Services released its final circular letter focused on how insurers should develop and manage their use of external consumer data and artificial intelligence (“AI”) systems in underwriting and pricing so as not to harm consumers.

The European Union’s Artificial Intelligence Act (“EU AI Act”) has been enacted and will enter in force in August 2024. Among other things, the EU AI Act prohibits certain “unacceptable” AI practices while seeking to boost innovation and ensure fundamental rights are not infringed by the technology. We continue to monitor the developments of the EU AI Act and other governmental initiatives around the world, particularly in jurisdictions where we operate.

Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation

In 2023, the U.S. Department of Labor (the “DOL”) proposed a regulation to change the definition of “fiduciary” for purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) and parallel provisions of the Internal Revenue Code of 1986, as amended (the “Code”), when a financial professional, including an insurance producer, provides investment advice, and to amend various existing prohibited transaction exemptions (“PTEs”) that financial professionals rely on when making recommendations. On April 23, 2024, the DOL finalized and published this new definition of “fiduciary” for purposes of ERISA and parallel provisions of the Code and finalized and published amendments to these PTEs. Shortly thereafter, these changes were challenged in court, including by a coalition of insurance industry trade associations that filed a motion for a preliminary injunction and stay of the amendments. In July 2024, two federal district courts entered separate stays of the effective date of the new regulation regarding the definition of “fiduciary” and the amendments to the PTEs, pending further orders of the courts. We are evaluating the potential impact of these developments on our business, particularly as it pertains to the sale of insurance, annuity and welfare benefit products to retirement investors.

105

Management of Climate Risk

The U.S. Securities and Exchange Commission (“SEC”) is also continuing its focus on climate, and environmental, social and governance (“ESG”) risks and opportunities and has published its rulemaking list which contains certain ESG-related rulemakings that the SEC is considering. In March 2024, the SEC adopted final rules requiring registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements. The final rules set forth requirements for disclosure of material climate-related risks, mitigation activities, targets and goals, and governance. The rules also require disclosure of certain greenhouse gas emissions metrics and attestation of emissions disclosures. In addition, the final rules require disclosure of information relating to the financial statement effects of severe weather events and other natural conditions. The rules include a phased-in compliance period beginning with the 2025 fiscal year for large accelerated reporting companies, including MetLife, Inc. Multiple parties initiated litigation challenging the final rules, and in April 2024, the SEC voluntarily stayed the final rules pending completion of judicial review. In 2022, the SEC also proposed rules requiring registered investment companies, business development companies, and registered and certain unregistered investment advisers to disclose in their fund prospectuses, annual reports and Form ADV information about how funds and advisers incorporate ESG factors into their investment strategies.

Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. The most critical estimates include those used in determining:

(i)future policy benefit liabilities, market risk benefits (“MRBs”) and the accounting for reinsurance;

(ii)estimated fair values of investments in the absence of quoted market values;

(iii)investment allowance for credit loss (“ACL”) and impairments;

(iv)estimated fair values of freestanding derivatives;

(v)measurement of goodwill and related impairment;

(vi)measurement of employee benefit plan liabilities;

(vii)measurement of income taxes and the valuation of deferred tax assets; and

(viii)liabilities for litigation and regulatory matters.

In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed — the most significant of which relate to the aforementioned critical accounting estimates. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.

The Company’s critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report.

Acquisitions and Dispositions

Pending Disposition of MetLife Malaysia

For information regarding the Company’s pending disposition of its ownership interests in AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia) (collectively, “MetLife Malaysia”), each an operating joint venture accounted for under the equity method, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Results of Operations

Overview

MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2023, MetLife reorganized from five segments into the following six segments to reflect changes in management’s responsibilities: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.

Key Financial Highlights

•Net income available to MetLife, Inc.’s common shareholders of $912 million and $1.7 billion for the three months and six months ended June 30, 2024, respectively, compared to $370 million and $384 million for the three months and six months ended June 30, 2023, respectively.

•Adjusted earnings available to common shareholders of $1.6 billion and $3.0 billion for the three months and six months ended June 30, 2024, respectively, compared to $1.5 billion and $2.7 billion for the three months and six months ended June 30, 2023, respectively.

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Consolidated Results

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Revenues
Premiums	$	11,628	$	11,678	$	21,681	$	21,267
Universal life and investment-type product policy fees	1,281		1,288		2,529		2,577
Net investment income	5,205		5,072		10,641		9,717
Other revenues	638		621		1,312		1,260
Net investment gains (losses)	(421)		(1,039)		(796)		(1,723)
Net derivative gains (losses)	(508)		(997)		(1,487)		(1,087)
Total revenues	17,823		16,623		33,880		32,011
Expenses
Policyholder benefits and claims and policyholder dividends	11,633		11,960		21,854		21,991
Policyholder liability remeasurement (gains) losses	(10)		(16)		(32)		(25)
Market risk benefit remeasurement (gains) losses	(182)		(817)		(876)		(629)
Interest credited to policyholder account balances	2,000		1,933		4,290		3,797
Amortization of deferred policy acquisition costs and value of business acquired	499		479		1,007		949
Amortization of negative value of business acquired	(6)		(6)		(12)		(13)
Interest expense on debt	257		256		521		511
Other expenses, net of capitalization of deferred policy acquisition costs	2,430		2,404		4,881		4,743
Total expenses	16,621		16,193		31,633		31,324
Income (loss) before provision for income tax	1,202		430		2,247		687
Provision for income tax expense (benefit)	249		22		419		194
Net income (loss)	953		408		1,828		493
Less: Net income (loss) attributable to noncontrolling interests	7		6		15		11
Net income (loss) attributable to MetLife, Inc.	946		402		1,813		482
Less: Preferred stock dividends	34		32		101		98
Net income (loss) available to MetLife, Inc.’s common shareholders	$	912	$	370	$	1,712	$	384

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $542 million primarily due to the following:

Net Investment Gains (Losses)(1) - Favorable change of $618 million ($488 million, net of income tax):

•Impairment losses in the prior period for investments disposed of in connection with a reinsurance transaction that closed in November 2023

Partially offset by:

•Higher losses on sales of fixed maturity securities

•Higher losses on foreign currency transactions

Net Derivative Gains (Losses)(2) - Favorable change of $489 million ($386 million, net of income tax)(3):

•Key equity indexes increased less in the current period versus the prior period - favorable impact to the estimated fair value of long put options, short futures and total rate of return swaps

•Long-term interest rates increased less in the current period compared to the prior period - favorable impact to the estimated fair value of receiver swaps and swaptions

108

•The U.S. dollar strengthened less against the Japanese yen in the current period compared to the prior period - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards and swaps

Market Risk Benefit Remeasurement (Gains) Losses(4) - Unfavorable change of $635 million ($502 million, net of income tax):

•Key equity indexes increased less in the current period versus the prior period

•Long-term interest rates increased less in the current period compared to the prior period

Adjusted Earnings(5) - Favorable change of $136 million. See “— Consolidated Results — Adjusted Earnings.”

Taxes - Unfavorable change in effective tax rate - 21% in the current period versus 5% in the prior period

•Current period effective tax rate on income before provision for income tax was equal to the U.S. statutory rate of 21% and included tax benefits from:

•Non-taxable investment income

•Low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method

Offset by tax charges from:

•Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

•Prior period effective tax rate on income before provision for income tax was 5% versus the U.S. statutory rate of 21% primarily due to tax benefits from:

•Low income housing and other tax credits

•Foreign earnings taxed at lower statutory rates than the U.S. statutory rate and foreign losses taxed at higher statutory rates

•Adjustments related to prior years taxes

•Non-taxable investment income

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $1.3 billion primarily due to the following:

Net Investment Gains (Losses)(1) - Favorable change of $927 million ($732 million, net of income tax):

•Impairment losses in the prior period for investments disposed of in connection with a reinsurance transaction that closed in November 2023

•Lower losses on sales of fixed maturity securities

Partially offset by:

•Losses on foreign currency transactions in the current period

•Losses on other limited partnerships in the current period

Net Derivative Gains (Losses)(2) - Unfavorable change of $400 million ($316 million, net of income tax)(3):

•Long-term interest rates increased in the current period versus decreased in the prior period - unfavorable impact to the estimated fair value of receiver swaps

•The U.S. dollar strengthened more significantly against the Japanese yen in the current period compared to the prior period - unfavorable impact to the estimated fair value of sell-U.S. dollar currency forwards

Partially offset by:

•Key equity indexes increased less in the current period compared to the prior period - favorable impact to the estimated fair value of long put options and short futures

109

Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $247 million ($195 million, net of income tax):

•Long-term interest rates increased in the current period versus decreased in the prior period

Partially offset by:

• Key equity indexes increased less in the current period compared to the prior period

Adjusted Earnings(5) - Favorable change of $286 million. See “— Consolidated Results — Adjusted Earnings.”

Taxes - Favorable change in effective tax rate - 19% in the current period versus 28% in the prior period

•Current period effective tax rate on income before provision for income tax was 19% versus the U.S. statutory rate of 21% primarily due to tax benefits from:

•Non-taxable investment income

•Reversal of previously non-deductible losses

•Low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method

•Corporate tax deduction for stock compensation

•Prior period effective tax rate on income before provision for income tax was 28% versus the U.S. statutory rate of 21% primarily due to tax charges from:

•Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

•Low income housing and other tax credits

•Corporate tax deduction for stock compensation

•Adjustments related to prior years taxes

•Non-taxable investment income

__________________

(1) See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.

(2) See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.

(3) Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.

(4) See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.

(5) As used in “— Consolidated Results — Adjusted Earnings” and as more fully described in “— Non-GAAP and Other Financial Disclosures,” we refer to adjusted earnings, which does not equate to net income (loss), as determined in accordance with GAAP, to analyze our performance, evaluate segment performance, and allocate resources. We believe that the presentation of adjusted earnings and other financial measures based on adjusted earnings, as we measure it for management purposes, enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results. Adjusted earnings should not be viewed as a substitute for net income (loss). Adjusted earnings available to common shareholders and adjusted earnings available to common shareholders on a constant currency basis should not be viewed as substitutes for net income (loss) available to MetLife, Inc.’s common shareholders.

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Reconciliation of net income (loss) to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues

Three Months Ended June 30, 2024

		Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	534	$	195	$	(194)	$	228	$	78	$	152	$	(81)	$	912
Add: Preferred stock dividends		—		—		—		—		—		—		34		34
Add: Net income (loss) attributable to noncontrolling interests		—		—		—		1		2		—		4		7
Net income (loss)		534		195		(194)		229		80		152		(43)		953
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	(17)		(131)		(405)		19		(2)		(52)		167		(421)
	Net derivative gains (losses)	37		82		(583)		52		(5)		(112)		21		(508)
	Premiums	—		—		—		—		—		—		—		—
	Universal life and investment-type product policy fees	—		—		—		—		—		—		—		—
	Net investment income	(19)		(62)		64		(45)		155		(53)		5		45
	Other revenues	—		(18)		—		—		—		35		7		24
Expenses:
	Policyholder benefits and claims and policyholder dividends	—		(126)		87		(52)		—		18		—		(73)
	Policyholder liability remeasurement (gains) losses	—		—		—		—		—		—		—		—
	Market risk benefit remeasurement (gains) losses	—		(17)		1		—		12		185		1		182
	Interest credited to policyholder account balances ("PABs")	—		1		(65)		23		(153)		(23)		(2)		(219)
	Capitalization of deferred policy acquisition costs ("DAC")	—		—		—		—		—		—		—		—
	Amortization of DAC and value of business acquired ("VOBA")	—		—		—		—		—		—		—		—
	Amortization of negative VOBA	—		—		—		—		—		—		—		—
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	—		—		—		2		(1)		—		(10)		(9)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	—		56		258		4		(3)		1		(46)		270
Adjusted earnings		$	533	$	410	$	449	$	226	$	77	$	153	(186)		1,662
Less: Preferred stock dividends														34		34
Adjusted earnings available to common shareholders														$	(220)	$	1,628
Premiums, fees and other revenues		$	6,210	$	2,564	$	1,668	$	1,506	$	621	$	858	$	120	$	13,547
Less: adjustments to premiums, fees and other revenues		—		(18)		—		—		—		35		7		24
Adjusted premiums, fees and other revenues		$	6,210	$	2,582	$	1,668	$	1,506	$	621	$	823	$	113	$	13,523

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Three Months Ended June 30, 2023

		Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	388	$	376	$	28	$	204	$	82	$	(415)	$	(293)	$	370
Add: Preferred stock dividends		—		—		—		—		—		—		32		32
Add: Net income (loss) attributable to noncontrolling interests		—		—		—		2		1		—		3		6
Net income (loss)		388		376		28		206		83		(415)		(258)		408
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	(5)		(30)		(125)		(5)		18		(968)		76		(1,039)
	Net derivative gains (losses)	66		83		(582)		85		(21)		(484)		(144)		(997)
	Premiums	—		—		—		—		—		—		—		—
	Universal life and investment-type product policy fees	—		—		—		—		—		—		—		—
	Net investment income	(39)		(113)		168		(7)		83		(64)		4		32
	Other revenues	—		(18)		—		—		—		—		11		(7)
Expenses:
	Policyholder benefits and claims and policyholder dividends	—		(11)		43		(62)		—		—		—		(30)
	Policyholder liability remeasurement (gains) losses	—		—		—		—		—		—		—		—
	Market risk benefit remeasurement (gains) losses	—		35		37		—		21		724		—		817
	Interest credited to PABs	—		2		(179)		(27)		(87)		—		—		(291)
	Capitalization of DAC	—		—		—		—		—		—		—		—
	Amortization of DAC and VOBA	—		—		—		—		—		—		—		—
	Amortization of negative VOBA	—		—		—		—		—		—		—		—
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	—		—		—		2		(1)		—		(21)		(20)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	(6)		11		235		1		—		166		12		419
Adjusted earnings		$	372	$	417	$	431	$	219	$	70	$	211	$	(196)	$	1,524
Less: Preferred stock dividends														32		32
Adjusted earnings available to common shareholders														$	(228)	$	1,492
Adjusted earnings available to common shareholders on a constant currency basis (1)		$	372	$	417	$	417	$	209	$	64	$	211	$	(228)	$	1,462
Premiums, fees and other revenues		$	6,013	$	2,805	$	1,727	$	1,385	$	582	$	938	$	137	$	13,587
Less: adjustments to premiums, fees and other revenues		—		(18)		—		—		—		—		11		(7)
Adjusted premiums, fees and other revenues		$	6,013	$	2,823	$	1,727	$	1,385	$	582	$	938	$	126	$	13,594
Adjusted premiums, fees and other revenues on a constant currency basis (1)		$	6,013	$	2,823	$	1,591	$	1,339	$	554	$	938	$	126	$	13,384

__________________

(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.

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Six Months Ended June 30, 2024

		Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	825	$	485	$	(168)	$	270	$	128	$	340	$	(168)	$	1,712
Add: Preferred stock dividends		—		—		—		—		—		—		101		101
Add: Net income (loss) attributable to noncontrolling interests		—		—		—		3		2		—		10		15
Net income (loss)		825		485		(168)		273		130		340		(57)		1,828
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	(41)		(252)		(536)		16		(39)		(338)		394		(796)
	Net derivative gains (losses)	90		150		(1,155)		(150)		(19)		(411)		8		(1,487)
	Premiums	—		—		—		—		—		—		—		—
	Universal life and investment-type product policy fees	—		—		—		—		—		—		—		—
	Net investment income	(39)		(140)		296		(29)		418		(103)		10		413
	Other revenues	—		(38)		—		—		—		74		15		51
Expenses:
	Policyholder benefits and claims and policyholder dividends	—		(126)		154		(85)		—		37		—		(20)
	Policyholder liability remeasurement (gains) losses	—		—		—		—		—		—		—		—
	Market risk benefit remeasurement (gains) losses	—		(5)		14		—		41		825		1		876
	Interest credited to PABs	—		2		(301)		(17)		(415)		(49)		(2)		(782)
	Capitalization of DAC	—		—		—		—		—		—		—		—
	Amortization of DAC and VOBA	—		—		—		—		—		—		—		—
	Amortization of negative VOBA	—		—		—		—		—		—		—		—
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	—		—		—		4		(2)		—		(22)		(20)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	(2)		85		488		75		(8)		(7)		(101)		530
Adjusted earnings		$	817	$	809	$	872	$	459	$	154	$	312	(360)		3,063
Less: Preferred stock dividends														101		101
Adjusted earnings available to common shareholders														$	(461)	$	2,962
Premiums, fees and other revenues		$	12,540	$	3,357	$	3,412	$	3,002	$	1,241	$	1,738	$	232	$	25,522
Less: adjustments to premiums, fees and other revenues		—		(38)		—		—		—		74		15		51
Adjusted premiums, fees and other revenues		$	12,540	$	3,395	$	3,412	$	3,002	$	1,241	$	1,664	$	217	$	25,471

113

Six Months Ended June 30, 2023

		Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
		(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	656	$	505	$	(249)	$	476	$	140	$	(854)	$	(290)	$	384
Add: Preferred stock dividends		—		—		—		—		—		—		98		98
Add: Net income (loss) attributable to noncontrolling interests		—		—		—		3		2		—		6		11
Net income (loss)		656		505		(249)		479		142		(854)		(186)		493
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
	Net investment gains (losses)	1		(214)		(742)		(7)		27		(1,113)		325		(1,723)
	Net derivative gains (losses)	42		102		(546)		306		(44)		(864)		(83)		(1,087)
	Premiums	—		—		—		—		—		—		—		—
	Universal life and investment-type product policy fees	—		—		—		—		—		—		—		—
	Net investment income	(71)		(234)		280		(35)		259		(135)		7		71
	Other revenues	—		(36)		—		—		1		—		25		(10)
Expenses:
	Policyholder benefits and claims and policyholder dividends	—		(13)		57		(144)		—		—		—		(100)
	Policyholder liability remeasurement (gains) losses	—		—		—		—		—		—		—		—
	Market risk benefit remeasurement (gains) losses	—		(1)		33		—		33		564		—		629
	Interest credited to PABs	—		1		(303)		(55)		(256)		—		—		(613)
	Capitalization of DAC	—		—		—		—		—		—		—		—
	Amortization of DAC and VOBA	—		—		—		—		—		—		—		—
	Amortization of negative VOBA	—		—		—		—		—		—		—		—
	Interest expense on debt	—		—		—		—		—		—		—		—
	Other expenses	—		—		—		4		(2)		—		(49)		(47)
	Goodwill impairment	—		—		—		—		—		—		—		—
	Provision for income tax (expense) benefit	5		83		261		(24)		(6)		325		(45)		599
Adjusted earnings		$	679	$	817	$	711	$	434	$	130	$	369	(366)		2,774
Less: Preferred stock dividends														98		98
Adjusted earnings available to common shareholders														$	(464)	$	2,676
Adjusted earnings available to common shareholders on a constant currency basis (1)		$	679	$	817	$	686	$	430	$	121	$	369	$	(464)	$	2,638
Premiums, fees and other revenues		$	12,062	$	3,435	$	3,521	$	2,757	$	1,164	$	1,897	$	268	$	25,104
Less: adjustments to premiums, fees and other revenues		—		(36)		—		—		1		—		25		(10)
Adjusted premiums, fees and other revenues		$	12,062	$	3,471	$	3,521	$	2,757	$	1,163	$	1,897	$	243	$	25,114
Adjusted premiums, fees and other revenues on a constant currency basis (1)		$	12,062	$	3,471	$	3,250	$	2,719	$	1,122	$	1,897	$	243	$	24,764

__________________

(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.

114

Consolidated Results — Adjusted Earnings

Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2024 decreased $71 million, or 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $139 million, or 1%, compared to the prior period due to growth across most of our segments, largely offset by lower premiums in the pension risk transfer business in our RIS segment and the expected decline in our MetLife Holdings segment from business run-off.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Group Benefits	$	533	$	372	$	817	$	679
RIS	410		417		809		817
Asia	449		431		872		711
Latin America	226		219		459		434
EMEA	77		70		154		130
MetLife Holdings	153		211		312		369
Corporate & Other	(220)		(228)		(461)		(464)
Adjusted earnings available to common shareholders	$	1,628	$	1,492	$	2,962	$	2,676
Adjusted earnings available to common shareholders on a constant currency basis	$	1,628	$	1,462	$	2,962	$	2,638
Adjusted premiums, fees and other revenues	$	13,523	$	13,594	$	25,471	$	25,114
Adjusted premiums, fees and other revenues on a constant currency basis	$	13,523	$	13,384	$	25,471	$	24,764

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings Available to Common Shareholders - Increased $136 million on a reported basis, primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $50 million as a result of the reinsurance transaction that closed in November 2023 in our MetLife Holdings segment

Foreign Currency - Decreased adjusted earnings by $30 million, primarily in our Asia and Latin America segments

Market Factors - Decreased adjusted earnings by $24 million:

•Higher average interest crediting rates on investment-type and certain insurance products, primarily in our RIS and Asia segments

Largely offset by:

•Variable investment income increased - higher returns on private equity funds

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans, partially offset by lower income on derivatives

Volume Growth - Increased adjusted earnings by $89 million:

•Higher average invested assets primarily in our RIS, Asia and Latin America segments

•Higher sales and business growth in our foreign segments

Partially offset by:

•Increase in interest credited expenses on long duration products primarily in our RIS and Asia segments

115

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $183 million:

•Favorable mortality and morbidity results primarily in our Group Benefits segment

•Favorable change from refinements to certain insurance assets and other liabilities in both periods

Taxes - Unfavorable change in effective tax rate - 24% in the current period versus 22% in the prior period

•Current period effective tax rate on income before provision for income tax was 24% versus the U.S. statutory rate of 21% primarily due to tax charges from:

•Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

•Non-taxable investment income

•Low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method

▪Prior period effective tax rate on income before provision for income tax was 22% versus the U.S. statutory rate of 21% primarily due to tax charges from:

•Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

•Low income housing and other tax credits

•Adjustments related to prior years taxes

▪Non-taxable investment income

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings Available to Common Shareholders - Increased $286 million on a reported basis, primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $100 million as a result of the reinsurance transaction that closed in November 2023 in our MetLife Holdings segment

Foreign Currency - Decreased adjusted earnings by $38 million, primarily in our Asia segment

Market Factors - Increased adjusted earnings by $196 million:

•Variable investment income increased - higher returns on private equity funds

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans, partially offset by lower income on derivatives

Largely offset by:

•Higher average interest crediting rates on investment-type and certain insurance products, primarily in our RIS and Asia segments

Volume Growth - Increased adjusted earnings by $110 million:

•Higher average invested assets primarily in our RIS and Latin America segments

•Higher sales and business growth in our foreign segments

Partially offset by:

•Increase in interest credited expenses on long duration products primarily in our RIS and Latin America segments

116

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $208 million:

•Favorable mortality and morbidity results primarily in our Group Benefits segment

•Favorable change from refinements to certain insurance assets and other liabilities in both periods

Expenses - Decreased adjusted earnings by $48 million:

•Higher direct expenses, including employee-related and technology costs, in most of our segments

•Higher litigation reserves

Partially offset by:

•Lower corporate-related expenses, primarily in Corporate & Other

Taxes - Unfavorable change in effective tax rate - 24% in the current period versus 22% in the prior period

•Current period effective tax rate on income before provision for income tax was 24% versus the U.S. statutory rate of 21% primarily due to tax charges from:

•Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

•Non-taxable investment income

•Low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method

•Corporate tax deduction for stock compensation

▪Prior period effective tax rate on income before provision for income tax was 22% versus the U.S. statutory rate of 21% primarily due to tax charges from:

•Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

•Low income housing and other tax credits

▪Non-taxable investment income

▪Corporate tax deduction for stock compensation

▪Adjustments related to prior years taxes

117

Segment Results and Corporate & Other

Group Benefits

Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2024 increased $197 million, or 3%, compared to the prior period, primarily driven by growth in both core and voluntary products, partially offset by a decrease in premiums related to our participating life contracts, which can fluctuate with claims experience.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Total adjusted revenues	$	6,523	$	6,340	$	13,168	$	12,699
Total adjusted expenses	5,849		5,869		12,135		11,837
Provision for income tax expense (benefit)	141		99		216		183
Adjusted earnings	$	533	$	372	$	817	$	679
Adjusted premiums, fees and other revenues	$	6,210	$	6,013	$	12,540	$	12,062

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $161 million primarily due to the following business drivers:

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $174 million:

•Favorable mortality - lower claims incidence in our life business

•Favorable morbidity - favorable experience due to lower severity and a favorable reserve adjustment in the current period in our disability businesses, partially offset by a less favorable change in dental reserves

•Favorable change from refinements to certain insurance and other liabilities in both periods

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $138 million primarily due to the following business drivers:

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $157 million:

•Favorable mortality - lower claims incidence in our life business

•Favorable morbidity - favorable experience due to lower severity and a favorable reserve adjustment in the current period in our disability businesses, partially offset by a less favorable change in dental reserves, including the impact of prior year development

•Favorable change from refinements to certain insurance and other liabilities in both periods

Expenses - Decreased adjusted earnings by $15 million:

•Higher technology, employee-related and various other operating expenses exceeded the corresponding increase in adjusted premiums, fees and other revenues

Retirement & Income Solutions

Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2024 decreased $241 million, or 9%, compared to the prior period. The decrease was primarily driven by lower premiums from our pension risk transfer business, partially offset by growth in our institutional income annuities and United Kingdom (“U.K.”) longevity reinsurance businesses. Changes in premiums are mostly offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.

118

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Total adjusted revenues	$	4,699	$	4,771	$	7,601	$	7,233
Total adjusted expenses	4,181		4,244		6,579		6,201
Provision for income tax expense (benefit)	108		110		213		215
Adjusted earnings	$	410	$	417	$	809	$	817
Adjusted premiums, fees and other revenues	$	2,582	$	2,823	$	3,395	$	3,471

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $7 million primarily due to the following business drivers:

Market Factors - Decreased adjusted earnings by $25 million driven primarily by:

•Higher average interest crediting rates on investment-type products

Largely offset by:

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans, partially offset by lower income on derivatives

•Variable investment income increased - higher returns on private equity funds

Volume Growth - Increased adjusted earnings by $21 million:

•Positive flows from pension risk transfer transactions and funding agreement issuances resulted in higher average invested assets

Largely offset by:

•Increase in interest credited expenses on long duration products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $4 million

•Favorable refinements to certain insurance liabilities in the current period

Expenses - Decreased adjusted earnings by $10 million:

•Higher expenses, including certain employee-related costs and other taxes, licenses and fees

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $8 million primarily due to the following business drivers:

Market Factors - Increased adjusted earnings by $3 million:

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans, partially offset by lower income on derivatives

•Variable investment income increased - higher returns on private equity funds

Substantially offset by:

•Higher average interest crediting rates on investment-type products

Volume Growth - Increased adjusted earnings by $27 million:

• Positive flows from pension risk transfer transactions and funding agreement issuances resulted in higher average invested assets

119

Largely offset by:

•Increase in interest credited expenses on long duration products

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $25 million:

•Less favorable mortality - mainly in structured settlements and specialized benefit resources products

Expenses - Decreased adjusted earnings by $18 million:

•Higher expenses, including certain employee-related costs and other taxes, licenses and fees

Asia

Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2024 decreased $59 million, or 3%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $77 million, or 5%, compared to the prior period, as increases in premiums in Korea and Australia, as well as fee income from Japan’s foreign currency life and annuity products, were partially offset by a decrease in premiums from Japan’s accident & health products.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Total adjusted revenues	$	2,835	$	2,777	$	5,687	$	5,452
Total adjusted expenses	2,210		2,166		4,480		4,436
Provision for income tax expense (benefit)	176		180		335		305
Adjusted earnings	$	449	$	431	$	872	$	711
Adjusted earnings on a constant currency basis	$	449	$	417	$	872	$	686
Adjusted premiums, fees and other revenues	$	1,668	$	1,727	$	3,412	$	3,521
Adjusted premiums, fees and other revenues on a constant currency basis	$	1,668	$	1,591	$	3,412	$	3,250

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $18 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $14 million:

•Japanese yen weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $4 million:

• Recurring investment income increased - higher yields on fixed income securities

• Variable investment income increased - higher returns on private equity and real estate funds

Largely offset by:

•Higher average interest crediting rates on investment-type and certain insurance products

Volume Growth - Increased adjusted earnings by $6 million:

•Positive net flows driven by business growth across the region

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $21 million:

•Higher surrender charges in Japan

•Lower claims experience in Korea

120

Partially offset by:

•Unfavorable change from refinements to certain insurance assets and liabilities in both periods

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $161 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $25 million:

•Japanese yen and Korean won weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $100 million:

• Recurring investment income increased - higher yields on fixed income securities

• Variable investment income increased - higher returns on private equity and real estate funds

Partially offset by:

•Higher average interest crediting rates on investment-type and certain insurance products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $53 million:

•Higher surrender charges in Japan

•Lower claims experience in Korea

Partially offset by:

•Unfavorable change from refinements to certain insurance assets and liabilities in both periods

Taxes - Increased adjusted earnings by $26 million:

•Favorable change in Korea - tax benefits due to a tax audit settlement in the current period and lower dividend withholding tax as a result of a rate decrease

•Favorable change in Japan - tax benefits from higher foreign earnings taxed at lower rates in the current period

Latin America

Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2024 increased $121 million, or 9%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $167 million, or 12%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Total adjusted revenues	$	1,904	$	1,803	$	3,786	$	3,554
Total adjusted expenses	1,593		1,522		3,144		2,970
Provision for income tax expense (benefit)	85		62		183		150
Adjusted earnings	$	226	$	219	$	459	$	434
Adjusted earnings on a constant currency basis	$	226	$	209	$	459	$	430
Adjusted premiums, fees and other revenues	$	1,506	$	1,385	$	3,002	$	2,757
Adjusted premiums, fees and other revenues on a constant currency basis	$	1,506	$	1,339	$	3,002	$	2,719

121

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $7 million on a reported basis primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $10 million:

•Chilean peso weakened against the U.S. dollar

Partially offset by:

•Mexican peso strengthened against the U.S. dollar

Market Factors - Decreased adjusted earnings by $8 million:

•Recurring investment income decreased - lower returns on our Chilean encaje within fair value option (“FVO”) securities driven by a decrease in bond index returns

Partially offset by:

•Favorable impact of higher inflation

Volume Growth - Increased adjusted earnings by $22 million:

•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets

•Higher sales, primarily in Mexico

Partially offset by:

•Increase in interest credited expenses on long duration products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $10 million:

•Favorable underwriting - lower claims in Mexico, partially offset by higher claims in Chile

Taxes - Decreased adjusted earnings by $9 million:

•Tax adjustments in both periods - recurring tax item related to inflation in Chile and Mexico and adjustments related to the filing of the tax return in Mexico

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $25 million on a reported basis primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $4 million:

•Chilean peso weakened against the U.S. dollar

Largely offset by:

•Mexican peso strengthened against the U.S. dollar

Market Factors - Decreased adjusted earnings by $3 million:

•Unfavorable impact of lower inflation, primarily in Chile

Volume Growth - Increased adjusted earnings by $37 million:

•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets

•Higher sales, primarily in Mexico and Chile

Partially offset by:

•Increase in interest credited expenses on long duration products

122

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $22 million:

•Favorable refinements to certain insurance liabilities primarily in Chile and Mexico

•Favorable underwriting - lower claims in Mexico, largely offset by higher claims in Chile and the prior period reduction to the incurred but not reported reserve in Mexico

Expenses - Decreased adjusted earnings by $11 million:

•Higher corporate-related and various other operating expenses, primarily in Mexico and Chile

Taxes - Decreased adjusted earnings by $11 million:

•Tax adjustments in both periods - recurring tax item related to inflation in Chile and Mexico and adjustments related to the filing of the tax return in Mexico

Other - Decreased adjusted earnings by $5 million - includes amortization of DAC

EMEA

Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2024 increased $39 million, or 7%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $67 million, or 12%, compared to the prior period primarily due to increases in our (i) corporate solutions business in the Gulf, the U.K. and Egypt, (ii) credit life business in Turkey and Romania, and (iii) accident & health business across the region.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Total adjusted revenues	$	675	$	629	$	1,349	$	1,255
Total adjusted expenses	577		537		1,148		1,087
Provision for income tax expense (benefit)	21		22		47		38
Adjusted earnings	$	77	$	70	$	154	$	130
Adjusted earnings on a constant currency basis	$	77	$	64	$	154	$	121
Adjusted premiums, fees and other revenues	$	621	$	582	$	1,241	$	1,163
Adjusted premiums, fees and other revenues on a constant currency basis	$	621	$	554	$	1,241	$	1,122

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings – Increased $7 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $6 million:

•Turkish lira and Egyptian pound weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $8 million:

•Recurring investment income increased - higher yields on fixed income securities

Volume Growth - Increased adjusted earnings by $14 million:

•Increase in sales and business growth:

•Corporate solutions business in the U.K., Gulf and Egypt

•Credit life and pension businesses in Turkey and Romania

•Accident & health business in the U.K.

123

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $6 million:

•Unfavorable change from refinements to certain insurance liabilities in both periods

Partially offset by:

•Favorable underwriting experience across the region

Expenses - Decreased adjusted earnings by $7 million:

•Higher direct expenses, including employee-related costs and various other operating expenses across the region

Other - Increased adjusted earnings slightly - includes amortization of DAC

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $24 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $9 million:

•Turkish lira and Egyptian pound weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $15 million:

•Recurring investment income increased - higher yields on fixed income securities

Volume Growth - Increased adjusted earnings by $21 million:

•Increase in sales and business growth:

•Corporate solutions business in the U.K., Gulf and Egypt

•Credit life and pension businesses in Turkey and Romania

•Accident & health business across the region

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $13 million:

•Favorable underwriting experience across the region

Partially offset by:

•Unfavorable change from refinements to certain insurance liabilities in both periods

Expenses - Decreased adjusted earnings by $15 million:

•Higher direct expenses, including employee-related costs and various other operating expenses across the region

124

MetLife Holdings

Business Overview. Our MetLife Holdings segment consists of operations relating to products and businesses, previously included in our former retail business, that we no longer actively market in the U.S. As anticipated, adjusted premiums, fees and other revenues continue to decline from expected business run-off.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Total adjusted revenues	$	1,839	$	2,108	$	3,690	$	4,194
Total adjusted expenses	1,651		1,846		3,306		3,737
Provision for income tax expense (benefit)	35		51		72		88
Adjusted earnings	$	153	$	211	$	312	$	369
Adjusted premiums, fees and other revenues	$	823	$	938	$	1,664	$	1,897

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $58 million primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $50 million as a result of the reinsurance transaction that closed in November 2023

Market Factors - Increased adjusted earnings by $15 million:

•Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on mortgage loan funds

Volume Growth - Decreased adjusted earnings by $7 million, consistent with business run-off

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $19 million:

•Unfavorable mortality - higher claim severity in our life business, partially offset by favorable experience in our annuity business

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $57 million primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $100 million as a result of the reinsurance transaction that closed in November 2023

Market Factors - Increased adjusted earnings by $59 million:

•Variable investment income increased - higher returns on private equity funds

Partially offset by:

•Recurring investment income decreased - lower average invested assets due to business run-off, largely offset by higher yields on fixed income securities

Volume Growth - Decreased adjusted earnings by $15 million, consistent with business run-off

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million:

•Unfavorable mortality - higher claim severity in our life business

Partially offset by:

•Lower dividend expense due to business run-off

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Corporate & Other

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Total adjusted revenues	$	208	$	206	$	418	$	373
Total adjusted expenses	441		485		895		925
Provision for income tax expense (benefit)	(47)		(83)		(117)		(186)
Adjusted earnings	(186)		(196)		(360)		(366)
Less: Preferred stock dividends	34		32		101		98
Adjusted earnings available to common shareholders	$	(220)	$	(228)	$	(461)	$	(464)
Adjusted premiums, fees and other revenues	$	113	$	126	$	217	$	243

The table below presents adjusted earnings available to common shareholders by source:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Business activities	$	30	$	20	$	36	$	39
Net investment income	92		81		194		132
Interest expense on debt	(255)		(254)		(520)		(512)
Corporate initiatives and projects	(7)		(32)		(13)		(46)
Other	(93)		(94)		(174)		(165)
Provision for income tax (expense) benefit and other tax-related items	47		83		117		186
Preferred stock dividends	(34)		(32)		(101)		(98)
Adjusted earnings available to common shareholders	$	(220)	$	(228)	$	(461)	$	(464)

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Adjusted Earnings - Increased $8 million primarily due to the following:

Business Activities – Increased adjusted earnings by $8 million:

•Lower expenses in certain of our businesses

Net Investment Income - Increased adjusted earnings by $9 million:

•Variable investment income increased - higher returns on private equity funds

•Recurring investment income increased - the impact of tax equity investments now accounted for under the proportional amortization method, higher average invested assets and higher returns on FVO securities, substantially offset by lower yields on fixed income securities and lower income on real estate investments

Corporate Initiatives and Projects & Other - Increased adjusted earnings by $21 million:

•Lower corporate-related expenses, including from initiatives and projects

Partially offset by:

•Higher litigation reserves

Taxes - Unfavorable change in Corporate & Other’s taxes:

•Lower tax preferenced items, primarily due to the impact of tax equity investments now accounted for under the proportional amortization method, partially offset by foreign earnings taxed at different rates than the U.S. statutory rate

126

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Adjusted Earnings - Increased $3 million primarily due to the following:

Net Investment Income - Increased adjusted earnings by $49 million:

•Variable investment income increased - higher returns on private equity funds and corporate debt funds

•Recurring investment income increased - the impact of tax equity investments now accounted for under the proportional amortization method and higher average invested assets, largely offset by lower yields on fixed income securities

Interest Expense on Debt – Decreased adjusted earnings by $6 million:

•Senior note issuances in July 2023, March 2024 and June 2024

Partially offset by:

•Early senior note redemption in February 2023 and April 2024

•Surplus note repayment at maturity in January and February 2024

•Senior note repayment at maturity in April 2024

Corporate Initiatives and Projects & Other – Increased adjusted earnings by $19 million:

•Lower corporate-related expenses, including from initiatives and projects

Partially offset by:

•Higher litigation reserves

•Higher employee-related expenses

Taxes - Unfavorable change in Corporate & Other’s taxes:

•Lower tax preferenced items, primarily due to the impact of tax equity investments now accounted for under the proportional amortization method, partially offset by foreign earnings taxed at different rates than the U.S. statutory rate

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Investments

Overview

We maintain a diversified global general account investment portfolio to support our mix of liabilities in our global businesses. We position our portfolio based on relative value and our view of the economy and financial markets. We maintain our focus on appropriate level of diversification and asset quality.

We manage our investment portfolio using disciplined asset/liability management (“ALM”) principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with the vast majority of our portfolio invested in fixed maturity securities available-for-sale (“AFS”) and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities.

Current Environment

As a global insurance company, we continue to be impacted by the changing global financial and economic environment, the fiscal and monetary policy of governments and central banks around the world and other governmental measures. Global inflation, supply chain disruptions, acts of war and banking sector volatility continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets. See “— Industry Trends — Financial and Economic Environment” for further information regarding conditions in the global financial markets and the economy generally which may affect us. These factors may persist for some time and may continue to impact pricing levels of risk-bearing investments, as well as our business operations, investment portfolio and derivatives. Rising market interest rates have impacted our investment portfolio and derivatives. See “— Results of Operations — Consolidated Results” and “— Results of Operations — Consolidated Results — Adjusted Earnings” for impacts on our derivatives and analysis of the period over period changes in investment portfolio results and “Investments — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss — Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position” in Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for impacts on the net unrealized gain (loss) on our fixed maturity securities AFS.

Selected Country Investments

We have a market presence in numerous countries and, therefore, our investment portfolio, which supports our insurance operations and related policyholder liabilities, as well as our global portfolio diversification objectives, is exposed to risks posed by local political and economic conditions. The countries included in the following table have been the most affected by these risks. The table below presents a summary of selected country fixed maturity securities AFS, at estimated fair value, on a “country of risk basis” (i.e., where the issuer primarily conducts business).

	Selected Country Fixed Maturity Securities AFS at June 30, 2024
Country	Sovereign (1)			Financial Services			Non-Financial Services			Total (2)
	(Dollars in millions)
Israel	144			16			91			251
Peru	82			3			177			262
Ukraine	28			—			2			30
Russian Federation	11			—			—			11
Total	$	265		$	19		$	270		$	554
Investment grade %	78.1		%	86.0		%	78.1		%	78.4		%

__________________

(1)Sovereign includes government and agency.

(2)The par value, amortized cost, net of ACL, and estimated fair value, net of purchased and written credit default swaps, of these securities were $649 million, $600 million and $360 million, respectively, at June 30, 2024. The notional value and estimated fair value of the net purchased credit default swaps were $192 million and $2 million, respectively, at June 30, 2024.

128

We manage direct and indirect investment exposure in the selected countries through fundamental analysis and we continually monitor and adjust our level of investment exposure. We do not expect that our general account investments in these countries will have a material adverse effect on our results of operations or financial condition.

Investment Portfolio Results

See “— Overview” for a discussion of our investment portfolio and a summary of how we manage our investment portfolio. The following tables present a reconciliation of net investment income under GAAP to adjusted net investment income and our yield table. The yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.

Reconciliation of Net Investment Income under GAAP to Adjusted Net Investment Income

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Net investment income — GAAP	$	5,205	$	5,072	$	10,641	$	9,717
Investment hedge adjustments	172		263		348		527
Unit-linked investment income	(219)		(296)		(761)		(599)
Other	2		1		—		1
Adjusted net investment income (1)	$	5,160	$	5,040	$	10,228	$	9,646

__________________

(1)See “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of the adjustments made to net investment income under GAAP in calculating adjusted net investment income.

129

Yield Table

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2024				2023				2024				2023
Asset Class	Yield % (1)		Amount		Yield % (1)		Amount		Yield % (1)		Amount		Yield % (1)		Amount
	(Dollars in millions)
Fixed maturity securities (2), (3)	4.38	%	$	3,206	4.17	%	$	3,107	4.38	%	$	6,406	4.12	%	$	6,135
Net mortgage loans (3)	5.30		1,096		5.12		1,091		5.28		2,196		5.02		2,132
Real estate and real estate joint ventures	(0.97)		(32)		0.82		27		(1.85)		(122)		(0.65)		(42)
Policy loans	5.44		110		5.39		119		5.50		223		5.37		238
Equity securities	5.50		7		4.11		10		5.49		14		3.55		22
Other limited partnership interests	9.10		325		6.17		225		8.68		626		3.46		251
Cash and short-term investments	4.61		209		5.94		195		4.97		455		5.47		362
Other invested assets	—		386		—		397		—		734		—		836
Investment income	4.83	%	5,307		4.66	%	5,171		4.79	%	10,532		4.48	%	9,934
Investment fees and expenses	(0.13)		(147)		(0.12)		(131)		(0.14)		(304)		(0.13)		(288)
Net investment income including divested businesses (4)	4.70	%	5,160		4.54	%	5,040		4.65	%	10,228		4.35	%	9,646
Less: net investment income from divested businesses (4)			—				—				—				—
Adjusted net investment income			$	5,160			$	5,040			$	10,228			$	9,646

__________________

(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains (losses) from sales and disposals, and includes the impact of changes in foreign currency exchange rates. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

(2)Fixed maturity securities in the yield table includes FVO securities; accordingly, investment income (loss) from fixed maturity securities includes amounts from FVO securities of $22 million and $50 million for the three months ended June 30, 2024 and 2023, respectively, and $107 million and $98 million for the six months ended June 30, 2024 and 2023, respectively, and FVO securities asset carrying values are included in the calculation of average quarterly fixed maturity securities asset carrying values in the yield calculation.

(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees and excludes investment income from mortgage loans originated for third parties, respectively. See “— Net Mortgage Loans.”

(4)See “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of divested businesses.

See “— Results of Operations — Consolidated Results — Adjusted Earnings” for an analysis of the period over period changes in investment portfolio results.

Net Investment Gains (Losses)

We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold.

See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in realized gains (losses) on investments sold, provision (release) for credit loss and impairments and non-investment portfolio gains (losses).

130

Fixed Maturity Securities AFS and Equity Securities

The following table presents public and private fixed maturity securities AFS and equity securities held at:

	June 30, 2024					December 31, 2023
Securities by Type	Estimated Fair Value			% of Total		Estimated Fair Value			% of Total
	(Dollars in millions)
Fixed maturity securities AFS
Publicly traded	$	203,148		73.1	%	$	209,616		74.5	%
Privately-placed	74,588			26.9		71,796			25.5
Total fixed maturity securities AFS	$	277,736		100.0	%	$	281,412		100.0	%
Percentage of cash and invested assets	60.7		%			60.3		%
Equity securities
Publicly traded	$	489		64.9	%	$	506		66.8	%
Privately-held	265			35.1		251			33.2
Total equity securities	$	754		100.0	%	$	757		100.0	%
Percentage of cash and invested assets	0.2		%			0.2		%

See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities, continuous gross unrealized losses and equity securities by security type and the related cost, net unrealized gains (losses) and estimated fair value of these securities; as well as realized gains (losses) on sales and disposals and unrealized net gains (losses) recognized in earnings.

Included within fixed maturity securities AFS are structured securities, including residential mortgage-backed securities (“RMBS”), asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Products”). See “— Structured Products” for further information.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2023 Annual Report for further information on the processes used to value securities and the related controls.

Fair Value of Fixed Maturity Securities AFS and Equity Securities

Fixed maturity securities AFS and equity securities measured at estimated fair value on a recurring basis and their corresponding fair value pricing sources were as follows:

	June 30, 2024
Level	Fixed Maturity Securities AFS				Equity Securities
	(Dollars in millions)
Level 1
Quoted prices in active markets for identical assets	$	16,700	6.0	%	$	415	55.1	%
Level 2
Independent pricing sources	225,888		81.4		74		9.8
Internal matrix pricing or discounted cash flow techniques	—		—		3		0.4
Significant other observable inputs	225,888		81.4		77		10.2
Level 3
Independent pricing sources	25,893		9.3		33		4.4
Internal matrix pricing or discounted cash flow techniques	8,562		3.1		219		29.0
Independent broker quotations	693		0.2		10		1.3
Significant unobservable inputs	35,148		12.6		262		34.7
Total at estimated fair value	$	277,736	100.0	%	$	754	100.0	%

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See Note 12 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities AFS and equity securities fair value hierarchy; a rollforward of the fair value measurements for securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs; transfers into and/or out of Level 3; and further information about the valuation approaches and inputs by level by major classes of invested assets that affect the amounts reported above.

The majority of the Level 3 fixed maturity securities AFS and equity securities were concentrated in three sectors at June 30, 2024: foreign corporate securities, U.S. corporate securities and ABS & CLO. During the three months ended June 30, 2024, Level 3 fixed maturity securities AFS increased by $1.3 billion, or 3.9%. The increase was driven by purchases in excess of sales, offset by transfers out of Level 3 in excess of transfers into Level 3 and a decrease in estimated fair value recognized in other comprehensive income (loss). During the six months ended June 30, 2024, Level 3 fixed maturity securities AFS increased by $2.2 billion, or 6.7%. The increase was driven by purchases in excess of sales, offset by a decrease in estimated fair value recognized in other comprehensive income (loss) and transfers out of Level 3 in excess of transfers into Level 3.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2023 Annual Report for further information on the estimates and assumptions that affect the amounts reported above.

Fixed Maturity Securities AFS

See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities and continuous gross unrealized losses.

Fixed Maturity Securities AFS Credit Quality — Ratings

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Fixed Maturity Securities AFS Credit Quality — Ratings” included in the 2023 Annual Report for a discussion of the credit quality ratings assigned by Nationally Recognized Statistical Rating Organizations (“NRSRO”), credit quality designations and designation categories assigned by the Securities Valuation Office of the NAIC for fixed maturity securities AFS and modeling methodologies adopted by the NAIC for non-agency RMBS and CMBS that estimate security level expected losses under a variety of economic scenarios.

NRSRO ratings and NAIC designations are as of the dates shown below. Over time, credit ratings and designations can migrate, up or down, through the NRSRO’s and NAIC’s continuous monitoring process. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.

The following table presents total fixed maturity securities AFS by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided.

		June 30, 2024								December 31, 2023
NRSRO Rating	NAIC Designation	Amortized Cost net of ACL		Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Amortized Cost net of ACL		Unrealized Gains (Losses)		Estimated Fair Value		% of Total
		(Dollars in millions)
Aaa/Aa/A	1	$	212,048	$	(19,809)	$	192,239	69.2	%	$	209,232	$	(14,510)	$	194,722	69.2	%
Baa	2	77,605		(4,873)		72,732		26.2		77,534		(3,854)		73,680		26.2
Subtotal investment grade		289,653		(24,682)		264,971		95.4		286,766		(18,364)		268,402		95.4
Ba	3	9,454		(265)		9,189		3.3		10,694		(395)		10,299		3.7
B	4	3,563		(272)		3,291		1.2		2,491		(120)		2,371		0.8
Caa and lower	5	287		(61)		226		0.1		280		(22)		258		0.1
In or near default	6	113		(54)		59		—		140		(58)		82		—
Subtotal below investment grade		13,417		(652)		12,765		4.6		13,605		(595)		13,010		4.6
Total fixed maturity securities AFS		$	303,070	$	(25,334)	$	277,736	100.0	%	$	300,371	$	(18,959)	$	281,412	100.0	%

132

The following tables present total fixed maturity securities AFS, at estimated fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of the NRSRO ratings to NAIC designations is provided.

	Fixed Maturity Securities AFS — by Sector & Credit Quality Rating
NRSRO Rating	Aaa/Aa/A			Baa			Ba			B			Caa and Lower			In or Near Default			Total Estimated Fair Value
NAIC Designation	1			2			3			4			5			6
	(Dollars in millions)
June 30, 2024
U.S. corporate	$	42,926		$	32,081		$	4,062		$	1,453		$	135		$	21		$	80,678
Foreign corporate	18,662			31,052			3,195			475			19			16			53,419
Foreign government	31,954			5,336			1,419			1,287			43			15			40,054
U.S. government and agency	32,858			380			—			—			—			—			33,238
RMBS	31,537			971			65			38			3			2			32,616
ABS & CLO	14,740			2,593			375			38			26			3			17,775
Municipals	10,243			200			27			—			—			—			10,470
CMBS	9,319			119			46			—			—			2			9,486
Total fixed maturity securities AFS	$	192,239		$	72,732		$	9,189		$	3,291		$	226		$	59		$	277,736
Percentage of total	69.2		%	26.2		%	3.3		%	1.2		%	0.1		%	—		%	100.0		%
December 31, 2023
U.S. corporate	$	42,892		$	31,942		$	4,093		$	1,602		$	158		$	30		$	80,717
Foreign corporate	19,519			32,144			3,300			458			9			14			55,444
Foreign government	37,024			5,727			2,410			245			52			31			45,489
U.S. government and agency	31,876			376			—			—			—			—			32,252
RMBS	28,381			602			68			40			3			2			29,096
ABS & CLO	14,345			2,548			345			26			26			4			17,294
Municipals	10,974			168			29			—			—			—			11,171
CMBS	9,711			173			54			—			10			1			9,949
Total fixed maturity securities AFS	$	194,722		$	73,680		$	10,299		$	2,371		$	258		$	82		$	281,412
Percentage of total	69.2		%	26.2		%	3.7		%	0.8		%	0.1		%	—		%	100.0		%

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U.S. and Foreign Corporate Fixed Maturity Securities AFS

We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either June 30, 2024 or December 31, 2023. The top 10 holdings comprised 1% of total investments at both June 30, 2024 and December 31, 2023. The table below presents our U.S. and foreign corporate securities portfolios by industry at:

	June 30, 2024				December 31, 2023
Industry	Estimated Fair Value		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
Finance	$	31,338	23.3	%	$	32,142	23.5	%
Consumer (cyclical and non-cyclical)	27,551		20.5		28,391		20.9
Utility	24,591		18.3		24,058		17.7
Industrial (basic, capital goods and other)	14,442		10.8		14,240		10.5
Transportation	11,632		8.7		12,132		8.9
Communications	9,590		7.2		10,048		7.4
Energy	7,692		5.7		7,917		5.8
Technology	4,240		3.2		4,262		3.1
Other	3,021		2.3		2,971		2.2
Total	$	134,097	100.0	%	$	136,161	100.0	%

Structured Products 

Our investments in Structured Products are collateralized by residential mortgages, commercial mortgages, bank loans and other assets. Our investment selection criteria and monitoring include review of credit ratings, characteristics of the assets underlying the securities, borrower characteristics and the level of credit enhancement. We held $59.9 billion and $56.3 billion of Structured Products, at estimated fair value, at June 30, 2024 and December 31, 2023, respectively, as presented in the RMBS, ABS & CLO and CMBS sections below.

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RMBS

Our RMBS portfolio is broadly diversified by security type and risk profile. The following table presents our RMBS portfolio by security type, risk profile and ratings profile at:

	June 30, 2024						December 31, 2023
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
Security type
Collateralized mortgage obligations	$	20,384	62.5	%	$	(1,383)	$	16,704	57.4	%	$	(1,268)
Pass-through mortgage-backed securities	12,232		37.5		(1,366)		12,392		42.6		(1,114)
Total RMBS	$	32,616	100.0	%	$	(2,749)	$	29,096	100.0	%	$	(2,382)
Risk profile
Agency	$	19,912	61.1	%	$	(2,070)	$	18,472	63.5	%	$	(1,650)
Non-Agency
Prime and prime investor	6,209		19.0		(428)		4,827		16.6		(435)
non-qualified residential mortgage (“NQM”) and alternative (“Alt-A”)	1,691		5.2		(57)		1,760		6.0		(75)
Reperforming and sub-prime	3,127		9.6		(156)		2,622		9.0		(167)
Other (1)	1,677		5.1		(38)		1,415		4.9		(55)
Subtotal Non-Agency	12,704		38.9	%	(679)		10,624		36.5	%	(732)
Total RMBS	$	32,616	100.0	%	$	(2,749)	$	29,096	100.0	%	$	(2,382)
Ratings profile
Rated Aaa and Aa	$	28,157	86.3	%			$	25,307	87.0	%
Designated NAIC 1	$	31,537	96.7	%			$	28,384	97.6	%

__________________

(1)Other Non-Agency RMBS are broadly diversified across several subsectors and issuers, including securities collateralized by the following mortgage loan types: single family rental, early buyout securitization and small business commercial.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Structured Products — RMBS” included in the 2023 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities, as well as agency, prime, prime investor, NQM, Alt-A, reperforming and sub-prime mortgage-backed securities.

We manage our exposure to reperforming and sub-prime RMBS holdings by focusing primarily on senior tranche securities, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. Our reperforming RMBS are generally newer vintage securities and higher quality at purchase and the vast majority are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists predominantly of securities that were purchased at significant discounts to par value and discounts to the expected principal recovery value of these securities, and the vast majority are investment grade under NAIC designations.

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ABS & CLO

Our non-mortgage loan-backed structured securities are comprised of two broad categories of securitizations: ABS & CLO. These portfolios are broadly diversified by collateral type and issuer. The following table presents our ABS & CLO portfolios by collateral type and ratings profile at:

	June 30, 2024						December 31, 2023
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
ABS
Collateral type
Vehicle and equipment loans	$	1,599	9.0	%	$	(12)	$	1,605	9.2	%	$	(23)
Digital infrastructure	1,618		9.1		(52)		1,376		8.0		(77)
Consumer loans	1,042		5.9		(57)		944		5.5		(78)
Credit card	967		5.4		3		904		5.2		(4)
Franchise	799		4.5		(49)		852		4.9		(65)
Student loans	696		3.9		(43)		702		4.1		(58)
Other (1)	2,951		16.6		(221)		3,038		17.6		(241)
Total ABS	$	9,672	54.4	%	$	(431)	$	9,421	54.5	%	$	(546)
CLO (2)	$	8,103	45.6	%	$	8	$	7,873	45.5	%	$	(63)
Total ABS & CLO	$	17,775	100.0	%	$	(423)	$	17,294	100.0	%	$	(609)
ABS ratings profile
Rated Aaa and Aa	$	3,675	38.0	%			$	3,970	42.1	%
Designated NAIC 1	$	7,379	76.3	%			$	7,227	76.7	%
CLO ratings profile
Rated Aaa and Aa	$	6,074	75.0	%			$	5,913	75.1	%
Designated NAIC 1	$	7,329	90.4	%			$	7,118	90.4	%
ABS & CLO ratings profile
Rated Aaa and Aa	$	9,749	54.8	%			$	9,883	57.1	%
Designated NAIC 1	$	14,708	82.7	%			$	14,345	82.9	%

_________________

(1)Other ABS are broadly diversified across several subsectors and issuers, including securities with the following collateral types: foreign residential loans, transportation equipment and renewable energy.

(2)Includes primarily securities collateralized by broadly syndicated bank loans.

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CMBS

Our CMBS portfolio is comprised primarily of conduit, single asset and single borrower securities. Conduit securities are collateralized by many commercial mortgage loans and are broadly diversified by property type, borrower and geography. The following tables present our CMBS portfolio by collateral type and ratings profile at:

	June 30, 2024						December 31, 2023
	Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)		Estimated Fair Value		% of Total		Net Unrealized Gains (Losses)
	(Dollars in millions)
Collateral type
Conduit	$	5,471	57.6	%	$	(461)	$	6,102	61.3	%	$	(643)
Single asset and single borrower	2,086		22.0		(104)		1,997		20.1		(136)
Agency	635		6.7		(104)		735		7.4		(93)
Commercial real estate collateralized loan obligations	397		4.2		(4)		437		4.4		(9)
Other	897		9.5		9		678		6.8		(7)
Total CMBS	$	9,486	100.0	%	$	(664)	$	9,949	100.0	%	$	(888)
Ratings profile
Rated Aaa and Aa	$	7,646	80.6	%			$	8,262	83.0	%
Designated NAIC 1	$	9,318	98.2	%			$	9,710	97.6	%

Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of Allowance for Credit Loss and Credit Loss on Fixed Maturity Securities AFS Recognized in Earnings

See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the evaluation of fixed maturity securities AFS for credit loss, rollforward of the ACL, net credit loss provision (release) and impairment (losses), as well as realized gains (losses) on sales and disposals of fixed maturity securities AFS at and for the six months ended June 30, 2024.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

We participate in securities lending transactions, repurchase agreements and third-party custodian administered programs with unaffiliated financial institutions in the normal course of business for the purpose of enhancing the total return on our investment portfolio.

Securities lending transactions and repurchase agreements: We account for these arrangements as secured borrowings and record a liability in the amount of the cash received. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the securities are returned to us. Through these arrangements, we were liable for cash collateral under our control of $14.1 billion and $13.8 billion at June 30, 2024 and December 31, 2023, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as “Summary of Significant Accounting Policies — Investments — Securities Lending Transactions and Repurchase Agreements” in Note 1 and Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information about the secured borrowings accounting and the classification of revenues and expenses.

Third-party custodian administered programs: The estimated fair value of securities we own which are loaned in connection with these programs was $460 million and $362 million at June 30, 2024 and December 31, 2023, respectively. The estimated fair value of the related non-cash collateral on deposit with third-party custodians on our behalf, which is not reflected in our interim condensed consolidated financial statements and cannot be sold or re-pledged, was $474 million and $371 million at June 30, 2024 and December 31, 2023, respectively.

Net Mortgage Loans

Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows of certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. The net mortgage loan information presented herein does not include mortgage loans originated for third parties and the related ACL. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.

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Net mortgage loans carried at amortized cost and the related ACL are summarized as follows at:

	June 30, 2024									December 31, 2023
Portfolio Segment		Amortized Cost (1)		% of Total		ACL (1)		ACL as % of Amortized Cost		Amortized Cost (1)		% of Total		ACL (1)		ACL as % of Amortized Cost
		(Dollars in millions)
Commercial		$	50,109	60.6	%	$	403	0.8	%	$	52,111	61.5	%	$	295	0.6	%
Agricultural		19,383		23.4		170		0.9	%	19,559		23.1		171		0.9	%
Residential		13,273		16.0		141		1.1	%	13,096		15.4		182		1.4	%
Total		$	82,765	100.0	%	$	714	0.9	%	$	84,766	100.0	%	$	648	0.8	%

_________________

(1)Does not include mortgage loans originated for third parties of $7.8 billion at amortized cost ($7.6 billion commercial and $253 million agricultural) and the related ACL of $92 million at June 30, 2024, and $8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million at December 31, 2023.

We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our net commercial and agricultural mortgage loans carried at amortized cost, 86% are collateralized by properties located in the U.S., with the remaining 14% collateralized by properties located primarily in Mexico, the U.K. and Australia at June 30, 2024. The carrying values of our net commercial and agricultural mortgage loans collateralized by properties located in California, New York and Texas were 15%, 9% and 6%, respectively, of total net commercial and agricultural mortgage loans at June 30, 2024. Additionally, we manage risk when originating commercial and agricultural mortgage loan investments by generally lending up to 75% of the estimated fair value of the underlying real estate collateral.

We manage our residential mortgage loans carried at amortized cost in a similar manner to reduce risk of concentration, with 91% collateralized by properties located in the U.S., and the remaining 9% collateralized by properties located in Chile, at June 30, 2024. The carrying values of our residential mortgage loans located in California, Florida and New York were 33%, 10% and 8%, respectively, of total residential mortgage loans at June 30, 2024.

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Net Commercial Mortgage Loans by Geographic Region and Property Type. Net commercial mortgage loans are the largest mortgage loan portfolio segment. The tables below present, at amortized cost, the diversification of these investments across geographic regions and property types:

	June 30, 2024				December 31, 2023
	Amount		% of Total		Amount		% of Total
	(Dollars in millions)
Region
Pacific	$	8,680	17.3	%	$	9,016	17.3	%
Non-U.S.	8,385		16.7		8,933		17.1
Middle Atlantic	7,250		14.5		7,477		14.3
South Atlantic	6,517		13.0		6,637		12.7
West South Central	3,386		6.8		3,472		6.7
New England	2,821		5.6		2,859		5.5
Mountain	2,264		4.5		2,193		4.2
East North Central	1,600		3.2		1,822		3.5
East South Central	652		1.3		654		1.3
West North Central	472		1.0		613		1.2
Multi-Region and Other	8,082		16.1		8,435		16.2
Total amortized cost	$	50,109	100.0	%	$	52,111	100.0	%
Less: ACL	403				295
Carrying value, net of ACL	$	49,706			$	51,816
Property Type
Office	$	18,799	37.5	%	$	19,651	37.7	%
Apartment	10,954		21.9		11,974		23.0
Retail	7,443		14.8		7,218		13.9
Industrial	4,941		9.9		5,275		10.1
Single Family Rental	4,822		9.6		4,728		9.1
Hotel	3,049		6.1		3,140		6.0
Other	101		0.2		125		0.2
Total amortized cost	$	50,109	100.0	%	$	52,111	100.0	%
Less: ACL	403				295
Carrying value, net of ACL	$	49,706			$	51,816

Our commercial mortgage loan investments are well positioned with exposures concentrated in high quality underlying properties located in primary markets typically with institutional investors who are better positioned to manage their assets during periods of market volatility. Our portfolio is comprised primarily of lower risk loans with higher debt service coverage ratios (“DSCR”) and lower loan-to-value (“LTV”) ratios, as shown below.

Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on net mortgage loans by credit quality indicator. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for further information by performance indicator.

We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology.

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LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our net commercial mortgage loans, our average LTV ratio was 66% and 64% at June 30, 2024 and December 31, 2023, respectively, and our average DSCR was 2.2x and 2.3x at June 30, 2024 and December 31, 2023, respectively. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our net agricultural mortgage loans, our average LTV ratio was 49% and 47% at June 30, 2024 and December 31, 2023, respectively. The values utilized in calculating our agricultural mortgage loan investments LTV ratio are developed in connection with the ongoing review of our portfolio and are routinely updated.

The distribution of our net commercial mortgage loan portfolios totaling $50.1 billion at amortized cost at June 30, 2024 by key credit quality indicators of LTV and DSCR was as follows:

	June 30, 2024
	DSCR
LTV	> 1.2x		1.0-1.2x		< 1.0x		Total
<65%	46.5	%	2.3	%	1.3	%	50.1	%
65% - 75%	22.6	%	1.5	%	1.0	%	25.1	%
76% - 80%	6.0	%	0.6	%	0.2	%	6.8	%
>80%	12.0	%	3.5	%	2.5	%	18.0	%
Total	87.1	%	7.9	%	5.0	%	100.0	%

The distribution of our net agricultural mortgage loan portfolios totaling $19.4 billion at amortized cost at June 30, 2024 by the key credit quality indicator of LTV was as follows:

	June 30, 2024
LTV	Total
<65%	92.8	%
65% - 75%	6.5	%
76% - 80%	—	%
>80%	0.7	%
Total	100.0	%

Mortgage Loan Allowance for Credit Loss. Our ACL is established for both pools of loans with similar risk characteristics and for mortgage loan investments with dissimilar risk characteristics, such as collateral dependent loans, individually and on a loan specific basis. We record an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loan investments that the Company does not expect to collect, resulting in mortgage loan investments being presented at the net amount expected to be collected.

In determining our ACL, management (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over contractual terms of mortgage loans, as adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Actual credit loss realized could be different from the amount of the ACL recorded. These evaluations and assessments are revised as conditions change and new information becomes available, which can cause the ACL to increase or decrease over time as such evaluations are revised. Negative credit migration, including an actual or expected increase in the level of problem loans, will result in an increase in the ACL. Positive credit migration, including an actual or expected decrease in the level of problem loans, will result in a decrease in the ACL. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on how the ACL is established and monitored, and activity in and balances of the ACL.

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Real Estate and Real Estate Joint Ventures

Our real estate investments are comprised of wholly-owned properties, and interests in both real estate joint ventures and real estate funds which invest in a wide variety of properties and property types, including single and multi-property projects, and are broadly diversified across multiple property types and geographies.

The carrying value of our real estate investments was $13.5 billion and $13.3 billion at June 30, 2024 and December 31, 2023, respectively, or 3.0% and 2.9% of cash and invested assets, at June 30, 2024 and December 31, 2023, respectively.

Our real estate investments are typically stabilized properties that we intend to hold for the longer-term for portfolio diversification and long-term appreciation. Our real estate investment portfolio had appreciated to a $4.0 billion unrealized gain position at June 30, 2024.

We continuously monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. There were no impairments (losses) recognized on our real estate investments for either the six months ended June 30, 2024 or 2023.

We diversify our real estate investments by property type, form of equity interest (wholly-owned, joint venture and funds) and geographic region to reduce risk of concentration. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for a summary of our real estate investments, by income type, as well as income earned.

Other Limited Partnership Interests

Other limited partnership interests are comprised of investments in private funds, including private equity funds and hedge funds. At June 30, 2024 and December 31, 2023, the carrying value of other limited partnership interests was $14.3 billion and $14.8 billion, which included $18 million and $27 million of hedge funds, respectively. Other limited partnership interests were 3.1% and 3.2% of cash and invested assets at June 30, 2024 and December 31, 2023, respectively. Cash distributions on these investments are generated from investment gains, operating income from the underlying investments of the funds and liquidation of the underlying investments of the funds.

We use the equity method of accounting for most of our private equity funds. We generally recognize our share of a private equity fund’s earnings in net investment income on a three-month lag, which is when the information is reported to us. Accordingly, changes in equity market levels, which can impact the underlying results of these private equity funds, are recognized in earnings within our net investment income on a three-month lag.

Other Invested Assets

The following table presents the carrying value of our other invested assets by type at:

	June 30, 2024					December 31, 2023
Asset Type	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Freestanding derivatives with positive estimated fair values	$	8,241		45.5	%	$	8,737		48.0	%
Direct financing leases	1,208			6.7		1,304			7.2
Annuities funding structured settlement claims	1,255			6.9		1,256			6.9
Operating joint ventures (1)	1,483			8.2		1,142			6.3
Company-owned life insurance policies	1,060			5.8		1,036			5.7
Tax credit and renewable energy partnerships	787			4.3		1,034			5.7
Federal Home Loan Bank of New York (“FHLBNY”) common stock	715			3.9		714			3.9
Leveraged leases	655			3.6		689			3.8
Funds withheld	451			2.5		436			2.4
Other	2,276			12.6		1,854			10.1
Total	$	18,131		100.0	%	$	18,202		100.0	%
Percentage of cash and invested assets	4.0		%			3.9		%

__________________

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(1)See Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements for information regarding the Company’s pending disposition of MetLife Malaysia.

See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for information regarding freestanding derivatives with positive estimated fair values, tax credit and renewable energy partnerships, annuities funding structured settlement claims, direct financing and leveraged leases, operating joint ventures, FHLBNY common stock, and funds withheld.

Investment Commitments

We enter into the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: mortgage loan commitments and commitments to fund partnerships, bank credit facilities, bridge loans and private corporate bond investments. See Note 19 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at June 30, 2024 and December 31, 2023. See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments and the liability for credit loss for unfunded mortgage loan commitments. See also “— Fixed Maturity Securities AFS and Equity Securities,” “— Net Mortgage Loans,” “— Real Estate and Real Estate Joint Ventures” and “— Other Limited Partnership Interests.”

Derivatives

Overview

We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives such as market standard purchased and written credit default swap contracts. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for: 

•A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks.

•Information about the primary underlying risk exposure, gross notional amount, and estimated fair value of our derivatives by type of hedge designation, excluding embedded derivatives held at June 30, 2024 and December 31, 2023.

•The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedging relationships for the three months and six months ended June 30, 2024 and 2023.

See “— Summary of Critical Accounting Estimates — Derivatives” in the 2023 Annual Report for further information on the estimates and assumptions that affect derivatives. See also “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” in the 2023 Annual Report for more information about our use of derivatives by major hedge program.

Net Derivative Gains (Losses)

A portion of our derivatives are designated and qualify as accounting hedges, which reduce volatility in earnings. For those derivatives not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our free cash flow and capital objectives are met under a range of market conditions.

Certain variable annuity products with guaranteed minimum benefits are accounted for as MRBs and measured at estimated fair value. We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees.

We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving NAIC and the New York Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives mitigate the potential deterioration in our capital positions from significant adverse economic conditions.

See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in net derivative gains (losses).

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Liquidity and Capital Resources

Overview

This discussion should be read in conjunction with the following sections included elsewhere herein for additional information regarding the topics noted below:

•Notes to the Interim Condensed Consolidated Financial Statements:

◦Note 13 (senior notes issuances and senior notes redemption); and

◦Note 14 (preferred stock, including the calculation and timing of dividend payments, and MetLife, Inc.’s common stock repurchase authorizations).

Additionally, this discussion should be read in conjunction with the following sections included in the 2023 Annual Report for additional information regarding the topics noted below:

•Notes to the Consolidated Financial Statements: (i) Note 3 (dispositions); (ii) Note 5 (funding agreements, reported in PABs, and the related pledged collateral); (iii) Note 16 (long-term debt, commercial paper and other short-term debt, credit and committed facilities, and debt and facility covenants); (iv) Note 17 (collateral financing arrangement and the related pledged collateral); (v) Note 18 (junior subordinated debt securities and the related replacement capital covenant); and (vi) Note 19 (preferred stock and common stock, including the calculation and timing of dividend payments, restrictions on dividends, “dividend stopper” provisions, and MetLife, Inc.’s common stock repurchase authorizations).

•Notes to the MetLife, Inc. (Parent Company Only) Condensed Financial Information included in Schedule II of the Financial Statement Schedules: (i) Note 4 (affiliated long-term debt); and (ii) Note 5 (support agreements).

•Risk Factors: (i) “— Capital Risks”; (ii) “— Investment Risks — We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our Securities Lending Program in a Timely Manner to Realize Their Full Value”; (iii) “— Economic Environment and Capital Markets Risks — We May Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings”; and (iv) “— Economic Environment and Capital Markets Risks — We May Not Meet Our Liquidity Needs, Access Capital, or May Face Significantly Increased Cost of Capital Due to Adverse Capital and Credit Market Conditions.”

Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Such conditions may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see “— Industry Trends” and “— Investments — Current Environment.”

Liquidity Management

Based upon the strength of our franchise, diversification of our businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and reasonably possible stress scenarios. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of market conditions, as well as changing needs and opportunities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity” included in the 2023 Annual Report.

Short-term Liquidity and Liquid Assets

An integral part of our liquidity management includes managing our level of liquid assets. At June 30, 2024 and December 31, 2023, our short-term liquidity position was $18.0 billion and $19.2 billion, respectively, and liquid assets were $172.1 billion and $182.6 billion, respectively.

Short-term liquidity includes cash and cash equivalents and short-term investments, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, and secured borrowings, as well as amounts held in the closed block.

143

Liquid assets include short-term liquidity and publicly traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

Capital Management

We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee (“ERC”), regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our annual capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer (“CFO”), Treasurer, and Chief Risk Officer (“CRO”). The ERC is also comprised of members of senior management, including MetLife, Inc.’s CFO, CRO and Chief Investment Officer.

MetLife, Inc.’s Board of Directors (“Board of Directors”) and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the annual capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board of Directors prior to obtaining full Board of Directors approval. The Board of Directors approves the capital policy and the annual capital plan and authorizes capital actions, as required.

The Company

Liquidity

Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These available alternatives include cash flows from operations, sales of liquid assets, global funding sources including commercial paper and various credit and committed facilities.

Capital

We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions.

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Summary of the Company’s Primary Sources and Uses of Liquidity and Capital

Our primary sources and uses of liquidity and capital are summarized as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Sources:
Operating activities, net	$	5,818	$	5,064
Net change in PABs	1,946		2,856
Net change in payables for collateral under securities loaned and other transactions	385		—
Long-term debt issued	1,270		1,000
Derivatives with certain financing elements and other derivative-related transactions, net	—		58
Other, net	127		—
Total sources	9,546		8,978
Uses:
Investing activities, net	3,967		7,850
Net change in payables for collateral under securities loaned and other transactions	—		1,972
Long-term debt repaid	1,741		1,019
Collateral financing arrangement repaid	82		41
Derivatives with certain financing elements and other derivative-related transactions, net	150		—
Net change in mortgage loan secured financing	327		386
Treasury stock acquired in connection with share repurchases	2,027		1,452
Dividends on preferred stock	101		98
Dividends on common stock	766		788
Other, net	—		74
Effect of change in foreign currency exchange rates on cash and cash equivalents	238		76
Total uses	9,399		13,756
Net increase (decrease) in cash and cash equivalents	$	147	$	(4,778)

Cash Flows from Operations

The principal cash inflows from our insurance activities come from insurance premiums, net investment income, annuity considerations and deposit funds. The principal cash outflows are the result of various life insurance, annuity and pension products, operating expenses and income tax, as well as interest expense.

Cash Flows from Investments

The principal cash inflows from our investment activities come from repayments of principal, proceeds from maturities and sales of investments and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. In addition, cash inflows and outflows relate to sales and purchases of businesses. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our comprehensive investment risk management process.

Cash Flows from Financing

The principal cash inflows from our financing activities come from issuances of debt and other securities, deposits of funds associated with PABs and lending of securities. The principal cash outflows come from repayments of debt and the collateral financing arrangement, payments of dividends on and repurchases or redemptions of MetLife, Inc.’s securities, withdrawals associated with PABs and the return of securities on loan.

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Liquidity and Capital Sources

Liquidity and capital are provided by a variety of global funding sources, including: (i) preferred and common stock; (ii) short-term debt, which includes commercial paper; (iii) long-term debt; collateral financing arrangement; and junior subordinated debt securities; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) shelf registration statement, which permits the issuance of public debt, equity and hybrid securities and provides for automatic effectiveness upon filing and has no stated issuance capacity; and (vii) dispositions. Additional details regarding certain of our primary sources of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

The diversity of our global funding sources enhances our funding flexibility, limits dependence on any one market or source of funds and generally lowers the cost of funds. We have no reason to believe that our lending counterparties will be unable to fulfill their respective contractual obligations under our credit and committed facilities. As commitments under these facilities may expire unused, these amounts do not necessarily reflect our actual future cash funding requirements.

Credit and Committed Facilities

At June 30, 2024, the Company maintained its unsecured revolving credit facility (the “Credit Facility”), as well as certain committed facilities (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.

Information on the Credit Facility and Committed Facilities at June 30, 2024 was as follows:

Account Party/Borrower(s)	Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
	(In millions)
Credit Facility:
MetLife, Inc. and MetLife Funding, Inc.	$	3,000	$	297	$	—	$	2,703
Committed Facilities:
MetLife Reinsurance Company of Vermont and MetLife, Inc.	$	350	$	350	$	—	$	—
MetLife Reinsurance Company of Vermont and MetLife, Inc.	2,896		2,495		—		401
Total Committed Facilities	$	3,246	$	2,845	$	—	$	401

The following table summarizes our outstanding debt at:

	June 30, 2024		December 31, 2023
	(In millions)
Short-term debt (1)	$	390	$	119
Long-term debt (2)	$	14,809	$	15,548
Collateral financing arrangement	$	555	$	637
Junior subordinated debt securities	$	3,163	$	3,161

__________________

(1)Includes $390 million and $119 million of short-term debt that is non-recourse to MetLife, Inc. and Metropolitan Life Insurance Company (“MLIC”), subject to customary exceptions, at June 30, 2024 and December 31, 2023, respectively. Certain subsidiaries have pledged assets to secure this debt.

(2)Includes $361 million and $442 million of long-term debt that is non-recourse to MetLife, Inc. and MLIC, subject to customary exceptions, at June 30, 2024 and December 31, 2023, respectively. Certain investment subsidiaries have pledged assets to secure this debt.

Certain of our debt instruments and Committed Facilities, as well as our Credit Facility, contain various administrative, reporting, legal and financial covenants. We believe we were in compliance with all applicable financial covenants at June 30, 2024.

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Liquidity and Capital Uses

The primary uses of liquidity and capital include: (i) common stock repurchases; (ii) dividends on common and preferred stock; (iii) preferred stock redemptions; (iv) debt repayments; (v) debt repurchases, redemptions and exchanges; (vi) contractual obligations, including PABs and insurance liabilities; (vii) pledged collateral; (viii) securities lending transactions, repurchase agreements and third-party custodian administered programs; (ix) mortgage loan secured financing; and (x) acquisitions. Additional details regarding certain of our primary uses of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

Common Stock Repurchases and Dividends

Among other factors that could restrict MetLife, Inc.’s ability to repurchase or pay dividends on its common stock are the “dividend stopper” provisions in MetLife, Inc.’s preferred stock and junior subordinated debentures. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity and Capital Uses — ‘Dividend Stopper’ Provisions in MetLife’s Preferred Stock and Junior Subordinated Debentures” included in the 2023 Annual Report.

For the six months ended June 30, 2024 and 2023, MetLife, Inc. paid dividends on its preferred stock of $101 million and $98 million, respectively. For the six months ended June 30, 2024 and 2023, MetLife, Inc. paid dividends on its common stock of $766 million and $788 million, respectively.

Debt Repurchases, Redemptions and Exchanges

We may from time to time seek to retire or purchase our outstanding debt through cash purchases, redemptions and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases, redemptions, or exchanges will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions, and applicable regulatory, legal and accounting factors. Whether or not to repurchase or redeem any debt and the size and timing of any such repurchases or redemptions will be determined at our discretion.

Pledged Collateral

We pledge collateral to, and have collateral pledged to us by counterparties in connection with our derivatives, the collateral financing arrangement related to the reinsurance of closed block liabilities, and with funding and advance agreements. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information regarding derivatives.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

See “— Investments — Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs.”

Mortgage Loan Secured Financing

See “— Investments — Net Mortgage Loans.”

Insurance Liabilities

Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse behavior differs somewhat by segment. In the MetLife Holdings segment, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the six months ended June 30, 2024 and 2023, general account surrenders and withdrawals from annuity products were $903 million and $1.0 billion, respectively. In the RIS segment, which includes pension risk transfers, bank-owned life insurance and other fixed annuity contracts, as well as funding agreements and other capital market products, most of the products offered have fixed maturities or fairly predictable surrenders or withdrawals. With regard to the RIS business products that provide customers with limited rights to accelerate payments, at June 30, 2024 there were funding agreements totaling $130 million that could be put back to the Company.

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MetLife, Inc.

Liquidity and Capital Management

Liquidity and capital are managed to preserve stable, reliable and cost-effective sources of cash to meet all current and future financial obligations and are provided by a variety of sources, including a portfolio of liquid assets, a diversified mix of short- and long-term funding sources from the wholesale financial markets and the ability to borrow through credit and committed facilities. Liquidity is monitored through the use of internal liquidity risk metrics, including the composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, access to the financial markets for capital and debt transactions and exposure to contingent draws on MetLife, Inc.’s liquidity. MetLife, Inc. is an active participant in the global financial markets through which it obtains a significant amount of funding. These markets, which serve as cost-effective sources of funds, are critical components of MetLife, Inc.’s liquidity and capital management. Decisions to access these markets are based upon relative costs, prospective views of balance sheet growth and a targeted liquidity profile and capital structure. A disruption in the financial markets could limit MetLife, Inc.’s access to liquidity.

MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies. We view our capital ratios, credit quality, stable and diverse earnings streams, diversity of liquidity sources and our liquidity monitoring procedures as critical to retaining such credit ratings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Rating Agencies” included in the 2023 Annual Report.

Liquid Assets

At June 30, 2024 and December 31, 2023, MetLife holding companies had $4.4 billion and $5.2 billion in liquid assets. Of these amounts, $3.7 billion and $4.2 billion were held by MetLife, Inc. and $752 million and $1.0 billion were held by other MetLife holding companies at June 30, 2024 and December 31, 2023, respectively. Liquid assets include cash and cash equivalents, short-term investments and publicly traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with derivatives and the collateral financing arrangement.

Liquid assets held in non-U.S. holding companies are generated in part through dividends from non-U.S. insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources — Dividends from Subsidiaries.”

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Consolidated Company Outlook” included in the 2023 Annual Report for the targeted level of liquid assets at the holding companies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — MetLife, Inc. — Liquid Assets” included in the 2023 Annual Report for additional information on the sources and uses of liquid assets, as well as sources and uses of liquid assets included in free cash flow for MetLife, Inc. and other MetLife holding companies.

Liquidity and Capital Sources

MetLife, Inc.’s primary sources of liquidity and capital are provided by a variety of global funding sources, including: (i) dividends from subsidiaries; (ii) issuances of long-term debt; (iii) collateral financing arrangement and junior subordinated debentures; (iv) credit and committed facilities; and (v) dispositions. Additional details regarding certain of MetLife, Inc.’s primary sources of liquidity and capital are included in “— The Company — Liquidity and Capital Sources,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

Dividends from Subsidiaries

MetLife, Inc. relies, in part, on dividends from its subsidiaries to meet its cash requirements. MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is generally based on the surplus to policyholders at the end of the immediately preceding calendar year and statutory net gain from operations for the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment liabilities, statutory reserve calculation assumptions, goodwill and surplus notes.

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The table below sets forth the dividends permitted to be paid in 2024 by MetLife, Inc.’s primary U.S. insurance subsidiaries without insurance regulatory approval and the actual dividends paid for the six months ended June 30, 2024:

Company	Paid (1)		Permitted Without Approval (2)
	(In millions)
MLIC	$	2,000	$	3,476
American Life Insurance Company	$	1,090	$	945
Metropolitan Tower Life Insurance Company	$	184	$	373

__________________

(1)Reflects all amounts paid, including those where regulatory approval was obtained as required.

(2)Reflects dividend amounts that may be paid during 2024 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2024, some or all of such dividends may require regulatory approval.

In addition to the amounts presented in the table above, for the six months ended June 30, 2024, MetLife, Inc. also received from certain other subsidiaries cash dividends of $29 million, as well as cash returns of capital of $16 million.

The dividend capacity of our non-U.S. operations is subject to similar restrictions established by the local regulators. The non-U.S. regulatory regimes also commonly limit dividend payments to the parent company to a portion of the subsidiary’s prior year statutory income, as determined by the local accounting principles. The regulators of our non-U.S. operations, including Japan’s Financial Services Agency, may also limit or not permit profit repatriations or other transfers of funds to the U.S. if such transfers are deemed to be detrimental to the solvency or financial strength of the non-U.S. operations, or for other reasons. Most of our non-U.S. subsidiaries are second tier subsidiaries which are owned by various non-U.S. holding companies. The capital and rating considerations applicable to our first-tier subsidiaries may also impact the dividend flow into MetLife, Inc.

We proactively manage target and excess capital levels and dividend flows and forecast local capital positions as part of the financial planning cycle. The dividend capacity of certain U.S. and non-U.S. subsidiaries is also subject to business targets in excess of the minimum capital necessary to maintain the desired rating or level of financial strength in the relevant market.

Long-term Debt Outstanding

The following table summarizes the outstanding long-term debt of MetLife, Inc. at:

	June 30, 2024		December 31, 2023
	(In millions)
Long-term debt — unaffiliated	$	14,129	$	14,516
Long-term debt — affiliated	$	1,420	$	1,585
Junior subordinated debt securities	$	2,469	$	2,468

Liquidity and Capital Uses

MetLife, Inc.’s primary uses of liquidity and capital include: (i) debt service; (ii) cash dividends on common and preferred stock; (iii) capital contributions to subsidiaries; (iv) common stock, preferred stock and debt repurchases and/or redemptions; (v) payment of general operating expenses; (vi) support agreements; and (vii) acquisitions. Additional details regarding certain of MetLife, Inc.’s primary uses of liquidity and capital are included in “— The Company — Liquidity and Capital Uses,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

Based on our analysis and comparison of our current and future cash inflows from the dividends we receive from subsidiaries that are permitted to be paid without prior insurance regulatory approval, our investment portfolio and other cash flows and anticipated access to the capital markets, we believe there will be sufficient liquidity and capital to enable MetLife, Inc. to make payments on debt, pay cash dividends on its common and preferred stock, contribute capital to its subsidiaries, repurchase its common stock and certain of its other securities, pay all general operating expenses and meet its cash needs under current market conditions and reasonably possible stress scenarios.

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Affiliated Capital and Debt Transactions

For the six months ended June 30, 2024 and 2023, MetLife, Inc. invested a net amount of $223 million and $299 million, respectively, in various subsidiaries.

MetLife, Inc. lends funds, as necessary, through credit agreements or otherwise to its subsidiaries and affiliates, some of which are regulated, to meet their capital requirements or to provide liquidity. MetLife, Inc. had loans to subsidiaries outstanding of $580 million and $305 million at June 30, 2024 and December 31, 2023, respectively.

Adopted Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

Future Adoption of Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

Non-GAAP and Other Financial Disclosures

In this report, the Company presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for the Company and our investors of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	adjusted premiums, fees and other revenues	(i)	premiums, fees and other revenues
(ii)	adjusted earnings	(ii)	net income (loss)
(iii)	adjusted earnings available to common shareholders	(iii)	net income (loss) available to MetLife, Inc.’s common shareholders
(iv)	adjusted net investment income	(iv)	net investment income

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).

Reconciliations of these non-GAAP financial measures to the most directly comparable historical GAAP financial measures are included in “— Results of Operations” and “— Investments.” Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.

Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.

Adjusted earnings and related measures:

•adjusted earnings;

•adjusted earnings available to common shareholders; and

•adjusted earnings available to common shareholders on a constant currency basis.

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These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also our GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. For additional information relating to adjusted earnings, see “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

Return on equity, allocated equity and related measures:

•Total MetLife, Inc.’s common stockholders’ equity, excluding accumulated other comprehensive income (“AOCI”) other than foreign currency translation adjustments (“FCTA”), is defined as total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding AOCI other than FCTA.

•Allocated equity is the portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments based on local capital requirements and economic capital. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Economic Capital” in the 2023 Annual Report. Allocated equity excludes the impact of AOCI other than FCTA.

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.

Expense ratio and direct expense ratio:

•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.

•Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.

•Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers: adjusted direct expenses excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding pension risk transfers.

The following additional information is relevant to an understanding of our performance results and outlook:

•We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Further, sales statistics for our Latin America, Asia and EMEA segments are on a constant currency basis.

•Near-term represents one to three years.

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•Notable items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.

•The Company uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. The Company defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.

•For further detail relating to total adjusted revenues and total adjusted expenses, as set forth in “— Results of Operations — Segment Results and Corporate & Other,” see total revenues and total expenses, respectively, within the tables in “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.

Risk Management

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2023 Annual Report for information on our risk management.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets. We have exposure to such market risks through our insurance operations and investment activities. We use a variety of strategies to manage these risks, including the use of derivatives. A description of our market risk exposures may be found under “Quantitative and Qualitative Disclosures About Market Risk” included in the 2023 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2023 Annual Report.

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Item 4. Controls and Procedures

Management, with the participation of the Chief Executive Officer (“CEO”) and CFO, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.

There were no material changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II — Other Information

Item 1. Legal Proceedings

See Note 19 of the Notes to the Interim Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2023 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2023 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Purchases of MetLife, Inc. common stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended June 30, 2024 are set forth below:

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)
April 1 — April 30, 2024	4,560,454	$	71.92	4,560,454	$	602,494,168
May 1 — May 31, 2024	3,357,900	$	72.35	3,357,900	$	3,359,561,072
June 1 — June 30, 2024	4,056,400	$	70.10	4,056,400	$	3,075,202,246
Total	11,974,754			11,974,754

__________________

(1)During the periods April 1 — April 30, 2024, May 1 — May 31, 2024 and June 1 — June 30, 2024, separate account index funds purchased 0 shares, 0 shares and 0 shares, respectively, of MetLife, Inc. common stock on the open market in non-discretionary transactions.

(2)In May 2024, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. At June 30, 2024, MetLife, Inc. had $3.1 billion of common stock repurchases remaining under its authorizations. Neither the authorizations remaining, nor the amount repurchased, reflects the applicable excise tax payable in connection with such repurchases. For more information on common stock repurchases, including excise tax payable in connection therewith, see Note 14 of the Notes to the Interim Condensed Consolidated Financial Statements. See also “Risk Factors — Capital Risks — We May Not be Able to Pay Dividends or Repurchase Our Stock Due to Legal and Regulatory Restrictions or Cash Buffer Needs” included in the 2023 Annual Report.

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Item 5. Other Information

Securities trading plans

During the three months ended June 30, 2024, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).

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Item 6. Exhibits

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about MetLife, Inc., its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and MetLife, Inc.’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)

		Incorporated by Reference
Exhibit No.	Description	Form	File Number	Exhibit	Filing Date	Filed or Furnished Herewith
4.1	Certain instruments defining the rights of holders of long-term debt of MetLife, Inc. and its consolidated subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. MetLife, Inc. hereby agrees to furnish to the Securities and Exchange Commission, upon request, copies of such instruments.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
101.SCH	Inline XBRL Taxonomy Extension Schema Document.					X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document					X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document					X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document					X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.					X
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.					X
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).					X

157

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 

METLIFE, INC.
By:	/s/ Tamara L. Schock
	Name:  Tamara L. Schock Title:    Executive Vice President              and Chief Accounting Officer              (Authorized Signatory and Principal               Accounting Officer)

Date: August 1, 2024

158

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Michel A. Khalaf, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MetLife, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     August 1, 2024

/s/ Michel A. Khalaf

Michel A. Khalaf
President and
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, John D. McCallion, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MetLife, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     August 1, 2024

/s/ John D. McCallion

John D. McCallion
Executive Vice President and
Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE

UNITED STATES CODE

I, Michel A. Khalaf, certify that (i) MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of MetLife, Inc.

Date:     August 1, 2024

/s/ Michel A. Khalaf

Michel A. Khalaf
President and
Chief Executive Officer

EX-32.2

Exhibit 32.2

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE

UNITED STATES CODE

I, John D. McCallion, certify that (i) MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of MetLife, Inc.

Date:     August 1, 2024

/s/ John D. McCallion

John D. McCallion
Executive Vice President and
Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Entity Registrant Name	MetLife, Inc.
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-15787
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4075851
Entity Address, Address Line One	200 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10166-0188
City Area Code	212
Local Phone Number	578-9500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001099219
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		700,324,845
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MET
Security Exchange Name	NYSE
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01
Trading Symbol	MET PRA
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Trading Symbol	MET PRE
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest ina share of 4.75% Non-Cumulative Preferred Stock, Series F
Trading Symbol	MET PRF
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $121 and $184, respectively); and amortized cost: $303,191 and $300,555, respectively	$ 277,736	$ 281,412
Equity securities	754	757
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,106	10,331
Mortgage loans (net of allowance for credit loss of $806 and $721, respectively)	89,802	92,506
Policy loans	8,691	8,788
Real estate and real estate joint ventures (includes $321 and $317, respectively, under the fair value option; $34 and $0, respectively, of real estate held-for-sale; $210 and $0, respectively, relating to variable interest entities)	13,517	13,332
Other limited partnership interests	14,288	14,764
Short-term investments, principally at estimated fair value	3,804	6,045
Other invested assets (includes $1,863 and $1,993, respectively, of leveraged and direct financing leases; $429 and $333, respectively, relating to variable interest entities)	18,131	18,202
Total investments	436,829	446,137
Cash and cash equivalents, principally at estimated fair value	20,786	20,639
Accrued investment income	3,657	3,589
Premiums, reinsurance and other receivables	31,820	28,971
Market risk benefits, at estimated fair value	356	286
Deferred policy acquisition costs and value of business acquired	19,568	20,151
Current income tax recoverable	348	190
Deferred income tax asset	2,681	2,612
Goodwill	8,950	9,236
Other assets	11,043	11,139
Separate account assets	139,707	144,634
Total assets	675,745	687,584
Liabilities
Future policy benefits	190,993	196,406
Policyholder account balances	219,543	219,269
Market risk benefits, at estimated fair value	2,618	3,179
Other policy-related balances	19,379	19,736
Policyholder dividends payable	365	386
Payables for collateral under securities loaned and other transactions	17,719	17,524
Short-term debt (includes $113 and $0, respectively, relating to variable interest entities)	390	119
Long-term debt	14,809	15,548
Collateral financing arrangement	555	637
Junior subordinated debt securities	3,163	3,161
Deferred income tax liability	216	927
Other liabilities	38,748	35,805
Separate account liabilities	139,707	144,634
Total liabilities	648,205	657,331
Contingencies, Commitments and Guarantees (Note 19)
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference	0	0
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,193,636,489 and 1,191,823,651 shares issued, respectively; 703,760,956 and 730,821,111 shares outstanding, respectively	12	12
Additional paid-in capital	33,740	33,690
Retained earnings	40,873	40,146
Treasury stock, at cost; 489,875,533 and 461,002,540 shares, respectively	(26,637)	(24,591)
Accumulated other comprehensive income (loss)	(20,736)	(19,242)
Total MetLife, Inc.’s stockholders’ equity	27,252	30,015
Noncontrolling interests	288	238
Total equity	27,540	30,253
Total liabilities and equity	$ 675,745	$ 687,584

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Amortized cost of fixed maturity securities valuation allowances	$ 121	$ 184
Amortized Cost	303,191	300,555
Mortgage loans valuation allowances	806	721
Real estate and real estate joint ventures - FVO	13,517	13,332
Other Invested Assets - Leveraged and Direct Financing Leases	1,863	1,993
Other invested assets, at estimated fair value (2)	18,131	18,202
Liabilities
Long-term debt	$ 14,809	$ 15,548
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, Liquidation Preference, Value	$ 3,905	$ 3,905
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	1,193,636,489	1,191,823,651
Common stock, shares outstanding	703,760,956	730,821,111
Treasury stock, shares	489,875,533	461,002,540
Short-term Debt	$ 390	$ 119
Real Estate Held-for-sale	34	0
Residential mortgage loans - FVO
Assets
Real estate and real estate joint ventures - FVO	321	317
Variable interest entities
Assets
Real estate and real estate joint ventures - FVO	210	0
Other invested assets, at estimated fair value (2)	429	333
MetLife, Inc.’s stockholders’ equity:
Short-term Debt	$ 113	$ 0

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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Premiums	$ 11,628	$ 11,678	$ 21,681	$ 21,267
Universal life and investment-type product policy fees	1,281	1,288	2,529	2,577
Net investment income	5,205	5,072	10,641	9,717
Other revenues	638	621	1,312	1,260
Net investment gains (losses)	(421)	(1,039)	(796)	(1,723)
Net derivative gains (losses)	(508)	(997)	(1,487)	(1,087)
Total revenues	17,823	16,623	33,880	32,011
Expenses
Policyholder benefits and claims	11,485	11,809	21,559	21,681
Policyholder liability remeasurement (gains) losses	(10)	(16)	(32)	(25)
Market risk benefit remeasurement (gains) losses	(182)	(817)	(876)	(629)
Interest credited to policyholder account balances	2,000	1,933	4,290	3,797
Policyholder dividends	148	151	295	310
Other expenses	3,180	3,133	6,397	6,190
Total expenses	16,621	16,193	31,633	31,324
Income (loss) before provision for income tax	1,202	430	2,247	687
Provision for income tax expense (benefit)	249	22	419	194
Net income (loss)	953	408	1,828	493
Less: Net income (loss) attributable to noncontrolling interests	7	6	15	11
Net income (loss) attributable to MetLife, Inc.	946	402	1,813	482
Dividends, Preferred Stock	34	32	101	98
Net income (loss) available to MetLife, Inc.’s common shareholders	912	370	1,712	384
Comprehensive income (loss)	(11)	(829)	336	2,712
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	8	8	17	(5)
Comprehensive income (loss) attributable to MetLife, Inc.	$ (19)	$ (837)	$ 319	$ 2,717
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic	$ 1.28	$ 0.48	$ 2.39	$ 0.50
Diluted	$ 1.28	$ 0.48	$ 2.37	$ 0.50

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Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss)	Total MetLife, Inc.'s Stockholders' Equity	Total MetLife, Inc.'s Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 30,125		$ 0	$ 12	$ 33,616	$ 40,332		$ (21,458)	$ (22,621)	$ 29,881		$ 244
Treasury stock acquired in connection with share repurchases	(787)							(787)		(787)
Share Repurchase Program, Excise Tax	7
Stock-based compensation	1				1					1
Dividends on preferred stock	(66)					(66)				(66)
Dividends on common stock	$ (389)					(389)				(389)
Dividend Per Share	$ 0.500
Change in equity of noncontrolling interests	$ (2)									0		(2)
Net income (loss)	85					80				80		5
Other comprehensive income (loss), net of income tax	3,456								3,474	3,474		(18)
Ending Balance at Mar. 31, 2023	32,423		0	12	33,617	39,957		(22,245)	(19,147)	32,194		229
Beginning Balance at Dec. 31, 2022	30,125		0	12	33,616	40,332		(21,458)	(22,621)	29,881		244
Dividends on preferred stock	(98)
Net income (loss)	493
Ending Balance at Jun. 30, 2023	30,492		0	12	33,630	39,928		(22,923)	(20,386)	30,261		231
Beginning Balance at Mar. 31, 2023	32,423		0	12	33,617	39,957		(22,245)	(19,147)	32,194		229
Treasury stock acquired in connection with share repurchases	(678)							(678)		(678)
Share Repurchase Program, Excise Tax	6
Stock-based compensation	13				13					13
Dividends on preferred stock	(32)					(32)				(32)
Dividends on common stock	$ (399)					(399)				(399)
Dividend Per Share	$ 0.520
Change in equity of noncontrolling interests	$ (6)									0		(6)
Net income (loss)	408					402				402		6
Other comprehensive income (loss), net of income tax	(1,237)								(1,239)	(1,239)		2
Ending Balance at Jun. 30, 2023	30,492		0	12	33,630	39,928		(22,923)	(20,386)	30,261		231
Beginning Balance at Dec. 31, 2023	30,253	$ (219)	0	12	33,690	40,146	$ (219)	(24,591)	(19,242)	30,015	$ (219)	238
Treasury stock acquired in connection with share repurchases	(1,183)							(1,183)		(1,183)
Share Repurchase Program, Excise Tax	11
Stock-based compensation	28				28					28
Dividends on preferred stock	(67)					(67)				(67)
Dividends on common stock	$ (377)					(377)				(377)
Dividend Per Share	$ 0.520
Change in equity of noncontrolling interests	$ 14									0		14
Net income (loss)	875					867				867		8
Other comprehensive income (loss), net of income tax	(528)								(529)	(529)		1
Ending Balance at Mar. 31, 2024	28,796		0	12	33,718	40,350		(25,774)	(19,771)	28,535		261
Beginning Balance at Dec. 31, 2023	30,253	$ (219)	0	12	33,690	40,146	$ (219)	(24,591)	(19,242)	30,015	$ (219)	238
Dividends on preferred stock	(101)
Net income (loss)	1,828
Ending Balance at Jun. 30, 2024	27,540		0	12	33,740	40,873		(26,637)	(20,736)	27,252		288
Beginning Balance at Mar. 31, 2024	28,796		0	12	33,718	40,350		(25,774)	(19,771)	28,535		261
Treasury stock acquired in connection with share repurchases	(863)							(863)		(863)
Share Repurchase Program, Excise Tax	8
Stock-based compensation	22				22					22
Dividends on preferred stock	(34)					(34)				(34)
Dividends on common stock	$ (389)					(389)				(389)
Dividend Per Share	$ 0.545
Change in equity of noncontrolling interests	$ 19									0		19
Net income (loss)	953					946				946		7
Other comprehensive income (loss), net of income tax	(964)								(965)	(965)		1
Ending Balance at Jun. 30, 2024	$ 27,540		$ 0	$ 12	$ 33,740	$ 40,873		$ (26,637)	$ (20,736)	$ 27,252		$ 288

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 5,818	$ 5,064
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities available-for-sale	26,840	32,415
Sales, maturities and repayments of equity securities	44	927
Sales, maturities and repayments of mortgage loans	4,777	4,347
Sales, maturities and repayments of real estate and real estate joint ventures	298	76
Sales, maturities and repayments of other limited partnership interests	626	541
Sales, maturities and repayments of short-term investments	7,641	6,262
Purchases of fixed maturity securities available-for-sale	(31,986)	(35,072)
Purchases of equity securities	(64)	(51)
Purchases of mortgage loans	(3,545)	(5,094)
Purchases of real estate and real estate joint ventures	(707)	(555)
Purchases of other limited partnership interests	(574)	(910)
Purchases of short-term investments	(5,440)	(8,216)
Cash received in connection with freestanding derivatives	1,034	1,446
Cash paid in connection with freestanding derivatives	(2,261)	(2,742)
Net change in policy loans	(17)	16
Net change in other invested assets	(506)	(1,133)
Other, net	(127)	(107)
Net cash provided by (used in) investing activities	(3,967)	(7,850)
Cash flows from financing activities
Policyholder account balances - deposits	50,011	51,869
Policyholder account balances - withdrawals	(48,065)	(49,013)
Net change in payables for collateral under securities loaned and other transactions	385	(1,972)
Long-term debt issued	1,270	1,000
Long-term debt repaid	(1,741)	(1,019)
Collateral financing arrangement repaid	(82)	(41)
Derivatives with certain financing elements and other derivative-related transactions, net	(150)	58
Proceeds from mortgage loan secured financing	92	277
Repayments of mortgage loan secured financing	(419)	(663)
Treasury stock acquired in connection with share repurchases	(2,027)	(1,452)
Dividends on preferred stock	(101)	(98)
Dividends on common stock	(766)	(788)
Other, net	127	(74)
Net cash provided by (used in) financing activities	(1,466)	(1,916)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(238)	(76)
Change in cash and cash equivalents	147	(4,778)
Cash and cash equivalents, beginning of period	20,639	20,195
Cash and cash equivalents, end of period	20,786	15,417
Supplemental disclosures of cash flow information
Net cash paid for Interest	527	472
Net cash paid (received) for Income tax	994	1,116
Non-cash transactions:
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions	2,342	1,691
Real estate and real estate joint ventures acquired in satisfaction of debt	334	6
Other invested assets received in connection with the sale of other limited partnership interests	372	0
Increase of real estate and real estate joint ventures	134	0
Increase of short-term debt	$ 113	$ 0

XML

Business, Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business, Basis of Presentation and Summary of Significant Accounting Policies

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting, unless the fair value option (“FVO”) is applied, for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (each, an “ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.

Adopted Accounting Pronouncements

The table below describes the impacts of ASUs adopted by the Company.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.	January 1, 2024. The Company adopted this update, applying a modified retrospective basis.	The Company has elected to use the proportional amortization method to account for its tax equity investments that meet the required criteria. The adoption of this update resulted in a decrease to retained earnings of $219 million, net of income tax, primarily related to the Company’s tax equity investments reported within other invested assets, as of January 1, 2024.

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2024 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	The amendments in this update are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss; (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM.	Effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.

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Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

2. Segment Information

In the fourth quarter of 2023, MetLife reorganized from five segments into the following six segments to reflect changes in management’s responsibilities: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other.

Group Benefits

The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, vision and accident & health insurance.

RIS

The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions and capital markets investment products.

Asia

The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.

Latin America

The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

EMEA

The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s investment management business (through which the Company provides public fixed income, private capital and real estate investment solutions to institutional investors worldwide).

Financial Measures and Segment Accounting Policies

Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for net income (loss). The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax.

These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits (“MRBs”) remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities, and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.

•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Other adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and six months ended June 30, 2024 and 2023. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.

The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

Three Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,599	$	2,448	$	1,216	$	1,122	$	536	$	692	$	15	$	11,628	$	—	$	11,628
Universal life and investment-type product policy fees	229		73		434		373		77		94		1		1,281		—		1,281
Net investment income	313		2,117		1,167		398		54		1,016		95		5,160		45		5,205
Other revenues	382		61		18		11		8		37		97		614		24		638
Net investment gains (losses)	—		—		—		—		—		—		—		—		(421)		(421)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(508)		(508)
Total revenues	6,523		4,699		2,835		1,904		675		1,839		208		18,683		(860)		17,823
Expenses
Policyholder benefits and claims and policyholder dividends	4,780		3,248		988		1,018		265		1,252		9		11,560		73		11,633
Policyholder liability remeasurement (gains) losses	2		(23)		(4)		(3)		1		17		—		(10)		—		(10)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(182)		(182)
Interest credited to PABs	48		838		657		115		17		106		—		1,781		219		2,000
Capitalization of deferred policy acquisition costs (“DAC”)	(5)		(46)		(335)		(175)		(115)		(4)		(3)		(683)		—		(683)
Amortization of DAC and value of business acquired (“VOBA”)	7		16		207		129		82		57		1		499		—		499
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		3		—		4		—		3		246		257		—		257
Other expenses	1,016		145		702		505		328		220		188		3,104		9		3,113
Total expenses	5,849		4,181		2,210		1,593		577		1,651		441		16,502		119		16,621
Provision for income tax expense (benefit)	141		108		176		85		21		35		(47)		519		(270)		249
Adjusted earnings	$	533	$	410	$	449	$	226	$	77	$	153	$	(186)	1,662
Adjustments to:
Total revenues															(860)
Total expenses															(119)
Provision for income tax (expense) benefit															270
Net income (loss)															$	953			$	953

Three Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,427	$	2,681	$	1,310	$	1,023	$	499	$	719	$	19	$	11,678	$	—	$	11,678
Universal life and investment-type product policy fees	223		71		396		352		75		170		1		1,288		—		1,288
Net investment income	327		1,948		1,050		418		47		1,170		80		5,040		32		5,072
Other revenues	363		71		21		10		8		49		106		628		(7)		621
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,039)		(1,039)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(997)		(997)
Total revenues	6,340		4,771		2,777		1,803		629		2,108		206		18,634		(2,011)		16,623
Expenses
Policyholder benefits and claims and policyholder dividends	4,866		3,441		1,057		976		237		1,341		12		11,930		30		11,960
Policyholder liability remeasurement (gains) losses	2		(11)		(27)		3		2		15		—		(16)		—		(16)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(817)		(817)
Interest credited to PABs	48		702		570		105		19		198		—		1,642		291		1,933
Capitalization of DAC	(5)		(50)		(397)		(148)		(119)		(6)		(4)		(729)		—		(729)
Amortization of DAC and VOBA	7		12		190		117		85		64		4		479		—		479
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		4		—		4		—		3		244		256		—		256
Other expenses	950		146		778		465		314		231		229		3,113		20		3,133
Total expenses	5,869		4,244		2,166		1,522		537		1,846		485		16,669		(476)		16,193
Provision for income tax expense (benefit)	99		110		180		62		22		51		(83)		441		(419)		22
Adjusted earnings	$	372	$	417	$	431	$	219	$	70	$	211	$	(196)	1,524
Adjustments to:
Total revenues															(2,011)
Total expenses															476
Provision for income tax (expense) benefit															419
Net income (loss)															$	408			$	408

Six Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	11,310	$	3,123	$	2,513	$	2,237	$	1,072	$	1,405	$	21	$	21,681	$	—	$	21,681
Universal life and investment-type product policy fees	451		148		860		743		154		172		1		2,529		—		2,529
Net investment income	628		4,206		2,275		784		108		2,026		201		10,228		413		10,641
Other revenues	779		124		39		22		15		87		195		1,261		51		1,312
Net investment gains (losses)	—		—		—		—		—		—		—		—		(796)		(796)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,487)		(1,487)
Total revenues	13,168		7,601		5,687		3,786		1,349		3,690		418		35,699		(1,819)		33,880
Expenses
Policyholder benefits and claims and policyholder dividends	10,016		4,719		2,055		2,001		523		2,503		17		21,834		20		21,854
Policyholder liability remeasurement (gains) losses	(1)		(22)		(36)		(11)		1		37		—		(32)		—		(32)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(876)		(876)
Interest credited to PABs	96		1,634		1,304		229		36		209		—		3,508		782		4,290
Capitalization of DAC	(9)		(107)		(696)		(353)		(243)		(9)		(6)		(1,423)		—		(1,423)
Amortization of DAC and VOBA	13		31		417		254		173		116		3		1,007		—		1,007
Amortization of negative VOBA	—		—		(10)		—		(2)		—		—		(12)		—		(12)
Interest expense on debt	1		7		—		7		—		7		499		521		—		521
Other expenses	2,019		317		1,446		1,017		660		443		382		6,284		20		6,304
Total expenses	12,135		6,579		4,480		3,144		1,148		3,306		895		31,687		(54)		31,633
Provision for income tax expense (benefit)	216		213		335		183		47		72		(117)		949		(530)		419
Adjusted earnings	$	817	$	809	$	872	$	459	$	154	$	312	$	(360)	3,063
Adjustments to:
Total revenues															(1,819)
Total expenses															54
Provision for income tax (expense) benefit															530
Net income (loss)															$	1,828			$	1,828

Six Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,878	$	3,182	$	2,687	$	2,048	$	995	$	1,442	$	35	$	21,267	$	—	$	21,267
Universal life and investment-type product policy fees	441		150		793		687		152		353		1		2,577		—		2,577
Net investment income	637		3,762		1,931		797		92		2,297		130		9,646		71		9,717
Other revenues	743		139		41		22		16		102		207		1,270		(10)		1,260
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,723)		(1,723)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,087)		(1,087)
Total revenues	12,699		7,233		5,452		3,554		1,255		4,194		373		34,760		(2,749)		32,011
Expenses
Policyholder benefits and claims and policyholder dividends	9,860		4,666		2,187		1,942		498		2,710		28		21,891		100		21,991
Policyholder liability remeasurement (gains) losses	(2)		(40)		(16)		(1)		(1)		35		—		(25)		—		(25)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(629)		(629)
Interest credited to PABs	94		1,348		1,106		204		35		397		—		3,184		613		3,797
Capitalization of DAC	(11)		(95)		(798)		(299)		(227)		(12)		(5)		(1,447)		—		(1,447)
Amortization of DAC and VOBA	13		23		383		223		170		132		5		949		—		949
Amortization of negative VOBA	—		—		(11)		—		(2)		—		—		(13)		—		(13)
Interest expense on debt	1		7		—		6		—		6		491		511		—		511
Other expenses	1,882		292		1,585		895		614		469		406		6,143		47		6,190
Total expenses	11,837		6,201		4,436		2,970		1,087		3,737		925		31,193		131		31,324
Provision for income tax expense (benefit)	183		215		305		150		38		88		(186)		793		(599)		194
Adjusted earnings	$	679	$	817	$	711	$	434	$	130	$	369	$	(366)	2,774
Adjustments to:
Total revenues															(2,749)
Total expenses															(131)
Provision for income tax (expense) benefit															599
Net income (loss)															$	493			$	493

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits	$	35,966	$	36,715
RIS	222,719		218,587
Asia	151,700		157,206
Latin America	66,527		69,177
EMEA	18,846		18,596
MetLife Holdings	144,045		148,524
Corporate & Other	35,942		38,779
Total	$	675,745	$	687,584

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Disposition

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposition

3. Disposition

Pending Disposition of MetLife Malaysia

In October 2023, the Company entered into an agreement to sell its ownership interests in AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia) (collectively, “MetLife Malaysia”). The transaction is expected to close in 2024 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information.

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Future Policy Benefits

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure

4. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	64,338	$	64,324
Asia:
Whole and term life & endowments	11,260		12,874
Accident & health	9,189		10,712
Latin America - Fixed annuities	9,020		9,637
MetLife Holdings - Long-term care	14,455		15,240
Deferred Profit Liabilities:
RIS - Annuities	3,735		3,697
Asia:
Whole and term life & endowments	690		654
Accident & health	788		830
Latin America - Fixed annuities	522		562
Additional Insurance Liabilities:
Asia:
Variable life	1,074		1,258
Universal and variable universal life	354		424
MetLife Holdings - Universal and variable universal life	2,434		2,362
MetLife Holdings - Participating life	48,911		49,543
Other long-duration (1)	10,544		11,099
Short-duration and other	13,679		13,190
Total	$	190,993	$	196,406

__________________

(1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	(25)			(29)
Adjusted balance	(25)			(29)
Issuances	4,206			2,558
Net premiums collected	(4,181)			(2,529)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	64,515		$	58,695
Balance, beginning of period, at original discount rate	$	64,737		$	61,426
Effect of actual variances from expected experience (1)	(93)			(167)
Adjusted balance	64,644			61,259
Issuances	4,328			2,561
Interest accrual	1,526			1,411
Benefit payments	(2,976)			(2,726)
Ending balance at original discount rate	67,522			62,505
Effect of changes in discount rate assumptions	(2,847)			(2,020)
Balance, end of period, at current discount rate at balance sheet date	64,675			60,485
Cumulative amount of fair value hedging adjustments	(337)			(204)
Net liability for FPBs	64,338			60,281
Less: Reinsurance recoverables	1,933			—
Net liability for FPBs, net of reinsurance	$	62,405		$	60,281
Undiscounted - Expected future benefit payments	$	123,752		$	115,364
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	64,675		$	60,485
Weighted-average duration of the liability	9 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.7		%	4.7		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.3		%

_________________

(1)    For the six months ended June 30, 2024 and 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $49 million and $98 million, respectively. Excluding the corresponding impact in DPL, for the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements.

Significant Methodologies and Assumptions

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the six months ended June 30, 2024, the Company incurred a loss at issue of $126 million. This loss at issue was offset by a deferred gain on ceded reinsurance, which will be amortized over the life of the reinsurance agreement.

Asia

Whole and Term Life & Endowments

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:

	Six Months Ended June 30,
		2024			2023
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	4,561		$	4,682
Balance, beginning of period, at original discount rate		$	4,793		$	4,943
Effect of actual variances from expected experience		(33)			(26)
Adjusted balance		4,760			4,917
Issuances		269			328
Interest accrual		34			27
Net premiums collected		(304)			(300)
Effect of foreign currency translation		(507)			(384)
Ending balance at original discount rate		4,252			4,588
Effect of changes in discount rate assumptions		(277)			(196)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		30			15
Balance, end of period, at current discount rate at balance sheet date		$	4,005		$	4,407
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	17,435		$	17,463
Balance, beginning of period, at original discount rate		$	17,198		$	18,209
Effect of actual variances from expected experience		(33)			1
Adjusted balance		17,165			18,210
Issuances		269			328
Interest accrual		183			185
Benefit payments		(484)			(624)
Effect of foreign currency translation		(1,813)			(1,360)
Ending balance at original discount rate		15,320			16,739
Effect of changes in discount rate assumptions		(131)			154
Effect of foreign currency translation on the effect of changes in discount rate assumptions		76			11
Balance, end of period, at current discount rate at balance sheet date		15,265			16,904
Cumulative impact of flooring the future policyholder benefits reserve		—			2
Net liability for FPBs		11,260			12,499
Less: Amount due to reinsurer		(1)			(2)
Net liability for FPBs, net of reinsurance		$	11,261		$	12,501
Undiscounted:
Expected future gross premiums		$	8,363		$	8,786
Expected future benefit payments		$	25,574		$	26,771
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,140		$	7,691
Expected future benefit payments		$	15,265		$	16,904
Weighted-average duration of the liability		17 years			17 years
Weighted -average interest accretion (original locked-in) rate		2.6		%	2.5		%
Weighted-average current discount rate at balance sheet date		2.8		%	2.5		%

Accident & Health

The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	19,835		$	21,181
Balance, beginning of period, at original discount rate	$	21,232		$	22,594
Effect of actual variances from expected experience (1)	292			(33)
Adjusted balance	21,524			22,561
Issuances	551			536
Interest accrual	110			120
Net premiums collected	(928)			(1,055)
Effect of foreign currency translation	(2,496)			(1,849)
Ending balance at original discount rate	18,761			20,313
Effect of changes in discount rate assumptions	(1,720)			(1,006)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	187			83
Balance, end of period, at current discount rate at balance sheet date	$	17,228		$	19,390
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	30,480		$	30,879
Balance, beginning of period, at original discount rate	$	36,010		$	37,189
Effect of actual variances from expected experience (1)	331			(53)
Adjusted balance	36,341			37,136
Issuances	551			536
Interest accrual	232			246
Benefit payments	(614)			(653)
Effect of foreign currency translation	(4,161)			(3,017)
Ending balance at original discount rate	32,349			34,248
Effect of changes in discount rate assumptions	(6,761)			(4,664)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	750			385
Balance, end of period, at current discount rate at balance sheet date	26,338			29,969
Cumulative impact of flooring the future policyholder benefits reserve	79			83
Net liability for FPBs	9,189			10,662
Less: Reinsurance recoverables	143			149
Net liability for FPBs, net of reinsurance	$	9,046		$	10,513
Undiscounted:
Expected future gross premiums	$	36,531		$	39,362
Expected future benefit payments	$	42,531		$	44,435
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	29,420		$	33,399
Expected future benefit payments	$	26,338		$	29,969
Weighted-average duration of the liability	23 years			26 years
Weighted-average interest accretion (original locked-in) rate	1.7		%	1.8		%
Weighted-average current discount rate at balance sheet date	2.8		%	2.3		%

_________________

(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident and health products of ($6) million.

Latin America - Fixed Annuities

The Latin America segment’s fixed annuity products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, at beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	—			—
Adjusted balance	—			—
Issuances	494			525
Interest accrual	5			5
Net premiums collected	(499)			(530)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	9,637		$	9,265
Balance, beginning of period, at original discount rate	$	9,249		$	8,240
Effect of actual variances from expected experience (1)	(9)			(9)
Adjusted balance	9,240			8,231
Issuances	509			577
Interest accrual	167			173
Benefit payments	(339)			(336)
Inflation adjustment	184			243
Effect of foreign currency translation	(691)			538
Ending balance at original discount rate	9,070			9,426
Effect of changes in discount rate assumptions	(28)			706
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(22)			60
Balance, end of period, at current discount rate at balance sheet date	9,020			10,192
Net liability for FPBs	$	9,020		$	10,192
Undiscounted - Expected future benefit payments	$	13,648		$	14,343
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	9,020		$	10,192
Weighted-average duration of the liability	10 years			11 years
Weighted-average interest accretion (original locked-in) rate	3.6		%	3.9		%
Weighted-average current discount rate at balance sheet date	3.7		%	2.9		%

__________________

(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the six months ended June 30, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million.

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	5,687		$	5,775
Balance, beginning of period, at original discount rate	$	5,566		$	5,807
Effect of actual variances from expected experience	13			83
Adjusted balance	5,579			5,890
Interest accrual	141			149
Net premiums collected	(286)			(293)
Ending balance at original discount rate	5,434			5,746
Effect of changes in discount rate assumptions	(80)			3
Balance, end of period, at current discount rate at balance sheet date	$	5,354		$	5,749
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	20,927		$	19,619
Balance, beginning of period, at original discount rate	$	20,494		$	20,165
Effect of actual variances from expected experience	31			99
Adjusted balance	20,525			20,264
Interest accrual	540			534
Benefit payments	(421)			(382)
Ending balance at original discount rate	20,644			20,416
Effect of changes in discount rate assumptions	(835)			(169)
Balance, end of period, at current discount rate at balance sheet date	19,809			20,247
Net liability for FPBs	$	14,455		$	14,498
Undiscounted:
Expected future gross premiums	$	10,280		$	10,893
Expected future benefit payments	$	44,653		$	45,653
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	6,715		$	7,089
Expected future benefit payments	$	19,809		$	20,247
Weighted-average duration of the liability	14 years			15 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date	5.8		%	5.5		%

Rollforwards - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

Asia

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:

	Six Months Ended June 30,
	2024			2023			2024			2023
	Variable Life						Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,258		$	1,381		$	424		$	455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	—			—			(14)			(33)
Balance, beginning of period, before AOCI adjustment	1,258			1,381			438			488
Effect of actual variances from expected experience	(14)			(8)			(32)			(22)
Adjusted balance	1,244			1,373			406			466
Assessments accrual	(2)			(2)			—			—
Interest accrual	9			10			3			3
Excess benefits paid	(23)			(19)			—			—
Effect of foreign currency translation and other, net	(154)			(119)			(53)			(41)
Balance, end of period, before AOCI adjustment	1,074			1,243			356			428
Add: AOCI adjustment	—			—			(2)			(18)
Balance, end of period	$	1,074		$	1,243		$	354		$	410
Weighted-average duration of the liability	16 years			17 years			43 years			43 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.5		%

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

	Six Months Ended June 30,
	2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	2,362		$	2,156
Less: AOCI adjustment	(14)			(63)
Balance, beginning of period, before AOCI adjustment	2,376			2,219
Effect of actual variances from expected experience	28			(6)
Adjusted balance	2,404			2,213
Assessments accrual	51			55
Interest accrual	65			61
Excess benefits paid	(70)			(63)
Balance, end of period, before AOCI adjustment	2,450			2,266
Add: AOCI adjustment	(16)			2
Balance, end of period	2,434			2,268
Less: Reinsurance recoverables	2,117			744
Balance, end of period, net of reinsurance	$	317		$	1,524
Weighted-average duration of the liability	15 years			16 years
Weighted-average interest accretion rate	5.5		%	5.6		%

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

		Six Months Ended June 30,
		2024				2023
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities		$	4,246	$	1,526	$	2,592	$	1,411
Asia:
Whole and term life & endowments		564		149		555		158
Accident & health		1,551		122		1,762		126
Latin America - Fixed annuities		499		162		529		168
MetLife Holdings - Long-term care		362		399		366		385
Deferred Profit Liabilities:
RIS - Annuities		N/A		88		N/A		81
Asia:
Whole and term life & endowments		N/A		17		N/A		14
Accident & health		N/A		9		N/A		9
Latin America - Fixed annuities		N/A		10		N/A		11
Additional Insurance Liabilities:
Asia:
Variable life		55		9		11		10
Universal and variable universal life		(33)		3		(14)		3
MetLife Holdings - Universal and variable universal life		334		65		380		61
Other long-duration		2,132		239		2,015		227
Total		$	9,710	$	2,798	$	8,196	$	2,664

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	16,468	$	16,098
Less: Reinsurance recoverables	2,592		2,452
Net balance, beginning of period	13,876		13,646
Incurred related to:
Current period	13,420		13,580
Prior periods (1)	99		306
Total incurred	13,519		13,886
Paid related to:
Current period	(8,723)		(8,546)
Prior periods	(4,921)		(4,959)
Total paid	(13,644)		(13,505)
Net balance, end of period	13,751		14,027
Add: Reinsurance recoverables	2,762		2,590
Balance, end of period (included in FPBs and other policy-related balances)	$	16,513	$	16,617

__________________

(1)For the six months ended June 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

XML

Policyholder Account Balances

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Policyholder Account Balances

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

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

	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits - Group life	$	7,644	$	7,692
RIS:
Capital markets investment products and stable value GICs	64,945		64,140
Annuities and risk solutions	18,797		17,711
Asia:
Universal and variable universal life	49,229		49,739
Fixed annuities	37,629		36,863
EMEA - Variable annuities	2,552		2,720
MetLife Holdings:
Annuities	10,747		11,537
Life and other	11,303		11,641
Other	16,697		17,226
Total	$	219,543	$	219,269

Rollforwards

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

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	7,692	$	8,028
Deposits	1,959		1,685
Policy charges	(327)		(318)
Surrenders and withdrawals	(1,767)		(1,608)
Benefit payments	(6)		(6)
Net transfers from (to) separate accounts	(3)		1
Interest credited	96		93
Balance, end of period	$	7,644	$	7,875
Weighted-average annual crediting rate	2.5 %		2.4 %
At period end:
Cash surrender value	$	7,584	$	7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	264,497	$	251,590

The Group Benefits segment’s group 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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	157	$	819	$	4,574	$	5,550
Equal to or greater than 2% but less than 4%	1,217		9		59		1		1,286
Equal to or greater than 4%	697		—		39		34		770
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		38
Total	$	1,914	$	166	$	917	$	4,609	$	7,644
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	79	$	910	$	4,615	$	5,604
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		120
Total	$	1,998	$	90	$	1,016	$	4,651	$	7,875

RIS

Capital Markets Investment Products and Stable Value GICs

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,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	64,140	$	63,723
Deposits	37,608		38,526
Surrenders and withdrawals	(37,540)		(39,865)
Interest credited	1,180		971
Effect of foreign currency translation and other, net	(443)		748
Balance, end of period	$	64,945	$	64,103
Weighted-average annual crediting rate	3.7 %		3.1 %
Cash surrender value at period end	$	1,850	$	2,309

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,647	$	2,647
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,298
Total	$	—	$	—	$	—	$	2,647	$	64,945
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,507
Total	$	—	$	—	$	1	$	2,595	$	64,103

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income 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,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	17,711	$	15,549
Deposits	1,467		1,362
Policy charges	(63)		(96)
Surrenders and withdrawals	(189)		(83)
Benefit payments	(471)		(385)
Net transfers from (to) separate accounts	20		54
Interest credited	360		307
Other	(38)		(15)
Balance, end of period	$	18,797	$	16,693
Weighted-average annual crediting rate	4.0 %		3.8 %
At period end:
Cash surrender value	$	8,209	$	7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	43,702	$	43,311

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	2,048	$	2,067
Equal to or greater than 2% but less than 4%	201		35		109		421		766
Equal to or greater than 4%	4,239		—		397		5		4,641
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		11,323
Total	$	4,440	$	35	$	525	$	2,474	$	18,797
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,472	$	1,525
Equal to or greater than 2% but less than 4%	227		35		130		448		840
Equal to or greater than 4%	4,439		117		107		6		4,669
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		9,659
Total	$	4,666	$	152	$	290	$	1,926	$	16,693

Asia

Universal and Variable Universal Life

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	49,739	$	46,417
Deposits	3,146		3,244
Policy charges	(545)		(563)
Surrenders and withdrawals	(1,736)		(1,238)
Benefit payments	(234)		(287)
Interest credited	744		683
Effect of foreign currency translation and other, net	(1,885)		(1,405)
Balance, end of period	$	49,229	$	46,851
Weighted-average annual crediting rate	3.1 %		3.0 %
At period end:
Cash surrender value	$	43,078	$	40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	88,255	$	92,521

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, 2024
Equal to or greater than 0% but less than 2%	$	9,431	$	18	$	230	$	1,281	$	10,960
Equal to or greater than 2% but less than 4%	7,413		15,613		5,486		8,989		37,501
Equal to or greater than 4%	242		—		—		—		242
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		526
Total	$	17,086	$	15,631	$	5,716	$	10,270	$	49,229
June 30, 2023
Equal to or greater than 0% but less than 2%	$	10,211	$	45	$	138	$	239	$	10,633
Equal to or greater than 2% but less than 4%	20,859		2,919		5,783		5,884		35,445
Equal to or greater than 4%	261		—		—		—		261
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		512
Total	$	31,331	$	2,964	$	5,921	$	6,123	$	46,851

Fixed Annuities

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

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	36,863	$	32,454
Deposits	3,412		4,612
Policy charges	(1)		(1)
Surrenders and withdrawals	(1,645)		(1,003)
Benefit payments	(1,174)		(1,071)
Interest credited	509		404
Effect of foreign currency translation and other, net	(335)		(271)
Balance, end of period	$	37,629	$	35,124
Weighted-average annual crediting rate	2.8 %		2.4 %
At period end:
Cash surrender value	$	32,555	$	30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	—	$	6,224

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, 2024
Equal to or greater than 0% but less than 2%	$	394	$	487	$	5,486	$	30,060	$	36,427
Equal to or greater than 2% but less than 4%	—		5		—		—		5
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,197
Total	$	394	$	492	$	5,486	$	30,060	$	37,629
June 30, 2023
Equal to or greater than 0% but less than 2%	$	343	$	603	$	6,795	$	26,057	$	33,798
Equal to or greater than 2% but less than 4%	—		6		—		—		6
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,320
Total	$	343	$	609	$	6,795	$	26,057	$	35,124

EMEA

Variable Annuities

Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	2,720	$	2,802
Deposits	2		2
Policy charges	(30)		(32)
Surrenders and withdrawals	(142)		(132)
Benefit payments	(61)		(64)
Interest credited (1)	87		32
Effect of foreign currency translation and other, net	(24)		153
Balance, end of period	$	2,552	$	2,761
Weighted-average annual crediting rate	6.8 %		2.4 %
At period end:
Cash surrender value	$	2,552	$	2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	410	$	635
At annuitization or exercise of other living benefits	$	529	$	797

__________________

(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,537	$	13,286
Deposits	86		132
Policy charges	(7)		(8)
Surrenders and withdrawals	(903)		(1,038)
Benefit payments	(211)		(224)
Net transfers from (to) separate accounts	58		47
Interest credited	183		200
Other	4		15
Balance, end of period	$	10,747	$	12,410
Weighted-average annual crediting rate	3.4 %		3.2 %
At period end:
Cash surrender value	$	10,154	$	11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,541	$	3,246
At annuitization or exercise of other living benefits	$	707	$	813

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	4	$	195	$	446	$	38	$	683
Equal to or greater than 2% but less than 4%	1,049		6,760		472		198		8,479
Equal to or greater than 4%	759		404		24		—		1,187
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		398
Total	$	1,812	$	7,359	$	942	$	236	$	10,747
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,917		5,447		395		72		9,831
Equal to or greater than 4%	982		277		19		—		1,278
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		455
Total	$	5,343	$	5,882	$	633	$	97	$	12,410

Life and Other

The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,641	$	12,402
Deposits	381		446
Policy charges	(347)		(354)
Surrenders and withdrawals	(523)		(612)
Benefit payments	(76)		(85)
Net transfers from (to) separate accounts	19		21
Interest credited	211		223
Other	(3)		3
Balance, end of period	$	11,303	$	12,044
Weighted-average annual crediting rate	3.7 %		3.7 %
At period end:
Cash surrender value	$	10,863	$	11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	65,885	$	69,633

__________________

(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 2024 and December 31, 2023, would be reduced by 99%.

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	18	$	54	$	72
Equal to or greater than 2% but less than 4%	4,242		172		270		540		5,224
Equal to or greater than 4%	4,960		124		407		15		5,506
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,202	$	296	$	695	$	609	$	11,303
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	21	$	56	$	77
Equal to or greater than 2% but less than 4%	4,735		172		289		558		5,754
Equal to or greater than 4%	5,158		127		415		12		5,712
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,893	$	299	$	725	$	626	$	12,044

6. Market Risk Benefits

The Company establishes liabilities for certain retirement assurance and 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 Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	177	$	177	$	—	$	203	$	203
MetLife Holdings - Annuities	213		2,366		2,153		156		2,878		2,722
Other	143		75		(68)		130		98		(32)
Total	$	356	$	2,618	$	2,262	$	286	$	3,179	$	2,893

Rollforwards

The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

Asia - Retirement Assurance

The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	203	$	226
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	205	$	233
Attributed fees collected	2		1
Benefit payments	(6)		(7)
Effect of changes in interest rates	4		3
Actual policyholder behavior different from expected behavior	(1)		—
Effect of foreign currency translation and other, net	(26)		(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	178		207
Cumulative effect of changes in the instrument-specific credit risk	(1)		(5)
Balance, end of period	$	177	$	202
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits	$	111	$	110
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Significant Methodologies and Assumptions

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, 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 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 12 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.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where 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 guarantees 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. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:

		Six Months Ended June 30,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,722	$	3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,772	$	3,360
Attributed fees collected		179		193
Benefit payments		(45)		(21)
Effect of changes in interest rates		(556)		23
Effect of changes in capital markets		(372)		(661)
Effect of changes in equity index volatility		26		(109)
Actual policyholder behavior different from expected behavior		132		57
Effect of foreign currency translation and other, net (1)		5		131
Effect of changes in risk margin		(62)		(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,079		2,938
Cumulative effect of changes in the instrument-specific credit risk		76		(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk		(2)		5
Balance, end of period		$	2,153	$	2,793
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,544	$	3,254
At annuitization or exercise of other living benefits		$	671	$	793
Weighted-average attained age of contractholders:
In the event of death		71 years		70 years
At annuitization or exercise of other living benefits		70 years		70 years

__________________

(1)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

Significant Methodologies and Assumptions

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 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 12 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.

Other

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. 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 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	(32)	$	32
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(50)	$	24
Attributed fees collected	25		16
Benefit payments	(3)		(18)
Effect of changes in interest rates	(46)		(26)
Effect of changes in capital markets	(15)		(14)
Effect of changes in equity index volatility	(1)		(4)
Actual policyholder behavior different from expected behavior	4		(22)
Effect of foreign currency translation and other, net	(2)		17
Effect of changes in risk margin	(1)		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(89)		(28)
Cumulative effect of changes in the instrument-specific credit risk	21		12
Effect of foreign currency translation on the cumulative instrument-specific credit risk	—		1
Balance, end of period	(68)		(15)
Less: Reinsurance recoverable	11		18
Balance, end of period, net of reinsurance	$	(79)	$	(33)

XML

Market Risk Benefits

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Market Risk Benefits

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

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

	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits - Group life	$	7,644	$	7,692
RIS:
Capital markets investment products and stable value GICs	64,945		64,140
Annuities and risk solutions	18,797		17,711
Asia:
Universal and variable universal life	49,229		49,739
Fixed annuities	37,629		36,863
EMEA - Variable annuities	2,552		2,720
MetLife Holdings:
Annuities	10,747		11,537
Life and other	11,303		11,641
Other	16,697		17,226
Total	$	219,543	$	219,269

Rollforwards

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

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	7,692	$	8,028
Deposits	1,959		1,685
Policy charges	(327)		(318)
Surrenders and withdrawals	(1,767)		(1,608)
Benefit payments	(6)		(6)
Net transfers from (to) separate accounts	(3)		1
Interest credited	96		93
Balance, end of period	$	7,644	$	7,875
Weighted-average annual crediting rate	2.5 %		2.4 %
At period end:
Cash surrender value	$	7,584	$	7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	264,497	$	251,590

The Group Benefits segment’s group 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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	157	$	819	$	4,574	$	5,550
Equal to or greater than 2% but less than 4%	1,217		9		59		1		1,286
Equal to or greater than 4%	697		—		39		34		770
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		38
Total	$	1,914	$	166	$	917	$	4,609	$	7,644
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	79	$	910	$	4,615	$	5,604
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		120
Total	$	1,998	$	90	$	1,016	$	4,651	$	7,875

RIS

Capital Markets Investment Products and Stable Value GICs

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,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	64,140	$	63,723
Deposits	37,608		38,526
Surrenders and withdrawals	(37,540)		(39,865)
Interest credited	1,180		971
Effect of foreign currency translation and other, net	(443)		748
Balance, end of period	$	64,945	$	64,103
Weighted-average annual crediting rate	3.7 %		3.1 %
Cash surrender value at period end	$	1,850	$	2,309

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,647	$	2,647
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,298
Total	$	—	$	—	$	—	$	2,647	$	64,945
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,507
Total	$	—	$	—	$	1	$	2,595	$	64,103

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income 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,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	17,711	$	15,549
Deposits	1,467		1,362
Policy charges	(63)		(96)
Surrenders and withdrawals	(189)		(83)
Benefit payments	(471)		(385)
Net transfers from (to) separate accounts	20		54
Interest credited	360		307
Other	(38)		(15)
Balance, end of period	$	18,797	$	16,693
Weighted-average annual crediting rate	4.0 %		3.8 %
At period end:
Cash surrender value	$	8,209	$	7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	43,702	$	43,311

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	2,048	$	2,067
Equal to or greater than 2% but less than 4%	201		35		109		421		766
Equal to or greater than 4%	4,239		—		397		5		4,641
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		11,323
Total	$	4,440	$	35	$	525	$	2,474	$	18,797
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,472	$	1,525
Equal to or greater than 2% but less than 4%	227		35		130		448		840
Equal to or greater than 4%	4,439		117		107		6		4,669
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		9,659
Total	$	4,666	$	152	$	290	$	1,926	$	16,693

Asia

Universal and Variable Universal Life

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	49,739	$	46,417
Deposits	3,146		3,244
Policy charges	(545)		(563)
Surrenders and withdrawals	(1,736)		(1,238)
Benefit payments	(234)		(287)
Interest credited	744		683
Effect of foreign currency translation and other, net	(1,885)		(1,405)
Balance, end of period	$	49,229	$	46,851
Weighted-average annual crediting rate	3.1 %		3.0 %
At period end:
Cash surrender value	$	43,078	$	40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	88,255	$	92,521

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, 2024
Equal to or greater than 0% but less than 2%	$	9,431	$	18	$	230	$	1,281	$	10,960
Equal to or greater than 2% but less than 4%	7,413		15,613		5,486		8,989		37,501
Equal to or greater than 4%	242		—		—		—		242
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		526
Total	$	17,086	$	15,631	$	5,716	$	10,270	$	49,229
June 30, 2023
Equal to or greater than 0% but less than 2%	$	10,211	$	45	$	138	$	239	$	10,633
Equal to or greater than 2% but less than 4%	20,859		2,919		5,783		5,884		35,445
Equal to or greater than 4%	261		—		—		—		261
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		512
Total	$	31,331	$	2,964	$	5,921	$	6,123	$	46,851

Fixed Annuities

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

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	36,863	$	32,454
Deposits	3,412		4,612
Policy charges	(1)		(1)
Surrenders and withdrawals	(1,645)		(1,003)
Benefit payments	(1,174)		(1,071)
Interest credited	509		404
Effect of foreign currency translation and other, net	(335)		(271)
Balance, end of period	$	37,629	$	35,124
Weighted-average annual crediting rate	2.8 %		2.4 %
At period end:
Cash surrender value	$	32,555	$	30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	—	$	6,224

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, 2024
Equal to or greater than 0% but less than 2%	$	394	$	487	$	5,486	$	30,060	$	36,427
Equal to or greater than 2% but less than 4%	—		5		—		—		5
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,197
Total	$	394	$	492	$	5,486	$	30,060	$	37,629
June 30, 2023
Equal to or greater than 0% but less than 2%	$	343	$	603	$	6,795	$	26,057	$	33,798
Equal to or greater than 2% but less than 4%	—		6		—		—		6
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,320
Total	$	343	$	609	$	6,795	$	26,057	$	35,124

EMEA

Variable Annuities

Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	2,720	$	2,802
Deposits	2		2
Policy charges	(30)		(32)
Surrenders and withdrawals	(142)		(132)
Benefit payments	(61)		(64)
Interest credited (1)	87		32
Effect of foreign currency translation and other, net	(24)		153
Balance, end of period	$	2,552	$	2,761
Weighted-average annual crediting rate	6.8 %		2.4 %
At period end:
Cash surrender value	$	2,552	$	2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	410	$	635
At annuitization or exercise of other living benefits	$	529	$	797

__________________

(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,537	$	13,286
Deposits	86		132
Policy charges	(7)		(8)
Surrenders and withdrawals	(903)		(1,038)
Benefit payments	(211)		(224)
Net transfers from (to) separate accounts	58		47
Interest credited	183		200
Other	4		15
Balance, end of period	$	10,747	$	12,410
Weighted-average annual crediting rate	3.4 %		3.2 %
At period end:
Cash surrender value	$	10,154	$	11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,541	$	3,246
At annuitization or exercise of other living benefits	$	707	$	813

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	4	$	195	$	446	$	38	$	683
Equal to or greater than 2% but less than 4%	1,049		6,760		472		198		8,479
Equal to or greater than 4%	759		404		24		—		1,187
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		398
Total	$	1,812	$	7,359	$	942	$	236	$	10,747
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,917		5,447		395		72		9,831
Equal to or greater than 4%	982		277		19		—		1,278
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		455
Total	$	5,343	$	5,882	$	633	$	97	$	12,410

Life and Other

The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,641	$	12,402
Deposits	381		446
Policy charges	(347)		(354)
Surrenders and withdrawals	(523)		(612)
Benefit payments	(76)		(85)
Net transfers from (to) separate accounts	19		21
Interest credited	211		223
Other	(3)		3
Balance, end of period	$	11,303	$	12,044
Weighted-average annual crediting rate	3.7 %		3.7 %
At period end:
Cash surrender value	$	10,863	$	11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	65,885	$	69,633

__________________

(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 2024 and December 31, 2023, would be reduced by 99%.

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	18	$	54	$	72
Equal to or greater than 2% but less than 4%	4,242		172		270		540		5,224
Equal to or greater than 4%	4,960		124		407		15		5,506
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,202	$	296	$	695	$	609	$	11,303
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	21	$	56	$	77
Equal to or greater than 2% but less than 4%	4,735		172		289		558		5,754
Equal to or greater than 4%	5,158		127		415		12		5,712
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,893	$	299	$	725	$	626	$	12,044

6. Market Risk Benefits

The Company establishes liabilities for certain retirement assurance and 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 Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	177	$	177	$	—	$	203	$	203
MetLife Holdings - Annuities	213		2,366		2,153		156		2,878		2,722
Other	143		75		(68)		130		98		(32)
Total	$	356	$	2,618	$	2,262	$	286	$	3,179	$	2,893

Rollforwards

The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

Asia - Retirement Assurance

The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	203	$	226
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	205	$	233
Attributed fees collected	2		1
Benefit payments	(6)		(7)
Effect of changes in interest rates	4		3
Actual policyholder behavior different from expected behavior	(1)		—
Effect of foreign currency translation and other, net	(26)		(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	178		207
Cumulative effect of changes in the instrument-specific credit risk	(1)		(5)
Balance, end of period	$	177	$	202
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits	$	111	$	110
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Significant Methodologies and Assumptions

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, 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 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 12 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.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where 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 guarantees 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. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:

		Six Months Ended June 30,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,722	$	3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,772	$	3,360
Attributed fees collected		179		193
Benefit payments		(45)		(21)
Effect of changes in interest rates		(556)		23
Effect of changes in capital markets		(372)		(661)
Effect of changes in equity index volatility		26		(109)
Actual policyholder behavior different from expected behavior		132		57
Effect of foreign currency translation and other, net (1)		5		131
Effect of changes in risk margin		(62)		(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,079		2,938
Cumulative effect of changes in the instrument-specific credit risk		76		(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk		(2)		5
Balance, end of period		$	2,153	$	2,793
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,544	$	3,254
At annuitization or exercise of other living benefits		$	671	$	793
Weighted-average attained age of contractholders:
In the event of death		71 years		70 years
At annuitization or exercise of other living benefits		70 years		70 years

__________________

(1)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

Significant Methodologies and Assumptions

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 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 12 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.

Other

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. 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 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	(32)	$	32
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(50)	$	24
Attributed fees collected	25		16
Benefit payments	(3)		(18)
Effect of changes in interest rates	(46)		(26)
Effect of changes in capital markets	(15)		(14)
Effect of changes in equity index volatility	(1)		(4)
Actual policyholder behavior different from expected behavior	4		(22)
Effect of foreign currency translation and other, net	(2)		17
Effect of changes in risk margin	(1)		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(89)		(28)
Cumulative effect of changes in the instrument-specific credit risk	21		12
Effect of foreign currency translation on the cumulative instrument-specific credit risk	—		1
Balance, end of period	(68)		(15)
Less: Reinsurance recoverable	11		18
Balance, end of period, net of reinsurance	$	(79)	$	(33)

XML

Separate Account

6 Months Ended

Jun. 30, 2024

Separate Accounts Disclosure [Abstract]

Separate Account

7. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate Account Liabilities

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

	June 30, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	38,689	$	41,343
Annuities	11,246		11,659
Latin America - Pensions	38,944		41,320
MetLife Holdings - Annuities	28,843		29,224
Other	21,985		21,088
Total	$	139,707	$	144,634

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

	RIS Stable Value and Risk Solutions		RIS Annuities		Latin America Pensions		MetLife Holdings Annuities
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	1,053		25		3,427		123
Policy charges	(139)		(10)		(132)		(296)
Surrenders and withdrawals	(2,945)		(401)		(2,652)		(1,857)
Benefit payments	(60)		—		(812)		(259)
Investment performance	692		(95)		875		1,972
Net transfers from (to) general account	(20)		—		—		(59)
Effect of foreign currency translation and other, net (1)	(1,235)		68		(3,082)		(5)
Balance, end of period	$	38,689	$	11,246	$	38,944	$	28,843
Six Months Ended June 30, 2023
Balance, beginning of period	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	1,586		120		4,096		139
Policy charges	(148)		(11)		(150)		(305)
Surrenders and withdrawals	(7,542)		(360)		(2,921)		(1,362)
Benefit payments	(46)		—		(879)		(242)
Investment performance	1,277		448		187		2,933
Net transfers from (to) general account	(57)		3		—		(47)
Effect of foreign currency translation and other, net	(715)		(102)		2,452		1
Balance, end of period	$	42,620	$	11,792	$	42,213	$	29,616
Cash surrender value at June 30, 2024 (2)	$	34,519	N/A		$	38,944	$	28,706
Cash surrender value at June 30, 2023 (2)	$	37,782	N/A		$	42,213	$	29,471

__________________

(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)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	June 30, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	530	$	1,184	$	279	$	2,889	$	—	$	4,882
U.S. government and agency	—		9,307		—		9,115		—		18		18,440
Public utilities	—		1,078		220		—		—		5		1,303
Municipals	—		306		24		—		—		13		343
Corporate bonds:
Materials	—		125		—		—		—		1		126
Communications	—		759		15		—		—		3		777
Consumer	—		1,783		36		—		—		10		1,829
Energy	—		832		102		—		—		3		937
Financial	—		2,512		500		5,268		281		18		8,579
Industrial and other	—		705		53		3,302		—		2		4,062
Technology	—		474		7		—		—		3		484
Foreign	—		1,947		—		3,425		8		12		5,392
Total corporate bonds	—		9,137		713		11,995		289		52		22,186
Total bonds	—		20,358		2,141		21,389		3,178		88		47,154
Mortgage-backed securities	—		9,381		—		—		—		40		9,421
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,349		17		—		—		11		2,377
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		32,097		2,158		21,389		3,178		139		58,961
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,392		2,610		2,258		779		—		8,039
Banks, trust and insurance companies	—		705		309		386		373		—		1,773
Public utilities	—		64		20		—		128		—		212
Non-redeemable preferred stock	—		—		132		—		—		—		132
Mutual funds	1,270		9,276		3,036		10,672		127		35,439		59,820
Total equity securities	1,270		12,437		6,107		13,316		1,407		35,439		69,976
Other invested assets	—		1,504		383		3,621		74		—		5,582
Total investments	1,270		46,038		8,648		38,326		4,659		35,578		134,519
Other assets	—		3,995		454		618		118		3		5,188
Total	$	1,270	$	50,033	$	9,102	$	38,944	$	4,777	$	35,581	$	139,707

	December 31, 2023
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	509	$	1,190	$	1,051	$	2,638	$	—	$	5,388
U.S. government and agency	—		9,673		—		9,920		—		18		19,611
Public utilities	—		1,077		308		—		—		4		1,389
Municipals	—		380		31		—		—		13		424
Corporate bonds:
Materials	—		144		—		—		—		—		144
Communications	—		893		8		—		—		3		904
Consumer	—		1,882		39		—		—		8		1,929
Energy	—		911		105		—		—		2		1,018
Financial	—		2,717		551		6,006		398		15		9,687
Industrial and other	—		764		38		3,598		—		3		4,403
Technology	—		547		—		—		—		3		550
Foreign	—		1,920		—		3,095		27		13		5,055
Total corporate bonds	—		9,778		741		12,699		425		47		23,690
Total bonds	—		21,417		2,270		23,670		3,063		82		50,502
Mortgage-backed securities	—		9,671		—		—		—		35		9,706
ABS & CLO	—		2,557		18		—		—		11		2,586
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		33,654		2,288		23,670		3,063		128		62,803
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,411		2,661		2,453		677		—		8,202
Banks, trust and insurance companies	—		731		269		392		341		—		1,733
Public utilities	—		67		19		—		72		—		158
Non-redeemable preferred stock	—		—		115		—		—		—		115
Mutual funds	1,159		8,517		2,929		10,099		109		35,418		58,231
Total equity securities	1,159		11,726		5,993		12,944		1,199		35,418		68,439
Other invested assets	—		1,620		403		4,212		30		—		6,265
Total investments	1,159		47,000		8,684		40,826		4,292		35,546		137,507
Other assets	—		6,093		503		494		35		2		7,127
Total	$	1,159	$	53,093	$	9,187	$	41,320	$	4,327	$	35,548	$	144,634

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Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

6 Months Ended

Jun. 30, 2024

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Intangible Assets and Liabilities and Unearned Revenue, excluding Goodwill [Text Block]

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

	Group Benefits		RIS		Asia (1)		Latin America (2)		EMEA (2)		MetLife Holdings (3)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2024	$	258	$	397	$	10,864	$	1,950	$	1,618	$	3,271	$	30	$	18,388
Capitalizations	9		107		696		353		243		9		6		1,423
Amortization	(13)		(30)		(379)		(232)		(166)		(114)		(3)		(937)
Effect of foreign currency translation and other, net	—		—		(618)		(156)		(49)		—		(1)		(824)
Balance at June 30, 2024	$	254	$	474	$	10,563	$	1,915	$	1,646	$	3,166	$	32	$	18,050
Balance at January 1, 2023	$	265	$	267	$	10,270	$	1,542	$	1,480	$	3,791	$	29	$	17,644
Capitalizations	11		95		798		299		227		12		5		1,447
Amortization	(13)		(22)		(336)		(197)		(161)		(130)		(5)		(864)
Effect of foreign currency translation and other, net	—		—		(428)		178		16		—		1		(233)
Balance at June 30, 2023	$	263	$	340	$	10,304	$	1,822	$	1,562	$	3,673	$	30	$	17,994
VOBA:
Balance at January 1, 2024	$	—	$	16	$	1,119	$	497	$	113	$	18	$	—	$	1,763
Amortization	—		(1)		(38)		(22)		(7)		(2)		—		(70)
Effect of foreign currency translation and other, net	—		—		(136)		(36)		(3)		—		—		(175)
Balance at June 30, 2024	$	—	$	15	$	945	$	439	$	103	$	16	$	—	$	1,518
Balance at January 1, 2023	$	—	$	19	$	1,290	$	545	$	127	$	28	$	—	$	2,009
Amortization	—		(1)		(47)		(26)		(9)		(2)		—		(85)
Effect of foreign currency translation and other, net	—		—		(109)		39		2		—		—		(68)
Balance at June 30, 2023	$	—	$	18	$	1,134	$	558	$	120	$	26	$	—	$	1,856
Total DAC and VOBA:
Balance at June 30, 2024															$	19,568
Balance at June 30, 2023															$	19,850
Balance at December 31, 2023															$	20,151

__________________

(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 and variable universal life products.

(3)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products.

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Six Months Ended June 30, 2024
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	31	$	2,850	$	989	$	608	$	59	$	4,537
Deferrals	1		285		75		49		8		418
Amortization	(3)		(107)		(60)		(34)		(2)		(206)
Effect of foreign currency translation and other, net	—		(50)		(74)		(11)		—		(135)
Balance, end of period	$	29	$	2,978	$	930	$	612	$	65	$	4,614
	Six Months Ended June 30, 2023
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	36	$	2,382	$	848	$	559	$	281	$	4,106
Deferrals	1		283		70		46		28		428
Amortization	(4)		(80)		(58)		(31)		(11)		(184)
Effect of foreign currency translation and other, net	—		(32)		108		13		—		89
Balance, end of period	$	33	$	2,553	$	968	$	587	$	298	$	4,439

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Closed Block

6 Months Ended

Jun. 30, 2024

Closed Block Disclosure [Abstract]

Closed Block

9. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Information regarding the liabilities and assets designated to the closed block was as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
FPBs	$	35,492	$	36,142
Other policy-related balances	283		319
Policyholder dividends payable	172		174
Policyholder dividend obligation	—		—
Current income tax payable	4		—
Other liabilities	797		668
Total closed block liabilities	36,748		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,247		19,939
Equity securities, at estimated fair value	11		10
Mortgage loans	5,938		6,151
Policy loans	3,876		3,960
Real estate and real estate joint ventures (“REJV”)	688		668
Other invested assets	487		496
Total investments	30,247		31,224
Cash and cash equivalents	759		717
Accrued investment income	374		383
Premiums, reinsurance and other receivables	67		54
Current income tax recoverable	—		3
Deferred income tax asset	397		312
Total assets designated to the closed block	31,844		32,693
Excess of closed block liabilities over assets designated to the closed block	4,904		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,204)		(820)
Unrealized gains (losses) on derivatives, net of income tax	164		130
Total amounts included in AOCI	(1,040)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,864	$	3,920

Information regarding the closed block revenues and expenses was as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
	(In millions)
Revenues
Premiums		$	216	$	226	$	434	$	461
Net investment income		342		341		685		679
Net investment gains (losses)		(13)		5		(20)		9
Net derivative gains (losses)		2		5		7		3
Total revenues		547		577		1,106		1,152
Expenses
Policyholder benefits and claims		415		445		819		858
Policyholder dividends		86		89		176		186
Other expenses		20		22		40		44
Total expenses		521		556		1,035		1,088
Revenues, net of expenses before provision for income tax expense (benefit)		26		21		71		64
Provision for income tax expense (benefit)		5		4		15		13
Revenues, net of expenses and provision for income tax expense (benefit)		$	21	$	17	$	56	$	51

MLIC charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.

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Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

10. Investments

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

	June 30, 2024										December 31, 2023
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)
U.S. corporate	$	87,346	$	(37)	$	1,573	$	8,204	$	80,678	$	85,563	$	(68)	$	1,894	$	6,672	$	80,717
Foreign corporate	58,031		(2)		1,513		6,123		53,419		59,123		(2)		1,750		5,427		55,444
Foreign government	44,444		(58)		1,071		5,403		40,054		48,260		(88)		1,754		4,437		45,489
U.S. government and agency	37,991		—		238		4,991		33,238		35,374		—		590		3,712		32,252
RMBS	35,366		(1)		305		3,054		32,616		31,479		(1)		353		2,735		29,096
ABS & CLO	18,207		(9)		89		512		17,775		17,910		(7)		54		663		17,294
Municipals	11,642		—		229		1,401		10,470		11,991		—		408		1,228		11,171
CMBS	10,164		(14)		78		742		9,486		10,855		(18)		73		961		9,949
Total fixed maturity securities AFS	$	303,191	$	(121)	$	5,096	$	30,430	$	277,736	$	300,555	$	(184)	$	6,876	$	25,835	$	281,412

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2024:

	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	11,450	$	48,991	$	52,138	$	126,778	$	63,713	$	303,070
Estimated fair value	$	11,484	$	48,300	$	49,969	$	108,106	$	59,877	$	277,736

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

	June 30, 2024								December 31, 2023
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	9,292	$	745	$	43,435	$	7,432	$	4,722	$	420	$	45,373	$	6,208
Foreign corporate	6,069		226		29,622		5,897		3,210		187		32,355		5,240
Foreign government	5,939		599		17,192		4,795		3,913		246		19,715		4,187
U.S. government and agency	9,778		439		16,053		4,552		7,856		368		13,960		3,344
RMBS	5,169		106		17,954		2,947		3,465		60		17,128		2,675
ABS & CLO	1,501		9		7,125		502		1,662		31		11,438		629
Municipals	1,052		96		5,370		1,305		483		34		5,449		1,194
CMBS	1,301		18		5,867		722		1,034		36		6,671		917
Total fixed maturity securities AFS	$	40,101	$	2,238	$	142,618	$	28,152	$	26,345	$	1,382	$	152,089	$	24,394
Investment grade	$	37,786	$	2,114	$	137,638	$	27,415	$	24,834	$	1,287	$	146,138	$	23,675
Below investment grade	2,315		124		4,980		737		1,511		95		5,951		719
Total fixed maturity securities AFS	$	40,101	$	2,238	$	142,618	$	28,152	$	26,345	$	1,382	$	152,089	$	24,394
Total number of securities in an unrealized loss position	5,529				12,516				2,922				13,049

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $4.6 billion for the six months ended June 30, 2024 to $30.4 billion primarily due to an increase in interest rates and the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at June 30, 2024, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of June 30, 2024, $737 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the consumer, communications, and transportation sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

At June 30, 2024, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at June 30, 2024.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Three Months Ended June 30, 2024
Balance, at beginning of period	$	15	$	2	$	66	$	1	$	9	$	20	$	113
ACL not previously recorded	14		—		—		—		—		—		14
Changes for securities with previously recorded ACL	11		—		(1)		—		—		—		10
Securities sold or exchanged	(3)		—		(7)		—		—		(6)		(16)
Balance, at end of period	$	37	$	2	$	58	$	1	$	9	$	14	$	121
Three Months Ended June 30, 2023
Balance, at beginning of period	$	63	$	2	$	117	$	—	$	—	$	11	$	193
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	6		—		(2)		—		—		—		4
Securities sold or exchanged	—		—		—		—		—		—		—
Balance, at end of period	$	69	$	2	$	115	$	—	$	—	$	11	$	197

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Six Months Ended June 30, 2024
Balance, at beginning of period	$	68	$	2	$	88	$	1	$	7	$	18	$	184
ACL not previously recorded	14		—		—		—		—		—		14
Changes for securities with previously recorded ACL	11		—		(5)		—		2		2		10
Securities sold or exchanged	(56)		—		(25)		—		—		(6)		(87)
Balance, at end of period	$	37	$	2	$	58	$	1	$	9	$	14	$	121
Six Months Ended June 30, 2023
Balance, at beginning of period	$	29	$	5	$	130	$	—	$	—	$	19	$	183
ACL not previously recorded	36		—		—		—		—		—		36
Changes for securities with previously recorded ACL	6		—		(15)		—		—		3		(6)
Securities sold or exchanged	(2)		(3)		—		—		—		(11)		(16)
Balance, at end of period	$	69	$	2	$	115	$	—	$	—	$	11	$	197

Equity Securities

The following table presents equity securities by security type:

	June 30, 2024						December 31, 2023
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
	(In millions)
Common stock (2)	$	403	$	242	$	645	$	424	$	239	$	663
Non-redeemable preferred stock	110		(1)		109		90		4		94
Total	$	513	$	241	$	754	$	514	$	243	$	757

________________

(1)    Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

(2)    Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.

Contractholder-Directed Equity Securities and FVO Securities

The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	June 30, 2024						December 31, 2023
	Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
	(In millions)
Unit-linked investments	$	7,176	$	1,496	$	8,672	$	7,770	$	1,112	$	8,882
FVO securities	837		597		1,434		972		477		1,449
Total	$	8,013	$	2,093	$	10,106	$	8,742	$	1,589	$	10,331

________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	June 30, 2024				December 31, 2023
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value (1)		% of Total
	(Dollars in millions)
Commercial	$	57,699	64.2	%	$	60,326	65.2	%
Agricultural	19,636		21.9		19,805		21.4
Residential	13,273		14.8		13,096		14.2
Total amortized cost	90,608		100.9		93,227		100.8
ACL	(806)		(0.9)		(721)		(0.8)
Total mortgage loans	$	89,802	100.0	%	$	92,506	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $7.8 billion at amortized cost ($7.6 billion commercial and $253 million agricultural) and the related ACL of $92 million, with the corresponding mortgage loan secured financing liability of $7.8 billion included in other liabilities on the consolidated balance sheet at June 30, 2024. The consolidated balance sheet at December 31, 2023 includes certain mortgage loans originated for third parties of

$8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $91 million and $184 million for the three months and six months ended June 30, 2024, respectively, and were recorded in investment income and investment expenses, both within net investment income.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($806) million and ($736) million at June 30, 2024 and December 31, 2023, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2024 was $269 million, $193 million and $97 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $277 million, $204 million and $95 million, respectively.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $263 million and $747 million for the three months and six months ended June 30, 2024, respectively, and $193 million and $1.0 billion for the three months and six months ended June 30, 2023, respectively.

For both the three months and six months ended June 30, 2024, the Company contributed commercial mortgage loans with an amortized cost of $218 million to REJVs which subsequently completed foreclosure on those mortgage loans. See “— Real Estate and REJV” for the carrying value of wholly-owned real estate acquired through foreclosure.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	Six Months Ended June 30,
	2024								2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	367	$	172	$	182	$	721	$	218	$	119	$	190	$	527
Provision (release)	155		6		(41)		120		148		49		13		210
Charge-offs, net of recoveries	(28)		(7)		—		(35)		—		(13)		—		(13)
Balance, end of period	$	494	$	171	$	141	$	806	$	366	$	155	$	203	$	724

ACL Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded.

These mortgage loan modifications are summarized as follows:

	Three Months Ended June 30,
	2024				2023
	Maturity Extension		Weighted Average  Life Increase		Maturity Extension		Weighted Average  Life Increase
	Amortized Cost		Affected Loans  (in Years)	% of Book Value	Amortized Cost		Affected Loans  (in Years)	% of Book Value
	(Dollars in millions)
Commercial	$	156	Less than one year	<1%	$	158	One year	<1%

	Six Months Ended June 30,
	2024				2023
	Maturity Extension		Weighted Average  Life Increase		Maturity Extension		Weighted Average  Life Increase
	Amortized Cost		Affected Loans  (in Years)	% of Book Value	Amortized Cost		Affected Loans  (in Years)	% of Book Value
	(Dollars in millions)
Commercial	$	236	Less than one year	<1%	$	222	Less than one year	<1	%

During the three months ended June 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became foreclosed. During the six months ended June 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent

and foreclosed. For both the three months and six months ended June 30, 2023, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties were current.

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,481	$	2,526	$	2,432	$	3,216	$	1,596	$	14,427	$	2,251	$	27,929	48.4	%
65% to 75%	91		361		4,400		2,497		1,341		6,142		—		14,832		25.7
76% to 80%	—		15		588		386		293		2,745		—		4,027		7.0
Greater than 80%	1		43		895		1,118		948		7,906		—		10,911		18.9
Total	$	1,573	$	2,945	$	8,315	$	7,217	$	4,178	$	31,220	$	2,251	$	57,699	100.0	%
DSCR:
> 1.20x	$	1,436	$	2,145	$	7,503	$	6,696	$	3,880	$	26,446	$	2,251	$	50,357	87.3	%
1.00x - 1.20x	35		531		572		488		139		2,751		—		4,516		7.8
<1.00x	102		269		240		33		159		2,023		—		2,826		4.9
Total	$	1,573	$	2,945	$	8,315	$	7,217	$	4,178	$	31,220	$	2,251	$	57,699	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	342	$	1,152	$	2,783	$	2,639	$	2,626	$	7,263	$	1,424	$	18,229	92.9	%
65% to 75%	8		51		87		294		147		547		129		1,263		6.4
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	—		—		—		14		32		79		19		144		0.7
Total	$	350	$	1,203	$	2,870	$	2,947	$	2,805	$	7,889	$	1,572	$	19,636	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	241	$	944	$	2,493	$	1,612	$	324	$	7,252	$	—	$	12,866	96.9	%
Nonperforming (1)	1		22		67		25		13		279		—		407		3.1
Total	$	242	$	966	$	2,560	$	1,637	$	337	$	7,531	$	—	$	13,273	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $140 million at both June 30, 2024 and December 31, 2023.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both June 30, 2024 and December 31, 2023. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows:

	Past Due				Past Due  and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
	(In millions)
Commercial	$	660	$	75	$	38	$	3	$	741	$	427
Agricultural	194		40		15		—		189		206
Residential	407		418		17		16		390		402
Total	$	1,261	$	533	$	70	$	19	$	1,320	$	1,035

Real Estate and REJV

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	June 30, 2024		December 31, 2023		Three Months Ended June 30,				Six Months Ended June 30,
					2024		2023		2024		2023
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,242	$	4,446	$	83	$	90	$	167	$	182
Other real estate	520		507		78		85		125		135
REJV	8,755		8,379		(81)		(38)		(202)		(154)
Total real estate and REJV	$	13,517	$	13,332	$	80	$	137	$	90	$	163

The carrying value of wholly-owned real estate acquired through foreclosure was $264 million and $190 million at June 30, 2024 and December 31, 2023, respectively. Depreciation expense on real estate investments was $29 million and $59 million for the three months and six months ended June 30, 2024, respectively, and $30 million and $58 million for the three months and six months ended June 30, 2023, respectively. Real estate investments, net of accumulated depreciation, were $974 million and $952 million at June 30, 2024 and December 31, 2023, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a summary of leased real estate investments and income earned, by property type.

Tax Equity Investments

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheet, was $787 million and $1.0 billion at June 30, 2024 and December 31, 2023, respectively. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit) in the interim condensed consolidated statements of operations. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting. For the three months and six months ended June 30, 2024, income tax credits and other income tax benefits of $38 million and $75 million, respectively, and amortized expense of $34 million and $67 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $12.0 billion and $10.8 billion, principally at estimated fair value, at June 30, 2024 and December 31, 2023, respectively.

Concentrations of Credit Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:

	June 30, 2024		December 31, 2023
	(In millions)
Japan	$	18,786	$	22,606
South Korea	$	6,038	$	6,411
Mexico	$	3,375	$	3,778

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

A summary of these transactions and agreements accounted for as secured borrowings were as follows:

		June 30, 2024						December 31, 2023
		Securities (1)						Securities (1)
Agreement Type		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending		$	10,787	$	11,159	$	10,953	$	10,510	$	10,788	$	10,553
Repurchase agreements		$	2,984	$	2,975	$	2,912	$	3,029	$	2,975	$	2,913

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments, and cash equivalents at both June 30, 2024 and December 31, 2023.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	June 30, 2024										December 31, 2023
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	2,280	$	3,785	$	3,805	$	—	$	9,870	$	1,393	$	4,106	$	3,919	$	—	$	9,418
Foreign government	—		1,107		—		—		1,107		—		483		624		—		1,107
Agency RMBS	—		109		73		—		182		—		88		175		—		263
Total	$	2,280	$	5,001	$	3,878	$	—	$	11,159	$	1,393	$	4,677	$	4,718	$	—	$	10,788
Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	2,975	$	—	$	—	$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,510	$	1,596
Invested assets held in trust (external reinsurance agreements) (1)	924		941
Invested assets pledged as collateral (2)	28,093		26,017
Total invested assets on deposit, held in trust and pledged as collateral	$	30,527	$	28,554

__________________

(1)    Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.0 billion at June 30, 2024 and December 31, 2023, respectively.

(2)     The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $715 million and $714 million, at redemption value, at June 30, 2024 and December 31, 2023

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	June 30, 2024				December 31, 2023
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets and REJV)	$	625	$	141	$	282	$	1
Renewable energy partnership (primarily other invested assets)	61		—		64		—
Total	$	686	$	141	$	346	$	1

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	June 30, 2024				December 31, 2023
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	57,716	$	57,716	$	54,182	$	54,182
Other limited partnership interests (“OLPI”)	13,398		18,197		14,034		19,591
Other investments (REJV and FVO securities)	1,096		1,097		1,039		1,055
Other invested assets	1,079		1,215		1,206		1,275
Total	$	73,289	$	78,225	$	70,461	$	76,103

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI and REJV is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

As described in Note 19, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the six months ended June 30, 2024 or 2023.

Net Investment Income

The composition of net investment income by asset type was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Asset Type	2024		2023		2024		2023
	(In millions)
Fixed maturity securities AFS	$	3,355	$	3,228	$	6,643	$	6,367
Equity securities	7		10		14		22
FVO securities	22		50		107		98
Mortgage loans	1,187		1,306		2,381		2,347
Policy loans	110		119		223		238
Real estate and REJV	80		137		90		163
OLPI	325		225		626		250
Cash, cash equivalents and short-term investments	250		248		541		465
Operating joint ventures	22		13		44		32
Other	192		122		343		278
Subtotal investment income	5,550		5,458		11,012		10,260
Less: Investment expenses	564		681		1,132		1,142
Subtotal, net	4,986		4,777		9,880		9,118
Unit-linked investments	219		295		761		599
Net investment income	$	5,205	$	5,072	$	10,641	$	9,717
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)	$	66	$	41	$	134	$	79
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	139		330		719		652
Net realized and unrealized gains (losses) recognized in net investment income	$	205	$	371	$	853	$	731
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income	$	151	$	291	$	663	$	591
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	276	$	172	$	486	$	79

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Asset Type	2024		2023		2024		2023
	(In millions)
Fixed maturity securities AFS	$	(246)	$	(996)	$	(331)	$	(1,576)
Equity securities	(19)		32		9		80
Mortgage loans	(9)		(41)		(95)		(205)
Real estate and REJV (excluding changes in estimated fair value)	12		13		47		31
OLPI (excluding changes in estimated fair value) (1)	(9)		3		(59)		12
Other gains (losses)	23		43		29		20
Subtotal	(248)		(946)		(400)		(1,638)
Change in estimated fair value of OLPI and REJV	3		2		6		(3)
Non-investment portfolio gains (losses)	(176)		(95)		(402)		(82)
Subtotal	(173)		(93)		(396)		(85)
Net investment gains (losses)	$	(421)	$	(1,039)	$	(796)	$	(1,723)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)	$	(195)	$	(20)	$	(330)	$	(566)
Impairment (losses)	—		(898)		—		(905)
Recognized gains (losses):
Change in ACL recognized in earnings	(35)		(42)		(81)		(224)
Unrealized net gains (losses) recognized in earnings	(15)		16		17		54
Total recognized gains (losses)	(50)		(26)		(64)		(170)
Non-investment portfolio gains (losses)	(176)		(95)		(402)		(82)
Net investment gains (losses)	$	(421)	$	(1,039)	$	(796)	$	(1,723)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	$	(15)	$	31	$	17	$	20
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship	$	—	$	(27)	$	—	$	(22)
Foreign currency gains (losses)	$	(120)	$	(27)	$	(165)	$	14
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)	$	(195)	$	(20)	$	(330)	$	(566)
Recognized in net investment income	66		41		134		79
Net realized investment gains (losses) from sales and disposals of investments	$	(129)	$	21	$	(196)	$	(487)

__________________

(1)    Includes a net loss of $3 million and $46 million during the three months and six months ended June 30, 2024 for private equity investments sold. During the three months ended June 30, 2024, the Company sold a $57 million portfolio of investments to a fund for proceeds of $54 million in cash and receivables secured by the value of the fund. During the six

months ended June 30, 2024, the Company sold $798 million in portfolios of investments to a fund for proceeds of $752 million in cash and receivables secured by the value of the fund. The Company’s investment management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Fixed Maturity Securities AFS	2024		2023		2024		2023
	(In millions)
Proceeds	$	8,106	$	8,412	$	14,458	$	23,456
Gross investment gains	$	121	$	73	$	277	$	366
Gross investment (losses)	(358)		(213)		(670)		(1,069)
Realized gains (losses) on sales and disposals	(237)		(140)		(393)		(703)
Net credit loss (provision) release (change in ACL recognized in earnings)	(9)		(7)		62		(17)
Impairment (losses)	—		(849)		—		(856)
Net credit loss (provision) release and impairment (losses)	(9)		(856)		62		(873)
Net investment gains (losses)	$	(246)	$	(996)	$	(331)	$	(1,576)
Equity Securities
Realized gains (losses) on sales and disposals	$	—	$	15	$	(2)	$	22
Unrealized net gains (losses) recognized in earnings	(19)		17		11		58
Net investment gains (losses)	$	(19)	$	32	$	9	$	80

XML

Derivatives

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

11. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s accounting policies for derivatives and Note 12 for information about the fair value hierarchy for derivatives.

Derivative Strategies

Types of Derivative Instruments and Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    

•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;

•Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures;

•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        

For detailed information on these contracts and the related strategies, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

		June 30, 2024						December 31, 2023
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,978	$	1,094	$	644	$	4,550	$	1,257	$	535
Foreign currency swaps	Foreign currency exchange rate	1,333		37		12		1,475		55		—
Foreign currency forwards	Foreign currency exchange rate	350		—		87		450		—		65
Subtotal		6,661		1,131		743		6,475		1,312		600
Cash flow hedges:
Interest rate swaps	Interest rate	4,155		—		353		4,156		1		265
Interest rate forwards	Interest rate	5,590		33		1,008		6,115		51		938
Foreign currency swaps	Foreign currency exchange rate	45,463		2,633		1,719		43,906		2,457		1,509
Subtotal		55,208		2,666		3,080		54,177		2,509		2,712
Net investment in a foreign operation hedges:
Foreign currency forwards	Foreign currency exchange rate	406		51		—		503		—		8
Currency options	Foreign currency exchange rate	3,000		541		—		3,000		394		—
Subtotal		3,406		592		—		3,503		394		8
Total qualifying hedges		65,275		4,389		3,823		64,155		4,215		3,320
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	29,726		1,459		1,276		29,801		1,497		1,102
Interest rate floors	Interest rate	9,228		34		—		15,321		41		—
Interest rate caps	Interest rate	27,152		245		—		30,016		373		—
Interest rate futures	Interest rate	1,853		4		3		1,243		1		5
Interest rate options	Interest rate	42,377		232		153		43,926		385		103
Interest rate forwards	Interest rate	2,816		42		82		2,383		69		36
Synthetic GICs	Interest rate	48,982		—		—		49,066		—		—
Foreign currency swaps	Foreign currency exchange rate	10,716		1,210		140		11,891		1,200		356
Foreign currency forwards	Foreign currency exchange rate	13,657		29		1,398		14,128		310		806
Currency futures	Foreign currency exchange rate	292		—		—		314		2		—
Currency options	Foreign currency exchange rate	320		35		35		50		—		—
Credit default swaps — purchased	Credit	2,812		7		72		2,877		3		79
Credit default swaps — written	Credit	13,952		247		5		12,468		233		5
Equity futures	Equity market	1,790		10		7		2,163		8		11
Equity index options	Equity market	14,714		297		250		19,421		399		255
Equity variance swaps	Equity market	96		—		3		99		—		2
Equity total return swaps	Equity market	2,020		1		100		1,912		1		218
Longevity swaps (1)	Longevity	1,000		—		—		—		—		—
Total non-designated or nonqualifying derivatives		223,503		3,852		3,524		237,079		4,522		2,978
Total		$	288,778	$	8,241	$	7,347	$	301,234	$	8,737	$	6,298

__________________

(1)Longevity swaps are used by the Company to mitigate risk associated with life expectancy and unanticipated changes in mortality rates.

Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:

	June 30, 2024						December 31, 2023
Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
			Assets		Liabilities				Assets		Liabilities
	(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	$	9,107	$	24	$	762	$	9,096	$	13	$	663
Foreign currency exchange rate	505		1		20		716		22		2
Equity market	4,533		111		206		5,189		77		373
	$	14,145	$	136	$	988	$	15,001	$	112	$	1,038

The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($385) million and ($501) million for the six months ended June 30, 2024 and 2023, respectively.

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both June 30, 2024 and December 31, 2023. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, net investment in a foreign operation (“NIFO”), nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended June 30, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(41)	$	(15)	$	—	N/A
Hedged items	—		—		N/A		34		13		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(2)		(26)		N/A		—		(7)		—		N/A
Hedged items	2		19		N/A		—		7		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		—		N/A		—		—		—		N/A
Subtotal	—		(7)		N/A		(7)		(2)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(264)
Amount of gains (losses) reclassified from AOCI into income	5		(3)		—		—		—		—		(2)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		104
Amount of gains (losses) reclassified from AOCI into income	2		(8)		—		—		—		—		6
Foreign currency transaction gains (losses) on hedged items	—		(2)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	7		(12)		—		—		—		—		(157)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		184
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		17
Subtotal	N/A		—		N/A		N/A		N/A		N/A		201
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(218)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(564)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		9		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(12)		N/A		N/A		N/A		N/A
Equity derivatives (1)	(11)		N/A		(108)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		178		N/A		N/A		N/A		N/A
Subtotal	(11)		N/A		(715)		N/A		N/A		N/A		N/A
Earned income on derivatives	53		—		180		(2)		(44)		—		—
Synthetic GICs	N/A		N/A		19		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		8		—		N/A		N/A		N/A
Total	$	49	$	(19)	$	(508)	$	(9)	$	(46)	$	—	$	44

	Three Months Ended June 30, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(135)	$	(35)	$	—	N/A
Hedged items	(1)		—		N/A		121		34		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(5)		(51)		N/A		—		13		—		N/A
Hedged items	4		39		N/A		—		(11)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		10		N/A		—		—		—		N/A
Subtotal	(2)		(2)		N/A		(14)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(205)
Amount of gains (losses) reclassified from AOCI into income	13		55		—		—		—		—		(68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(262)
Amount of gains (losses) reclassified from AOCI into income	1		200		—		—		—		—		(201)
Foreign currency transaction gains (losses) on hedged items	—		(176)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—		—
Subtotal	14		79		—		—		—		—		(737)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		160
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		25
Subtotal	N/A		—		N/A		N/A		N/A		N/A		185
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(434)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(800)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(18)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		85		N/A		N/A		N/A		N/A
Equity derivatives (1)	(36)		N/A		(409)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		319		N/A		N/A		N/A		N/A
Subtotal	(36)		N/A		(1,257)		N/A		N/A		N/A		N/A
Earned income on derivatives	32		—		260		3		(34)		—		—
Synthetic GICs	N/A		N/A		18		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(18)		—		N/A		N/A		N/A
Total	$	8	$	77	$	(997)	$	(11)	$	(33)	$	—	$	(552)

	Six Months Ended June 30, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(150)	$	(58)	$	—	N/A
Hedged items	—		—		N/A		137		55		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	2		(57)		N/A		—		(31)		—		N/A
Hedged items	—		42		N/A		—		35		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		4		N/A		—		—		—		N/A
Subtotal	2		(11)		N/A		(13)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(482)
Amount of gains (losses) reclassified from AOCI into income	13		(1)		—		—		—		—		(12)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(19)
Amount of gains (losses) reclassified from AOCI into income	3		(376)		—		—		—		—		373
Foreign currency transaction gains (losses) on hedged items	—		349		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	16		(27)		—		—		—		—		(141)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		344
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		37
Subtotal	N/A		—		N/A		N/A		N/A		N/A		381
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(571)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(1,270)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		2		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		22		N/A		N/A		N/A		N/A
Equity derivatives (1)	(36)		N/A		(450)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		341		N/A		N/A		N/A		N/A
Subtotal	(36)		N/A		(1,926)		N/A		N/A		N/A		N/A
Earned income on derivatives	83		—		361		(6)		(93)		—		—
Synthetic GICs	N/A		N/A		38		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		40		N/A		N/A		N/A		N/A
Total	$	65	$	(38)	$	(1,487)	$	(19)	$	(92)	$	—	$	240

	Six Months Ended June 30, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(1)	$	—	N/A		$	(9)	$	1	$	—	N/A
Hedged items	—		—		N/A		(5)		(2)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(22)		(54)		N/A		—		13		—		N/A
Hedged items	21		42		N/A		—		(11)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		—		N/A		—		—		—		N/A
Subtotal	(2)		(12)		N/A		(14)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	342
Amount of gains (losses) reclassified from AOCI into income	27		60		—		—		—		—		(87)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(422)
Amount of gains (losses) reclassified from AOCI into income	2		311		—		—		—		1		(314)
Foreign currency transaction gains (losses) on hedged items	—		(290)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—		—
Subtotal	29		81		—		—		—		1		(482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		206
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		27
Subtotal	N/A		—		N/A		N/A		N/A		N/A		233
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(276)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(962)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(31)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		88		N/A		N/A		N/A		N/A
Equity derivatives (1)	(42)		N/A		(921)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		442		N/A		N/A		N/A		N/A
Subtotal	(42)		N/A		(1,660)		N/A		N/A		N/A		N/A
Earned income on derivatives	75		—		572		8		(68)		—		—
Synthetic GICs	N/A		N/A		36		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(35)		N/A		N/A		N/A		N/A
Total	$	60	$	69	$	(1,087)	$	(6)	$	(67)	$	1	$	(249)

__________________

(1)Excludes earned income on derivatives.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

Balance Sheet Line Item	Carrying Amount  of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
	(In millions)
Fixed maturity securities AFS	$	370	$	454	$	3	$	3
Mortgage loans	$	223	$	359	$	(5)	$	(11)
FPBs	$	(2,661)	$	(2,863)	$	337	$	191
PABs	$	(2,252)	$	(1,911)	$	170	$	25

__________________

(1)Includes ($100) million and ($111) million of hedging adjustments on discontinued hedging relationships at June 30, 2024 and December 31, 2023, respectively.

For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $4 million and ($6) million for the three months and six months ended June 30, 2024, respectively, and $26 million and $27 million for the three months and six months ended June 30, 2023, respectively.

At both June 30, 2024 and December 31, 2023, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed five years.

At June 30, 2024 and December 31, 2023, the balance in AOCI associated with cash flow hedges was $25 million and $166 million, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At June 30, 2024, the Company expected to reclassify $42 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

NIFO Hedges

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations.

At June 30, 2024 and December 31, 2023, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.1 billion and $681 million, respectively. At June 30, 2024 and December 31, 2023, the carrying amount of debt designated as a non-derivative hedging instrument was $261 million and $298 million, respectively.Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	June 30, 2024					December 31, 2023
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	1	$	102	1.5	$	2	$	150	1.6
Credit default swaps referencing indices	82		4,125		2.6	80		3,830		2.7
Subtotal	83		4,227		2.6	82		3,980		2.6
Baa
Single name credit default swaps (3)	1		93		1.8	1		99		2.1
Credit default swaps referencing indices	150		9,431		4.4	145		8,188		5.4
Subtotal	151		9,524		4.4	146		8,287		5.3
Ba
Single name credit default swaps (3)	—		17		1.6	—		17		2.1
Credit default swaps referencing indices	2		25		2.5	2		25		3.0
Subtotal	2		42		2.1	2		42		2.6
B
Credit default swaps referencing indices	9		129		4.5	2		129		5.0
Subtotal	9		129		4.5	2		129		5.0
Caa
Credit default swaps referencing indices	(3)		30		2.0	(4)		30		2.5
Subtotal	(3)		30		2.0	(4)		30		2.5
Total	$	242	$	13,952	3.8	$	228	$	12,468	4.5

_________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 12 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2024				December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	8,203	$	7,053	$	8,749	$	6,014
OTC-cleared (1)	203		373		158		277
Exchange-traded	14		10		11		16
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	8,420		7,436		8,918		6,307
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,513)		(3,513)		(3,568)		(3,568)
OTC-cleared	(23)		(23)		(5)		(5)
Exchange-traded	(1)		(1)		(1)		(1)
Cash collateral: (3), (4)
OTC-bilateral	(3,272)		—		(3,448)		—
OTC-cleared	(162)		(298)		(150)		(239)
Exchange-traded	—		(2)		—		(5)
Securities collateral: (5)
OTC-bilateral	(1,380)		(3,522)		(1,563)		(2,427)
OTC-cleared	—		(51)		—		(33)
Exchange-traded	—		(7)		—		(10)
Net amount after application of master netting agreements and collateral	$	69	$	19	$	183	$	19

__________________

(1)At June 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $179 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $89 million and $9 million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2024 and December 31, 2023, the Company received excess cash collateral of $150 million and $163 million, respectively, and provided excess cash collateral of $80 million and $98 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $499 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $1.5 billion, respectively, for its OTC-bilateral derivatives, $808 million and $945 million, respectively, for its OTC-cleared derivatives, and $169 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. Substantially all of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s credit or financial strength rating, as applicable, were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement payment based on such party’s reasonable valuation of the derivatives. A small number of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of MetLife, Inc. and/or the counterparty. At June 30, 2024, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	June 30, 2024						December 31, 2023
	Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total		Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	3,501	$	39	$	3,540	$	2,443	$	4	$	2,447
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	3,942	$	56	$	3,998	$	3,011	$	6	$	3,017

__________________

(1)After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2024		December 31, 2023
		(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance	Other liabilities	$	(113)	$	(70)
Fixed annuities with equity indexed returns	PABs	168		163
Total		$	55	$	93

XML

Fair Value

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

12. Fair Value

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

	June 30, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	66,333	$	14,345	$	80,678
Foreign corporate	—		38,524		14,895		53,419
Foreign government	—		40,014		40		40,054
U.S. government and agency	16,700		16,538		—		33,238
RMBS	—		30,428		2,188		32,616
ABS & CLO	—		15,172		2,603		17,775
Municipals	—		10,469		1		10,470
CMBS	—		8,410		1,076		9,486
Total fixed maturity securities AFS	16,700		225,888		35,148		277,736
Equity securities	415		77		262		754
Unit-linked and FVO securities (1)	7,397		1,613		1,096		10,106
Short-term investments (2)	2,389		1,130		10		3,529
Other investments	42		515		1,073		1,630
Derivative assets: (3)
Interest rate	4		3,139		—		3,143
Foreign currency exchange rate	—		4,523		13		4,536
Credit	—		254		—		254
Equity market	10		291		7		308
Total derivative assets	14		8,207		20		8,241
MRBs	—		—		356		356
Reinsured MRBs (4)	—		—		11		11
Separate account assets (5)	64,100		74,485		1,122		139,707
Total assets (6)	$	91,057	$	311,915	$	39,098	$	442,070
Liabilities
Derivative liabilities: (3)
Interest rate	$	3	$	3,434	$	82	$	3,519
Foreign currency exchange rate	—		3,378		13		3,391
Credit	—		77		—		77
Equity market	7		353		—		360
Total derivative liabilities	10		7,242		95		7,347
Embedded derivatives within liability host contracts (7)	—		—		55		55
MRBs	—		—		2,618		2,618
Separate account liabilities (5)	—		3		—		3
Total liabilities	$	10	$	7,245	$	2,768	$	10,023

	December 31, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	67,003	$	13,714	$	80,717
Foreign corporate	—		40,813		14,631		55,444
Foreign government	—		45,438		51		45,489
U.S. government and agency	15,327		16,925		—		32,252
RMBS	3		27,495		1,598		29,096
ABS & CLO	—		15,191		2,103		17,294
Municipals	—		11,171		—		11,171
CMBS	—		9,099		850		9,949
Total fixed maturity securities AFS	15,330		233,135		32,947		281,412
Equity securities	429		79		249		757
Unit-linked and FVO securities (1)	7,520		1,708		1,103		10,331
Short-term investments (2)	5,103		667		27		5,797
Other investments	48		363		975		1,386
Derivative assets: (3)
Interest rate	1		3,674		—		3,675
Foreign currency exchange rate	2		4,393		23		4,418
Credit	—		228		8		236
Equity market	8		393		7		408
Total derivative assets	11		8,688		38		8,737
MRBs	—		—		286		286
Reinsured MRBs (4)	—		—		18		18
Separate account assets (5)	66,229		77,258		1,147		144,634
Total assets (6)	$	94,670	$	321,898	$	36,790	$	453,358
Liabilities
Derivative liabilities: (3)
Interest rate	$	5	$	2,805	$	174	$	2,984
Foreign currency exchange rate	—		2,737		7		2,744
Credit	—		84		—		84
Equity market	11		475		—		486
Total derivative liabilities	16		6,101		181		6,298
Embedded derivatives within liability host contracts (7)	—		—		93		93
MRBs	—		—		3,179		3,179
Separate account liabilities (5)	4		4		—		8
Total liabilities	$	20	$	6,105	$	3,453	$	9,578

__________________

(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both June 30, 2024 and December 31, 2023.

(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.

(5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $52 million at both June 30, 2024 and December 31, 2023.

(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

Instrument	Level 2 Observable Inputs			Level 3 Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	illiquidity premium
	•	benchmark yields; spreads off benchmark yields; new issuances; issuer ratings		•	delta spread adjustments to reflect specific credit-related issues
	•	trades of identical or comparable securities; duration		•	credit spreads
	•	privately-placed securities are valued using the additional key inputs:		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
		•	market yield curve; call provisions	•	independent non-binding broker quotations
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer
		•	delta spread adjustments to reflect specific credit-related issues
Foreign government securities, U.S. government and agency securities and Municipals
	Valuation Approaches: Principally the market approach.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	independent non-binding broker quotations
	•	benchmark U.S. Treasury yield or other yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	the spread off the U.S. Treasury yield curve for the identical security		•	credit spreads
	•	issuer ratings and issuer spreads; broker-dealer quotations
	•	comparable securities that are actively traded
Structured Products
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market and income approaches.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	credit spreads
	•	spreads for actively traded securities; spreads off benchmark yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	expected prepayment speeds and volumes		•	independent non-binding broker quotations
	•	current and forecasted loss severity; ratings; geographic region		•	credit ratings
	•	weighted average coupon and weighted average maturity
	•	average delinquency rates; DSCR
	•	credit ratings
	•	issuance-specific information, including, but not limited to:
		•	collateral type; structure of the security; vintage of the loans
		•	payment terms of the underlying assets
		•	payment priority within the tranche; deal performance

Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
Equity securities
	Valuation Approaches: Principally the market approach.		Valuation Approaches: Principally the market and income approaches.
	Key Input:		Key Inputs:
	•	quoted prices in markets that are not considered active	•	credit ratings; issuance structures
			•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
			•	independent non-binding broker quotations
Unit-linked and FVO securities, Short-term investments and Other investments
	Valuation Approaches: Principally the market and income approaches.		Valuation Approaches: Principally the market and income approaches.
	Key Inputs:		Key Inputs:
	•	Unit-linked and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.	•	Unit-linked and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
	•	Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
	Key Input:		•	N/A
	•	quoted prices or reported NAV provided by the fund managers
OLPI
	•	N/A	Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
			Key Inputs:
			•	liquidity; bid/ask spreads; performance record of the fund manager
			•	other relevant variables that may impact the exit value of the particular partnership interest

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

Instrument		Interest Rate		Foreign Currency Exchange Rate		Credit		Equity Market
Inputs common to Level 2 and Level 3 by instrument type	•	swap yield curves	•	swap yield curves	•	swap yield curves	•	swap yield curves
	•	basis curves	•	basis curves	•	credit curves	•	spot equity index levels
	•	interest rate volatility (1)	•	currency spot rates	•	recovery rates	•	dividend yield curves
			•	cross currency basis curves			•	equity volatility (1)
			•	currency volatility (1)
Level 3	•	swap yield curves (2)	•	swap yield curves (2)	•	swap yield curves (2)	•	dividend yield curves (2)
	•	basis curves (2)	•	basis curves (2)	•	credit curves (2)	•	equity volatility (1), (2)
	•	repurchase rates	•	cross currency basis curves (2)	•	credit spreads	•	correlation between model inputs (1)
	•	interest rate volatility (1), (2)	•	currency correlation	•	repurchase rates
			•	currency volatility (1)	•	independent non-binding broker quotations

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

Embedded Derivatives

Embedded derivatives principally include equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

MRBs

See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					June 30, 2024				December 31, 2023				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	52	-	125	91	4	-	131	93	Increase
	•	Market pricing	•	Quoted prices (4)	27	-	111	93	—	-	110	92	Increase
	•	Consensus pricing	•	Offered quotes (4)	90	-	100	96	86	-	102	96	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	116	95	—	-	112	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	3	-	103	96	3	-	101	93	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	428	-	452	437	367	-	399	385	Increase (7)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (6)	185	-	237	227	185	-	399	193	Increase (7)
Credit	•	Consensus pricing	•	Offered quotes (8)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.15%	0.05%	0%	-	0.15%	0.05%	(9)
				Ages 41 - 60	0.04%	-	0.75%	0.22%	0.04%	-	0.75%	0.22%	(9)
				Ages 61 - 115	0%	-	100%	1.23%	0%	-	100%	1.23%	(9)
			•	Lapse rates:
				Durations 1 - 10	0.39%	-	20.10%	8.72%	0.39%	-	20.10%	8.72%	Decrease (10)
				Durations 11 - 20	0.39%	-	15%	4.34%	0.39%	-	15%	4.34%	Decrease (10)
				Durations 21 - 116	0.10%	-	15%	4.59%	0.10%	-	15%	4.59%	Decrease (10)
			•	Utilization rates	0.20%	-	22%	0.44%	0.20%	-	22%	0.44%	Increase (11)
			•	Withdrawal rates	0%	-	20%	4.47%	0%	-	20%	4.47%	(12)
			•	Long-term equity volatilities	16.34%	-	21.85%	18.55%	8.05%	-	21.85%	18.55%	Increase (13)
			•	Nonperformance risk spread	0.11%	-	1.46%	0.73%	0.38%	-	1.59%	0.73%	Decrease (14)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)At June 30, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of 0% and less than 1%, respectively, of the total net derivative estimated fair value.

(9)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(10)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(12)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(13)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(14)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

The following tables summarize the change of assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period	$	28,503	$	45	$	5,277	$	—	$	253	$	1,093
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(46)		—		12		—		(11)		36
Total realized/unrealized gains (losses) included in AOCI	(294)		(4)		(5)		—		—		—
Purchases (3)	1,940		—		1,343		2		27		112
Sales (3)	(794)		(1)		(168)		(1)		(7)		(139)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	72		—		86		—		—		—
Transfers out of Level 3 (4)	(141)		—		(678)		—		—		(6)
Balance, end of period	$	29,240	$	40	$	5,867	$	1	$	262	$	1,096
Three Months Ended June 30, 2023
Balance, beginning of period	$	25,676	$	46	$	4,553	$	—	$	258	$	1,011
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(8)		(1)		2		—		(1)		50
Total realized/unrealized gains (losses) included in AOCI	(369)		3		(43)		—		—		—
Purchases (3)	1,122		5		272		7		—		190
Sales (3)	(527)		(4)		(112)		—		(7)		(193)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	210		11		71		—		—		—
Transfers out of Level 3 (4)	(136)		—		(189)		—		—		(1)
Balance, end of period	$	25,968	$	60	$	4,554	$	7	$	250	$	1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	(9)	$	—	$	11	$	—	$	(10)	$	36
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(8)	$	(1)	$	4	$	—	$	1	$	50
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	(314)	$	(4)	$	(7)	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(379)	$	3	$	(45)	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period	$	14	$	1,171	$	(139)	$	(62)	$	1,142
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		—		17		8		(8)
Total realized/unrealized gains (losses) included in AOCI	—		—		(15)		—		—
Purchases (3)	6		42		—		—		44
Sales (3)	(10)		(140)		—		—		(56)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		67		(1)		—
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		—		(5)		—		—
Balance, end of period	$	10	$	1,073	$	(75)	$	(55)	$	1,122
Three Months Ended June 30, 2023
Balance, beginning of period	$	58	$	928	$	53	$	(44)	$	1,202
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		23		32		(18)		(17)
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(41)		—		—
Purchases (3)	5		13		—		—		72
Sales (3)	(44)		—		—		—		(21)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		(3)		(2)		—
Transfers into Level 3 (4)	—		—		—		—		12
Transfers out of Level 3 (4)	—		—		(255)		—		—
Balance, end of period	$	18	$	964	$	(214)	$	(64)	$	1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	—	$	(5)	$	17	$	8	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	23	$	13	$	(17)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	—	$	—	$	(9)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(1)	$	—	$	(48)	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	28,345	$	51	$	4,551	$	—	$	249	$	1,103
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(52)		2		15		—		(8)		67
Total realized/unrealized gains (losses) included in AOCI	(678)		(5)		40		—		—		—
Purchases (3)	3,078		—		1,582		2		31		114
Sales (3)	(1,406)		(3)		(340)		(1)		(10)		(165)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	109		—		165		—		—		—
Transfers out of Level 3 (4)	(156)		(5)		(146)		—		—		(23)
Balance, end of period	$	29,240	$	40	$	5,867	$	1	$	262	$	1,096
Six Months Ended June 30, 2023
Balance, beginning of period	$	24,401	$	103	$	4,269	$	—	$	259	$	787
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(17)		(1)		(7)		—		6		95
Total realized/unrealized gains (losses) included in AOCI	343		2		(24)		—		—		—
Purchases (3)	2,408		13		413		7		2		205
Sales (3)	(1,064)		(12)		(239)		—		(17)		(26)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	391		10		212		—		—		1
Transfers out of Level 3 (4)	(494)		(55)		(70)		—		—		(5)
Balance, end of period	$	25,968	$	60	$	4,554	$	7	$	250	$	1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	(3)	$	2	$	15	$	—	$	(3)	$	67
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(20)	$	(1)	$	3	$	—	$	(3)	$	94
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	(686)	$	(5)	$	35	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	321	$	2	$	(26)	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	27	$	975	$	(143)	$	(93)	$	1,147
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		12		(16)		40		(37)
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(40)		—		—
Purchases (3)	10		47		—		—		83
Sales (3)	(26)		(140)		—		—		(67)
Issuances (3)	—		—		135		—		—
Settlements (3)	—		—		—		(2)		—
Transfers into Level 3 (4)	—		179		—		—		3
Transfers out of Level 3 (4)	—		—		(11)		—		(7)
Balance, end of period	$	10	$	1,073	$	(75)	$	(55)	$	1,122
Six Months Ended June 30, 2023
Balance, beginning of period	$	57	$	926	$	(170)	$	(17)	$	1,210
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		25		38		(35)		(39)
Total realized/unrealized gains (losses) included in AOCI	—		—		46		—		—
Purchases (3)	17		13		—		—		170
Sales (3)	(47)		—		—		—		(110)
Issuances (3)	—		—		(1)		—		—
Settlements (3)	—		—		33		(12)		1
Transfers into Level 3 (4)	—		—		—		—		16
Transfers out of Level 3 (4)	(9)		—		(160)		—		—
Balance, end of period	$	18	$	964	$	(214)	$	(64)	$	1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	—	$	8	$	(14)	$	40	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	26	$	31	$	(35)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	—	$	—	$	(21)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(1)	$	—	$	7	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

	June 30, 2024		December 31, 2023
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	970	$	474
Other invested assets (2)	$	63	$	63

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(105)	$	(54)	$	(154)	$	(141)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.

(2)The Company recognized an impairment loss in connection with the pending disposition of MetLife Malaysia. See Note 3.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three-level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The Company believes that due to the short-term nature of these excluded assets, which are primarily classified in Level 2, the estimated fair value approximates carrying value. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	June 30, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	89,802	$	—	$	—	$	84,495	$	84,495
Policy loans	$	8,691	$	—	$	—	$	9,273	$	9,273
Other invested assets	$	1,259	$	—	$	715	$	544	$	1,259
Premiums, reinsurance and other receivables	$	5,446	$	—	$	1,290	$	4,057	$	5,347
Other assets	$	241	$	—	$	77	$	165	$	242
Liabilities
PABs	$	139,397	$	—	$	—	$	133,722	$	133,722
Long-term debt	$	14,790	$	—	$	14,236	$	—	$	14,236
Collateral financing arrangement	$	555	$	—	$	—	$	483	$	483
Junior subordinated debt securities	$	3,163	$	—	$	3,550	$	—	$	3,550
Other liabilities	$	10,783	$	—	$	1,537	$	8,832	$	10,369
Separate account liabilities	$	71,446	$	—	$	71,446	$	—	$	71,446

	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	92,506	$	—	$	—	$	87,753	$	87,753
Policy loans	$	8,788	$	—	$	—	$	9,516	$	9,516
Other invested assets	$	919	$	—	$	714	$	205	$	919
Premiums, reinsurance and other receivables	$	5,182	$	—	$	791	$	4,400	$	5,191
Other assets	$	268	$	—	$	82	$	184	$	266
Liabilities
PABs	$	138,233	$	—	$	—	$	134,025	$	134,025
Long-term debt	$	15,516	$	—	$	15,621	$	—	$	15,621
Collateral financing arrangement	$	637	$	—	$	—	$	551	$	551
Junior subordinated debt securities	$	3,161	$	—	$	3,552	$	—	$	3,552
Other liabilities	$	10,556	$	—	$	609	$	9,651	$	10,260
Separate account liabilities	$	75,705	$	—	$	75,705	$	—	$	75,705

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Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

13. Long-term Debt

Senior Notes

In June 2024, MetLife, Inc. issued $500 million of senior notes due December 2034 which bear interest at a fixed rate of 5.300%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $4 million of related costs which will be amortized over the term of the senior notes.

In April 2024, MetLife, Inc. redeemed for $438 million in cash all of its £350 million aggregate principal amount outstanding 5.375% senior notes due December 2024.

In March 2024, MetLife, Inc. issued the following fixed rate senior notes totaling $752 million, interest on which is payable semi-annually:

•¥7.1 billion due March 2029 which bear interest annually at 1.009%;

•¥23.1 billion due March 2031 which bear interest annually at 1.415%;

•¥16.7 billion due March 2034 which bear interest annually at 1.670%;

•¥11.2 billion due March 2039 which bear interest annually at 1.953%;

•¥15.5 billion due March 2044 which bear interest annually at 2.195%;

•¥23.5 billion due March 2054 which bear interest annually at 2.390%; and

•¥15.2 billion due March 2059 which bear interest annually at 2.448%.

In connection with the March 2024 issuances, MetLife, Inc. incurred $6 million of related costs which are amortized over the applicable term of each series of the senior notes.

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Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

14. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows at both June 30, 2024 and December 31, 2023:

Series	Shares Authorized	Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A	27,600,000	24,000,000
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D	500,000	500,000
5.625% Non-Cumulative Preferred Stock, Series E	32,200	32,200
4.75% Non-Cumulative Preferred Stock, Series F	40,000	40,000
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G	1,000,000	1,000,000
Series A Junior Participating Preferred Stock	10,000,000	—
Not designated	160,827,800	—
Total	200,000,000	25,572,200

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Series		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A		$	0.430	$	10	$	0.375	$	9	$	0.850	$	20	$	0.736	$	18
D		$	—	—		$	—	—		$	29.375	15		$	29.375	15
E		$	351.563	12		$	351.563	11		$	703.126	23		$	703.126	22
F		$	296.875	12		$	296.875	12		$	593.750	24		$	593.750	24
G		$	—	—		$	—	—		$	19.250	19		$	19.250	19
Total				$	34			$	32			$	101			$	98

Common Stock

MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:

Announcement Date	Authorization Amount		Authorization Remaining at June 30, 2024 (1)
	(In millions)
May 1, 2024	$	3,000	$	3,000
May 25, 2023	$	1,000	$	75
May 3, 2023	$	3,000	$	—
May 4, 2022	$	3,000	$	—

__________________

(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at June 30, 2024 does not reflect the applicable excise tax payable.

Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.

For the six months ended June 30, 2024 and 2023, MetLife, Inc. repurchased 28,872,993 shares and 23,665,630 shares of its common stock, respectively, through open market purchases for $2.0 billion and $1.5 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.

Stock-Based Compensation Plans

Performance Shares and Performance Units

Final Performance Shares are paid in shares of MetLife, Inc.’s common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2021 – December 31, 2023 performance period was 147.5%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,048,303 Performance Shares and 118,848 Performance Units associated with that performance period that vested on December 31, 2023. As a result, in the first quarter of 2024, MetLife, Inc. issued 1,546,247 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 175,301 Performance Units (less withholding for taxes and other items, as applicable).

Dividend Restrictions

Insurance Operations

For the six months ended June 30, 2024, American Life Insurance Company paid a dividend of $1.1 billion to MetLife, Inc., for which regulatory approval was obtained as required.

See Note 19 of the Notes to Consolidated Financial Statements included in the 2023 Annual Report for additional information on dividend restrictions.

AOCI

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:

	Three Months Ended June 30, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(16,813)	$	202	$	4,773	$	(47)	$	(6,465)	$	(1,421)	$	(19,771)
OCI before reclassifications	(3,373)		(160)		2,373		(33)		(268)		(2)		(1,463)
Deferred income tax benefit (expense)	810		128		(540)		7		(52)		1		354
AOCI before reclassifications, net of income tax	(19,376)		170		6,606		(73)		(6,785)		(1,422)		(20,880)
Amounts reclassified from AOCI	248		3		—		—		—		32		283
Deferred income tax benefit (expense)	(59)		(74)		—		—		—		(6)		(139)
Amounts reclassified from AOCI, net of income tax	189		(71)		—		—		—		26		144
Balance, end of period	$	(19,187)	$	99	$	6,606	$	(73)	$	(6,785)	$	(1,396)	$	(20,736)
	Three Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(16,354)	$	1,748	$	2,748	$	186	$	(6,119)	$	(1,356)	$	(19,147)
OCI before reclassifications	(3,173)		(468)		1,471		(99)		(102)		(1)		(2,372)
Deferred income tax benefit (expense)	739		114		(300)		21		(61)		—		513
AOCI before reclassifications, net of income tax	(18,788)		1,394		3,919		108		(6,282)		(1,357)		(21,006)
Amounts reclassified from AOCI	1,040		(269)		—		—		—		30		801
Deferred income tax benefit (expense)	(231)		54		—		—		—		(4)		(181)
Amounts reclassified from AOCI, net of income tax	809		(215)		—		—		—		26		620
Balance, end of period	$	(17,979)	$	1,179	$	3,919	$	108	$	(6,282)	$	(1,331)	$	(20,386)

	Six Months Ended June 30, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(14,506)	$	183	$	2,658	$	27	$	(6,158)	$	(1,446)	$	(19,242)
OCI before reclassifications	(6,492)		(501)		5,084		(127)		(485)		(4)		(2,525)
Deferred income tax benefit (expense)	1,509		204		(1,136)		27		(142)		1		463
AOCI before reclassifications, net of income tax	(19,489)		(114)		6,606		(73)		(6,785)		(1,449)		(21,304)
Amounts reclassified from AOCI	393		360		—		—		—		64		817
Deferred income tax benefit (expense)	(91)		(147)		—		—		—		(11)		(249)
Amounts reclassified from AOCI, net of income tax	302		213		—		—		—		53		568
Balance, end of period	$	(19,187)	$	99	$	6,606	$	(73)	$	(6,785)	$	(1,396)	$	(20,736)
	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(22,646)	$	1,557	$	6,115	$	107	$	(6,377)	$	(1,377)	$	(22,621)
OCI before reclassifications	4,410		(81)		(2,898)		1		180		(5)		1,607
Deferred income tax benefit (expense)	(989)		17		702		—		(85)		1		(354)
AOCI before reclassifications, net of income tax	(19,225)		1,493		3,919		108		(6,282)		(1,381)		(21,368)
Amounts reclassified from AOCI	1,606		(401)		—		—		—		60		1,265
Deferred income tax benefit (expense)	(360)		87		—		—		—		(10)		(283)
Amounts reclassified from AOCI, net of income tax	1,246		(314)		—		—		—		50		982
Balance, end of period	$	(17,979)	$	1,179	$	3,919	$	108	$	(6,282)	$	(1,331)	$	(20,386)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(250)	$	(1,079)	$	(409)	$	(1,690)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		3		—		5		Net investment income
Net unrealized investment gains (losses)	1		36		16		79		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(248)		(1,040)		(393)		(1,606)
Income tax (expense) benefit	59		231		91		360
Net unrealized investment gains (losses), net of income tax	(189)		(809)		(302)		(1,246)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	5		13		13		27		Net investment income
Interest rate derivatives	(3)		55		(1)		60		Net investment gains (losses)
Foreign currency exchange rate derivatives	2		1		3		2		Net investment income
Foreign currency exchange rate derivatives	(8)		200		(376)		311		Net investment gains (losses)
Foreign currency exchange rate derivatives	—		—		—		1		Other expenses
Credit derivatives	1		—		1		—		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(3)		269		(360)		401
Income tax (expense) benefit	74		(54)		147		(87)
Gains (losses) on cash flow hedges, net of income tax	71		215		(213)		314
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(34)		(32)		(69)		(65)
Amortization of prior service (costs) credit	2		2		5		5
Amortization of defined benefit plan items, before income tax	(32)		(30)		(64)		(60)
Income tax (expense) benefit	6		4		11		10
Amortization of defined benefit plan items, net of income tax	(26)		(26)		(53)		(50)
Total reclassifications, net of income tax	$	(144)	$	(620)	$	(568)	$	(982)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.

XML

Other Revenues and Other Expenses

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses Disclosure

15. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Vision fee for service arrangements	$	130	$	143	$	276	$	302
Prepaid legal plans	145		130		293		261
Fee-based investment management	98		103		196		203
Administrative services-only contracts	69		64		136		128
Recordkeeping and administrative services (1)	37		38		75		75
Other revenue from service contracts from customers	79		68		159		139
Total revenues from service contracts from customers	558		546		1,135		1,108
Other	80		75		177		152
Total other revenues	$	638	$	621	$	1,312	$	1,260

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

Receivables related to revenues from service contracts from customers were $231 million and $243 million at June 30, 2024 and December 31, 2023, respectively.

Other Expenses

Information on other expenses was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Employee-related costs (1)	$	900	$	896	$	1,850	$	1,829
Third-party staffing costs	362		360		711		704
General and administrative expenses	153		187		301		330
Pension, postretirement and postemployment benefit costs	65		59		130		118
Premium taxes, other taxes, and licenses & fees	171		184		347		345
Commissions and other variable expenses	1,462		1,447		2,965		2,864
Capitalization of DAC	(683)		(729)		(1,423)		(1,447)
Amortization of DAC and VOBA	499		479		1,007		949
Amortization of negative VOBA	(6)		(6)		(12)		(13)
Interest expense on debt	257		256		521		511
Total other expenses	$	3,180	$	3,133	$	6,397	$	6,190

__________________

(1)Includes ($27) million and ($77) million for the three months and six months ended June 30, 2024, respectively, and ($34) million and ($72) million for the three months and six months ended June 30, 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

16. Employee Benefit Plans

Pension and Other Postretirement Benefit Plans

Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.

The components of net periodic benefit costs, reported in other expenses, were as follows:

	Three Months Ended June 30,
	2024				2023
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Service costs	$	41	$	1	$	37	$	—
Interest costs	114		10		117		10
Expected return on plan assets	(115)		(14)		(121)		(15)
Amortization of net actuarial (gains) losses	41		(6)		39		(7)
Amortization of prior service costs (credit)	(3)		—		(3)		—
Net periodic benefit costs (credit)	$	78	$	(9)	$	69	$	(12)
	Six Months Ended June 30,
	2024				2023
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Service costs	$	81	$	2	$	75	$	1
Interest costs	228		20		235		21
Expected return on plan assets	(230)		(28)		(241)		(28)
Amortization of net actuarial (gains) losses	83		(14)		78		(15)
Amortization of prior service costs (credit)	(6)		—		(6)		—
Net periodic benefit costs (credit)	$	156	$	(20)	$	141	$	(21)

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Income Tax

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax

17. Income Tax

For the three months and six months ended June 30, 2024, the effective tax rate on income (loss) before provision for income tax was 21% and 19%, respectively. The Company’s effective tax rate for the three months ended June 30, 2024 was equal to the U.S. statutory rate of 21% and included tax benefits from (i) non-taxable investment income and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method, offset by tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates. The Company’s effective tax rate for the six months ended June 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, (ii) the reversal of previously non-deductible losses, (iii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method, and (iv) the corporate tax deduction for stock compensation.

For the three months and six months ended June 30, 2023, the effective tax rate on income (loss) before provision for income tax was 5% and 28%, respectively. The Company’s effective tax rate for the three months ended June 30, 2023

differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) low income housing and other tax credits, (ii) foreign earnings taxed at lower statutory rates than the U.S. statutory rate and foreign losses taxed at higher statutory rates, (iii) adjustments related to prior years taxes, and (iv) non-taxable investment income. The Company’s effective tax rate for the six months ended June 30, 2023 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) low income housing and other tax credits, (ii) the corporate tax deduction for stock compensation, (iii) adjustments related to prior years taxes, and (iv) non-taxable investment income

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

18. Earnings Per Common Share

The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:    

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic	710.5		765.9		716.8		770.6
Incremental common shares from assumed exercise or issuance of stock-based awards	4.2		3.7		4.7		4.8
Weighted average common stock outstanding - diluted	714.7		769.6		721.5		775.4
Net Income (Loss):
Net income (loss)	$	953	$	408	$	1,828	$	493
Less: Net income (loss) attributable to noncontrolling interests	7		6		15		11
Less: Preferred stock dividends	34		32		101		98
Net income (loss) available to MetLife, Inc.’s common shareholders	$	912	$	370	$	1,712	$	384
Basic	$	1.28	$	0.48	$	2.39	$	0.50
Diluted	$	1.28	$	0.48	$	2.37	$	0.50

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Contingencies, Commitments and Guarantees

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies, Commitments and Guarantees

19. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established, there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at June 30, 2024. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of June 30, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC.

MLIC’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2023 Annual Report, MLIC received approximately 2,565 asbestos-related claims in 2023. For the six months ended June 30, 2024 and 2023, MLIC received approximately 1,556 and 1,306 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for historical information concerning asbestos claims and MLIC’s update in its recorded liability at December 31, 2023. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through June 30, 2024.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. The Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case to the trial court where the Relator has filed an amended complaint. The Company intends to defend the action vigorously.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into the issue, and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits and additional legal actions relating to the issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.0 billion and $4.0 billion at June 30, 2024 and December 31, 2023, respectively.

Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $8.7 billion and $9.2 billion at June 30, 2024 and December 31, 2023, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $636 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.

The Company’s recorded liabilities were $19 million at both June 30, 2024 and December 31, 2023, for indemnities and guarantees.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 946	$ 402	$ 1,813	$ 482

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation of Subsidiaries

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting, unless the fair value option (“FVO”) is applied, for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

New Accounting Pronouncements

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (each, an “ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.

Adopted Accounting Pronouncements

The table below describes the impacts of ASUs adopted by the Company.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.	January 1, 2024. The Company adopted this update, applying a modified retrospective basis.	The Company has elected to use the proportional amortization method to account for its tax equity investments that meet the required criteria. The adoption of this update resulted in a decrease to retained earnings of $219 million, net of income tax, primarily related to the Company’s tax equity investments reported within other invested assets, as of January 1, 2024.

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2024 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	The amendments in this update are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss; (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM.	Effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.

Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Investments

Maturities of Fixed Maturity Securities AFS

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

ACL Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Past Due and Nonaccrual Mortgage Loans

The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment.

Leased Real Estate Investments - Operating Leases

The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Derivatives

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 12 for a description of the impact of credit risk on the valuation of derivatives.

Employee Benefit Plans

Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.

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Derivative Instruments and Hedging Activities (Policies)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 12 for a description of the impact of credit risk on the valuation of derivatives.

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,599	$	2,448	$	1,216	$	1,122	$	536	$	692	$	15	$	11,628	$	—	$	11,628
Universal life and investment-type product policy fees	229		73		434		373		77		94		1		1,281		—		1,281
Net investment income	313		2,117		1,167		398		54		1,016		95		5,160		45		5,205
Other revenues	382		61		18		11		8		37		97		614		24		638
Net investment gains (losses)	—		—		—		—		—		—		—		—		(421)		(421)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(508)		(508)
Total revenues	6,523		4,699		2,835		1,904		675		1,839		208		18,683		(860)		17,823
Expenses
Policyholder benefits and claims and policyholder dividends	4,780		3,248		988		1,018		265		1,252		9		11,560		73		11,633
Policyholder liability remeasurement (gains) losses	2		(23)		(4)		(3)		1		17		—		(10)		—		(10)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(182)		(182)
Interest credited to PABs	48		838		657		115		17		106		—		1,781		219		2,000
Capitalization of deferred policy acquisition costs (“DAC”)	(5)		(46)		(335)		(175)		(115)		(4)		(3)		(683)		—		(683)
Amortization of DAC and value of business acquired (“VOBA”)	7		16		207		129		82		57		1		499		—		499
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		3		—		4		—		3		246		257		—		257
Other expenses	1,016		145		702		505		328		220		188		3,104		9		3,113
Total expenses	5,849		4,181		2,210		1,593		577		1,651		441		16,502		119		16,621
Provision for income tax expense (benefit)	141		108		176		85		21		35		(47)		519		(270)		249
Adjusted earnings	$	533	$	410	$	449	$	226	$	77	$	153	$	(186)	1,662
Adjustments to:
Total revenues															(860)
Total expenses															(119)
Provision for income tax (expense) benefit															270
Net income (loss)															$	953			$	953

Three Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,427	$	2,681	$	1,310	$	1,023	$	499	$	719	$	19	$	11,678	$	—	$	11,678
Universal life and investment-type product policy fees	223		71		396		352		75		170		1		1,288		—		1,288
Net investment income	327		1,948		1,050		418		47		1,170		80		5,040		32		5,072
Other revenues	363		71		21		10		8		49		106		628		(7)		621
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,039)		(1,039)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(997)		(997)
Total revenues	6,340		4,771		2,777		1,803		629		2,108		206		18,634		(2,011)		16,623
Expenses
Policyholder benefits and claims and policyholder dividends	4,866		3,441		1,057		976		237		1,341		12		11,930		30		11,960
Policyholder liability remeasurement (gains) losses	2		(11)		(27)		3		2		15		—		(16)		—		(16)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(817)		(817)
Interest credited to PABs	48		702		570		105		19		198		—		1,642		291		1,933
Capitalization of DAC	(5)		(50)		(397)		(148)		(119)		(6)		(4)		(729)		—		(729)
Amortization of DAC and VOBA	7		12		190		117		85		64		4		479		—		479
Amortization of negative VOBA	—		—		(5)		—		(1)		—		—		(6)		—		(6)
Interest expense on debt	1		4		—		4		—		3		244		256		—		256
Other expenses	950		146		778		465		314		231		229		3,113		20		3,133
Total expenses	5,869		4,244		2,166		1,522		537		1,846		485		16,669		(476)		16,193
Provision for income tax expense (benefit)	99		110		180		62		22		51		(83)		441		(419)		22
Adjusted earnings	$	372	$	417	$	431	$	219	$	70	$	211	$	(196)	1,524
Adjustments to:
Total revenues															(2,011)
Total expenses															476
Provision for income tax (expense) benefit															419
Net income (loss)															$	408			$	408

Six Months Ended June 30, 2024	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	11,310	$	3,123	$	2,513	$	2,237	$	1,072	$	1,405	$	21	$	21,681	$	—	$	21,681
Universal life and investment-type product policy fees	451		148		860		743		154		172		1		2,529		—		2,529
Net investment income	628		4,206		2,275		784		108		2,026		201		10,228		413		10,641
Other revenues	779		124		39		22		15		87		195		1,261		51		1,312
Net investment gains (losses)	—		—		—		—		—		—		—		—		(796)		(796)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,487)		(1,487)
Total revenues	13,168		7,601		5,687		3,786		1,349		3,690		418		35,699		(1,819)		33,880
Expenses
Policyholder benefits and claims and policyholder dividends	10,016		4,719		2,055		2,001		523		2,503		17		21,834		20		21,854
Policyholder liability remeasurement (gains) losses	(1)		(22)		(36)		(11)		1		37		—		(32)		—		(32)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(876)		(876)
Interest credited to PABs	96		1,634		1,304		229		36		209		—		3,508		782		4,290
Capitalization of DAC	(9)		(107)		(696)		(353)		(243)		(9)		(6)		(1,423)		—		(1,423)
Amortization of DAC and VOBA	13		31		417		254		173		116		3		1,007		—		1,007
Amortization of negative VOBA	—		—		(10)		—		(2)		—		—		(12)		—		(12)
Interest expense on debt	1		7		—		7		—		7		499		521		—		521
Other expenses	2,019		317		1,446		1,017		660		443		382		6,284		20		6,304
Total expenses	12,135		6,579		4,480		3,144		1,148		3,306		895		31,687		(54)		31,633
Provision for income tax expense (benefit)	216		213		335		183		47		72		(117)		949		(530)		419
Adjusted earnings	$	817	$	809	$	872	$	459	$	154	$	312	$	(360)	3,063
Adjustments to:
Total revenues															(1,819)
Total expenses															54
Provision for income tax (expense) benefit															530
Net income (loss)															$	1,828			$	1,828

Six Months Ended June 30, 2023	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,878	$	3,182	$	2,687	$	2,048	$	995	$	1,442	$	35	$	21,267	$	—	$	21,267
Universal life and investment-type product policy fees	441		150		793		687		152		353		1		2,577		—		2,577
Net investment income	637		3,762		1,931		797		92		2,297		130		9,646		71		9,717
Other revenues	743		139		41		22		16		102		207		1,270		(10)		1,260
Net investment gains (losses)	—		—		—		—		—		—		—		—		(1,723)		(1,723)
Net derivative gains (losses)	—		—		—		—		—		—		—		—		(1,087)		(1,087)
Total revenues	12,699		7,233		5,452		3,554		1,255		4,194		373		34,760		(2,749)		32,011
Expenses
Policyholder benefits and claims and policyholder dividends	9,860		4,666		2,187		1,942		498		2,710		28		21,891		100		21,991
Policyholder liability remeasurement (gains) losses	(2)		(40)		(16)		(1)		(1)		35		—		(25)		—		(25)
MRB remeasurement (gains) losses	—		—		—		—		—		—		—		—		(629)		(629)
Interest credited to PABs	94		1,348		1,106		204		35		397		—		3,184		613		3,797
Capitalization of DAC	(11)		(95)		(798)		(299)		(227)		(12)		(5)		(1,447)		—		(1,447)
Amortization of DAC and VOBA	13		23		383		223		170		132		5		949		—		949
Amortization of negative VOBA	—		—		(11)		—		(2)		—		—		(13)		—		(13)
Interest expense on debt	1		7		—		6		—		6		491		511		—		511
Other expenses	1,882		292		1,585		895		614		469		406		6,143		47		6,190
Total expenses	11,837		6,201		4,436		2,970		1,087		3,737		925		31,193		131		31,324
Provision for income tax expense (benefit)	183		215		305		150		38		88		(186)		793		(599)		194
Adjusted earnings	$	679	$	817	$	711	$	434	$	130	$	369	$	(366)	2,774
Adjustments to:
Total revenues															(2,749)
Total expenses															(131)
Provision for income tax (expense) benefit															599
Net income (loss)															$	493			$	493

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits	$	35,966	$	36,715
RIS	222,719		218,587
Asia	151,700		157,206
Latin America	66,527		69,177
EMEA	18,846		18,596
MetLife Holdings	144,045		148,524
Corporate & Other	35,942		38,779
Total	$	675,745	$	687,584

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Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	64,338	$	64,324
Asia:
Whole and term life & endowments	11,260		12,874
Accident & health	9,189		10,712
Latin America - Fixed annuities	9,020		9,637
MetLife Holdings - Long-term care	14,455		15,240
Deferred Profit Liabilities:
RIS - Annuities	3,735		3,697
Asia:
Whole and term life & endowments	690		654
Accident & health	788		830
Latin America - Fixed annuities	522		562
Additional Insurance Liabilities:
Asia:
Variable life	1,074		1,258
Universal and variable universal life	354		424
MetLife Holdings - Universal and variable universal life	2,434		2,362
MetLife Holdings - Participating life	48,911		49,543
Other long-duration (1)	10,544		11,099
Short-duration and other	13,679		13,190
Total	$	190,993	$	196,406

__________________

(1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Liability for Future Policy Benefit, Activity

Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	(25)			(29)
Adjusted balance	(25)			(29)
Issuances	4,206			2,558
Net premiums collected	(4,181)			(2,529)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	64,515		$	58,695
Balance, beginning of period, at original discount rate	$	64,737		$	61,426
Effect of actual variances from expected experience (1)	(93)			(167)
Adjusted balance	64,644			61,259
Issuances	4,328			2,561
Interest accrual	1,526			1,411
Benefit payments	(2,976)			(2,726)
Ending balance at original discount rate	67,522			62,505
Effect of changes in discount rate assumptions	(2,847)			(2,020)
Balance, end of period, at current discount rate at balance sheet date	64,675			60,485
Cumulative amount of fair value hedging adjustments	(337)			(204)
Net liability for FPBs	64,338			60,281
Less: Reinsurance recoverables	1,933			—
Net liability for FPBs, net of reinsurance	$	62,405		$	60,281
Undiscounted - Expected future benefit payments	$	123,752		$	115,364
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	64,675		$	60,485
Weighted-average duration of the liability	9 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.7		%	4.7		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.3		%

_________________

(1)    For the six months ended June 30, 2024 and 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $49 million and $98 million, respectively. Excluding the corresponding impact in DPL, for the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements.

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:

	Six Months Ended June 30,
		2024			2023
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	4,561		$	4,682
Balance, beginning of period, at original discount rate		$	4,793		$	4,943
Effect of actual variances from expected experience		(33)			(26)
Adjusted balance		4,760			4,917
Issuances		269			328
Interest accrual		34			27
Net premiums collected		(304)			(300)
Effect of foreign currency translation		(507)			(384)
Ending balance at original discount rate		4,252			4,588
Effect of changes in discount rate assumptions		(277)			(196)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		30			15
Balance, end of period, at current discount rate at balance sheet date		$	4,005		$	4,407
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	17,435		$	17,463
Balance, beginning of period, at original discount rate		$	17,198		$	18,209
Effect of actual variances from expected experience		(33)			1
Adjusted balance		17,165			18,210
Issuances		269			328
Interest accrual		183			185
Benefit payments		(484)			(624)
Effect of foreign currency translation		(1,813)			(1,360)
Ending balance at original discount rate		15,320			16,739
Effect of changes in discount rate assumptions		(131)			154
Effect of foreign currency translation on the effect of changes in discount rate assumptions		76			11
Balance, end of period, at current discount rate at balance sheet date		15,265			16,904
Cumulative impact of flooring the future policyholder benefits reserve		—			2
Net liability for FPBs		11,260			12,499
Less: Amount due to reinsurer		(1)			(2)
Net liability for FPBs, net of reinsurance		$	11,261		$	12,501
Undiscounted:
Expected future gross premiums		$	8,363		$	8,786
Expected future benefit payments		$	25,574		$	26,771
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,140		$	7,691
Expected future benefit payments		$	15,265		$	16,904
Weighted-average duration of the liability		17 years			17 years
Weighted -average interest accretion (original locked-in) rate		2.6		%	2.5		%
Weighted-average current discount rate at balance sheet date		2.8		%	2.5		%

Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	19,835		$	21,181
Balance, beginning of period, at original discount rate	$	21,232		$	22,594
Effect of actual variances from expected experience (1)	292			(33)
Adjusted balance	21,524			22,561
Issuances	551			536
Interest accrual	110			120
Net premiums collected	(928)			(1,055)
Effect of foreign currency translation	(2,496)			(1,849)
Ending balance at original discount rate	18,761			20,313
Effect of changes in discount rate assumptions	(1,720)			(1,006)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	187			83
Balance, end of period, at current discount rate at balance sheet date	$	17,228		$	19,390
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	30,480		$	30,879
Balance, beginning of period, at original discount rate	$	36,010		$	37,189
Effect of actual variances from expected experience (1)	331			(53)
Adjusted balance	36,341			37,136
Issuances	551			536
Interest accrual	232			246
Benefit payments	(614)			(653)
Effect of foreign currency translation	(4,161)			(3,017)
Ending balance at original discount rate	32,349			34,248
Effect of changes in discount rate assumptions	(6,761)			(4,664)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	750			385
Balance, end of period, at current discount rate at balance sheet date	26,338			29,969
Cumulative impact of flooring the future policyholder benefits reserve	79			83
Net liability for FPBs	9,189			10,662
Less: Reinsurance recoverables	143			149
Net liability for FPBs, net of reinsurance	$	9,046		$	10,513
Undiscounted:
Expected future gross premiums	$	36,531		$	39,362
Expected future benefit payments	$	42,531		$	44,435
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	29,420		$	33,399
Expected future benefit payments	$	26,338		$	29,969
Weighted-average duration of the liability	23 years			26 years
Weighted-average interest accretion (original locked-in) rate	1.7		%	1.8		%
Weighted-average current discount rate at balance sheet date	2.8		%	2.3		%

_________________

(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident and health products of ($6) million.

Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—
Balance, at beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	—			—
Adjusted balance	—			—
Issuances	494			525
Interest accrual	5			5
Net premiums collected	(499)			(530)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	9,637		$	9,265
Balance, beginning of period, at original discount rate	$	9,249		$	8,240
Effect of actual variances from expected experience (1)	(9)			(9)
Adjusted balance	9,240			8,231
Issuances	509			577
Interest accrual	167			173
Benefit payments	(339)			(336)
Inflation adjustment	184			243
Effect of foreign currency translation	(691)			538
Ending balance at original discount rate	9,070			9,426
Effect of changes in discount rate assumptions	(28)			706
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(22)			60
Balance, end of period, at current discount rate at balance sheet date	9,020			10,192
Net liability for FPBs	$	9,020		$	10,192
Undiscounted - Expected future benefit payments	$	13,648		$	14,343
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	9,020		$	10,192
Weighted-average duration of the liability	10 years			11 years
Weighted-average interest accretion (original locked-in) rate	3.6		%	3.9		%
Weighted-average current discount rate at balance sheet date	3.7		%	2.9		%

__________________

(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the six months ended June 30, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million.

Information regarding these products was as follows:

	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	5,687		$	5,775
Balance, beginning of period, at original discount rate	$	5,566		$	5,807
Effect of actual variances from expected experience	13			83
Adjusted balance	5,579			5,890
Interest accrual	141			149
Net premiums collected	(286)			(293)
Ending balance at original discount rate	5,434			5,746
Effect of changes in discount rate assumptions	(80)			3
Balance, end of period, at current discount rate at balance sheet date	$	5,354		$	5,749
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	20,927		$	19,619
Balance, beginning of period, at original discount rate	$	20,494		$	20,165
Effect of actual variances from expected experience	31			99
Adjusted balance	20,525			20,264
Interest accrual	540			534
Benefit payments	(421)			(382)
Ending balance at original discount rate	20,644			20,416
Effect of changes in discount rate assumptions	(835)			(169)
Balance, end of period, at current discount rate at balance sheet date	19,809			20,247
Net liability for FPBs	$	14,455		$	14,498
Undiscounted:
Expected future gross premiums	$	10,280		$	10,893
Expected future benefit payments	$	44,653		$	45,653
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	6,715		$	7,089
Expected future benefit payments	$	19,809		$	20,247
Weighted-average duration of the liability	14 years			15 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date	5.8		%	5.5		%

Additional Liability, Long-Duration Insurance

Information regarding these additional insurance liabilities was as follows:

	Six Months Ended June 30,
	2024			2023			2024			2023
	Variable Life						Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,258		$	1,381		$	424		$	455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	—			—			(14)			(33)
Balance, beginning of period, before AOCI adjustment	1,258			1,381			438			488
Effect of actual variances from expected experience	(14)			(8)			(32)			(22)
Adjusted balance	1,244			1,373			406			466
Assessments accrual	(2)			(2)			—			—
Interest accrual	9			10			3			3
Excess benefits paid	(23)			(19)			—			—
Effect of foreign currency translation and other, net	(154)			(119)			(53)			(41)
Balance, end of period, before AOCI adjustment	1,074			1,243			356			428
Add: AOCI adjustment	—			—			(2)			(18)
Balance, end of period	$	1,074		$	1,243		$	354		$	410
Weighted-average duration of the liability	16 years			17 years			43 years			43 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.5		%

Information regarding these additional insurance liabilities was as follows:

	Six Months Ended June 30,
	2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	2,362		$	2,156
Less: AOCI adjustment	(14)			(63)
Balance, beginning of period, before AOCI adjustment	2,376			2,219
Effect of actual variances from expected experience	28			(6)
Adjusted balance	2,404			2,213
Assessments accrual	51			55
Interest accrual	65			61
Excess benefits paid	(70)			(63)
Balance, end of period, before AOCI adjustment	2,450			2,266
Add: AOCI adjustment	(16)			2
Balance, end of period	2,434			2,268
Less: Reinsurance recoverables	2,117			744
Balance, end of period, net of reinsurance	$	317		$	1,524
Weighted-average duration of the liability	15 years			16 years
Weighted-average interest accretion rate	5.5		%	5.6		%

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

		Six Months Ended June 30,
		2024				2023
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities		$	4,246	$	1,526	$	2,592	$	1,411
Asia:
Whole and term life & endowments		564		149		555		158
Accident & health		1,551		122		1,762		126
Latin America - Fixed annuities		499		162		529		168
MetLife Holdings - Long-term care		362		399		366		385
Deferred Profit Liabilities:
RIS - Annuities		N/A		88		N/A		81
Asia:
Whole and term life & endowments		N/A		17		N/A		14
Accident & health		N/A		9		N/A		9
Latin America - Fixed annuities		N/A		10		N/A		11
Additional Insurance Liabilities:
Asia:
Variable life		55		9		11		10
Universal and variable universal life		(33)		3		(14)		3
MetLife Holdings - Universal and variable universal life		334		65		380		61
Other long-duration		2,132		239		2,015		227
Total		$	9,710	$	2,798	$	8,196	$	2,664

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	16,468	$	16,098
Less: Reinsurance recoverables	2,592		2,452
Net balance, beginning of period	13,876		13,646
Incurred related to:
Current period	13,420		13,580
Prior periods (1)	99		306
Total incurred	13,519		13,886
Paid related to:
Current period	(8,723)		(8,546)
Prior periods	(4,921)		(4,959)
Total paid	(13,644)		(13,505)
Net balance, end of period	13,751		14,027
Add: Reinsurance recoverables	2,762		2,590
Balance, end of period (included in FPBs and other policy-related balances)	$	16,513	$	16,617

__________________

(1)For the six months ended June 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

XML

Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Policyholder Account Balances

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

	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits - Group life	$	7,644	$	7,692
RIS:
Capital markets investment products and stable value GICs	64,945		64,140
Annuities and risk solutions	18,797		17,711
Asia:
Universal and variable universal life	49,229		49,739
Fixed annuities	37,629		36,863
EMEA - Variable annuities	2,552		2,720
MetLife Holdings:
Annuities	10,747		11,537
Life and other	11,303		11,641
Other	16,697		17,226
Total	$	219,543	$	219,269

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	7,692	$	8,028
Deposits	1,959		1,685
Policy charges	(327)		(318)
Surrenders and withdrawals	(1,767)		(1,608)
Benefit payments	(6)		(6)
Net transfers from (to) separate accounts	(3)		1
Interest credited	96		93
Balance, end of period	$	7,644	$	7,875
Weighted-average annual crediting rate	2.5 %		2.4 %
At period end:
Cash surrender value	$	7,584	$	7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	264,497	$	251,590

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,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	64,140	$	63,723
Deposits	37,608		38,526
Surrenders and withdrawals	(37,540)		(39,865)
Interest credited	1,180		971
Effect of foreign currency translation and other, net	(443)		748
Balance, end of period	$	64,945	$	64,103
Weighted-average annual crediting rate	3.7 %		3.1 %
Cash surrender value at period end	$	1,850	$	2,309

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	17,711	$	15,549
Deposits	1,467		1,362
Policy charges	(63)		(96)
Surrenders and withdrawals	(189)		(83)
Benefit payments	(471)		(385)
Net transfers from (to) separate accounts	20		54
Interest credited	360		307
Other	(38)		(15)
Balance, end of period	$	18,797	$	16,693
Weighted-average annual crediting rate	4.0 %		3.8 %
At period end:
Cash surrender value	$	8,209	$	7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	43,702	$	43,311

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	49,739	$	46,417
Deposits	3,146		3,244
Policy charges	(545)		(563)
Surrenders and withdrawals	(1,736)		(1,238)
Benefit payments	(234)		(287)
Interest credited	744		683
Effect of foreign currency translation and other, net	(1,885)		(1,405)
Balance, end of period	$	49,229	$	46,851
Weighted-average annual crediting rate	3.1 %		3.0 %
At period end:
Cash surrender value	$	43,078	$	40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	88,255	$	92,521

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

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	36,863	$	32,454
Deposits	3,412		4,612
Policy charges	(1)		(1)
Surrenders and withdrawals	(1,645)		(1,003)
Benefit payments	(1,174)		(1,071)
Interest credited	509		404
Effect of foreign currency translation and other, net	(335)		(271)
Balance, end of period	$	37,629	$	35,124
Weighted-average annual crediting rate	2.8 %		2.4 %
At period end:
Cash surrender value	$	32,555	$	30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	—	$	6,224

Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	2,720	$	2,802
Deposits	2		2
Policy charges	(30)		(32)
Surrenders and withdrawals	(142)		(132)
Benefit payments	(61)		(64)
Interest credited (1)	87		32
Effect of foreign currency translation and other, net	(24)		153
Balance, end of period	$	2,552	$	2,761
Weighted-average annual crediting rate	6.8 %		2.4 %
At period end:
Cash surrender value	$	2,552	$	2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	410	$	635
At annuitization or exercise of other living benefits	$	529	$	797

__________________

(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,537	$	13,286
Deposits	86		132
Policy charges	(7)		(8)
Surrenders and withdrawals	(903)		(1,038)
Benefit payments	(211)		(224)
Net transfers from (to) separate accounts	58		47
Interest credited	183		200
Other	4		15
Balance, end of period	$	10,747	$	12,410
Weighted-average annual crediting rate	3.4 %		3.2 %
At period end:
Cash surrender value	$	10,154	$	11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,541	$	3,246
At annuitization or exercise of other living benefits	$	707	$	813

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,641	$	12,402
Deposits	381		446
Policy charges	(347)		(354)
Surrenders and withdrawals	(523)		(612)
Benefit payments	(76)		(85)
Net transfers from (to) separate accounts	19		21
Interest credited	211		223
Other	(3)		3
Balance, end of period	$	11,303	$	12,044
Weighted-average annual crediting rate	3.7 %		3.7 %
At period end:
Cash surrender value	$	10,863	$	11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	65,885	$	69,633

__________________

(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 2024 and December 31, 2023, would be reduced by 99%.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The Group Benefits segment’s group 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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	157	$	819	$	4,574	$	5,550
Equal to or greater than 2% but less than 4%	1,217		9		59		1		1,286
Equal to or greater than 4%	697		—		39		34		770
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		38
Total	$	1,914	$	166	$	917	$	4,609	$	7,644
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	79	$	910	$	4,615	$	5,604
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		120
Total	$	1,998	$	90	$	1,016	$	4,651	$	7,875

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,647	$	2,647
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,298
Total	$	—	$	—	$	—	$	2,647	$	64,945
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,507
Total	$	—	$	—	$	1	$	2,595	$	64,103

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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	2,048	$	2,067
Equal to or greater than 2% but less than 4%	201		35		109		421		766
Equal to or greater than 4%	4,239		—		397		5		4,641
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		11,323
Total	$	4,440	$	35	$	525	$	2,474	$	18,797
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,472	$	1,525
Equal to or greater than 2% but less than 4%	227		35		130		448		840
Equal to or greater than 4%	4,439		117		107		6		4,669
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		9,659
Total	$	4,666	$	152	$	290	$	1,926	$	16,693

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, 2024
Equal to or greater than 0% but less than 2%	$	9,431	$	18	$	230	$	1,281	$	10,960
Equal to or greater than 2% but less than 4%	7,413		15,613		5,486		8,989		37,501
Equal to or greater than 4%	242		—		—		—		242
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		526
Total	$	17,086	$	15,631	$	5,716	$	10,270	$	49,229
June 30, 2023
Equal to or greater than 0% but less than 2%	$	10,211	$	45	$	138	$	239	$	10,633
Equal to or greater than 2% but less than 4%	20,859		2,919		5,783		5,884		35,445
Equal to or greater than 4%	261		—		—		—		261
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		512
Total	$	31,331	$	2,964	$	5,921	$	6,123	$	46,851

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, 2024
Equal to or greater than 0% but less than 2%	$	394	$	487	$	5,486	$	30,060	$	36,427
Equal to or greater than 2% but less than 4%	—		5		—		—		5
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,197
Total	$	394	$	492	$	5,486	$	30,060	$	37,629
June 30, 2023
Equal to or greater than 0% but less than 2%	$	343	$	603	$	6,795	$	26,057	$	33,798
Equal to or greater than 2% but less than 4%	—		6		—		—		6
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,320
Total	$	343	$	609	$	6,795	$	26,057	$	35,124

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	4	$	195	$	446	$	38	$	683
Equal to or greater than 2% but less than 4%	1,049		6,760		472		198		8,479
Equal to or greater than 4%	759		404		24		—		1,187
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		398
Total	$	1,812	$	7,359	$	942	$	236	$	10,747
June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,917		5,447		395		72		9,831
Equal to or greater than 4%	982		277		19		—		1,278
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		455
Total	$	5,343	$	5,882	$	633	$	97	$	12,410

The MetLife Holdings segment’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, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	18	$	54	$	72
Equal to or greater than 2% but less than 4%	4,242		172		270		540		5,224
Equal to or greater than 4%	4,960		124		407		15		5,506
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,202	$	296	$	695	$	609	$	11,303
June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	21	$	56	$	77
Equal to or greater than 2% but less than 4%	4,735		172		289		558		5,754
Equal to or greater than 4%	5,158		127		415		12		5,712
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,893	$	299	$	725	$	626	$	12,044

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Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Market Risk Benefit

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

	June 30, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	177	$	177	$	—	$	203	$	203
MetLife Holdings - Annuities	213		2,366		2,153		156		2,878		2,722
Other	143		75		(68)		130		98		(32)
Total	$	356	$	2,618	$	2,262	$	286	$	3,179	$	2,893

Market Risk Benefit, Activity

Information regarding this liability was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	203	$	226
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	205	$	233
Attributed fees collected	2		1
Benefit payments	(6)		(7)
Effect of changes in interest rates	4		3
Actual policyholder behavior different from expected behavior	(1)		—
Effect of foreign currency translation and other, net	(26)		(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	178		207
Cumulative effect of changes in the instrument-specific credit risk	(1)		(5)
Balance, end of period	$	177	$	202
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits	$	111	$	110
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:

		Six Months Ended June 30,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,722	$	3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,772	$	3,360
Attributed fees collected		179		193
Benefit payments		(45)		(21)
Effect of changes in interest rates		(556)		23
Effect of changes in capital markets		(372)		(661)
Effect of changes in equity index volatility		26		(109)
Actual policyholder behavior different from expected behavior		132		57
Effect of foreign currency translation and other, net (1)		5		131
Effect of changes in risk margin		(62)		(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,079		2,938
Cumulative effect of changes in the instrument-specific credit risk		76		(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk		(2)		5
Balance, end of period		$	2,153	$	2,793
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,544	$	3,254
At annuitization or exercise of other living benefits		$	671	$	793
Weighted-average attained age of contractholders:
In the event of death		71 years		70 years
At annuitization or exercise of other living benefits		70 years		70 years

__________________

(1)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

Information regarding these product liabilities was as follows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	(32)	$	32
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(50)	$	24
Attributed fees collected	25		16
Benefit payments	(3)		(18)
Effect of changes in interest rates	(46)		(26)
Effect of changes in capital markets	(15)		(14)
Effect of changes in equity index volatility	(1)		(4)
Actual policyholder behavior different from expected behavior	4		(22)
Effect of foreign currency translation and other, net	(2)		17
Effect of changes in risk margin	(1)		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(89)		(28)
Cumulative effect of changes in the instrument-specific credit risk	21		12
Effect of foreign currency translation on the cumulative instrument-specific credit risk	—		1
Balance, end of period	(68)		(15)
Less: Reinsurance recoverable	11		18
Balance, end of period, net of reinsurance	$	(79)	$	(33)

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Separate Account (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	38,689	$	41,343
Annuities	11,246		11,659
Latin America - Pensions	38,944		41,320
MetLife Holdings - Annuities	28,843		29,224
Other	21,985		21,088
Total	$	139,707	$	144,634

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		MetLife Holdings Annuities
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	1,053		25		3,427		123
Policy charges	(139)		(10)		(132)		(296)
Surrenders and withdrawals	(2,945)		(401)		(2,652)		(1,857)
Benefit payments	(60)		—		(812)		(259)
Investment performance	692		(95)		875		1,972
Net transfers from (to) general account	(20)		—		—		(59)
Effect of foreign currency translation and other, net (1)	(1,235)		68		(3,082)		(5)
Balance, end of period	$	38,689	$	11,246	$	38,944	$	28,843
Six Months Ended June 30, 2023
Balance, beginning of period	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	1,586		120		4,096		139
Policy charges	(148)		(11)		(150)		(305)
Surrenders and withdrawals	(7,542)		(360)		(2,921)		(1,362)
Benefit payments	(46)		—		(879)		(242)
Investment performance	1,277		448		187		2,933
Net transfers from (to) general account	(57)		3		—		(47)
Effect of foreign currency translation and other, net	(715)		(102)		2,452		1
Balance, end of period	$	42,620	$	11,792	$	42,213	$	29,616
Cash surrender value at June 30, 2024 (2)	$	34,519	N/A		$	38,944	$	28,706
Cash surrender value at June 30, 2023 (2)	$	37,782	N/A		$	42,213	$	29,471

__________________

(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)    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, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	530	$	1,184	$	279	$	2,889	$	—	$	4,882
U.S. government and agency	—		9,307		—		9,115		—		18		18,440
Public utilities	—		1,078		220		—		—		5		1,303
Municipals	—		306		24		—		—		13		343
Corporate bonds:
Materials	—		125		—		—		—		1		126
Communications	—		759		15		—		—		3		777
Consumer	—		1,783		36		—		—		10		1,829
Energy	—		832		102		—		—		3		937
Financial	—		2,512		500		5,268		281		18		8,579
Industrial and other	—		705		53		3,302		—		2		4,062
Technology	—		474		7		—		—		3		484
Foreign	—		1,947		—		3,425		8		12		5,392
Total corporate bonds	—		9,137		713		11,995		289		52		22,186
Total bonds	—		20,358		2,141		21,389		3,178		88		47,154
Mortgage-backed securities	—		9,381		—		—		—		40		9,421
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,349		17		—		—		11		2,377
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		32,097		2,158		21,389		3,178		139		58,961
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,392		2,610		2,258		779		—		8,039
Banks, trust and insurance companies	—		705		309		386		373		—		1,773
Public utilities	—		64		20		—		128		—		212
Non-redeemable preferred stock	—		—		132		—		—		—		132
Mutual funds	1,270		9,276		3,036		10,672		127		35,439		59,820
Total equity securities	1,270		12,437		6,107		13,316		1,407		35,439		69,976
Other invested assets	—		1,504		383		3,621		74		—		5,582
Total investments	1,270		46,038		8,648		38,326		4,659		35,578		134,519
Other assets	—		3,995		454		618		118		3		5,188
Total	$	1,270	$	50,033	$	9,102	$	38,944	$	4,777	$	35,581	$	139,707

	December 31, 2023
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	509	$	1,190	$	1,051	$	2,638	$	—	$	5,388
U.S. government and agency	—		9,673		—		9,920		—		18		19,611
Public utilities	—		1,077		308		—		—		4		1,389
Municipals	—		380		31		—		—		13		424
Corporate bonds:
Materials	—		144		—		—		—		—		144
Communications	—		893		8		—		—		3		904
Consumer	—		1,882		39		—		—		8		1,929
Energy	—		911		105		—		—		2		1,018
Financial	—		2,717		551		6,006		398		15		9,687
Industrial and other	—		764		38		3,598		—		3		4,403
Technology	—		547		—		—		—		3		550
Foreign	—		1,920		—		3,095		27		13		5,055
Total corporate bonds	—		9,778		741		12,699		425		47		23,690
Total bonds	—		21,417		2,270		23,670		3,063		82		50,502
Mortgage-backed securities	—		9,671		—		—		—		35		9,706
ABS & CLO	—		2,557		18		—		—		11		2,586
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		33,654		2,288		23,670		3,063		128		62,803
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,411		2,661		2,453		677		—		8,202
Banks, trust and insurance companies	—		731		269		392		341		—		1,733
Public utilities	—		67		19		—		72		—		158
Non-redeemable preferred stock	—		—		115		—		—		—		115
Mutual funds	1,159		8,517		2,929		10,099		109		35,418		58,231
Total equity securities	1,159		11,726		5,993		12,944		1,199		35,418		68,439
Other invested assets	—		1,620		403		4,212		30		—		6,265
Total investments	1,159		47,000		8,684		40,826		4,292		35,546		137,507
Other assets	—		6,093		503		494		35		2		7,127
Total	$	1,159	$	53,093	$	9,187	$	41,320	$	4,327	$	35,548	$	144,634

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Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (Tables)

6 Months Ended

Jun. 30, 2024

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 at:

	Group Benefits		RIS		Asia (1)		Latin America (2)		EMEA (2)		MetLife Holdings (3)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2024	$	258	$	397	$	10,864	$	1,950	$	1,618	$	3,271	$	30	$	18,388
Capitalizations	9		107		696		353		243		9		6		1,423
Amortization	(13)		(30)		(379)		(232)		(166)		(114)		(3)		(937)
Effect of foreign currency translation and other, net	—		—		(618)		(156)		(49)		—		(1)		(824)
Balance at June 30, 2024	$	254	$	474	$	10,563	$	1,915	$	1,646	$	3,166	$	32	$	18,050
Balance at January 1, 2023	$	265	$	267	$	10,270	$	1,542	$	1,480	$	3,791	$	29	$	17,644
Capitalizations	11		95		798		299		227		12		5		1,447
Amortization	(13)		(22)		(336)		(197)		(161)		(130)		(5)		(864)
Effect of foreign currency translation and other, net	—		—		(428)		178		16		—		1		(233)
Balance at June 30, 2023	$	263	$	340	$	10,304	$	1,822	$	1,562	$	3,673	$	30	$	17,994
VOBA:
Balance at January 1, 2024	$	—	$	16	$	1,119	$	497	$	113	$	18	$	—	$	1,763
Amortization	—		(1)		(38)		(22)		(7)		(2)		—		(70)
Effect of foreign currency translation and other, net	—		—		(136)		(36)		(3)		—		—		(175)
Balance at June 30, 2024	$	—	$	15	$	945	$	439	$	103	$	16	$	—	$	1,518
Balance at January 1, 2023	$	—	$	19	$	1,290	$	545	$	127	$	28	$	—	$	2,009
Amortization	—		(1)		(47)		(26)		(9)		(2)		—		(85)
Effect of foreign currency translation and other, net	—		—		(109)		39		2		—		—		(68)
Balance at June 30, 2023	$	—	$	18	$	1,134	$	558	$	120	$	26	$	—	$	1,856
Total DAC and VOBA:
Balance at June 30, 2024															$	19,568
Balance at June 30, 2023															$	19,850
Balance at December 31, 2023															$	20,151

__________________

(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 and variable universal life products.

(3)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products.

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	Six Months Ended June 30, 2024
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	31	$	2,850	$	989	$	608	$	59	$	4,537
Deferrals	1		285		75		49		8		418
Amortization	(3)		(107)		(60)		(34)		(2)		(206)
Effect of foreign currency translation and other, net	—		(50)		(74)		(11)		—		(135)
Balance, end of period	$	29	$	2,978	$	930	$	612	$	65	$	4,614
	Six Months Ended June 30, 2023
	RIS		Asia		Latin  America		EMEA		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	36	$	2,382	$	848	$	559	$	281	$	4,106
Deferrals	1		283		70		46		28		428
Amortization	(4)		(80)		(58)		(31)		(11)		(184)
Effect of foreign currency translation and other, net	—		(32)		108		13		—		89
Balance, end of period	$	33	$	2,553	$	968	$	587	$	298	$	4,439

XML

Closed Block (Tables)

6 Months Ended

Jun. 30, 2024

Closed Block Disclosure [Abstract]

Closed block liabilities and assets

Information regarding the liabilities and assets designated to the closed block was as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
FPBs	$	35,492	$	36,142
Other policy-related balances	283		319
Policyholder dividends payable	172		174
Policyholder dividend obligation	—		—
Current income tax payable	4		—
Other liabilities	797		668
Total closed block liabilities	36,748		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,247		19,939
Equity securities, at estimated fair value	11		10
Mortgage loans	5,938		6,151
Policy loans	3,876		3,960
Real estate and real estate joint ventures (“REJV”)	688		668
Other invested assets	487		496
Total investments	30,247		31,224
Cash and cash equivalents	759		717
Accrued investment income	374		383
Premiums, reinsurance and other receivables	67		54
Current income tax recoverable	—		3
Deferred income tax asset	397		312
Total assets designated to the closed block	31,844		32,693
Excess of closed block liabilities over assets designated to the closed block	4,904		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,204)		(820)
Unrealized gains (losses) on derivatives, net of income tax	164		130
Total amounts included in AOCI	(1,040)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,864	$	3,920

Closed block revenues and expenses

Information regarding the closed block revenues and expenses was as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
	(In millions)
Revenues
Premiums		$	216	$	226	$	434	$	461
Net investment income		342		341		685		679
Net investment gains (losses)		(13)		5		(20)		9
Net derivative gains (losses)		2		5		7		3
Total revenues		547		577		1,106		1,152
Expenses
Policyholder benefits and claims		415		445		819		858
Policyholder dividends		86		89		176		186
Other expenses		20		22		40		44
Total expenses		521		556		1,035		1,088
Revenues, net of expenses before provision for income tax expense (benefit)		26		21		71		64
Provision for income tax expense (benefit)		5		4		15		13
Revenues, net of expenses and provision for income tax expense (benefit)		$	21	$	17	$	56	$	51

XML

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

	June 30, 2024										December 31, 2023
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss (“ACL”)		Gains		Losses						ACL		Gains		Losses
	(In millions)
U.S. corporate	$	87,346	$	(37)	$	1,573	$	8,204	$	80,678	$	85,563	$	(68)	$	1,894	$	6,672	$	80,717
Foreign corporate	58,031		(2)		1,513		6,123		53,419		59,123		(2)		1,750		5,427		55,444
Foreign government	44,444		(58)		1,071		5,403		40,054		48,260		(88)		1,754		4,437		45,489
U.S. government and agency	37,991		—		238		4,991		33,238		35,374		—		590		3,712		32,252
RMBS	35,366		(1)		305		3,054		32,616		31,479		(1)		353		2,735		29,096
ABS & CLO	18,207		(9)		89		512		17,775		17,910		(7)		54		663		17,294
Municipals	11,642		—		229		1,401		10,470		11,991		—		408		1,228		11,171
CMBS	10,164		(14)		78		742		9,486		10,855		(18)		73		961		9,949
Total fixed maturity securities AFS	$	303,191	$	(121)	$	5,096	$	30,430	$	277,736	$	300,555	$	(184)	$	6,876	$	25,835	$	281,412

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2024:

	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	11,450	$	48,991	$	52,138	$	126,778	$	63,713	$	303,070
Estimated fair value	$	11,484	$	48,300	$	49,969	$	108,106	$	59,877	$	277,736

Schedule of Unrealized Loss on Investments [Table Text Block]

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

	June 30, 2024								December 31, 2023
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	9,292	$	745	$	43,435	$	7,432	$	4,722	$	420	$	45,373	$	6,208
Foreign corporate	6,069		226		29,622		5,897		3,210		187		32,355		5,240
Foreign government	5,939		599		17,192		4,795		3,913		246		19,715		4,187
U.S. government and agency	9,778		439		16,053		4,552		7,856		368		13,960		3,344
RMBS	5,169		106		17,954		2,947		3,465		60		17,128		2,675
ABS & CLO	1,501		9		7,125		502		1,662		31		11,438		629
Municipals	1,052		96		5,370		1,305		483		34		5,449		1,194
CMBS	1,301		18		5,867		722		1,034		36		6,671		917
Total fixed maturity securities AFS	$	40,101	$	2,238	$	142,618	$	28,152	$	26,345	$	1,382	$	152,089	$	24,394
Investment grade	$	37,786	$	2,114	$	137,638	$	27,415	$	24,834	$	1,287	$	146,138	$	23,675
Below investment grade	2,315		124		4,980		737		1,511		95		5,951		719
Total fixed maturity securities AFS	$	40,101	$	2,238	$	142,618	$	28,152	$	26,345	$	1,382	$	152,089	$	24,394
Total number of securities in an unrealized loss position	5,529				12,516				2,922				13,049

Debt Securities, Available-for-sale, Allowance for Credit Loss

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Three Months Ended June 30, 2024
Balance, at beginning of period	$	15	$	2	$	66	$	1	$	9	$	20	$	113
ACL not previously recorded	14		—		—		—		—		—		14
Changes for securities with previously recorded ACL	11		—		(1)		—		—		—		10
Securities sold or exchanged	(3)		—		(7)		—		—		(6)		(16)
Balance, at end of period	$	37	$	2	$	58	$	1	$	9	$	14	$	121
Three Months Ended June 30, 2023
Balance, at beginning of period	$	63	$	2	$	117	$	—	$	—	$	11	$	193
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	6		—		(2)		—		—		—		4
Securities sold or exchanged	—		—		—		—		—		—		—
Balance, at end of period	$	69	$	2	$	115	$	—	$	—	$	11	$	197

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
	(In millions)
Six Months Ended June 30, 2024
Balance, at beginning of period	$	68	$	2	$	88	$	1	$	7	$	18	$	184
ACL not previously recorded	14		—		—		—		—		—		14
Changes for securities with previously recorded ACL	11		—		(5)		—		2		2		10
Securities sold or exchanged	(56)		—		(25)		—		—		(6)		(87)
Balance, at end of period	$	37	$	2	$	58	$	1	$	9	$	14	$	121
Six Months Ended June 30, 2023
Balance, at beginning of period	$	29	$	5	$	130	$	—	$	—	$	19	$	183
ACL not previously recorded	36		—		—		—		—		—		36
Changes for securities with previously recorded ACL	6		—		(15)		—		—		3		(6)
Securities sold or exchanged	(2)		(3)		—		—		—		(11)		(16)
Balance, at end of period	$	69	$	2	$	115	$	—	$	—	$	11	$	197

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents equity securities by security type:

	June 30, 2024						December 31, 2023
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
	(In millions)
Common stock (2)	$	403	$	242	$	645	$	424	$	239	$	663
Non-redeemable preferred stock	110		(1)		109		90		4		94
Total	$	513	$	241	$	754	$	514	$	243	$	757

________________

(1)    Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

(2)    Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.

The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	June 30, 2024						December 31, 2023
	Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost or Amortized Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
	(In millions)
Unit-linked investments	$	7,176	$	1,496	$	8,672	$	7,770	$	1,112	$	8,882
FVO securities	837		597		1,434		972		477		1,449
Total	$	8,013	$	2,093	$	10,106	$	8,742	$	1,589	$	10,331

________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	June 30, 2024				December 31, 2023
Portfolio Segment	Carrying Value (1)		% of Total		Carrying Value (1)		% of Total
	(Dollars in millions)
Commercial	$	57,699	64.2	%	$	60,326	65.2	%
Agricultural	19,636		21.9		19,805		21.4
Residential	13,273		14.8		13,096		14.2
Total amortized cost	90,608		100.9		93,227		100.8
ACL	(806)		(0.9)		(721)		(0.8)
Total mortgage loans	$	89,802	100.0	%	$	92,506	100.0	%

__________________

(1)Includes certain mortgage loans originated for third parties of $7.8 billion at amortized cost ($7.6 billion commercial and $253 million agricultural) and the related ACL of $92 million, with the corresponding mortgage loan secured financing liability of $7.8 billion included in other liabilities on the consolidated balance sheet at June 30, 2024. The consolidated balance sheet at December 31, 2023 includes certain mortgage loans originated for third parties of

$8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $91 million and $184 million for the three months and six months ended June 30, 2024, respectively, and were recorded in investment income and investment expenses, both within net investment income.

Allowance for Loan and Lease Losses, Provision for Loss, Net

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

	Six Months Ended June 30,
	2024								2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	367	$	172	$	182	$	721	$	218	$	119	$	190	$	527
Provision (release)	155		6		(41)		120		148		49		13		210
Charge-offs, net of recoveries	(28)		(7)		—		(35)		—		(13)		—		(13)
Balance, end of period	$	494	$	171	$	141	$	806	$	366	$	155	$	203	$	724

Financing Receivable, Modified

These mortgage loan modifications are summarized as follows:

	Three Months Ended June 30,
	2024				2023
	Maturity Extension		Weighted Average  Life Increase		Maturity Extension		Weighted Average  Life Increase
	Amortized Cost		Affected Loans  (in Years)	% of Book Value	Amortized Cost		Affected Loans  (in Years)	% of Book Value
	(Dollars in millions)
Commercial	$	156	Less than one year	<1%	$	158	One year	<1%

	Six Months Ended June 30,
	2024				2023
	Maturity Extension		Weighted Average  Life Increase		Maturity Extension		Weighted Average  Life Increase
	Amortized Cost		Affected Loans  (in Years)	% of Book Value	Amortized Cost		Affected Loans  (in Years)	% of Book Value
	(Dollars in millions)
Commercial	$	236	Less than one year	<1%	$	222	Less than one year	<1	%

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,481	$	2,526	$	2,432	$	3,216	$	1,596	$	14,427	$	2,251	$	27,929	48.4	%
65% to 75%	91		361		4,400		2,497		1,341		6,142		—		14,832		25.7
76% to 80%	—		15		588		386		293		2,745		—		4,027		7.0
Greater than 80%	1		43		895		1,118		948		7,906		—		10,911		18.9
Total	$	1,573	$	2,945	$	8,315	$	7,217	$	4,178	$	31,220	$	2,251	$	57,699	100.0	%
DSCR:
> 1.20x	$	1,436	$	2,145	$	7,503	$	6,696	$	3,880	$	26,446	$	2,251	$	50,357	87.3	%
1.00x - 1.20x	35		531		572		488		139		2,751		—		4,516		7.8
<1.00x	102		269		240		33		159		2,023		—		2,826		4.9
Total	$	1,573	$	2,945	$	8,315	$	7,217	$	4,178	$	31,220	$	2,251	$	57,699	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	342	$	1,152	$	2,783	$	2,639	$	2,626	$	7,263	$	1,424	$	18,229	92.9	%
65% to 75%	8		51		87		294		147		547		129		1,263		6.4
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	—		—		—		14		32		79		19		144		0.7
Total	$	350	$	1,203	$	2,870	$	2,947	$	2,805	$	7,889	$	1,572	$	19,636	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	241	$	944	$	2,493	$	1,612	$	324	$	7,252	$	—	$	12,866	96.9	%
Nonperforming (1)	1		22		67		25		13		279		—		407		3.1
Total	$	242	$	966	$	2,560	$	1,637	$	337	$	7,531	$	—	$	13,273	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $140 million at both June 30, 2024 and December 31, 2023.

Schedule of Past Due and Non Accrual Mortgage Loans

The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows:

	Past Due				Past Due  and Still Accruing Interest				Nonaccrual
Portfolio Segment	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
	(In millions)
Commercial	$	660	$	75	$	38	$	3	$	741	$	427
Agricultural	194		40		15		—		189		206
Residential	407		418		17		16		390		402
Total	$	1,261	$	533	$	70	$	19	$	1,320	$	1,035

Disclosure Real Estate and Real Estate Joint Ventures

Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	June 30, 2024		December 31, 2023		Three Months Ended June 30,				Six Months Ended June 30,
					2024		2023		2024		2023
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	4,242	$	4,446	$	83	$	90	$	167	$	182
Other real estate	520		507		78		85		125		135
REJV	8,755		8,379		(81)		(38)		(202)		(154)
Total real estate and REJV	$	13,517	$	13,332	$	80	$	137	$	90	$	163

Fair Value, Concentration of Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:

	June 30, 2024		December 31, 2023
	(In millions)
Japan	$	18,786	$	22,606
South Korea	$	6,038	$	6,411
Mexico	$	3,375	$	3,778

Securities Lending and Repurchase Agreements

A summary of these transactions and agreements accounted for as secured borrowings were as follows:

		June 30, 2024						December 31, 2023
		Securities (1)						Securities (1)
Agreement Type		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending		$	10,787	$	11,159	$	10,953	$	10,510	$	10,788	$	10,553
Repurchase agreements		$	2,984	$	2,975	$	2,912	$	3,029	$	2,975	$	2,913

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments, and cash equivalents at both June 30, 2024 and December 31, 2023.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

	June 30, 2024										December 31, 2023
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	2,280	$	3,785	$	3,805	$	—	$	9,870	$	1,393	$	4,106	$	3,919	$	—	$	9,418
Foreign government	—		1,107		—		—		1,107		—		483		624		—		1,107
Agency RMBS	—		109		73		—		182		—		88		175		—		263
Total	$	2,280	$	5,001	$	3,878	$	—	$	11,159	$	1,393	$	4,677	$	4,718	$	—	$	10,788
Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	2,975	$	—	$	—	$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:

	June 30, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,510	$	1,596
Invested assets held in trust (external reinsurance agreements) (1)	924		941
Invested assets pledged as collateral (2)	28,093		26,017
Total invested assets on deposit, held in trust and pledged as collateral	$	30,527	$	28,554

__________________

(1)    Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.0 billion at June 30, 2024 and December 31, 2023, respectively.

(2)     The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.

Schedule of Variable Interest Entities

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	June 30, 2024				December 31, 2023
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Investment funds (primarily other invested assets and REJV)	$	625	$	141	$	282	$	1
Renewable energy partnership (primarily other invested assets)	61		—		64		—
Total	$	686	$	141	$	346	$	1

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	June 30, 2024				December 31, 2023
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	57,716	$	57,716	$	54,182	$	54,182
Other limited partnership interests (“OLPI”)	13,398		18,197		14,034		19,591
Other investments (REJV and FVO securities)	1,096		1,097		1,039		1,055
Other invested assets	1,079		1,215		1,206		1,275
Total	$	73,289	$	78,225	$	70,461	$	76,103

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI and REJV is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

Components of Net Investment Income

The composition of net investment income by asset type was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Asset Type	2024		2023		2024		2023
	(In millions)
Fixed maturity securities AFS	$	3,355	$	3,228	$	6,643	$	6,367
Equity securities	7		10		14		22
FVO securities	22		50		107		98
Mortgage loans	1,187		1,306		2,381		2,347
Policy loans	110		119		223		238
Real estate and REJV	80		137		90		163
OLPI	325		225		626		250
Cash, cash equivalents and short-term investments	250		248		541		465
Operating joint ventures	22		13		44		32
Other	192		122		343		278
Subtotal investment income	5,550		5,458		11,012		10,260
Less: Investment expenses	564		681		1,132		1,142
Subtotal, net	4,986		4,777		9,880		9,118
Unit-linked investments	219		295		761		599
Net investment income	$	5,205	$	5,072	$	10,641	$	9,717
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)	$	66	$	41	$	134	$	79
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)	139		330		719		652
Net realized and unrealized gains (losses) recognized in net investment income	$	205	$	371	$	853	$	731
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income	$	151	$	291	$	663	$	591
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)	$	276	$	172	$	486	$	79

Components of Net Investment Gains (Losses)

The composition of net investment gains (losses) by asset type and transaction type was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Asset Type	2024		2023		2024		2023
	(In millions)
Fixed maturity securities AFS	$	(246)	$	(996)	$	(331)	$	(1,576)
Equity securities	(19)		32		9		80
Mortgage loans	(9)		(41)		(95)		(205)
Real estate and REJV (excluding changes in estimated fair value)	12		13		47		31
OLPI (excluding changes in estimated fair value) (1)	(9)		3		(59)		12
Other gains (losses)	23		43		29		20
Subtotal	(248)		(946)		(400)		(1,638)
Change in estimated fair value of OLPI and REJV	3		2		6		(3)
Non-investment portfolio gains (losses)	(176)		(95)		(402)		(82)
Subtotal	(173)		(93)		(396)		(85)
Net investment gains (losses)	$	(421)	$	(1,039)	$	(796)	$	(1,723)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)	$	(195)	$	(20)	$	(330)	$	(566)
Impairment (losses)	—		(898)		—		(905)
Recognized gains (losses):
Change in ACL recognized in earnings	(35)		(42)		(81)		(224)
Unrealized net gains (losses) recognized in earnings	(15)		16		17		54
Total recognized gains (losses)	(50)		(26)		(64)		(170)
Non-investment portfolio gains (losses)	(176)		(95)		(402)		(82)
Net investment gains (losses)	$	(421)	$	(1,039)	$	(796)	$	(1,723)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	$	(15)	$	31	$	17	$	20
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship	$	—	$	(27)	$	—	$	(22)
Foreign currency gains (losses)	$	(120)	$	(27)	$	(165)	$	14
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)	$	(195)	$	(20)	$	(330)	$	(566)
Recognized in net investment income	66		41		134		79
Net realized investment gains (losses) from sales and disposals of investments	$	(129)	$	21	$	(196)	$	(487)

__________________

(1)    Includes a net loss of $3 million and $46 million during the three months and six months ended June 30, 2024 for private equity investments sold. During the three months ended June 30, 2024, the Company sold a $57 million portfolio of investments to a fund for proceeds of $54 million in cash and receivables secured by the value of the fund. During the six

months ended June 30, 2024, the Company sold $798 million in portfolios of investments to a fund for proceeds of $752 million in cash and receivables secured by the value of the fund. The Company’s investment management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.

Schedule of Realized Gain (Loss)

The composition of net investment gains (losses) for these securities is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Fixed Maturity Securities AFS	2024		2023		2024		2023
	(In millions)
Proceeds	$	8,106	$	8,412	$	14,458	$	23,456
Gross investment gains	$	121	$	73	$	277	$	366
Gross investment (losses)	(358)		(213)		(670)		(1,069)
Realized gains (losses) on sales and disposals	(237)		(140)		(393)		(703)
Net credit loss (provision) release (change in ACL recognized in earnings)	(9)		(7)		62		(17)
Impairment (losses)	—		(849)		—		(856)
Net credit loss (provision) release and impairment (losses)	(9)		(856)		62		(873)
Net investment gains (losses)	$	(246)	$	(996)	$	(331)	$	(1,576)
Equity Securities
Realized gains (losses) on sales and disposals	$	—	$	15	$	(2)	$	22
Unrealized net gains (losses) recognized in earnings	(19)		17		11		58
Net investment gains (losses)	$	(19)	$	32	$	9	$	80

XML

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

		June 30, 2024						December 31, 2023
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,978	$	1,094	$	644	$	4,550	$	1,257	$	535
Foreign currency swaps	Foreign currency exchange rate	1,333		37		12		1,475		55		—
Foreign currency forwards	Foreign currency exchange rate	350		—		87		450		—		65
Subtotal		6,661		1,131		743		6,475		1,312		600
Cash flow hedges:
Interest rate swaps	Interest rate	4,155		—		353		4,156		1		265
Interest rate forwards	Interest rate	5,590		33		1,008		6,115		51		938
Foreign currency swaps	Foreign currency exchange rate	45,463		2,633		1,719		43,906		2,457		1,509
Subtotal		55,208		2,666		3,080		54,177		2,509		2,712
Net investment in a foreign operation hedges:
Foreign currency forwards	Foreign currency exchange rate	406		51		—		503		—		8
Currency options	Foreign currency exchange rate	3,000		541		—		3,000		394		—
Subtotal		3,406		592		—		3,503		394		8
Total qualifying hedges		65,275		4,389		3,823		64,155		4,215		3,320
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	29,726		1,459		1,276		29,801		1,497		1,102
Interest rate floors	Interest rate	9,228		34		—		15,321		41		—
Interest rate caps	Interest rate	27,152		245		—		30,016		373		—
Interest rate futures	Interest rate	1,853		4		3		1,243		1		5
Interest rate options	Interest rate	42,377		232		153		43,926		385		103
Interest rate forwards	Interest rate	2,816		42		82		2,383		69		36
Synthetic GICs	Interest rate	48,982		—		—		49,066		—		—
Foreign currency swaps	Foreign currency exchange rate	10,716		1,210		140		11,891		1,200		356
Foreign currency forwards	Foreign currency exchange rate	13,657		29		1,398		14,128		310		806
Currency futures	Foreign currency exchange rate	292		—		—		314		2		—
Currency options	Foreign currency exchange rate	320		35		35		50		—		—
Credit default swaps — purchased	Credit	2,812		7		72		2,877		3		79
Credit default swaps — written	Credit	13,952		247		5		12,468		233		5
Equity futures	Equity market	1,790		10		7		2,163		8		11
Equity index options	Equity market	14,714		297		250		19,421		399		255
Equity variance swaps	Equity market	96		—		3		99		—		2
Equity total return swaps	Equity market	2,020		1		100		1,912		1		218
Longevity swaps (1)	Longevity	1,000		—		—		—		—		—
Total non-designated or nonqualifying derivatives		223,503		3,852		3,524		237,079		4,522		2,978
Total		$	288,778	$	8,241	$	7,347	$	301,234	$	8,737	$	6,298

__________________

(1)Longevity swaps are used by the Company to mitigate risk associated with life expectancy and unanticipated changes in mortality rates.

Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:

	June 30, 2024						December 31, 2023
Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
			Assets		Liabilities				Assets		Liabilities
	(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	$	9,107	$	24	$	762	$	9,096	$	13	$	663
Foreign currency exchange rate	505		1		20		716		22		2
Equity market	4,533		111		206		5,189		77		373
	$	14,145	$	136	$	988	$	15,001	$	112	$	1,038

The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($385) million and ($501) million for the six months ended June 30, 2024 and 2023, respectively.

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, net investment in a foreign operation (“NIFO”), nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended June 30, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(41)	$	(15)	$	—	N/A
Hedged items	—		—		N/A		34		13		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(2)		(26)		N/A		—		(7)		—		N/A
Hedged items	2		19		N/A		—		7		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		—		N/A		—		—		—		N/A
Subtotal	—		(7)		N/A		(7)		(2)		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(264)
Amount of gains (losses) reclassified from AOCI into income	5		(3)		—		—		—		—		(2)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		104
Amount of gains (losses) reclassified from AOCI into income	2		(8)		—		—		—		—		6
Foreign currency transaction gains (losses) on hedged items	—		(2)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	7		(12)		—		—		—		—		(157)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		184
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		17
Subtotal	N/A		—		N/A		N/A		N/A		N/A		201
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(218)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(564)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		9		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(12)		N/A		N/A		N/A		N/A
Equity derivatives (1)	(11)		N/A		(108)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		178		N/A		N/A		N/A		N/A
Subtotal	(11)		N/A		(715)		N/A		N/A		N/A		N/A
Earned income on derivatives	53		—		180		(2)		(44)		—		—
Synthetic GICs	N/A		N/A		19		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		8		—		N/A		N/A		N/A
Total	$	49	$	(19)	$	(508)	$	(9)	$	(46)	$	—	$	44

	Three Months Ended June 30, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(135)	$	(35)	$	—	N/A
Hedged items	(1)		—		N/A		121		34		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(5)		(51)		N/A		—		13		—		N/A
Hedged items	4		39		N/A		—		(11)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		10		N/A		—		—		—		N/A
Subtotal	(2)		(2)		N/A		(14)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(205)
Amount of gains (losses) reclassified from AOCI into income	13		55		—		—		—		—		(68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(262)
Amount of gains (losses) reclassified from AOCI into income	1		200		—		—		—		—		(201)
Foreign currency transaction gains (losses) on hedged items	—		(176)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—		—
Subtotal	14		79		—		—		—		—		(737)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		160
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		25
Subtotal	N/A		—		N/A		N/A		N/A		N/A		185
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(434)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(800)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(18)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		85		N/A		N/A		N/A		N/A
Equity derivatives (1)	(36)		N/A		(409)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		319		N/A		N/A		N/A		N/A
Subtotal	(36)		N/A		(1,257)		N/A		N/A		N/A		N/A
Earned income on derivatives	32		—		260		3		(34)		—		—
Synthetic GICs	N/A		N/A		18		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(18)		—		N/A		N/A		N/A
Total	$	8	$	77	$	(997)	$	(11)	$	(33)	$	—	$	(552)

	Six Months Ended June 30, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(150)	$	(58)	$	—	N/A
Hedged items	—		—		N/A		137		55		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	2		(57)		N/A		—		(31)		—		N/A
Hedged items	—		42		N/A		—		35		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		4		N/A		—		—		—		N/A
Subtotal	2		(11)		N/A		(13)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(482)
Amount of gains (losses) reclassified from AOCI into income	13		(1)		—		—		—		—		(12)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(19)
Amount of gains (losses) reclassified from AOCI into income	3		(376)		—		—		—		—		373
Foreign currency transaction gains (losses) on hedged items	—		349		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		1		—		—		—		—		(1)
Subtotal	16		(27)		—		—		—		—		(141)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		344
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		37
Subtotal	N/A		—		N/A		N/A		N/A		N/A		381
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(571)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(1,270)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		2		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		22		N/A		N/A		N/A		N/A
Equity derivatives (1)	(36)		N/A		(450)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		341		N/A		N/A		N/A		N/A
Subtotal	(36)		N/A		(1,926)		N/A		N/A		N/A		N/A
Earned income on derivatives	83		—		361		(6)		(93)		—		—
Synthetic GICs	N/A		N/A		38		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		40		N/A		N/A		N/A		N/A
Total	$	65	$	(38)	$	(1,487)	$	(19)	$	(92)	$	—	$	240

	Six Months Ended June 30, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to PABs		Other Expenses		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(1)	$	—	N/A		$	(9)	$	1	$	—	N/A
Hedged items	—		—		N/A		(5)		(2)		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(22)		(54)		N/A		—		13		—		N/A
Hedged items	21		42		N/A		—		(11)		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		—		N/A		—		—		—		N/A
Subtotal	(2)		(12)		N/A		(14)		1		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	342
Amount of gains (losses) reclassified from AOCI into income	27		60		—		—		—		—		(87)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(422)
Amount of gains (losses) reclassified from AOCI into income	2		311		—		—		—		1		(314)
Foreign currency transaction gains (losses) on hedged items	—		(290)		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(1)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—		—
Subtotal	29		81		—		—		—		1		(482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		—		N/A		N/A		N/A		N/A		206
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		27
Subtotal	N/A		—		N/A		N/A		N/A		N/A		233
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(276)		N/A		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(962)		N/A		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(31)		N/A		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		88		N/A		N/A		N/A		N/A
Equity derivatives (1)	(42)		N/A		(921)		N/A		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		442		N/A		N/A		N/A		N/A
Subtotal	(42)		N/A		(1,660)		N/A		N/A		N/A		N/A
Earned income on derivatives	75		—		572		8		(68)		—		—
Synthetic GICs	N/A		N/A		36		N/A		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(35)		N/A		N/A		N/A		N/A
Total	$	60	$	69	$	(1,087)	$	(6)	$	(67)	$	1	$	(249)

__________________

(1)Excludes earned income on derivatives.

Fair Value Hedges

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

Balance Sheet Line Item	Carrying Amount  of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
	(In millions)
Fixed maturity securities AFS	$	370	$	454	$	3	$	3
Mortgage loans	$	223	$	359	$	(5)	$	(11)
FPBs	$	(2,661)	$	(2,863)	$	337	$	191
PABs	$	(2,252)	$	(1,911)	$	170	$	25

__________________

(1)Includes ($100) million and ($111) million of hedging adjustments on discontinued hedging relationships at June 30, 2024 and December 31, 2023, respectively.

For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	June 30, 2024					December 31, 2023
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	1	$	102	1.5	$	2	$	150	1.6
Credit default swaps referencing indices	82		4,125		2.6	80		3,830		2.7
Subtotal	83		4,227		2.6	82		3,980		2.6
Baa
Single name credit default swaps (3)	1		93		1.8	1		99		2.1
Credit default swaps referencing indices	150		9,431		4.4	145		8,188		5.4
Subtotal	151		9,524		4.4	146		8,287		5.3
Ba
Single name credit default swaps (3)	—		17		1.6	—		17		2.1
Credit default swaps referencing indices	2		25		2.5	2		25		3.0
Subtotal	2		42		2.1	2		42		2.6
B
Credit default swaps referencing indices	9		129		4.5	2		129		5.0
Subtotal	9		129		4.5	2		129		5.0
Caa
Credit default swaps referencing indices	(3)		30		2.0	(4)		30		2.5
Subtotal	(3)		30		2.0	(4)		30		2.5
Total	$	242	$	13,952	3.8	$	228	$	12,468	4.5

_________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2024				December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	8,203	$	7,053	$	8,749	$	6,014
OTC-cleared (1)	203		373		158		277
Exchange-traded	14		10		11		16
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	8,420		7,436		8,918		6,307
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,513)		(3,513)		(3,568)		(3,568)
OTC-cleared	(23)		(23)		(5)		(5)
Exchange-traded	(1)		(1)		(1)		(1)
Cash collateral: (3), (4)
OTC-bilateral	(3,272)		—		(3,448)		—
OTC-cleared	(162)		(298)		(150)		(239)
Exchange-traded	—		(2)		—		(5)
Securities collateral: (5)
OTC-bilateral	(1,380)		(3,522)		(1,563)		(2,427)
OTC-cleared	—		(51)		—		(33)
Exchange-traded	—		(7)		—		(10)
Net amount after application of master netting agreements and collateral	$	69	$	19	$	183	$	19

__________________

(1)At June 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $179 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $89 million and $9 million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2024 and December 31, 2023, the Company received excess cash collateral of $150 million and $163 million, respectively, and provided excess cash collateral of $80 million and $98 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $499 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $1.5 billion, respectively, for its OTC-bilateral derivatives, $808 million and $945 million, respectively, for its OTC-cleared derivatives, and $169 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	June 30, 2024				December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	8,203	$	7,053	$	8,749	$	6,014
OTC-cleared (1)	203		373		158		277
Exchange-traded	14		10		11		16
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	8,420		7,436		8,918		6,307
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,513)		(3,513)		(3,568)		(3,568)
OTC-cleared	(23)		(23)		(5)		(5)
Exchange-traded	(1)		(1)		(1)		(1)
Cash collateral: (3), (4)
OTC-bilateral	(3,272)		—		(3,448)		—
OTC-cleared	(162)		(298)		(150)		(239)
Exchange-traded	—		(2)		—		(5)
Securities collateral: (5)
OTC-bilateral	(1,380)		(3,522)		(1,563)		(2,427)
OTC-cleared	—		(51)		—		(33)
Exchange-traded	—		(7)		—		(10)
Net amount after application of master netting agreements and collateral	$	69	$	19	$	183	$	19

__________________

(1)At June 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $179 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $89 million and $9 million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2024 and December 31, 2023, the Company received excess cash collateral of $150 million and $163 million, respectively, and provided excess cash collateral of $80 million and $98 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $499 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $1.5 billion, respectively, for its OTC-bilateral derivatives, $808 million and $945 million, respectively, for its OTC-cleared derivatives, and $169 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Estimated Fair Value of OTC-bilateral derivatives after considering effect of netting agreements

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	June 30, 2024						December 31, 2023
	Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total		Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	3,501	$	39	$	3,540	$	2,443	$	4	$	2,447
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	3,942	$	56	$	3,998	$	3,011	$	6	$	3,017

__________________

(1)After taking into consideration the existence of netting agreements.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2024		December 31, 2023
		(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance	Other liabilities	$	(113)	$	(70)
Fixed annuities with equity indexed returns	PABs	168		163
Total		$	55	$	93

Embedded Derivatives

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

	June 30, 2024						December 31, 2023
	Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total		Derivatives Subject to Credit- Contingent Provisions		Derivatives Not Subject to Credit- Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	3,501	$	39	$	3,540	$	2,443	$	4	$	2,447
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	3,942	$	56	$	3,998	$	3,011	$	6	$	3,017

__________________

(1)After taking into consideration the existence of netting agreements.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	June 30, 2024		December 31, 2023
		(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance	Other liabilities	$	(113)	$	(70)
Fixed annuities with equity indexed returns	PABs	168		163
Total		$	55	$	93

XML

Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

	June 30, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	66,333	$	14,345	$	80,678
Foreign corporate	—		38,524		14,895		53,419
Foreign government	—		40,014		40		40,054
U.S. government and agency	16,700		16,538		—		33,238
RMBS	—		30,428		2,188		32,616
ABS & CLO	—		15,172		2,603		17,775
Municipals	—		10,469		1		10,470
CMBS	—		8,410		1,076		9,486
Total fixed maturity securities AFS	16,700		225,888		35,148		277,736
Equity securities	415		77		262		754
Unit-linked and FVO securities (1)	7,397		1,613		1,096		10,106
Short-term investments (2)	2,389		1,130		10		3,529
Other investments	42		515		1,073		1,630
Derivative assets: (3)
Interest rate	4		3,139		—		3,143
Foreign currency exchange rate	—		4,523		13		4,536
Credit	—		254		—		254
Equity market	10		291		7		308
Total derivative assets	14		8,207		20		8,241
MRBs	—		—		356		356
Reinsured MRBs (4)	—		—		11		11
Separate account assets (5)	64,100		74,485		1,122		139,707
Total assets (6)	$	91,057	$	311,915	$	39,098	$	442,070
Liabilities
Derivative liabilities: (3)
Interest rate	$	3	$	3,434	$	82	$	3,519
Foreign currency exchange rate	—		3,378		13		3,391
Credit	—		77		—		77
Equity market	7		353		—		360
Total derivative liabilities	10		7,242		95		7,347
Embedded derivatives within liability host contracts (7)	—		—		55		55
MRBs	—		—		2,618		2,618
Separate account liabilities (5)	—		3		—		3
Total liabilities	$	10	$	7,245	$	2,768	$	10,023

	December 31, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	67,003	$	13,714	$	80,717
Foreign corporate	—		40,813		14,631		55,444
Foreign government	—		45,438		51		45,489
U.S. government and agency	15,327		16,925		—		32,252
RMBS	3		27,495		1,598		29,096
ABS & CLO	—		15,191		2,103		17,294
Municipals	—		11,171		—		11,171
CMBS	—		9,099		850		9,949
Total fixed maturity securities AFS	15,330		233,135		32,947		281,412
Equity securities	429		79		249		757
Unit-linked and FVO securities (1)	7,520		1,708		1,103		10,331
Short-term investments (2)	5,103		667		27		5,797
Other investments	48		363		975		1,386
Derivative assets: (3)
Interest rate	1		3,674		—		3,675
Foreign currency exchange rate	2		4,393		23		4,418
Credit	—		228		8		236
Equity market	8		393		7		408
Total derivative assets	11		8,688		38		8,737
MRBs	—		—		286		286
Reinsured MRBs (4)	—		—		18		18
Separate account assets (5)	66,229		77,258		1,147		144,634
Total assets (6)	$	94,670	$	321,898	$	36,790	$	453,358
Liabilities
Derivative liabilities: (3)
Interest rate	$	5	$	2,805	$	174	$	2,984
Foreign currency exchange rate	—		2,737		7		2,744
Credit	—		84		—		84
Equity market	11		475		—		486
Total derivative liabilities	16		6,101		181		6,298
Embedded derivatives within liability host contracts (7)	—		—		93		93
MRBs	—		—		3,179		3,179
Separate account liabilities (5)	4		4		—		8
Total liabilities	$	20	$	6,105	$	3,453	$	9,578

__________________

(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both June 30, 2024 and December 31, 2023.

(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.

(5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $52 million at both June 30, 2024 and December 31, 2023.

(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

Fair Value Inputs, Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					June 30, 2024				December 31, 2023				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	52	-	125	91	4	-	131	93	Increase
	•	Market pricing	•	Quoted prices (4)	27	-	111	93	—	-	110	92	Increase
	•	Consensus pricing	•	Offered quotes (4)	90	-	100	96	86	-	102	96	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	116	95	—	-	112	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	3	-	103	96	3	-	101	93	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	428	-	452	437	367	-	399	385	Increase (7)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (6)	185	-	237	227	185	-	399	193	Increase (7)
Credit	•	Consensus pricing	•	Offered quotes (8)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.15%	0.05%	0%	-	0.15%	0.05%	(9)
				Ages 41 - 60	0.04%	-	0.75%	0.22%	0.04%	-	0.75%	0.22%	(9)
				Ages 61 - 115	0%	-	100%	1.23%	0%	-	100%	1.23%	(9)
			•	Lapse rates:
				Durations 1 - 10	0.39%	-	20.10%	8.72%	0.39%	-	20.10%	8.72%	Decrease (10)
				Durations 11 - 20	0.39%	-	15%	4.34%	0.39%	-	15%	4.34%	Decrease (10)
				Durations 21 - 116	0.10%	-	15%	4.59%	0.10%	-	15%	4.59%	Decrease (10)
			•	Utilization rates	0.20%	-	22%	0.44%	0.20%	-	22%	0.44%	Increase (11)
			•	Withdrawal rates	0%	-	20%	4.47%	0%	-	20%	4.47%	(12)
			•	Long-term equity volatilities	16.34%	-	21.85%	18.55%	8.05%	-	21.85%	18.55%	Increase (13)
			•	Nonperformance risk spread	0.11%	-	1.46%	0.73%	0.38%	-	1.59%	0.73%	Decrease (14)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)At June 30, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of 0% and less than 1%, respectively, of the total net derivative estimated fair value.

(9)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(10)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(12)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(13)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(14)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period	$	28,503	$	45	$	5,277	$	—	$	253	$	1,093
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(46)		—		12		—		(11)		36
Total realized/unrealized gains (losses) included in AOCI	(294)		(4)		(5)		—		—		—
Purchases (3)	1,940		—		1,343		2		27		112
Sales (3)	(794)		(1)		(168)		(1)		(7)		(139)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	72		—		86		—		—		—
Transfers out of Level 3 (4)	(141)		—		(678)		—		—		(6)
Balance, end of period	$	29,240	$	40	$	5,867	$	1	$	262	$	1,096
Three Months Ended June 30, 2023
Balance, beginning of period	$	25,676	$	46	$	4,553	$	—	$	258	$	1,011
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(8)		(1)		2		—		(1)		50
Total realized/unrealized gains (losses) included in AOCI	(369)		3		(43)		—		—		—
Purchases (3)	1,122		5		272		7		—		190
Sales (3)	(527)		(4)		(112)		—		(7)		(193)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	210		11		71		—		—		—
Transfers out of Level 3 (4)	(136)		—		(189)		—		—		(1)
Balance, end of period	$	25,968	$	60	$	4,554	$	7	$	250	$	1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	(9)	$	—	$	11	$	—	$	(10)	$	36
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(8)	$	(1)	$	4	$	—	$	1	$	50
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	(314)	$	(4)	$	(7)	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(379)	$	3	$	(45)	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period	$	14	$	1,171	$	(139)	$	(62)	$	1,142
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		—		17		8		(8)
Total realized/unrealized gains (losses) included in AOCI	—		—		(15)		—		—
Purchases (3)	6		42		—		—		44
Sales (3)	(10)		(140)		—		—		(56)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		67		(1)		—
Transfers into Level 3 (4)	—		—		—		—		—
Transfers out of Level 3 (4)	—		—		(5)		—		—
Balance, end of period	$	10	$	1,073	$	(75)	$	(55)	$	1,122
Three Months Ended June 30, 2023
Balance, beginning of period	$	58	$	928	$	53	$	(44)	$	1,202
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		23		32		(18)		(17)
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(41)		—		—
Purchases (3)	5		13		—		—		72
Sales (3)	(44)		—		—		—		(21)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		(3)		(2)		—
Transfers into Level 3 (4)	—		—		—		—		12
Transfers out of Level 3 (4)	—		—		(255)		—		—
Balance, end of period	$	18	$	964	$	(214)	$	(64)	$	1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	—	$	(5)	$	17	$	8	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	23	$	13	$	(17)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	—	$	—	$	(9)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(1)	$	—	$	(48)	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	28,345	$	51	$	4,551	$	—	$	249	$	1,103
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(52)		2		15		—		(8)		67
Total realized/unrealized gains (losses) included in AOCI	(678)		(5)		40		—		—		—
Purchases (3)	3,078		—		1,582		2		31		114
Sales (3)	(1,406)		(3)		(340)		(1)		(10)		(165)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	109		—		165		—		—		—
Transfers out of Level 3 (4)	(156)		(5)		(146)		—		—		(23)
Balance, end of period	$	29,240	$	40	$	5,867	$	1	$	262	$	1,096
Six Months Ended June 30, 2023
Balance, beginning of period	$	24,401	$	103	$	4,269	$	—	$	259	$	787
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(17)		(1)		(7)		—		6		95
Total realized/unrealized gains (losses) included in AOCI	343		2		(24)		—		—		—
Purchases (3)	2,408		13		413		7		2		205
Sales (3)	(1,064)		(12)		(239)		—		(17)		(26)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	391		10		212		—		—		1
Transfers out of Level 3 (4)	(494)		(55)		(70)		—		—		(5)
Balance, end of period	$	25,968	$	60	$	4,554	$	7	$	250	$	1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	(3)	$	2	$	15	$	—	$	(3)	$	67
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	(20)	$	(1)	$	3	$	—	$	(3)	$	94
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	(686)	$	(5)	$	35	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	321	$	2	$	(26)	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period	$	27	$	975	$	(143)	$	(93)	$	1,147
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		12		(16)		40		(37)
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(40)		—		—
Purchases (3)	10		47		—		—		83
Sales (3)	(26)		(140)		—		—		(67)
Issuances (3)	—		—		135		—		—
Settlements (3)	—		—		—		(2)		—
Transfers into Level 3 (4)	—		179		—		—		3
Transfers out of Level 3 (4)	—		—		(11)		—		(7)
Balance, end of period	$	10	$	1,073	$	(75)	$	(55)	$	1,122
Six Months Ended June 30, 2023
Balance, beginning of period	$	57	$	926	$	(170)	$	(17)	$	1,210
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		25		38		(35)		(39)
Total realized/unrealized gains (losses) included in AOCI	—		—		46		—		—
Purchases (3)	17		13		—		—		170
Sales (3)	(47)		—		—		—		(110)
Issuances (3)	—		—		(1)		—		—
Settlements (3)	—		—		33		(12)		1
Transfers into Level 3 (4)	—		—		—		—		16
Transfers out of Level 3 (4)	(9)		—		(160)		—		—
Balance, end of period	$	18	$	964	$	(214)	$	(64)	$	1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5)	$	—	$	8	$	(14)	$	40	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (5)	$	—	$	26	$	31	$	(35)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5)	$	—	$	—	$	(21)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2023 (5)	$	(1)	$	—	$	7	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

	June 30, 2024		December 31, 2023
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	970	$	474
Other invested assets (2)	$	63	$	63

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(105)	$	(54)	$	(154)	$	(141)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.

(2)The Company recognized an impairment loss in connection with the pending disposition of MetLife Malaysia. See Note 3.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	June 30, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	89,802	$	—	$	—	$	84,495	$	84,495
Policy loans	$	8,691	$	—	$	—	$	9,273	$	9,273
Other invested assets	$	1,259	$	—	$	715	$	544	$	1,259
Premiums, reinsurance and other receivables	$	5,446	$	—	$	1,290	$	4,057	$	5,347
Other assets	$	241	$	—	$	77	$	165	$	242
Liabilities
PABs	$	139,397	$	—	$	—	$	133,722	$	133,722
Long-term debt	$	14,790	$	—	$	14,236	$	—	$	14,236
Collateral financing arrangement	$	555	$	—	$	—	$	483	$	483
Junior subordinated debt securities	$	3,163	$	—	$	3,550	$	—	$	3,550
Other liabilities	$	10,783	$	—	$	1,537	$	8,832	$	10,369
Separate account liabilities	$	71,446	$	—	$	71,446	$	—	$	71,446

	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	92,506	$	—	$	—	$	87,753	$	87,753
Policy loans	$	8,788	$	—	$	—	$	9,516	$	9,516
Other invested assets	$	919	$	—	$	714	$	205	$	919
Premiums, reinsurance and other receivables	$	5,182	$	—	$	791	$	4,400	$	5,191
Other assets	$	268	$	—	$	82	$	184	$	266
Liabilities
PABs	$	138,233	$	—	$	—	$	134,025	$	134,025
Long-term debt	$	15,516	$	—	$	15,621	$	—	$	15,621
Collateral financing arrangement	$	637	$	—	$	—	$	551	$	551
Junior subordinated debt securities	$	3,161	$	—	$	3,552	$	—	$	3,552
Other liabilities	$	10,556	$	—	$	609	$	9,651	$	10,260
Separate account liabilities	$	75,705	$	—	$	75,705	$	—	$	75,705

XML

Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Stock by Class

Preferred stock authorized, issued and outstanding was as follows at both June 30, 2024 and December 31, 2023:

Series	Shares Authorized	Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A	27,600,000	24,000,000
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D	500,000	500,000
5.625% Non-Cumulative Preferred Stock, Series E	32,200	32,200
4.75% Non-Cumulative Preferred Stock, Series F	40,000	40,000
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G	1,000,000	1,000,000
Series A Junior Participating Preferred Stock	10,000,000	—
Not designated	160,827,800	—
Total	200,000,000	25,572,200

Dividends Declared

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Series		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A		$	0.430	$	10	$	0.375	$	9	$	0.850	$	20	$	0.736	$	18
D		$	—	—		$	—	—		$	29.375	15		$	29.375	15
E		$	351.563	12		$	351.563	11		$	703.126	23		$	703.126	22
F		$	296.875	12		$	296.875	12		$	593.750	24		$	593.750	24
G		$	—	—		$	—	—		$	19.250	19		$	19.250	19
Total				$	34			$	32			$	101			$	98

Class of Treasury Stock

MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:

Announcement Date	Authorization Amount		Authorization Remaining at June 30, 2024 (1)
	(In millions)
May 1, 2024	$	3,000	$	3,000
May 25, 2023	$	1,000	$	75
May 3, 2023	$	3,000	$	—
May 4, 2022	$	3,000	$	—

__________________

(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at June 30, 2024 does not reflect the applicable excise tax payable.

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:

	Three Months Ended June 30, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(16,813)	$	202	$	4,773	$	(47)	$	(6,465)	$	(1,421)	$	(19,771)
OCI before reclassifications	(3,373)		(160)		2,373		(33)		(268)		(2)		(1,463)
Deferred income tax benefit (expense)	810		128		(540)		7		(52)		1		354
AOCI before reclassifications, net of income tax	(19,376)		170		6,606		(73)		(6,785)		(1,422)		(20,880)
Amounts reclassified from AOCI	248		3		—		—		—		32		283
Deferred income tax benefit (expense)	(59)		(74)		—		—		—		(6)		(139)
Amounts reclassified from AOCI, net of income tax	189		(71)		—		—		—		26		144
Balance, end of period	$	(19,187)	$	99	$	6,606	$	(73)	$	(6,785)	$	(1,396)	$	(20,736)
	Three Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(16,354)	$	1,748	$	2,748	$	186	$	(6,119)	$	(1,356)	$	(19,147)
OCI before reclassifications	(3,173)		(468)		1,471		(99)		(102)		(1)		(2,372)
Deferred income tax benefit (expense)	739		114		(300)		21		(61)		—		513
AOCI before reclassifications, net of income tax	(18,788)		1,394		3,919		108		(6,282)		(1,357)		(21,006)
Amounts reclassified from AOCI	1,040		(269)		—		—		—		30		801
Deferred income tax benefit (expense)	(231)		54		—		—		—		(4)		(181)
Amounts reclassified from AOCI, net of income tax	809		(215)		—		—		—		26		620
Balance, end of period	$	(17,979)	$	1,179	$	3,919	$	108	$	(6,282)	$	(1,331)	$	(20,386)

	Six Months Ended June 30, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(14,506)	$	183	$	2,658	$	27	$	(6,158)	$	(1,446)	$	(19,242)
OCI before reclassifications	(6,492)		(501)		5,084		(127)		(485)		(4)		(2,525)
Deferred income tax benefit (expense)	1,509		204		(1,136)		27		(142)		1		463
AOCI before reclassifications, net of income tax	(19,489)		(114)		6,606		(73)		(6,785)		(1,449)		(21,304)
Amounts reclassified from AOCI	393		360		—		—		—		64		817
Deferred income tax benefit (expense)	(91)		(147)		—		—		—		(11)		(249)
Amounts reclassified from AOCI, net of income tax	302		213		—		—		—		53		568
Balance, end of period	$	(19,187)	$	99	$	6,606	$	(73)	$	(6,785)	$	(1,396)	$	(20,736)
	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		FPBs Discount Rate Remeasurement Gains (Losses)		MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(22,646)	$	1,557	$	6,115	$	107	$	(6,377)	$	(1,377)	$	(22,621)
OCI before reclassifications	4,410		(81)		(2,898)		1		180		(5)		1,607
Deferred income tax benefit (expense)	(989)		17		702		—		(85)		1		(354)
AOCI before reclassifications, net of income tax	(19,225)		1,493		3,919		108		(6,282)		(1,381)		(21,368)
Amounts reclassified from AOCI	1,606		(401)		—		—		—		60		1,265
Deferred income tax benefit (expense)	(360)		87		—		—		—		(10)		(283)
Amounts reclassified from AOCI, net of income tax	1,246		(314)		—		—		—		50		982
Balance, end of period	$	(17,979)	$	1,179	$	3,919	$	108	$	(6,282)	$	(1,331)	$	(20,386)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(250)	$	(1,079)	$	(409)	$	(1,690)	Net investment gains (losses)
Net unrealized investment gains (losses)	1		3		—		5		Net investment income
Net unrealized investment gains (losses)	1		36		16		79		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(248)		(1,040)		(393)		(1,606)
Income tax (expense) benefit	59		231		91		360
Net unrealized investment gains (losses), net of income tax	(189)		(809)		(302)		(1,246)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	5		13		13		27		Net investment income
Interest rate derivatives	(3)		55		(1)		60		Net investment gains (losses)
Foreign currency exchange rate derivatives	2		1		3		2		Net investment income
Foreign currency exchange rate derivatives	(8)		200		(376)		311		Net investment gains (losses)
Foreign currency exchange rate derivatives	—		—		—		1		Other expenses
Credit derivatives	1		—		1		—		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(3)		269		(360)		401
Income tax (expense) benefit	74		(54)		147		(87)
Gains (losses) on cash flow hedges, net of income tax	71		215		(213)		314
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(34)		(32)		(69)		(65)
Amortization of prior service (costs) credit	2		2		5		5
Amortization of defined benefit plan items, before income tax	(32)		(30)		(64)		(60)
Income tax (expense) benefit	6		4		11		10
Amortization of defined benefit plan items, net of income tax	(26)		(26)		(53)		(50)
Total reclassifications, net of income tax	$	(144)	$	(620)	$	(568)	$	(982)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.

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Other Revenues and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Disaggregation of Revenue

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Vision fee for service arrangements	$	130	$	143	$	276	$	302
Prepaid legal plans	145		130		293		261
Fee-based investment management	98		103		196		203
Administrative services-only contracts	69		64		136		128
Recordkeeping and administrative services (1)	37		38		75		75
Other revenue from service contracts from customers	79		68		159		139
Total revenues from service contracts from customers	558		546		1,135		1,108
Other	80		75		177		152
Total other revenues	$	638	$	621	$	1,312	$	1,260

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

Other Expenses

Information on other expenses was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Employee-related costs (1)	$	900	$	896	$	1,850	$	1,829
Third-party staffing costs	362		360		711		704
General and administrative expenses	153		187		301		330
Pension, postretirement and postemployment benefit costs	65		59		130		118
Premium taxes, other taxes, and licenses & fees	171		184		347		345
Commissions and other variable expenses	1,462		1,447		2,965		2,864
Capitalization of DAC	(683)		(729)		(1,423)		(1,447)
Amortization of DAC and VOBA	499		479		1,007		949
Amortization of negative VOBA	(6)		(6)		(12)		(13)
Interest expense on debt	257		256		521		511
Total other expenses	$	3,180	$	3,133	$	6,397	$	6,190

__________________

(1)Includes ($27) million and ($77) million for the three months and six months ended June 30, 2024, respectively, and ($34) million and ($72) million for the three months and six months ended June 30, 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Net periodic benefit costs

The components of net periodic benefit costs, reported in other expenses, were as follows:

	Three Months Ended June 30,
	2024				2023
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Service costs	$	41	$	1	$	37	$	—
Interest costs	114		10		117		10
Expected return on plan assets	(115)		(14)		(121)		(15)
Amortization of net actuarial (gains) losses	41		(6)		39		(7)
Amortization of prior service costs (credit)	(3)		—		(3)		—
Net periodic benefit costs (credit)	$	78	$	(9)	$	69	$	(12)
	Six Months Ended June 30,
	2024				2023
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Service costs	$	81	$	2	$	75	$	1
Interest costs	228		20		235		21
Expected return on plan assets	(230)		(28)		(241)		(28)
Amortization of net actuarial (gains) losses	83		(14)		78		(15)
Amortization of prior service costs (credit)	(6)		—		(6)		—
Net periodic benefit costs (credit)	$	156	$	(20)	$	141	$	(21)

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:    

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic	710.5		765.9		716.8		770.6
Incremental common shares from assumed exercise or issuance of stock-based awards	4.2		3.7		4.7		4.8
Weighted average common stock outstanding - diluted	714.7		769.6		721.5		775.4
Net Income (Loss):
Net income (loss)	$	953	$	408	$	1,828	$	493
Less: Net income (loss) attributable to noncontrolling interests	7		6		15		11
Less: Preferred stock dividends	34		32		101		98
Net income (loss) available to MetLife, Inc.’s common shareholders	$	912	$	370	$	1,712	$	384
Basic	$	1.28	$	0.48	$	2.39	$	0.50
Diluted	$	1.28	$	0.48	$	2.37	$	0.50

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Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Segment	Jan. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments | Segment	6
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings, decrease	$ (40,873)		$ (40,146)
Cumulative Effect, Period of Adoption, Adjustment | Pro Forma | Accounting Standards Update 2023-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings, decrease		$ 219

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Segment Information (Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Premiums	$ 11,628	$ 11,678	$ 21,681	$ 21,267
Universal life and investment-type product policy fees	1,281	1,288	2,529	2,577
Net investment income	5,205	5,072	10,641	9,717
Other revenues	638	621	1,312	1,260
Net investment gains (losses)	(421)	(1,039)	(796)	(1,723)
Net derivative gains (losses)	(508)	(997)	(1,487)	(1,087)
Total revenues	17,823	16,623	33,880	32,011
Expenses
Policyholder benefits and claims and policyholder dividends	11,633	11,960	21,854	21,991
Policyholder liability remeasurement (gains) losses	(10)	(16)	(32)	(25)
Market risk benefit remeasurement (gains) losses	(182)	(817)	(876)	(629)
Interest credited to policyholder account balances	2,000	1,933	4,290	3,797
Capitalization of DAC	(683)	(729)	(1,423)	(1,447)
Amortization of DAC and VOBA	499	479	1,007	949
Amortization of negative VOBA	(6)	(6)	(12)	(13)
Interest expense on debt	257	256	521	511
Other expenses	3,113	3,133	6,304	6,190
Total expenses	16,621	16,193	31,633	31,324
Provision for income tax expense (benefit)	249	22	419	194
Net income (loss)	953	408	1,828	493
Operating Segments
Revenues
Premiums	11,628	11,678	21,681	21,267
Universal life and investment-type product policy fees	1,281	1,288	2,529	2,577
Net investment income	5,160	5,040	10,228	9,646
Other revenues	614	628	1,261	1,270
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	18,683	18,634	35,699	34,760
Expenses
Policyholder benefits and claims and policyholder dividends	11,560	11,930	21,834	21,891
Policyholder liability remeasurement (gains) losses	(10)	(16)	(32)	(25)
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	1,781	1,642	3,508	3,184
Capitalization of DAC	(683)	(729)	(1,423)	(1,447)
Amortization of DAC and VOBA	499	479	1,007	949
Amortization of negative VOBA	(6)	(6)	(12)	(13)
Interest expense on debt	257	256	521	511
Other expenses	3,104	3,113	6,284	6,143
Total expenses	16,502	16,669	31,687	31,193
Provision for income tax expense (benefit)	519	441	949	793
Adjusted earnings	1,662	1,524	3,063	2,774
Segment Reconciling Items
Revenues
Premiums	0	0	0	0
Universal life and investment-type product policy fees	0	0	0	0
Net investment income	45	32	413	71
Other revenues	24	(7)	51	(10)
Net investment gains (losses)	(421)	(1,039)	(796)	(1,723)
Net derivative gains (losses)	(508)	(997)	(1,487)	(1,087)
Total revenues	(860)	(2,011)	(1,819)	(2,749)
Expenses
Policyholder benefits and claims and policyholder dividends	73	30	20	100
Policyholder liability remeasurement (gains) losses	0	0	0	0
Market risk benefit remeasurement (gains) losses	(182)	(817)	(876)	(629)
Interest credited to policyholder account balances	219	291	782	613
Capitalization of DAC	0	0	0	0
Amortization of DAC and VOBA	0	0	0	0
Amortization of negative VOBA	0	0	0	0
Interest expense on debt	0	0	0	0
Other expenses	9	20	20	47
Total expenses	119	(476)	(54)	131
Provision for income tax expense (benefit)	(270)	(419)	(530)	(599)
Group Benefits
Expenses
Capitalization of DAC			(9)	(11)
Group Benefits | Operating Segments
Revenues
Premiums	5,599	5,427	11,310	10,878
Universal life and investment-type product policy fees	229	223	451	441
Net investment income	313	327	628	637
Other revenues	382	363	779	743
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	6,523	6,340	13,168	12,699
Expenses
Policyholder benefits and claims and policyholder dividends	4,780	4,866	10,016	9,860
Policyholder liability remeasurement (gains) losses	2	2	(1)	(2)
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	48	48	96	94
Capitalization of DAC	(5)	(5)	(9)	(11)
Amortization of DAC and VOBA	7	7	13	13
Amortization of negative VOBA	0	0	0	0
Interest expense on debt	1	1	1	1
Other expenses	1,016	950	2,019	1,882
Total expenses	5,849	5,869	12,135	11,837
Provision for income tax expense (benefit)	141	99	216	183
Adjusted earnings	533	372	817	679
RIS
Expenses
Capitalization of DAC			(107)	(95)
RIS | Operating Segments
Revenues
Premiums	2,448	2,681	3,123	3,182
Universal life and investment-type product policy fees	73	71	148	150
Net investment income	2,117	1,948	4,206	3,762
Other revenues	61	71	124	139
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	4,699	4,771	7,601	7,233
Expenses
Policyholder benefits and claims and policyholder dividends	3,248	3,441	4,719	4,666
Policyholder liability remeasurement (gains) losses	(23)	(11)	(22)	(40)
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	838	702	1,634	1,348
Capitalization of DAC	(46)	(50)	(107)	(95)
Amortization of DAC and VOBA	16	12	31	23
Amortization of negative VOBA	0	0	0	0
Interest expense on debt	3	4	7	7
Other expenses	145	146	317	292
Total expenses	4,181	4,244	6,579	6,201
Provision for income tax expense (benefit)	108	110	213	215
Adjusted earnings	410	417	809	817
Asia
Expenses
Capitalization of DAC			(696)	(798)
Asia | Operating Segments
Revenues
Premiums	1,216	1,310	2,513	2,687
Universal life and investment-type product policy fees	434	396	860	793
Net investment income	1,167	1,050	2,275	1,931
Other revenues	18	21	39	41
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	2,835	2,777	5,687	5,452
Expenses
Policyholder benefits and claims and policyholder dividends	988	1,057	2,055	2,187
Policyholder liability remeasurement (gains) losses	(4)	(27)	(36)	(16)
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	657	570	1,304	1,106
Capitalization of DAC	(335)	(397)	(696)	(798)
Amortization of DAC and VOBA	207	190	417	383
Amortization of negative VOBA	(5)	(5)	(10)	(11)
Interest expense on debt	0	0	0	0
Other expenses	702	778	1,446	1,585
Total expenses	2,210	2,166	4,480	4,436
Provision for income tax expense (benefit)	176	180	335	305
Adjusted earnings	449	431	872	711
Latin America
Expenses
Capitalization of DAC			(353)	(299)
Latin America | Operating Segments
Revenues
Premiums	1,122	1,023	2,237	2,048
Universal life and investment-type product policy fees	373	352	743	687
Net investment income	398	418	784	797
Other revenues	11	10	22	22
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	1,904	1,803	3,786	3,554
Expenses
Policyholder benefits and claims and policyholder dividends	1,018	976	2,001	1,942
Policyholder liability remeasurement (gains) losses	(3)	3	(11)	(1)
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	115	105	229	204
Capitalization of DAC	(175)	(148)	(353)	(299)
Amortization of DAC and VOBA	129	117	254	223
Amortization of negative VOBA	0	0	0	0
Interest expense on debt	4	4	7	6
Other expenses	505	465	1,017	895
Total expenses	1,593	1,522	3,144	2,970
Provision for income tax expense (benefit)	85	62	183	150
Adjusted earnings	226	219	459	434
EMEA
Expenses
Capitalization of DAC			(243)	(227)
EMEA | Operating Segments
Revenues
Premiums	536	499	1,072	995
Universal life and investment-type product policy fees	77	75	154	152
Net investment income	54	47	108	92
Other revenues	8	8	15	16
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	675	629	1,349	1,255
Expenses
Policyholder benefits and claims and policyholder dividends	265	237	523	498
Policyholder liability remeasurement (gains) losses	1	2	1	(1)
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	17	19	36	35
Capitalization of DAC	(115)	(119)	(243)	(227)
Amortization of DAC and VOBA	82	85	173	170
Amortization of negative VOBA	(1)	(1)	(2)	(2)
Interest expense on debt	0	0	0	0
Other expenses	328	314	660	614
Total expenses	577	537	1,148	1,087
Provision for income tax expense (benefit)	21	22	47	38
Adjusted earnings	77	70	154	130
MetLife Holdings
Expenses
Capitalization of DAC			(9)	(12)
MetLife Holdings | Operating Segments
Revenues
Premiums	692	719	1,405	1,442
Universal life and investment-type product policy fees	94	170	172	353
Net investment income	1,016	1,170	2,026	2,297
Other revenues	37	49	87	102
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	1,839	2,108	3,690	4,194
Expenses
Policyholder benefits and claims and policyholder dividends	1,252	1,341	2,503	2,710
Policyholder liability remeasurement (gains) losses	17	15	37	35
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	106	198	209	397
Capitalization of DAC	(4)	(6)	(9)	(12)
Amortization of DAC and VOBA	57	64	116	132
Amortization of negative VOBA	0	0	0	0
Interest expense on debt	3	3	7	6
Other expenses	220	231	443	469
Total expenses	1,651	1,846	3,306	3,737
Provision for income tax expense (benefit)	35	51	72	88
Adjusted earnings	153	211	312	369
Corporate & Other
Expenses
Capitalization of DAC			(6)	(5)
Corporate & Other | Operating Segments
Revenues
Premiums	15	19	21	35
Universal life and investment-type product policy fees	1	1	1	1
Net investment income	95	80	201	130
Other revenues	97	106	195	207
Net investment gains (losses)	0	0	0	0
Net derivative gains (losses)	0	0	0	0
Total revenues	208	206	418	373
Expenses
Policyholder benefits and claims and policyholder dividends	9	12	17	28
Policyholder liability remeasurement (gains) losses	0	0	0	0
Market risk benefit remeasurement (gains) losses	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Capitalization of DAC	(3)	(4)	(6)	(5)
Amortization of DAC and VOBA	1	4	3	5
Amortization of negative VOBA	0	0	0	0
Interest expense on debt	246	244	499	491
Other expenses	188	229	382	406
Total expenses	441	485	895	925
Provision for income tax expense (benefit)	(47)	(83)	(117)	(186)
Adjusted earnings	$ (186)	$ (196)	$ (360)	$ (366)

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Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 675,745	$ 687,584
Group Benefits
Segment Reporting Information [Line Items]
Total assets	35,966	36,715
RIS
Segment Reporting Information [Line Items]
Total assets	222,719	218,587
Asia
Segment Reporting Information [Line Items]
Total assets	151,700	157,206
Latin America
Segment Reporting Information [Line Items]
Total assets	66,527	69,177
EMEA
Segment Reporting Information [Line Items]
Total assets	18,846	18,596
MetLife Holdings
Segment Reporting Information [Line Items]
Total assets	144,045	148,524
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 35,942	$ 38,779

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Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of segments	6

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Future Policy Benefits - FPB on Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Net liability for FPBs	$ 190,993	$ 196,406
Fixed & Immediate Annuities | RIS
Net liability for FPBs	64,338	64,324	$ 60,281
Whole and Term Life & Endowments | Asia
Net liability for FPBs	11,260	12,874	12,499
Accident & health insurance | Asia
Net liability for FPBs	9,189	10,712	10,662
Fixed Annuity | Latin America
Net liability for FPBs	9,020	9,637	10,192
Long-term Care | MetLife Holdings
Net liability for FPBs	14,455	15,240	$ 14,498
Fixed & Immediate Annuities for Deferred Profit Liabilities | RIS
Net liability for FPBs	3,735	3,697
Whole and Term Life & Endowments for Deferred Profit Liabilities | Asia
Net liability for FPBs	690	654
Accident and Health Insurance Product Line for Deferred Profit Liabilities | Asia
Net liability for FPBs	788	830
Fixed Annuity for Deferred Profit Liabilities | Latin America
Net liability for FPBs	522	562
Variable Life | Asia
Net liability for FPBs	1,074	1,258
Universal and Variable Universal Life | Asia
Net liability for FPBs	354	424
Universal and Variable Universal Life | MetLife Holdings
Net liability for FPBs	2,434	2,362
Participating Life Insurance Contract | MetLife Holdings
Net liability for FPBs	48,911	49,543
Long-Duration Insurance, Other
Net liability for FPBs	10,544	11,099
Short-Duration Insurance, Other
Net liability for FPBs	$ 13,679	$ 13,190

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Future Policy Benefits - Disaggregate Rollforwards (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for FPBs	$ 190,993		$ 196,406
Fixed & Immediate Annuities | RIS
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period, at current discount rate at balance sheet date	0	$ 0
Balance, beginning of period, at original discount rate	0	0
Effect of actual variances from expected experience (1)	(25)	(29)
Adjusted balance	(25)	(29)
Issuances	4,206	2,558
Net premiums collected	(4,181)	(2,529)
Ending balance at original discount rate	0	0
Balance, end of period, at current discount rate at balance sheet date	0	0
Balance, beginning of period, at current discount rate at balance sheet date	64,515	58,695
Balance, beginning of period, at original discount rate	64,737	61,426
Effect of actual variances from expected experience (1)	(93)	(167)
Adjusted balance	64,644	61,259
Issuances	4,328	2,561
Interest accrual	1,526	1,411
Benefit payments	(2,976)	(2,726)
Ending balance at original discount rate	67,522	62,505
Effect of changes in discount rate assumptions	(2,847)	(2,020)
Balance, end of period, at current discount rate at balance sheet date	64,675	60,485
Cumulative amount of fair value hedging adjustments	(337)	(204)
Net liability for FPBs	64,338	60,281	64,324
Less: Reinsurance recoverables	1,933	0
Net liability for FPBs, net of reinsurance	62,405	60,281
Undiscounted - Expected future benefit payments	123,752	115,364
Discounted - Expected future benefit payments	$ 64,675	$ 60,485	64,515
Weighted-average duration of the liability	9 years	9 years
Weighted-average interest accretion (original locked-in) rate	4.70%	4.70%
Weighted-average current discount rate at balance sheet date	5.60%	5.30%
Deferred Profit Liability Offset to Actual Versus Expected	$ 49	$ 98
Whole and Term Life & Endowments | Asia
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period, at current discount rate at balance sheet date	4,561	4,682
Balance, beginning of period, at original discount rate	4,793	4,943
Effect of actual variances from expected experience (1)	(33)	(26)
Adjusted balance	4,760	4,917
Issuances	269	328
Interest accrual	34	27
Net premiums collected	(304)	(300)
Effect of foreign currency translation	(507)	(384)
Ending balance at original discount rate	4,252	4,588
Effect of changes in discount rate assumptions	(277)	(196)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	30	15
Balance, end of period, at current discount rate at balance sheet date	4,005	4,407
Balance, beginning of period, at current discount rate at balance sheet date	17,435	17,463
Balance, beginning of period, at original discount rate	17,198	18,209
Effect of actual variances from expected experience (1)	(33)	1
Adjusted balance	17,165	18,210
Issuances	269	328
Interest accrual	183	185
Benefit payments	(484)	(624)
Effect of foreign currency translation	(1,813)	(1,360)
Ending balance at original discount rate	15,320	16,739
Effect of changes in discount rate assumptions	(131)	154
Effect of foreign currency translation on the effect of changes in discount rate assumptions	76	11
Balance, end of period, at current discount rate at balance sheet date	15,265	16,904
Cumulative impact of flooring the future policyholder benefits reserve	0	2
Net liability for FPBs	11,260	12,499	12,874
Less: Reinsurance recoverables	(1)	(2)
Net liability for FPBs, net of reinsurance	11,261	12,501
Undiscounted - Expected future gross premiums	8,363	8,786
Undiscounted - Expected future benefit payments	25,574	26,771
Discounted - Expected future gross premiums	7,140	7,691
Discounted - Expected future benefit payments	$ 15,265	$ 16,904	17,435
Weighted-average duration of the liability	17 years	17 years
Weighted-average interest accretion (original locked-in) rate	2.60%	2.50%
Weighted-average current discount rate at balance sheet date	2.80%	2.50%
Accident & health insurance | Asia
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period, at current discount rate at balance sheet date	$ 19,835	$ 21,181
Balance, beginning of period, at original discount rate	21,232	22,594
Effect of actual variances from expected experience (1)	292	(33)
Adjusted balance	21,524	22,561
Issuances	551	536
Interest accrual	110	120
Net premiums collected	(928)	(1,055)
Effect of foreign currency translation	(2,496)	(1,849)
Ending balance at original discount rate	18,761	20,313
Effect of changes in discount rate assumptions	(1,720)	(1,006)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	187	83
Balance, end of period, at current discount rate at balance sheet date	17,228	19,390
Balance, beginning of period, at current discount rate at balance sheet date	30,480	30,879
Balance, beginning of period, at original discount rate	36,010	37,189
Effect of actual variances from expected experience (1)	331	(53)
Adjusted balance	36,341	37,136
Issuances	551	536
Interest accrual	232	246
Benefit payments	(614)	(653)
Effect of foreign currency translation	(4,161)	(3,017)
Ending balance at original discount rate	32,349	34,248
Effect of changes in discount rate assumptions	(6,761)	(4,664)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	750	385
Balance, end of period, at current discount rate at balance sheet date	26,338	29,969
Cumulative impact of flooring the future policyholder benefits reserve	79	83
Net liability for FPBs	9,189	10,662	10,712
Less: Reinsurance recoverables	143	149
Net liability for FPBs, net of reinsurance	9,046	10,513
Undiscounted - Expected future gross premiums	36,531	39,362
Undiscounted - Expected future benefit payments	42,531	44,435
Discounted - Expected future gross premiums	29,420	33,399
Discounted - Expected future benefit payments	$ 26,338	$ 29,969	30,480
Weighted-average duration of the liability	23 years	26 years
Weighted-average interest accretion (original locked-in) rate	1.70%	1.80%
Weighted-average current discount rate at balance sheet date	2.80%	2.30%
Deferred Profit Liability Offset to Actual Versus Expected	$ (6)
Fixed Annuity | Latin America
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period, at current discount rate at balance sheet date	0	$ 0
Balance, beginning of period, at original discount rate	0	0
Effect of actual variances from expected experience (1)	0	0
Adjusted balance	0	0
Issuances	494	525
Interest accrual	5	5
Net premiums collected	(499)	(530)
Ending balance at original discount rate	0	0
Balance, end of period, at current discount rate at balance sheet date	0	0
Balance, beginning of period, at current discount rate at balance sheet date	9,637	9,265
Balance, beginning of period, at original discount rate	9,249	8,240
Effect of actual variances from expected experience (1)	(9)	(9)
Adjusted balance	9,240	8,231
Issuances	509	577
Interest accrual	167	173
Benefit payments	(339)	(336)
Inflation adjustment	184	243
Effect of foreign currency translation	(691)	538
Ending balance at original discount rate	9,070	9,426
Effect of changes in discount rate assumptions	(28)	706
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(22)	60
Balance, end of period, at current discount rate at balance sheet date	9,020	10,192
Net liability for FPBs	9,020	10,192	9,637
Undiscounted - Expected future benefit payments	13,648	14,343
Discounted - Expected future benefit payments	$ 9,020	$ 10,192	9,637
Weighted-average duration of the liability	10 years	11 years
Weighted-average interest accretion (original locked-in) rate	3.60%	3.90%
Weighted-average current discount rate at balance sheet date	3.70%	2.90%
Deferred Profit Liability Offset to Actual Versus Expected		$ 3
Long-term Care | MetLife Holdings
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period, at current discount rate at balance sheet date	$ 5,687	5,775
Balance, beginning of period, at original discount rate	5,566	5,807
Effect of actual variances from expected experience (1)	13	83
Adjusted balance	5,579	5,890
Interest accrual	141	149
Net premiums collected	(286)	(293)
Ending balance at original discount rate	5,434	5,746
Effect of changes in discount rate assumptions	(80)	3
Balance, end of period, at current discount rate at balance sheet date	5,354	5,749
Balance, beginning of period, at current discount rate at balance sheet date	20,927	19,619
Balance, beginning of period, at original discount rate	20,494	20,165
Effect of actual variances from expected experience (1)	31	99
Adjusted balance	20,525	20,264
Interest accrual	540	534
Benefit payments	(421)	(382)
Ending balance at original discount rate	20,644	20,416
Effect of changes in discount rate assumptions	(835)	(169)
Balance, end of period, at current discount rate at balance sheet date	19,809	20,247
Net liability for FPBs	14,455	14,498	15,240
Undiscounted - Expected future gross premiums	10,280	10,893
Undiscounted - Expected future benefit payments	44,653	45,653
Discounted - Expected future gross premiums	6,715	7,089
Discounted - Expected future benefit payments	$ 19,809	$ 20,247	$ 20,927
Weighted-average duration of the liability	14 years	15 years
Weighted-average interest accretion (original locked-in) rate	5.40%	5.40%
Weighted-average current discount rate at balance sheet date	5.80%	5.50%

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Future Policy Benefits - FPB - Additional Insurance Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Variable Life | Asia
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 1,258	$ 1,381
Less: AOCI adjustment	0	0
Balance, beginning of period, before AOCI adjustment	1,258	1,381
Effect of actual variances from expected experience	(14)	(8)
Adjusted balance	1,244	1,373
Assessments accrual	(2)	(2)
Interest accrual	9	10
Excess benefits paid	(23)	(19)
Effect of foreign currency translation and other, net	(154)	(119)
Balance, end of period, before AOCI adjustment	1,074	1,243
Add: AOCI adjustment	0	0
Balance, end of period	$ 1,074	$ 1,243
Weighted-average duration of the liability	16 years	17 years
Weighted-average interest accretion rate	1.50%	1.50%
Universal and Variable Universal Life | Asia
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 424	$ 455
Less: AOCI adjustment	(14)	(33)
Balance, beginning of period, before AOCI adjustment	438	488
Effect of actual variances from expected experience	(32)	(22)
Adjusted balance	406	466
Assessments accrual	0	0
Interest accrual	3	3
Excess benefits paid	0	0
Effect of foreign currency translation and other, net	(53)	(41)
Balance, end of period, before AOCI adjustment	356	428
Add: AOCI adjustment	(2)	(18)
Balance, end of period	$ 354	$ 410
Weighted-average duration of the liability	43 years	43 years
Weighted-average interest accretion rate	1.50%	1.50%
Universal and Variable Universal Life | MetLife Holdings
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 2,362	$ 2,156
Less: AOCI adjustment	(14)	(63)
Balance, beginning of period, before AOCI adjustment	2,376	2,219
Effect of actual variances from expected experience	28	(6)
Adjusted balance	2,404	2,213
Assessments accrual	51	55
Interest accrual	65	61
Excess benefits paid	(70)	(63)
Balance, end of period, before AOCI adjustment	2,450	2,266
Add: AOCI adjustment	(16)	2
Balance, end of period	2,434	2,268
Less: Reinsurance recoverables	2,117	744
Balance, end of period, net of reinsurance	$ 317	$ 1,524
Weighted-average duration of the liability	15 years	16 years
Weighted-average interest accretion rate	5.50%	5.60%

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Future Policy Benefits - FPB Income Statement (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	$ 9,710	$ 8,196
Interest Expense (2)	2,798	2,664
Fixed & Immediate Annuities | RIS
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	4,246	2,592
Interest Expense (2)	1,526	1,411
Whole and Term Life & Endowments | Asia
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	564	555
Interest Expense (2)	149	158
Accident & health insurance | Asia
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	1,551	1,762
Interest Expense (2)	122	126
Fixed Annuity | Latin America
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	499	529
Interest Expense (2)	162	168
Long-term Care | MetLife Holdings
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	362	366
Interest Expense (2)	399	385
Fixed & Immediate Annuities for Deferred Profit Liabilities | RIS
Principal Transaction Revenue [Line Items]
Interest Expense (2)	88	81
Whole and Term Life & Endowments for Deferred Profit Liabilities | Asia
Principal Transaction Revenue [Line Items]
Interest Expense (2)	17	14
Accident and Health Insurance Product Line for Deferred Profit Liabilities | Asia
Principal Transaction Revenue [Line Items]
Interest Expense (2)	9	9
Fixed Annuity for Deferred Profit Liabilities | Latin America
Principal Transaction Revenue [Line Items]
Interest Expense (2)	10	11
Variable Life | Asia
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	55	11
Interest Expense (2)	9	10
Universal and Variable Universal Life | Asia
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	(33)	(14)
Interest Expense (2)	3	3
Universal and Variable Universal Life | MetLife Holdings
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	334	380
Interest Expense (2)	65	61
Long-Duration Insurance, Other
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	2,132	2,015
Interest Expense (2)	$ 239	$ 227

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Future Policy Benefits (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, beginning of period	$ 16,468	$ 16,098
Less: Reinsurance recoverables	2,592	2,452
Net balance, beginning of period	13,876	13,646
Incurred related to:
Current period	13,420	13,580
Prior periods (1)	99	306
Total incurred	13,519	13,886
Paid related to:
Current period	(8,723)	(8,546)
Prior periods	(4,921)	(4,959)
Total paid	(13,644)	(13,505)
Net balance, end of period	13,751	14,027
Add: Reinsurance recoverables	2,762	2,590
Balance, end of period (included in FPBs and other policy-related balances)	$ 16,513	$ 16,617

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Future Policy Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Insurance [Abstract]
Liability for Future Policy Benefit, Adverse Development, Expense, Loss At Issue	$ 126

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Policyholder Account Balances - Amounts on Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 219,543	$ 219,269
Other Products
Policyholder Account Balance [Line Items]
Policyholder account balance	16,697	17,226
Group Life - Term | Group Benefits
Policyholder Account Balance [Line Items]
Policyholder account balance	7,644	7,692	$ 7,875	$ 8,028
Capital Markets Investment Products and Stable Value GICs | RIS
Policyholder Account Balance [Line Items]
Policyholder account balance	64,945	64,140	64,103	63,723
Annuities and Risk Solutions | RIS
Policyholder Account Balance [Line Items]
Policyholder account balance	18,797	17,711	16,693	15,549
Universal and Variable Universal Life | Asia
Policyholder Account Balance [Line Items]
Policyholder account balance	49,229	49,739	46,851	46,417
Fixed Annuity | Asia
Policyholder Account Balance [Line Items]
Policyholder account balance	37,629	36,863	35,124	32,454
Fixed Annuity | MetLife Holdings
Policyholder Account Balance [Line Items]
Policyholder account balance	10,747	11,537	12,410	13,286
Variable Annuity | EMEA
Policyholder Account Balance [Line Items]
Policyholder account balance	2,552	2,720	2,761	2,802
Life and Other | MetLife Holdings
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 11,303	$ 11,641	$ 12,044	$ 12,402

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Policyholder Account Balances - LDTI Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 219,269
Balance, end of period	219,543
Group Life - Term | Group Benefits
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	7,692	$ 8,028
Deposits	1,959	1,685
Policy charges	(327)	(318)
Surrenders and withdrawals	(1,767)	(1,608)
Benefit payments	(6)	(6)
Net transfers from (to) separate accounts	(3)	1
Interest credited	96	93
Balance, end of period	$ 7,644	$ 7,875
Weighted-average annual crediting rate	2.50%	2.40%
Cash surrender value	$ 7,584	$ 7,813
Group Life - Term | In the event of death | Group Benefits
Policyholder Account Balance [Roll Forward]
Net amount at risk	264,497	251,590
Capital Markets Investment Products and Stable Value GICs | RIS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	64,140	63,723
Deposits	37,608	38,526
Surrenders and withdrawals	(37,540)	(39,865)
Interest credited	1,180	971
Effect of foreign currency translation and other, net	(443)	748
Balance, end of period	$ 64,945	$ 64,103
Weighted-average annual crediting rate	3.70%	3.10%
Cash surrender value	$ 1,850	$ 2,309
Annuities and Risk Solutions | RIS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	17,711	15,549
Deposits	1,467	1,362
Policy charges	(63)	(96)
Surrenders and withdrawals	(189)	(83)
Benefit payments	(471)	(385)
Net transfers from (to) separate accounts	20	54
Interest credited	360	307
Other	(38)	(15)
Balance, end of period	$ 18,797	$ 16,693
Weighted-average annual crediting rate	4.00%	3.80%
Cash surrender value	$ 8,209	$ 7,683
Annuities and Risk Solutions | In the event of death | RIS
Policyholder Account Balance [Roll Forward]
Net amount at risk	43,702	43,311
Universal and Variable Universal Life | Asia
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	49,739	46,417
Deposits	3,146	3,244
Policy charges	(545)	(563)
Surrenders and withdrawals	(1,736)	(1,238)
Benefit payments	(234)	(287)
Interest credited	744	683
Effect of foreign currency translation and other, net	(1,885)	(1,405)
Balance, end of period	$ 49,229	$ 46,851
Weighted-average annual crediting rate	3.10%	3.00%
Cash surrender value	$ 43,078	$ 40,257
Universal and Variable Universal Life | In the event of death | Asia
Policyholder Account Balance [Roll Forward]
Net amount at risk	88,255	92,521
Fixed Annuity | Asia
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	36,863	32,454
Deposits	3,412	4,612
Policy charges	(1)	(1)
Surrenders and withdrawals	(1,645)	(1,003)
Benefit payments	(1,174)	(1,071)
Interest credited	509	404
Effect of foreign currency translation and other, net	(335)	(271)
Balance, end of period	$ 37,629	$ 35,124
Weighted-average annual crediting rate	2.80%	2.40%
Cash surrender value	$ 32,555	$ 30,244
Fixed Annuity | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	11,537	13,286
Deposits	86	132
Policy charges	(7)	(8)
Surrenders and withdrawals	(903)	(1,038)
Benefit payments	(211)	(224)
Net transfers from (to) separate accounts	58	47
Interest credited	183	200
Other	4	15
Balance, end of period	$ 10,747	$ 12,410
Weighted-average annual crediting rate	3.40%	3.20%
Cash surrender value	$ 10,154	$ 11,629
Fixed Annuity | In the event of death | Asia
Policyholder Account Balance [Roll Forward]
Net amount at risk	0	6,224
Fixed Annuity | In the event of death | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Net amount at risk	2,541	3,246
Fixed Annuity | At annuitization or exercise of other living benefits | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Net amount at risk	707	813
Variable Annuity | EMEA
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	2,720	2,802
Deposits	2	2
Policy charges	(30)	(32)
Surrenders and withdrawals	(142)	(132)
Benefit payments	(61)	(64)
Interest credited	87	32
Effect of foreign currency translation and other, net	(24)	153
Balance, end of period	$ 2,552	$ 2,761
Weighted-average annual crediting rate	6.80%	2.40%
Cash surrender value	$ 2,552	$ 2,761
Variable Annuity | In the event of death | EMEA
Policyholder Account Balance [Roll Forward]
Net amount at risk	410	635
Variable Annuity | At annuitization or exercise of other living benefits | EMEA
Policyholder Account Balance [Roll Forward]
Net amount at risk	529	797
Life and Other | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	11,641	12,402
Deposits	381	446
Policy charges	(347)	(354)
Surrenders and withdrawals	(523)	(612)
Benefit payments	(76)	(85)
Net transfers from (to) separate accounts	19	21
Interest credited	211	223
Other	(3)	3
Balance, end of period	$ 11,303	$ 12,044
Weighted-average annual crediting rate	3.70%	3.70%
Cash surrender value	$ 10,863	$ 11,556
Net amount at risk percentage after taking reinsurance into consideration	99.00%		99.00%
Life and Other | In the event of death | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Net amount at risk	$ 65,885	$ 69,633

XML

Policyholder Account Balances - Range of Guaranteed Minimum Crediting Rate (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 219,543	$ 219,269
Group Life - Term | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	7,644	7,692	$ 7,875	$ 8,028
Group Life - Term | Equal to or greater than 0% but less than 2% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 5,550		$ 5,604
Group Life - Term | Equal to or greater than 0% but less than 2% | Group Benefits | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	0.00%		0.00%
Group Life - Term | Equal to or greater than 0% but less than 2% | Group Benefits | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Group Life - Term | Equal to or greater than 2% but less than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 1,286		$ 1,327
Group Life - Term | Equal to or greater than 2% but less than 4% | Group Benefits | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Group Life - Term | Equal to or greater than 2% but less than 4% | Group Benefits | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Group Life - Term | Equal to or greater than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 770		$ 824
Group Life - Term | Equal to or greater than 4% | Group Benefits | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Group Life - Term | Products with either a fixed rate or no GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 38		$ 120
Group Life - Term | At GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	1,914		1,998
Group Life - Term | At GMCR | Equal to or greater than 0% but less than 2% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Group Life - Term | At GMCR | Equal to or greater than 2% but less than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	1,217		1,252
Group Life - Term | At GMCR | Equal to or greater than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	697		746
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	166		90
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	157		79
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	9		10
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		1
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	917		1,016
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	819		910
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	59		63
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	39		43
Group Life - Term | Equal to or greater than 1.50% above GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	4,609		4,651
Group Life - Term | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	4,574		4,615
Group Life - Term | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	1		2
Group Life - Term | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	34		34
Capital Markets Investment Products and Stable Value GICs | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	64,945	64,140	64,103	63,723
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 2,647		$ 2,596
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | RIS | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	0.00%		0.00%
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | RIS | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Capital Markets Investment Products and Stable Value GICs | Products with either a fixed rate or no GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 62,298		$ 61,507
Capital Markets Investment Products and Stable Value GICs | At GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Capital Markets Investment Products and Stable Value GICs | At GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		1
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		1
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	2,647		2,595
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	2,647		2,595
Annuities and Risk Solutions | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	18,797	17,711	16,693	15,549
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 2,067		$ 1,525
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | RIS | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	0.00%		0.00%
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | RIS | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 766		$ 840
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | RIS | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | RIS | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Annuities and Risk Solutions | Equal to or greater than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 4,641		$ 4,669
Annuities and Risk Solutions | Equal to or greater than 4% | RIS | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Annuities and Risk Solutions | Products with either a fixed rate or no GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 11,323		$ 9,659
Annuities and Risk Solutions | At GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	4,440		4,666
Annuities and Risk Solutions | At GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Annuities and Risk Solutions | At GMCR | Equal to or greater than 2% but less than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	201		227
Annuities and Risk Solutions | At GMCR | Equal to or greater than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	4,239		4,439
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	35		152
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	35		35
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		117
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	525		290
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	19		53
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	109		130
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	397		107
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	2,474		1,926
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	2,048		1,472
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	421		448
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	5		6
Universal and Variable Universal Life | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	49,229	49,739	46,851	46,417
Universal and Variable Universal Life | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 10,960		$ 10,633
Universal and Variable Universal Life | Equal to or greater than 0% but less than 2% | Asia | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	0.00%		0.00%
Universal and Variable Universal Life | Equal to or greater than 0% but less than 2% | Asia | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Universal and Variable Universal Life | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 37,501		$ 35,445
Universal and Variable Universal Life | Equal to or greater than 2% but less than 4% | Asia | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Universal and Variable Universal Life | Equal to or greater than 2% but less than 4% | Asia | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Universal and Variable Universal Life | Equal to or greater than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 242		$ 261
Universal and Variable Universal Life | Equal to or greater than 4% | Asia | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Universal and Variable Universal Life | Products with either a fixed rate or no GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 526		$ 512
Universal and Variable Universal Life | At GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	17,086		31,331
Universal and Variable Universal Life | At GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	9,431		10,211
Universal and Variable Universal Life | At GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	7,413		20,859
Universal and Variable Universal Life | At GMCR | Equal to or greater than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	242		261
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	15,631		2,964
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	18		45
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	15,613		2,919
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	5,716		5,921
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	230		138
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	5,486		5,783
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	10,270		6,123
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	1,281		239
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	8,989		5,884
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Fixed Annuity | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	37,629	36,863	35,124	32,454
Fixed Annuity | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	10,747	11,537	12,410	13,286
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 36,427		$ 33,798
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	0.00%		0.00%
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 683		$ 846
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	0.00%		0.00%
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 5		$ 6
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 8,479		$ 9,831
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 1,187		$ 1,278
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Fixed Annuity | Products with either a fixed rate or no GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 1,197		$ 1,320
Fixed Annuity | Products with either a fixed rate or no GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	398		455
Fixed Annuity | At GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	394		343
Fixed Annuity | At GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	1,812		5,343
Fixed Annuity | At GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	394		343
Fixed Annuity | At GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	4		444
Fixed Annuity | At GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Fixed Annuity | At GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	1,049		3,917
Fixed Annuity | At GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	759		982
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	492		609
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	7,359		5,882
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	487		603
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	195		158
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	5		6
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	6,760		5,447
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	404		277
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	5,486		6,795
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	942		633
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	5,486		6,795
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	446		219
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	472		395
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	24		19
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	30,060		26,057
Fixed Annuity | Equal to or greater than 1.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	236		97
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	30,060		26,057
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	38		25
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	198		72
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Variable Annuity | EMEA
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	2,552	2,720	2,761	2,802
Life and Other | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	11,303	$ 11,641	12,044	$ 12,402
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 72		$ 77
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	0.00%		0.00%
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 5,224		$ 5,754
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	2.00%		2.00%
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Life and Other | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 5,506		$ 5,712
Life and Other | Equal to or greater than 4% | MetLife Holdings | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance range of guaranteed minimum credit rating	4.00%		4.00%
Life and Other | Products with either a fixed rate or no GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 501		$ 501
Life and Other | At GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	9,202		9,893
Life and Other | At GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Life and Other | At GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	4,242		4,735
Life and Other | At GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	4,960		5,158
Life and Other | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	296		299
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	0		0
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	172		172
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	124		127
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	695		725
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	18		21
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	270		289
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	407		415
Life and Other | Equal to or greater than 1.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	609		626
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	54		56
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	540		558
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder account balance	$ 15		$ 12

XML

Market Risk Benefits Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Asset	$ 356	$ 286
Liability	2,618	3,179
Net	2,262	2,893
Retirement Assurance | Asia
Market Risk Benefit [Line Items]
Asset	0	0
Liability	177	203
Net	177	203	$ 202	$ 226
Investment Product | MetLife Holdings
Market Risk Benefit [Line Items]
Asset	213	156
Liability	2,366	2,878
Net	2,153	2,722
Insurance, Other
Market Risk Benefit [Line Items]
Asset	143	130
Liability	75	98
Net	$ (68)	$ (32)	$ (15)	$ 32

XML

Market Risk Benefits Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Market Risk Benefit [Line Items]
Beginning balance	$ 2,893
Ending balance	2,262
Retirement Assurance | Asia
Market Risk Benefit [Line Items]
Beginning balance	203	$ 226
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	205	233
Attributed fees collected	2	1
Benefit payments	(6)	(7)
Effect of changes in interest rates	4	3
Actual policyholder behavior different from expected behavior	(1)	0
Effect of foreign currency translation and other, net	(26)	(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	178	207
Cumulative effect of changes in the instrument-specific credit risk	(1)	(5)
Ending balance	177	202
Retirement Assurance | Asia | At annuitization or exercise of other living benefits
Market Risk Benefit [Line Items]
Net amount at risk	$ 111	$ 110
Average attained age of policyholders	58 years	58 years
Variable Annuity | MetLife Holdings
Market Risk Benefit [Line Items]
Beginning balance	$ 2,722	$ 3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	2,772	3,360
Attributed fees collected	179	193
Benefit payments	(45)	(21)
Effect of changes in interest rates	(556)	23
Effect of changes in capital markets	(372)	(661)
Effect of changes in equity index volatility	26	(109)
Actual policyholder behavior different from expected behavior	132	57
Effect of foreign currency translation and other, net	5	131
Effect of changes in risk margin	(62)	(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	2,079	2,938
Cumulative effect of changes in the instrument-specific credit risk	76	(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	(2)	5
Ending balance	2,153	2,793
Variable Annuity | MetLife Holdings | In the event of death
Market Risk Benefit [Line Items]
Net amount at risk	$ 2,544	$ 3,254
Average attained age of policyholders	71 years	70 years
Variable Annuity | MetLife Holdings | At annuitization or exercise of other living benefits
Market Risk Benefit [Line Items]
Net amount at risk	$ 671	$ 793
Average attained age of policyholders	70 years	70 years
Insurance, Other
Market Risk Benefit [Line Items]
Beginning balance	$ (32)	$ 32
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	(50)	24
Attributed fees collected	25	16
Benefit payments	(3)	(18)
Effect of changes in interest rates	(46)	(26)
Effect of changes in capital markets	(15)	(14)
Effect of changes in equity index volatility	(1)	(4)
Actual policyholder behavior different from expected behavior	4	(22)
Effect of foreign currency translation and other, net	(2)	17
Effect of changes in risk margin	(1)	(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(89)	(28)
Cumulative effect of changes in the instrument-specific credit risk	21	12
Effect of foreign currency translation on the cumulative instrument-specific credit risk	0	1
Ending balance	(68)	(15)
Less: Reinsurance recoverable	11	18
Balance, end of period, net of reinsurance	$ (79)	$ (33)

XML

Separate Account Liabilities Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account liabilities	$ 139,707	$ 144,634
Latin America | Pension Plan
Separate Account, Liability [Line Items]
Separate account liabilities	38,944	41,320	$ 42,213	$ 39,428
Stable Value and Risk Solutions | RIS
Separate Account, Liability [Line Items]
Separate account liabilities	38,689	41,343	42,620	48,265
Annuities | RIS
Separate Account, Liability [Line Items]
Separate account liabilities	11,246	11,659	11,792	11,694
Annuities | MetLife Holdings
Separate Account, Liability [Line Items]
Separate account liabilities	28,843	29,224	$ 29,616	$ 28,499
Insurance, Other
Separate Account, Liability [Line Items]
Separate account liabilities	$ 21,985	$ 21,088

XML

Separate Account Liabilities Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Separate Account, Liability [Roll Forward]
Balance, beginning of period	$ 144,634
Balance, end of period	139,707
RIS | Stable Value and Risk Solutions
Separate Account, Liability [Roll Forward]
Balance, beginning of period	41,343	$ 48,265
Premiums and deposits	1,053	1,586
Policy charges	(139)	(148)
Surrenders and withdrawals	(2,945)	(7,542)
Benefit payments	(60)	(46)
Investment performance	692	1,277
Net transfers from (to) general account	(20)	(57)
Effect of foreign currency translation and other, net	(1,235)	(715)
Balance, end of period	38,689	42,620
Cash Surrender Value	34,519	37,782
RIS | Annuities
Separate Account, Liability [Roll Forward]
Balance, beginning of period	11,659	11,694
Premiums and deposits	25	120
Policy charges	(10)	(11)
Surrenders and withdrawals	(401)	(360)
Benefit payments	0	0
Investment performance	(95)	448
Net transfers from (to) general account	0	3
Effect of foreign currency translation and other, net	68	(102)
Balance, end of period	11,246	11,792
Latin America | Pension Plan
Separate Account, Liability [Roll Forward]
Balance, beginning of period	41,320	39,428
Premiums and deposits	3,427	4,096
Policy charges	(132)	(150)
Surrenders and withdrawals	(2,652)	(2,921)
Benefit payments	(812)	(879)
Investment performance	875	187
Net transfers from (to) general account	0	0
Effect of foreign currency translation and other, net	(3,082)	2,452
Balance, end of period	38,944	42,213
Cash Surrender Value	38,944	42,213
MetLife Holdings | Annuities
Separate Account, Liability [Roll Forward]
Balance, beginning of period	29,224	28,499
Premiums and deposits	123	139
Policy charges	(296)	(305)
Surrenders and withdrawals	(1,857)	(1,362)
Benefit payments	(259)	(242)
Investment performance	1,972	2,933
Net transfers from (to) general account	(59)	(47)
Effect of foreign currency translation and other, net	(5)	1
Balance, end of period	28,843	29,616
Cash Surrender Value	$ 28,706	$ 29,471

XML

Separate Account Assets Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 139,707	$ 144,634
Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	5,582	6,265
Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	126	144
Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	777	904
Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,829	1,929
Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	937	1,018
Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	8,579	9,687
Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,062	4,403
Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	5,392	5,055
Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	484	550
Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,882	5,388
Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	18,440	19,611
Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,303	1,389
Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	343	424
Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	22,186	23,690
Separate Account, Debt Security | Total bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	47,154	50,502
Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,421	9,706
Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,377	2,586
Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9	9
Separate Account, Debt Security | Total fixed maturity securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	58,961	62,803
Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	69,976	68,439
Separate Account, Equity Security | Non-redeemable preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	132	115
Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,773	1,733
Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	8,039	8,202
Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	212	158
Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	59,820	58,231
Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	134,519	137,507
Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	5,188	7,127
RIS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	50,033	53,093
RIS | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,504	1,620
RIS | Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	125	144
RIS | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	759	893
RIS | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,783	1,882
RIS | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	832	911
RIS | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,512	2,717
RIS | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	705	764
RIS | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,947	1,920
RIS | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	474	547
RIS | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	530	509
RIS | Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,307	9,673
RIS | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,078	1,077
RIS | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	306	380
RIS | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,137	9,778
RIS | Separate Account, Debt Security | Total bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	20,358	21,417
RIS | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,381	9,671
RIS | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,349	2,557
RIS | Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9	9
RIS | Separate Account, Debt Security | Total fixed maturity securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	32,097	33,654
RIS | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	12,437	11,726
RIS | Separate Account, Equity Security | Non-redeemable preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
RIS | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	705	731
RIS | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,392	2,411
RIS | Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	64	67
RIS | Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,276	8,517
RIS | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	46,038	47,000
RIS | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,995	6,093
Asia
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,102	9,187
Asia | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	383	403
Asia | Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Asia | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	15	8
Asia | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	36	39
Asia | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	102	105
Asia | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	500	551
Asia | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	53	38
Asia | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Asia | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	7	0
Asia | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,184	1,190
Asia | Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Asia | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	220	308
Asia | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	24	31
Asia | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	713	741
Asia | Separate Account, Debt Security | Total bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,141	2,270
Asia | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Asia | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
Fair Value, Separate Account Investment [Line Items]
Separate account assets	17	18
Asia | Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Asia | Separate Account, Debt Security | Total fixed maturity securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,158	2,288
Asia | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	6,107	5,993
Asia | Separate Account, Equity Security | Non-redeemable preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	132	115
Asia | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	309	269
Asia | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,610	2,661
Asia | Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	20	19
Asia | Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,036	2,929
Asia | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	8,648	8,684
Asia | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	454	503
Latin America
Fair Value, Separate Account Investment [Line Items]
Separate account assets	38,944	41,320
Latin America | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,621	4,212
Latin America | Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	5,268	6,006
Latin America | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,302	3,598
Latin America | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,425	3,095
Latin America | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	279	1,051
Latin America | Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,115	9,920
Latin America | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	11,995	12,699
Latin America | Separate Account, Debt Security | Total bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	21,389	23,670
Latin America | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Debt Security | Total fixed maturity securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	21,389	23,670
Latin America | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	13,316	12,944
Latin America | Separate Account, Equity Security | Non-redeemable preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	386	392
Latin America | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,258	2,453
Latin America | Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Latin America | Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10,672	10,099
Latin America | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	38,326	40,826
Latin America | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	618	494
EMEA
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,777	4,327
EMEA | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	74	30
EMEA | Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	281	398
EMEA | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	8	27
EMEA | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,889	2,638
EMEA | Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	289	425
EMEA | Separate Account, Debt Security | Total bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,178	3,063
EMEA | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Debt Security | Total fixed maturity securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,178	3,063
EMEA | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,407	1,199
EMEA | Separate Account, Equity Security | Non-redeemable preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
EMEA | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	373	341
EMEA | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	779	677
EMEA | Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	128	72
EMEA | Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	127	109
EMEA | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,659	4,292
EMEA | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	118	35
MetLife Holdings
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,581	35,548
MetLife Holdings | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1	0
MetLife Holdings | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3	3
MetLife Holdings | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	10	8
MetLife Holdings | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3	2
MetLife Holdings | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	18	15
MetLife Holdings | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2	3
MetLife Holdings | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	12	13
MetLife Holdings | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3	3
MetLife Holdings | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	18	18
MetLife Holdings | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	5	4
MetLife Holdings | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	13	13
MetLife Holdings | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	52	47
MetLife Holdings | Separate Account, Debt Security | Total bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	88	82
MetLife Holdings | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	40	35
MetLife Holdings | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
Fair Value, Separate Account Investment [Line Items]
Separate account assets	11	11
MetLife Holdings | Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Total fixed maturity securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	139	128
MetLife Holdings | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,439	35,418
MetLife Holdings | Separate Account, Equity Security | Non-redeemable preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,439	35,418
MetLife Holdings | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,578	35,546
MetLife Holdings | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3	2
Group Benefits
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,270	1,159
Group Benefits | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Total bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets		0
Group Benefits | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Debt Security | Total fixed maturity securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,270	1,159
Group Benefits | Separate Account, Equity Security | Non-redeemable preferred Stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Group Benefits | Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,270	1,159
Group Benefits | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,270	1,159
Group Benefits | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 0	$ 0

XML

Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue - DAC VOBA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
DAC:
DAC, Beginning Balance			$ 18,388	$ 17,644
Capitalizations	$ 683	$ 729	1,423	1,447
Amortization			(937)	(864)
Effect of foreign currency translation and other, net			(824)	(233)
DAC, Ending Balance	18,050	17,994	18,050	17,994
VOBA:
VOBA Net, Beginning Balance			1,763	2,009
Amortization			(70)	(85)
Effect of foreign currency translation and other, net			(175)	(68)
VOBA Net, Ending Balance	1,518	1,856	1,518	1,856
Deferred policy acquisition costs and value of business acquired	19,568	19,850	19,568	19,850	$ 20,151
Group Benefits
DAC:
DAC, Beginning Balance			258	265
Capitalizations			9	11
Amortization			(13)	(13)
Effect of foreign currency translation and other, net			0	0
DAC, Ending Balance	254	263	254	263
VOBA:
VOBA Net, Beginning Balance			0	0
Amortization			0	0
Effect of foreign currency translation and other, net			0	0
VOBA Net, Ending Balance	0	0	0	0
RIS
DAC:
DAC, Beginning Balance			397	267
Capitalizations			107	95
Amortization			(30)	(22)
Effect of foreign currency translation and other, net			0	0
DAC, Ending Balance	474	340	474	340
VOBA:
VOBA Net, Beginning Balance			16	19
Amortization			(1)	(1)
Effect of foreign currency translation and other, net			0	0
VOBA Net, Ending Balance	15	18	15	18
Asia
DAC:
DAC, Beginning Balance			10,864	10,270
Capitalizations			696	798
Amortization			(379)	(336)
Effect of foreign currency translation and other, net			(618)	(428)
DAC, Ending Balance	10,563	10,304	10,563	10,304
VOBA:
VOBA Net, Beginning Balance			1,119	1,290
Amortization			(38)	(47)
Effect of foreign currency translation and other, net			(136)	(109)
VOBA Net, Ending Balance	945	1,134	945	1,134
Latin America
DAC:
DAC, Beginning Balance			1,950	1,542
Capitalizations			353	299
Amortization			(232)	(197)
Effect of foreign currency translation and other, net			(156)	178
DAC, Ending Balance	1,915	1,822	1,915	1,822
VOBA:
VOBA Net, Beginning Balance			497	545
Amortization			(22)	(26)
Effect of foreign currency translation and other, net			(36)	39
VOBA Net, Ending Balance	439	558	439	558
EMEA
DAC:
DAC, Beginning Balance			1,618	1,480
Capitalizations			243	227
Amortization			(166)	(161)
Effect of foreign currency translation and other, net			(49)	16
DAC, Ending Balance	1,646	1,562	1,646	1,562
VOBA:
VOBA Net, Beginning Balance			113	127
Amortization			(7)	(9)
Effect of foreign currency translation and other, net			(3)	2
VOBA Net, Ending Balance	103	120	103	120
MetLife Holdings
DAC:
DAC, Beginning Balance			3,271	3,791
Capitalizations			9	12
Amortization			(114)	(130)
Effect of foreign currency translation and other, net			0	0
DAC, Ending Balance	3,166	3,673	3,166	3,673
VOBA:
VOBA Net, Beginning Balance			18	28
Amortization			(2)	(2)
Effect of foreign currency translation and other, net			0	0
VOBA Net, Ending Balance	16	26	16	26
Corporate & Other
DAC:
DAC, Beginning Balance			30	29
Capitalizations			6	5
Amortization			(3)	(5)
Effect of foreign currency translation and other, net			(1)	1
DAC, Ending Balance	32	30	32	30
VOBA:
VOBA Net, Beginning Balance			0	0
Amortization			0	0
Effect of foreign currency translation and other, net			0	0
VOBA Net, Ending Balance	$ 0	$ 0	$ 0	$ 0

XML

Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue - Unearned Revenue (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	$ 4,537	$ 4,106
Deferrals	418	428
Amortization	(206)	(184)
Effect of foreign currency translation and other - net	(135)	89
Deferred Revenue, Current, Ending Balance	4,614	4,439
RIS
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	31	36
Deferrals	1	1
Amortization	(3)	(4)
Effect of foreign currency translation and other - net	0	0
Deferred Revenue, Current, Ending Balance	29	33
Asia
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	2,850	2,382
Deferrals	285	283
Amortization	(107)	(80)
Effect of foreign currency translation and other - net	(50)	(32)
Deferred Revenue, Current, Ending Balance	2,978	2,553
Latin America
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	989	848
Deferrals	75	70
Amortization	(60)	(58)
Effect of foreign currency translation and other - net	(74)	108
Deferred Revenue, Current, Ending Balance	930	968
EMEA
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	608	559
Deferrals	49	46
Amortization	(34)	(31)
Effect of foreign currency translation and other - net	(11)	13
Deferred Revenue, Current, Ending Balance	612	587
MetLife Holdings
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	59	281
Deferrals	8	28
Amortization	(2)	(11)
Effect of foreign currency translation and other - net	0	0
Deferred Revenue, Current, Ending Balance	$ 65	$ 298

XML

Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Closed Block Liabilities
FPBs	$ 35,492	$ 36,142
Other policy-related balances	283	319
Policyholder dividends payable	172	174
Policyholder dividend obligation	0	0
Current income tax payable	4	0
Other liabilities	797	668
Total closed block liabilities	36,748	37,303
Assets Designated to the Closed Block
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,247	19,939
Equity securities, at estimated fair value	11	10
Mortgage loans	5,938	6,151
Policy loans	3,876	3,960
Real estate and real estate joint ventures (“REJV”)	688	668
Other invested assets	487	496
Total investments	30,247	31,224
Cash and cash equivalents	759	717
Accrued investment income	374	383
Premiums, reinsurance and other receivables	67	54
Current income tax recoverable	0	3
Deferred income tax asset	397	312
Total assets designated to the closed block	31,844	32,693
Excess of closed block liabilities over assets designated to the closed block	4,904	4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,204)	(820)
Unrealized gains (losses) on derivatives, net of income tax	164	130
Total amounts included in AOCI	(1,040)	(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$ 3,864	$ 3,920

XML

Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Premiums	$ 216	$ 226	$ 434	$ 461
Net investment income	342	341	685	679
Net investment gains (losses)	(13)	5	(20)	9
Net derivative gains (losses)	2	5	7	3
Total revenues	547	577	1,106	1,152
Expenses
Policyholder benefits and claims	415	445	819	858
Policyholder dividends	86	89	176	186
Other expenses	20	22	40	44
Total expenses	521	556	1,035	1,088
Revenues, net of expenses before provision for income tax expense (benefit)	26	21	71	64
Provision for income tax expense (benefit)	5	4	15	13
Revenues, net of expenses and provision for income tax expense (benefit)	$ 21	$ 17	$ 56	$ 51

XML

Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 303,191		$ 300,555
Allowance for Credit Loss for Debt Securities	(121)	$ (113)	(184)	$ (197)	$ (193)	$ (183)
Gross Unrealized Gains	5,096		6,876
Gross Unrealized Losses	30,430		25,835
Estimated Fair Value of Fixed Maturity Securities AFS	277,736		281,412
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	87,346		85,563
Allowance for Credit Loss for Debt Securities	(37)	(15)	(68)	(69)	(63)	(29)
Gross Unrealized Gains	1,573		1,894
Gross Unrealized Losses	8,204		6,672
Estimated Fair Value of Fixed Maturity Securities AFS	80,678		80,717
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	58,031		59,123
Allowance for Credit Loss for Debt Securities	(2)	(2)	(2)	(2)	(2)	(5)
Gross Unrealized Gains	1,513		1,750
Gross Unrealized Losses	6,123		5,427
Estimated Fair Value of Fixed Maturity Securities AFS	53,419		55,444
Foreign government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	44,444		48,260
Allowance for Credit Loss for Debt Securities	(58)	(66)	(88)	(115)	(117)	(130)
Gross Unrealized Gains	1,071		1,754
Gross Unrealized Losses	5,403		4,437
Estimated Fair Value of Fixed Maturity Securities AFS	40,054		45,489
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,991		35,374
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	238		590
Gross Unrealized Losses	4,991		3,712
Estimated Fair Value of Fixed Maturity Securities AFS	33,238		32,252
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,366		31,479
Allowance for Credit Loss for Debt Securities	(1)	(1)	(1)	0	0	0
Gross Unrealized Gains	305		353
Gross Unrealized Losses	3,054		2,735
Estimated Fair Value of Fixed Maturity Securities AFS	32,616		29,096
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,207		17,910
Allowance for Credit Loss for Debt Securities	(9)	(9)	(7)	0	0	0
Gross Unrealized Gains	89		54
Gross Unrealized Losses	512		663
Estimated Fair Value of Fixed Maturity Securities AFS	17,775		17,294
Municipals
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,642		11,991
Allowance for Credit Loss for Debt Securities	0		0
Gross Unrealized Gains	229		408
Gross Unrealized Losses	1,401		1,228
Estimated Fair Value of Fixed Maturity Securities AFS	10,470		11,171
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,164		10,855
Allowance for Credit Loss for Debt Securities	(14)	$ (20)	(18)	$ (11)	$ (11)	$ (19)
Gross Unrealized Gains	78		73
Gross Unrealized Losses	742		961
Estimated Fair Value of Fixed Maturity Securities AFS	$ 9,486		$ 9,949

XML

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 11,450
Amortized Cost, Due after one year through five years	48,991
Amortized Cost, Due after five years through ten years	52,138
Amortized Cost, Due after ten years	126,778
Amortized Cost, Structured Securities	63,713
Amortized Cost, net of ACL	303,070
Estimated Fair Value, Due in one year or less	11,484
Estimated Fair Value, Due after one year through five years	48,300
Estimated Fair Value, Due after five years through ten years	49,969
Estimated Fair Value, Due after ten years	108,106
Estimated Fair Value, Structured Securities	59,877
Estimated Fair Value of Fixed Maturity Securities AFS	$ 277,736	$ 281,412

XML

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-For-Sale) (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 40,101	$ 26,345
Less than 12 months Gross Unrealized Loss	$ 2,238	$ 1,382
Total number of securities in an unrealized loss position less than 12 months	5,529	2,922
Equal to or Greater than 12 Months Estimated Fair Value	$ 142,618	$ 152,089
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 28,152	$ 24,394
Total number of securities in an unrealized loss position equal or greater than 12 months	12,516	13,049
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 9,292	$ 4,722
Less than 12 months Gross Unrealized Loss	745	420
Equal to or Greater than 12 Months Estimated Fair Value	43,435	45,373
Equal to or Greater than 12 Months Gross Unrealized Loss	7,432	6,208
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	6,069	3,210
Less than 12 months Gross Unrealized Loss	226	187
Equal to or Greater than 12 Months Estimated Fair Value	29,622	32,355
Equal to or Greater than 12 Months Gross Unrealized Loss	5,897	5,240
Foreign government
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	5,939	3,913
Less than 12 months Gross Unrealized Loss	599	246
Equal to or Greater than 12 Months Estimated Fair Value	17,192	19,715
Equal to or Greater than 12 Months Gross Unrealized Loss	4,795	4,187
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	9,778	7,856
Less than 12 months Gross Unrealized Loss	439	368
Equal to or Greater than 12 Months Estimated Fair Value	16,053	13,960
Equal to or Greater than 12 Months Gross Unrealized Loss	4,552	3,344
RMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	5,169	3,465
Less than 12 months Gross Unrealized Loss	106	60
Equal to or Greater than 12 Months Estimated Fair Value	17,954	17,128
Equal to or Greater than 12 Months Gross Unrealized Loss	2,947	2,675
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,501	1,662
Less than 12 months Gross Unrealized Loss	9	31
Equal to or Greater than 12 Months Estimated Fair Value	7,125	11,438
Equal to or Greater than 12 Months Gross Unrealized Loss	502	629
Municipals
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,052	483
Less than 12 months Gross Unrealized Loss	96	34
Equal to or Greater than 12 Months Estimated Fair Value	5,370	5,449
Equal to or Greater than 12 Months Gross Unrealized Loss	1,305	1,194
CMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,301	1,034
Less than 12 months Gross Unrealized Loss	18	36
Equal to or Greater than 12 Months Estimated Fair Value	5,867	6,671
Equal to or Greater than 12 Months Gross Unrealized Loss	722	917
Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	37,786	24,834
Less than 12 months Gross Unrealized Loss	2,114	1,287
Equal to or Greater than 12 Months Estimated Fair Value	137,638	146,138
Equal to or Greater than 12 Months Gross Unrealized Loss	27,415	23,675
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	2,315	1,511
Less than 12 months Gross Unrealized Loss	124	95
Equal to or Greater than 12 Months Estimated Fair Value	4,980	5,951
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 737	$ 719

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Investments (ACL for Fixed Maturity Securities AFS By Sector) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	$ 113	$ 193	$ 184	$ 183
ACL not previously recorded	14	0	14	36
Changes for securities with previously recorded ACL	10	4	10	(6)
Securities sold or exchanged	(16)	0	(87)	(16)
Allowance, end of period	121	197	121	197
U.S. corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	15	63	68	29
ACL not previously recorded	14	0	14	36
Changes for securities with previously recorded ACL	11	6	11	6
Securities sold or exchanged	(3)	0	(56)	(2)
Allowance, end of period	37	69	37	69
Foreign corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	2	2	2	5
ACL not previously recorded	0	0	0	0
Changes for securities with previously recorded ACL	0	0	0	0
Securities sold or exchanged	0	0	0	(3)
Allowance, end of period	2	2	2	2
Foreign government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	66	117	88	130
ACL not previously recorded	0	0	0	0
Changes for securities with previously recorded ACL	(1)	(2)	(5)	(15)
Securities sold or exchanged	(7)	0	(25)	0
Allowance, end of period	58	115	58	115
RMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	1	0	1	0
ACL not previously recorded	0	0	0	0
Changes for securities with previously recorded ACL	0	0	0	0
Securities sold or exchanged	0	0	0	0
Allowance, end of period	1	0	1	0
ABS & CLO
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	9	0	7	0
ACL not previously recorded	0	0	0	0
Changes for securities with previously recorded ACL	0	0	2	0
Securities sold or exchanged	0	0	0	0
Allowance, end of period	9	0	9	0
CMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	20	11	18	19
ACL not previously recorded	0	0	0	0
Changes for securities with previously recorded ACL	0	0	2	3
Securities sold or exchanged	(6)	0	(6)	(11)
Allowance, end of period	$ 14	$ 11	$ 14	$ 11

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Investments (Equity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Unrealized Gains (Losses)	$ 2,093	$ 1,589
Equity securities	754	757
Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	403	424
Equity Securities, FV-NI, Unrealized Gains (Losses)	242	239
Equity securities	645	663
Non-redeemable preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	110	90
Equity Securities, FV-NI, Unrealized Gains (Losses)	(1)	4
Equity securities	109	94
Equity Securities
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	513	514
Equity Securities, FV-NI, Unrealized Gains (Losses)	241	243
Equity securities	$ 754	$ 757

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Investments (Contractholder-Directed Equity Securities and FVO Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	$ 8,013	$ 8,742
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses)	2,093	1,589
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,106	10,331
Unit-linked investments
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	7,176	7,770
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses)	1,496	1,112
Contractholder-directed equity securities and fair value option securities, at estimated fair value	8,672	8,882
FVO securities
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	837	972
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses)	597	477
Contractholder-directed equity securities and fair value option securities, at estimated fair value	$ 1,434	$ 1,449

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Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 90,608		$ 90,608		$ 93,227
Allowance for Credit Loss	(806)	$ (724)	(806)	$ (724)	(721)	$ (527)
Total mortgage loans	$ 89,802		$ 89,802		$ 92,506
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net	100.90%		100.90%		100.80%
Percentage of Allowance for Credit Losses for Financing Receivables	(0.90%)		(0.90%)		(0.80%)
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net	100.00%		100.00%		100.00%
Other liabilities	$ 38,748		$ 38,748		$ 35,805
Investment Income, Investment Expense	564	681	1,132	1,142
Loans Originated For Third Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	7,800		7,800		8,500
Allowance for Credit Loss	(92)		(92)		(73)
Other liabilities	7,800		7,800		8,500
Mortgage Income On Loans Originated For Third Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Investment Income, Operating	91		184
Mortgage Expense On Loans Originated For Third Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Income, Investment Expense	91		184
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	57,699		57,699		60,326
Allowance for Credit Loss	$ (494)	(366)	$ (494)	(366)	$ (367)	(218)
Percentage Of Mortgage Loans, Gross	64.20%		64.20%		65.20%
Commercial Mortgage Loans | Loans Originated For Third Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 7,600		$ 7,600		$ 8,200
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	13,273		13,273		13,096
Allowance for Credit Loss	$ (141)	(203)	$ (141)	(203)	$ (182)	(190)
Percentage Of Mortgage Loans, Gross	14.80%		14.80%		14.20%
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 19,636		$ 19,636		$ 19,805
Allowance for Credit Loss	$ (171)	$ (155)	$ (171)	$ (155)	$ (172)	$ (119)
Percentage Of Mortgage Loans, Gross	21.90%		21.90%		21.40%
Agricultural Mortgage Loans | Loans Originated For Third Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 253		$ 253		$ 246

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Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	$ 721	$ 527
Provision (release)	120	210
Charge-offs, net of recoveries	(35)	(13)
Balance, end of period	806	724
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	367	218
Provision (release)	155	148
Charge-offs, net of recoveries	(28)	0
Balance, end of period	494	366
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	182	190
Provision (release)	(41)	13
Charge-offs, net of recoveries	0	0
Balance, end of period	141	203
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	172	119
Provision (release)	6	49
Charge-offs, net of recoveries	(7)	(13)
Balance, end of period	$ 171	$ 155

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Investments (Modifications to Borrowers Experiencing Financial Difficulty) (Details) - Commercial Mortgage Loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase	Less than one year	One year	Less than one year	Less than one year
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	1.00%	1.00%	1.00%	1.00%
Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Troubled Debt Restructuring, Postmodification	$ 156	$ 158	$ 236	$ 222

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Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 90,608	$ 93,227
Commercial Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,573
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,945
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	8,315
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	7,217
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	4,178
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	31,220
Financing Receivable, Revolving	2,251
Mortgage Loans, Gross	$ 57,699	$ 60,326
Loans Receivable Commercial Mortgage Percentage	100.00%
Commercial Mortgage Loans | Greater than 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1,436
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,145
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	7,503
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	6,696
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	3,880
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	26,446
Financing Receivable, Revolving	2,251
Mortgage Loans, Gross	$ 50,357
Loans Receivable Commercial Mortgage Percentage	87.30%
Commercial Mortgage Loans | 1.00x - 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 35
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	531
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	572
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	488
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	139
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,751
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 4,516
Loans Receivable Commercial Mortgage Percentage	7.80%
Commercial Mortgage Loans | Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 102
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	269
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	240
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	33
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	159
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,023
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 2,826
Loans Receivable Commercial Mortgage Percentage	4.90%
Commercial Mortgage Loans | Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1,481
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,526
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,432
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	3,216
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,596
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	14,427
Financing Receivable, Revolving	2,251
Mortgage Loans, Gross	$ 27,929
Loans Receivable Commercial Mortgage Percentage	48.40%
Commercial Mortgage Loans | 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 91
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	361
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,400
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,497
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,341
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,142
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 14,832
Loans Receivable Commercial Mortgage Percentage	25.70%
Commercial Mortgage Loans | 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	15
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	588
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	386
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	293
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,745
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 4,027
Loans Receivable Commercial Mortgage Percentage	7.00%
Commercial Mortgage Loans | Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	43
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	895
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,118
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	948
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7,906
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 10,911
Loans Receivable Commercial Mortgage Percentage	18.90%

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Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 90,608	$ 93,227
Mortgage Loans in Process of Foreclosure, Amount	140	140
Residential Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	242
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	966
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,560
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,637
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	337
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7,531
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 13,273	13,096
Loans Receivable Residential Mortgage Percentage	100.00%
Residential Mortgage Loans | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 241
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	944
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,493
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,612
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	324
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7,252
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 12,866
Loans Receivable Residential Mortgage Percentage	96.90%
Residential Mortgage Loans | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	22
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	67
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	25
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	13
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	279
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 407
Loans Receivable Residential Mortgage Percentage	3.10%
Agricultural Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 350
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,203
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,870
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,947
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,805
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7,889
Financing Receivable, Revolving	1,572
Mortgage Loans, Gross	$ 19,636	$ 19,805
Loans Receivable Agricultural Mortgage Percentage	100.00%
Agricultural Mortgage Loans | Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 342
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,152
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,783
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,639
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,626
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7,263
Financing Receivable, Revolving	1,424
Mortgage Loans, Gross	$ 18,229
Loans Receivable Agricultural Mortgage Percentage	92.90%
Agricultural Mortgage Loans | 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 8
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	51
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	87
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	294
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	147
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	547
Financing Receivable, Revolving	129
Mortgage Loans, Gross	$ 1,263
Loans Receivable Agricultural Mortgage Percentage	6.40%
Agricultural Mortgage Loans | 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	0
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 0
Loans Receivable Agricultural Mortgage Percentage	0.00%
Agricultural Mortgage Loans | Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	14
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	32
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	79
Financing Receivable, Revolving	19
Mortgage Loans, Gross	$ 144
Loans Receivable Agricultural Mortgage Percentage	0.70%

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Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 90,608	$ 93,227
Greater than 90 Days Past Due and Still Accruing Interest	70	19
Financing Receivable, Nonaccrual	1,320	1,035
Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	1,261	533
Commercial Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	57,699	60,326
Greater than 90 Days Past Due and Still Accruing Interest	38	3
Financing Receivable, Nonaccrual	741	427
Commercial Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	660	75
Residential Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	13,273	13,096
Greater than 90 Days Past Due and Still Accruing Interest	17	16
Financing Receivable, Nonaccrual	390	402
Residential Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	407	418
Agricultural Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	19,636	19,805
Greater than 90 Days Past Due and Still Accruing Interest	15	0
Financing Receivable, Nonaccrual	189	206
Agricultural Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 194	$ 40

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Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Real Estate [Line Items]
Leased real estate investments, Carrying Value	$ 4,242		$ 4,242		$ 4,446
Other real estate investments, Carrying Value	520		520		507
Real estate joint ventures, Carrying Value	8,755		8,755		8,379
Real Estate Investments, Net	13,517		13,517		$ 13,332
Income (Loss) from Equity Method Investments	276	$ 172	486	$ 79
Real Estate and Real Estate Joint Ventures
Real Estate [Line Items]
Gross Investment Income, Operating	80	137	90	163
Leased real estate
Real Estate [Line Items]
Operating Lease, Lease Income	$ 83	$ 90	$ 167	$ 182
Operating Lease, Lease Income	Revenues	Revenues	Revenues	Revenues
Other real estate
Real Estate [Line Items]
Operating Lease, Lease Income	$ 78	$ 85	$ 125	$ 135
Operating Lease, Lease Income		Revenues	Revenues	Revenues
REJV
Real Estate [Line Items]
Income (Loss) from Equity Method Investments	$ (81)	$ (38)	$ (202)	$ (154)

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Investments (Concentrations of Credit Risk) (Details) - Foreign government - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Japan
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value, Concentration of Risk, Investments	$ 18,786	$ 22,606
Republic of Korea
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value, Concentration of Risk, Investments	6,038	6,411
MEXICO
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Fair Value, Concentration of Risk, Investments	$ 3,375	$ 3,778

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Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 11,159	$ 10,788
Reinvestment portfolio - estimated fair value	10,953	10,553
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	10,787	10,510
Securities Sold under Agreements to Repurchase	2,984	3,029
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
Reinvestment portfolio - estimated fair value	$ 2,912	$ 2,913

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Investments (Securities Lending and Repurchase Agreements Remaining Tenor) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 11,159	$ 10,788
U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	9,870	9,418
Foreign government
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	1,107	1,107
Agency RMBS
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	182	263
Open (1)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,280	1,393
Open (1) | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,280	1,393
Open (1) | Foreign government
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
Open (1) | Agency RMBS
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	5,001	4,677
1 Month or Less | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,785	4,106
1 Month or Less | Foreign government
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	1,107	483
1 Month or Less | Agency RMBS
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	109	88
Over 1 Month to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,878	4,718
Over 1 Month to 6 Months | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	3,805	3,919
Over 1 Month to 6 Months | Foreign government
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	624
Over 1 Month to 6 Months | Agency RMBS
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	73	175
Over 6 Months to 1 Year
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
Over 6 Months to 1 Year | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
Over 6 Months to 1 Year | Foreign government
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
Over 6 Months to 1 Year | Agency RMBS
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
Repurchase Agreements | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
Repurchase Agreements | Open (1) | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
Repurchase Agreements | 1 Month or Less | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
Repurchase Agreements | Over 1 Month to 6 Months | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
Repurchase Agreements | Over 6 Months to 1 Year | U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 0	$ 0

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Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investment Holdings, Other than Securities [Line Items]
Invested assets on deposit (regulatory deposits)	$ 1,510	$ 1,596
Invested assets held in trust (external reinsurance agreements) (1)	924	941
Invested assets pledged as collateral	28,093	26,017
Total invested assets on deposit, held in trust and pledged as collateral	30,527	28,554
Affiliated Entity
Investment Holdings, Other than Securities [Line Items]
Invested assets held in trust (external reinsurance agreements) (1)	$ 1,900	$ 2,000

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Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total Assets	$ 675,745	$ 687,584
Total Liabilities	648,205	657,331
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	686	346
Total Liabilities	141	1
Investment funds (primarily other invested assets and REJV) | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	625	282
Total Liabilities	141	1
Renewable energy partnership (primarily other invested assets) | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	61	64
Total Liabilities	$ 0	$ 0

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Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total Assets	$ 675,745	$ 687,584
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	73,289	70,461
Maximum Exposure to Loss	78,225	76,103
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities
Variable Interest Entity [Line Items]
Total Assets	57,716	54,182
Maximum Exposure to Loss	57,716	54,182
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests
Variable Interest Entity [Line Items]
Total Assets	13,398	14,034
Maximum Exposure to Loss	18,197	19,591
Variable Interest Entity, Not Primary Beneficiary | Other Investments
Variable Interest Entity [Line Items]
Total Assets	1,096	1,039
Maximum Exposure to Loss	1,097	1,055
Variable Interest Entity, Not Primary Beneficiary | Other invested assets
Variable Interest Entity [Line Items]
Total Assets	1,079	1,206
Maximum Exposure to Loss	$ 1,215	$ 1,275

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Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Less: Investment expenses	$ 564	$ 681	$ 1,132	$ 1,142
Net investment income	5,205	5,072	10,641	9,717
Securities Investment
Net Investment Income [Line Items]
Gross Investment Income, Operating	5,550	5,458	11,012	10,260
Net investment income	4,986	4,777	9,880	9,118
Fixed maturity securities AFS
Net Investment Income [Line Items]
Gross Investment Income, Operating	3,355	3,228	6,643	6,367
Equity Securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	7	10	14	22
FVO securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	22	50	107	98
Mortgage loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	1,187	1,306	2,381	2,347
Policy loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	110	119	223	238
Real Estate and Real Estate Joint Ventures
Net Investment Income [Line Items]
Gross Investment Income, Operating	80	137	90	163
OLPI
Net Investment Income [Line Items]
Gross Investment Income, Operating	325	225	626	250
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	250	248	541	465
Operating joint ventures
Net Investment Income [Line Items]
Gross Investment Income, Operating	22	13	44	32
Other Investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	192	122	343	278
Unit-linked investments
Net Investment Income [Line Items]
Net investment income	$ 219	$ 295	$ 761	$ 599

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Investments (Supplemental Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Net realized investment gains (losses) from sales and disposals of investments	$ (129)	$ 21	$ (196)	$ (487)
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	(19)	17	11	58
Income (Loss) from Equity Method Investments	276	172	486	79
Net investment income
Net Investment Income [Line Items]
Net realized investment gains (losses) from sales and disposals of investments	66	41	134	79
Debt and Equity Securities, Unrealized Gain (Loss)	139	330	719	652
Debt and Equity Securities, Gain (Loss)	205	371	853	731
Unit-linked investments
Net Investment Income [Line Items]
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	$ 151	$ 291	$ 663	$ 591

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Investments (Components of Net Investment Gains Losses - Asset Type) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities AFS	$ (246)	$ (996)	$ (331)	$ (1,576)
Net investment gains (losses)	(19)	32	9	80
Other net investment gains (losses):
Mortgage loans	(9)	(41)	(95)	(205)
Real estate and real estate joint ventures (excluding changes in estimated fair value)	12	13	47	31
Other limited partnership interests (excluding changes in estimated fair value)	(9)	3	(59)	12
Other gains (losses)	23	43	29	20
Subtotal - investment portfolio gains (losses)	(248)	(946)	(400)	(1,638)
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures	3	2	6	(3)
Non-investment portfolio gains (losses)	(176)	(95)	(402)	(82)
Subtotal	(173)	(93)	(396)	(85)
Net investment gains (losses)	$ (421)	$ (1,039)	$ (796)	$ (1,723)

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Investments (Components of Net Investment Gains Losses - Transaction Type) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on investments sold or disposed	$ (195)	$ (20)	$ (330)	$ (566)
Impairment (losses)	0	(898)	0	(905)
Change in ACL recognized in earnings	(35)	(42)	(81)	(224)
Unrealized net gains (losses) recognized in earnings	(15)	16	17	54
Total recognized gains (losses)	(50)	(26)	(64)	(170)
Non-investment portfolio gains (losses)	(176)	(95)	(402)	(82)
Net investment gains (losses)	(421)	$ (1,039)	(796)	$ (1,723)
Private Equity Funds
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on investments sold or disposed	3		46
Portfolio of investments, amount sold	57		798
Proceeds from sale of equity method investment	$ 54		$ 752

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Investments (Supplemental Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	$ (19)	$ 17	$ 11	$ 58
Realized gains (losses) on investments sold or disposed	(195)	(20)	(330)	(566)
Foreign currency gains (losses)	(120)	(27)	(165)	14
Net realized investment gains (losses) from sales and disposals of investments	(129)	21	(196)	(487)
Net investment income
Net Investment Income [Line Items]
Net realized investment gains (losses) from sales and disposals of investments	66	41	134	79
Cash Flow Hedging
Net Investment Income [Line Items]
Realized gains (losses) on investments sold or disposed	0	(27)	0	(22)
Equity Securities
Net Investment Income [Line Items]
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	$ (15)	$ 31	$ 17	$ 20

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Investments (Fixed Maturity Securities AFS - Sales and Disposals and Credit Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 8,106	$ 8,412	$ 14,458	$ 23,456
Gross investment gains	121	73	277	366
Gross investment (losses)	(358)	(213)	(670)	(1,069)
Realized gains (losses) on sales and disposals	(237)	(140)	(393)	(703)
Net credit loss (provision) release (change in ACL recognized in earnings)	(9)	(7)	62	(17)
Impairment (losses)	0	(849)	0	(856)
Net credit loss (provision) release and impairment (losses)	(9)	(856)	62	(873)
Net investment gains (losses)	(195)	(20)	(330)	(566)
Equity securities	0	15	(2)	22
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)	(19)	17	11	58
Net investment gains (losses)	(19)	32	9	80
Fixed Maturity Securities
Debt Securities, Available-for-sale [Line Items]
Net investment gains (losses)	$ (246)	$ (996)	$ (331)	$ (1,576)

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Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 277,736	$ 281,412
Gross Unrealized Gains (Losses)	$ (30,430)	$ (25,835)

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Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position- Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 30,400
Equal to or Greater than 12 Months Gross Unrealized Loss	28,152	$ 24,394
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Equal to or Greater than 12 Months Gross Unrealized Loss	737	$ 719
Fixed maturity securities without an allowance for credit loss
Debt Securities, Available-for-sale [Line Items]
Change in Gross Unrealized Temporary Loss	$ 4,600

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Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	$ (806)		$ (806)		$ (736)
Financing Receivable, Purchase	$ 263	$ 193	$ 747	$ 1,000
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%		99.00%
Mortgage Loans Contributed To Joint Ventures	$ 218		$ 218
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	269		269		$ 277
Amortized Cost of Mortgage Loans Foreclosed during the period	182
Amortized Cost of Mortgage Loans Delinquent during the period			182
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	97		97		95
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	$ 193		$ 193		$ 204

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Investments (Real Estate and Real Estate Joint ventures - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Real Estate Acquired Through Foreclosure	$ 264		$ 264		$ 190
Depreciation	29	$ 30	59	$ 58
Real Estate Investment Property, Net	$ 974		$ 974		$ 952

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Investments (Tax Equity Investments - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Carrying Value of Tax Equity Investments	$ 787	$ 787	$ 1,000
Income Tax credits and other income tax benefits	38	75
Tax Equity Investments Amortization Expense	$ 34	$ 67

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Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 12.0	$ 10.8

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Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Federal Home Loan Bank Stock	$ 715	$ 714

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Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 288,778		$ 288,778		$ 301,234
Estimated Fair Value Assets	8,241		8,241		8,737
Estimated Fair Value Liabilities	7,347		7,347		$ 6,298
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	4	$ 26	$ (6)	$ 27
Maximum Length of Time Hedged in Cash Flow Hedge			5 years		5 years
Accumulated Other Comprehensive Income Loss	25		$ 25		$ 166
Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument, Economic Hedge | Derivative Contract [Domain]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net			(385)	(501)
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	65,275		65,275		64,155
Estimated Fair Value Assets	4,389		4,389		4,215
Estimated Fair Value Liabilities	3,823		3,823		3,320
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	6,661		6,661		6,475
Estimated Fair Value Assets	1,131		1,131		1,312
Estimated Fair Value Liabilities	743		743		600
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,978		4,978		4,550
Estimated Fair Value Assets	1,094		1,094		1,257
Estimated Fair Value Liabilities	644		644		535
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,333		1,333		1,475
Estimated Fair Value Assets	37		37		55
Estimated Fair Value Liabilities	12		12		0
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	350		350		450
Estimated Fair Value Assets	0		0		0
Estimated Fair Value Liabilities	87		87		65
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	55,208		55,208		54,177
Estimated Fair Value Assets	2,666		2,666		2,509
Estimated Fair Value Liabilities	3,080		3,080		2,712
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,155		4,155		4,156
Estimated Fair Value Assets	0		0		1
Estimated Fair Value Liabilities	353		353		265
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	5,590		5,590		6,115
Estimated Fair Value Assets	33		33		51
Estimated Fair Value Liabilities	1,008		1,008		938
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	45,463		45,463		43,906
Estimated Fair Value Assets	2,633		2,633		2,457
Estimated Fair Value Liabilities	1,719		1,719		1,509
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,406		3,406		3,503
Estimated Fair Value Assets	592		592		394
Estimated Fair Value Liabilities	0		0		8
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	406		406		503
Estimated Fair Value Assets	51		51		0
Estimated Fair Value Liabilities	0		0		8
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Currency options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,000		3,000		3,000
Estimated Fair Value Assets	541		541		394
Estimated Fair Value Liabilities	0		0		0
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	223,503		223,503		237,079
Estimated Fair Value Assets	3,852		3,852		4,522
Estimated Fair Value Liabilities	3,524		3,524		2,978
Derivative, Gain (Loss) on Derivative, Net	(715)	$ (1,257)	(1,926)	$ (1,660)
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	29,726		29,726		29,801
Estimated Fair Value Assets	1,459		1,459		1,497
Estimated Fair Value Liabilities	1,276		1,276		1,102
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,816		2,816		2,383
Estimated Fair Value Assets	42		42		69
Estimated Fair Value Liabilities	82		82		36
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	9,228		9,228		15,321
Estimated Fair Value Assets	34		34		41
Estimated Fair Value Liabilities	0		0		0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	27,152		27,152		30,016
Estimated Fair Value Assets	245		245		373
Estimated Fair Value Liabilities	0		0		0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,853		1,853		1,243
Estimated Fair Value Assets	4		4		1
Estimated Fair Value Liabilities	3		3		5
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	42,377		42,377		43,926
Estimated Fair Value Assets	232		232		385
Estimated Fair Value Liabilities	153		153		103
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Synthetic GICs
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	48,982		48,982		49,066
Estimated Fair Value Assets	0		0		0
Estimated Fair Value Liabilities	0		0		0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	10,716		10,716		11,891
Estimated Fair Value Assets	1,210		1,210		1,200
Estimated Fair Value Liabilities	140		140		356
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	13,657		13,657		14,128
Estimated Fair Value Assets	29		29		310
Estimated Fair Value Liabilities	1,398		1,398		806
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency futures
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	292		292		314
Estimated Fair Value Assets	0		0		2
Estimated Fair Value Liabilities	0		0		0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	320		320		50
Estimated Fair Value Assets	35		35		0
Estimated Fair Value Liabilities	35		35		0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,812		2,812		2,877
Estimated Fair Value Assets	7		7		3
Estimated Fair Value Liabilities	72		72		79
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	13,952		13,952		12,468
Estimated Fair Value Assets	247		247		233
Estimated Fair Value Liabilities	5		5		5
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,790		1,790		2,163
Estimated Fair Value Assets	10		10		8
Estimated Fair Value Liabilities	7		7		11
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	14,714		14,714		19,421
Estimated Fair Value Assets	297		297		399
Estimated Fair Value Liabilities	250		250		255
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity variance swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	96		96		99
Estimated Fair Value Assets	0		0		0
Estimated Fair Value Liabilities	3		3		2
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,020		2,020		1,912
Estimated Fair Value Assets	1		1		1
Estimated Fair Value Liabilities	100		100		218
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Longevity Swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,000		1,000		0
Derivative Liability, Not Subject to Master Netting Arrangement	0		0		0
Derivative Asset, Not Subject to Master Netting Arrangement	0		0		0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Derivatives hedging MRBs
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	14,145		14,145		15,001
Estimated Fair Value Assets	136		136		112
Estimated Fair Value Liabilities	988		988		1,038
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	9,107		9,107		9,096
Estimated Fair Value Assets	24		24		13
Estimated Fair Value Liabilities	762		762		663
Not Designated as Hedging Instrument, Economic Hedge | Foreign currency exchange rate
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	505		505		716
Estimated Fair Value Assets	1		1		22
Estimated Fair Value Liabilities	20		20		2
Not Designated as Hedging Instrument, Economic Hedge | Equity
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,533		4,533		5,189
Estimated Fair Value Assets	111		111		77
Estimated Fair Value Liabilities	$ 206		$ 206		$ 373

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Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	$ (5,205)	$ (5,072)	$ (10,641)	$ (9,717)
Net investment gains (losses)	(421)	(1,039)	(796)	(1,723)
Gain (Loss) on Derivative Instruments, Net, Pretax	508	997	1,487	1,087
Policyholder Benefits and Claims Incurred, Net	(11,485)	(11,809)	(21,559)	(21,681)
Interest credited to PABs	(2,000)	(1,933)	(4,290)	(3,797)
Operating Expenses	3,180	3,133	6,397	6,190
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(11)	(36)	(36)	(42)
Derivative, Gain (Loss) on Derivative, Net	715	1,257	1,926	1,660
Operating Expenses	0	0	0	0
Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	(2)	(2)	(2)
Net investment gains (losses)	(7)	(2)	(11)	(12)
Policyholder Benefits and Claims Incurred, Net	(7)	(14)	(13)	(14)
Interest credited to PABs	(2)	(1)	(1)	(1)
Operating Expenses	0	0	0	0
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(7)	(14)	(16)	(29)
Net investment gains (losses)	(12)	79	(27)	81
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Interest credited to PABs	0	0	0	0
Operating Expenses	0	0	0	1
Other Comprehensive Income (Loss), before Tax	(157)	(737)	(141)	(482)
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses)	0	0	0	0
Other Comprehensive Income (Loss), before Tax	201	185	381	233
Foreign Exchange Forward [Member] | Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax				206
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses)	0	0	0	0
Other Comprehensive Income (Loss), before Tax	184	160	344
Interest Rate Contract | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(5)	(13)	(13)	(27)
Net investment gains (losses)	(3)	55	(1)	60
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder Benefits and Claims Incurred, Net	0	0	0	0
Interest credited to PABs	0	0	0	0
Operating Expenses	0	0	0	0
Other Comprehensive Income (Loss), before Tax	(2)	(68)	(12)	(87)
Credit forwards [Member] | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Net investment gains (losses)	1	0	1	0
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder Benefits and Claims Incurred, Net	0	0	0	0
Interest credited to PABs	0	0	0	0
Operating Expenses	0	0	0	0
Other Comprehensive Income (Loss), before Tax	(1)	0	(1)	0
Currency Swap [Member] | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(2)	(1)	(3)	(2)
Net investment gains (losses)	(8)	200	(376)	311
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder Benefits and Claims Incurred, Net	0	0	0	0
Interest credited to PABs	0	0	0	0
Operating Expenses	0	0	0	1
Other Comprehensive Income (Loss), before Tax	6	(201)	373	(314)
Derivative [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Net investment gains (losses)	0	10	4	0
Policyholder Benefits and Claims Incurred, Net	0	0	0	0
Interest credited to PABs	0	0	0	0
Operating Expenses	0	0	0	0
Derivative [Member] | Interest rate swaps | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	(1)
Net investment gains (losses)	0	0	0	0
Policyholder Benefits and Claims Incurred, Net	41	135	150	9
Interest credited to PABs	(15)	(35)	(58)	(1)
Operating Expenses	0	0	0	0
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(2)	(5)	(2)	(22)
Net investment gains (losses)	(26)	(51)	(57)	(54)
Policyholder Benefits and Claims Incurred, Net	0	0	0	0
Interest credited to PABs	(7)	(13)	(31)	(13)
Operating Expenses	0	0	0	0
Debt Securities [Member] | Interest rate swaps | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	(1)	0	0
Net investment gains (losses)	0	0	0	0
Policyholder Benefits and Claims Incurred, Net	34	121	137	(5)
Interest credited to PABs	(13)	(34)	(55)	(2)
Operating Expenses	0	0	0	0
Debt Securities [Member] | Currency Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(2)	(4)	0	(21)
Net investment gains (losses)	19	39	42	42
Policyholder Benefits and Claims Incurred, Net	0	0	0	0
Interest credited to PABs	(7)	(11)	(35)	(11)
Operating Expenses	0	0	0	0
Non-derivative [Domain] [Member] | Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	17	25	37	27
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Net investment gains (losses)	(2)	(176)	349	(290)
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder Benefits and Claims Incurred, Net	0	0	0	0
Interest credited to PABs	0	0	0	0
Operating Expenses	0	0	0	0
Other Comprehensive Income (Loss), before Tax	0	0	0	0
Accumulated Other Comprehensive Income (Loss) | Credit forwards [Member] | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	0	(1)	0	(1)
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	104	(262)	(19)	(422)
Accumulated Other Comprehensive Income (Loss) | Interest rate swaps | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	(264)	(205)	(482)	342
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Derivative, Gain (Loss) on Derivative, Net	564	800	1,270	962
Credit derivatives — purchased | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Derivative, Gain (Loss) on Derivative, Net	(9)	18	(2)	31
Credit derivatives — written | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Derivative, Gain (Loss) on Derivative, Net	12	(85)	(22)	(88)
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(11)	(36)	(36)	(42)
Derivative, Gain (Loss) on Derivative, Net	108	409	450	921
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Derivative, Gain (Loss) on Derivative, Net	218	434	571	276
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	0	0	0	0
Derivative, Gain (Loss) on Derivative, Net	(178)	(319)	(341)	(442)
Net Derivative Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(53)	(32)	(83)	(75)
Net investment gains (losses)	0	$ 0	0	$ 0
Derivative, Gain (Loss) on Derivative, Net	(180)		(361)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Gain (Loss) on Derivative Instruments, Net, Pretax		Gain (Loss) on Derivative Instruments, Net, Pretax
Policyholder Benefits and Claims Incurred, Net	2	$ (3)	6	$ (8)
Interest credited to PABs	(44)	(34)	(93)	(68)
Other Comprehensive Income (Loss), before Tax	0	0	0	0
Net Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	8	(18)	40	(35)
Policyholder Benefits and Claims Incurred, Net	0	0
Synthetic GICs [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(19)		(38)
Gain (Loss) on Derivative Instruments, Net, Pretax		(18)		(36)
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net investment income	(49)	(8)	(65)	(60)
Net investment gains (losses)	(19)	77	(38)	69
Derivative, Gain (Loss) on Derivative, Net	508	997	1,487	1,087
Policyholder Benefits and Claims Incurred, Net	9	11	19	6
Interest credited to PABs	46	33	92	67
Operating Expenses	0	0	0	1
Other Comprehensive Income (Loss), before Tax	$ 44	$ (552)	$ 240	$ (249)

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Derivatives (Fair Value Hedges) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Collateral, Right to Reclaim Cash	$ 80	$ 98
Fixed maturity securities AFS | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	(100)	(111)
Debt Instruments, Carrying Amount	370	454
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	3	3
Mortgages | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	223	359
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(5)	(11)
Future policy benefits [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	2,661	2,863
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	337	191
Policyholder Account Balances [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	2,252	1,911
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ 170	$ 25

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Derivatives (Cash Flow Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 4	$ 26	$ (6)	$ 27
Maximum Length of Time Hedged in Cash Flow Hedge			5 years		5 years
Accumulated Other Comprehensive Income Loss	$ 25		$ 25		$ 166

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Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives used in Net Investment Hedge, Net of Tax	$ 1,100	$ 681
Debt Designated as Non-derivative Hedging Instrument	$ 261	$ 298

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Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 242	$ 228
Maximum Amount of Future Payments under Credit Default Swaps	$ 13,952	$ 12,468
Weighted Average Years to Maturity	3 years 9 months 18 days	4 years 6 months
Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 83	$ 82
Maximum Amount of Future Payments under Credit Default Swaps	$ 4,227	$ 3,980
Weighted Average Years to Maturity	2 years 7 months 6 days	2 years 7 months 6 days
Aaa/Aa/A | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 1	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 102	$ 150
Weighted Average Years to Maturity	1 year 6 months	1 year 7 months 6 days
Aaa/Aa/A | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 82	$ 80
Maximum Amount of Future Payments under Credit Default Swaps	$ 4,125	$ 3,830
Weighted Average Years to Maturity	2 years 7 months 6 days	2 years 8 months 12 days
Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 151	$ 146
Maximum Amount of Future Payments under Credit Default Swaps	$ 9,524	$ 8,287
Weighted Average Years to Maturity	4 years 4 months 24 days	5 years 3 months 18 days
Baa | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 1	$ 1
Maximum Amount of Future Payments under Credit Default Swaps	$ 93	$ 99
Weighted Average Years to Maturity	1 year 9 months 18 days	2 years 1 month 6 days
Baa | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 150	$ 145
Maximum Amount of Future Payments under Credit Default Swaps	$ 9,431	$ 8,188
Weighted Average Years to Maturity	4 years 4 months 24 days	5 years 4 months 24 days
B
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 9	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 129	$ 129
Weighted Average Years to Maturity	4 years 6 months	5 years
B | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 9	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 129	$ 129
Weighted Average Years to Maturity	4 years 6 months	5 years
Caa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (3)	$ (4)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	2 years	2 years 6 months
Caa | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (3)	$ (4)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	2 years	2 years 6 months
Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 2	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 42	$ 42
Weighted Average Years to Maturity	2 years 1 month 6 days	2 years 7 months 6 days
Ba | Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 17	$ 17
Weighted Average Years to Maturity	1 year 7 months 6 days	2 years 1 month 6 days
Ba | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 2	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 25	$ 25
Weighted Average Years to Maturity	2 years 6 months	3 years

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Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Estimated fair value of derivative assets presented in the consolidated balance sheets	$ 8,420	$ 8,918
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	7,436	6,307
Net amount of derivative assets after application of master netting agreements and cash collateral	69	183
Net amount of derivative liabilities after application of master netting agreements and cash collateral	19	19
Over the Counter [Member]
Offsetting Assets [Line Items]
Gross estimated fair value of derivative assets	8,203	8,749
Gross estimated fair value of derivative liabilities	7,053	6,014
Gross estimated fair value of derivative assets	(3,513)	(3,568)
Gross estimated fair value of derivative liabilities	(3,513)	(3,568)
Cash collateral on derivative assets	(3,272)	(3,448)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(1,380)	(1,563)
Securities collateral on derivative liabilities	(3,522)	(2,427)
Cleared [Member]
Offsetting Assets [Line Items]
Gross estimated fair value of derivative assets	203	158
Gross estimated fair value of derivative liabilities	373	277
Gross estimated fair value of derivative assets	(23)	(5)
Gross estimated fair value of derivative liabilities	(23)	(5)
Cash collateral on derivative assets	(162)	(150)
Cash collateral on derivative liabilities	(298)	(239)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	(51)	(33)
Exchange-traded
Offsetting Assets [Line Items]
Gross estimated fair value of derivative assets	14	11
Gross estimated fair value of derivative liabilities	10	16
Gross estimated fair value of derivative assets	(1)	(1)
Gross estimated fair value of derivative liabilities	(1)	(1)
Cash collateral on derivative assets	0	0
Cash collateral on derivative liabilities	(2)	(5)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ (7)	$ (10)

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Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 3,540	$ 2,447
Derivative, Collateral, Right to Reclaim Cash	80	98
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	8,420	8,918
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	7,436	6,307
Derivative Asset, Fair Value, Amount Offset Against Collateral	69	183
Derivative Liability, Fair Value, Amount Offset Against Collateral	19	19
Derivative assets	8,241	8,737
Derivative liabilities	7,347	6,298
Derivative, Collateral, Obligation to Return Cash	150	163
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged	0
Collateral Amount Not Provided Due to Downgrade Threshold	15
Exchange Traded [Member]
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Securities	169	137
Gross estimated fair value of derivative assets	14	11
Gross estimated fair value of derivative liabilities	10	16
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	(1)	(1)
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	(1)	(1)
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset	0	0
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset	(2)	(5)
Derivative Asset, Collateral, Obligation to Return Securities, Offset	0	0
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(7)	(10)
Over the Counter [Member]
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Securities	1,200	1,500
Gross estimated fair value of derivative assets	8,203	8,749
Gross estimated fair value of derivative liabilities	7,053	6,014
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	(3,513)	(3,568)
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	(3,513)	(3,568)
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset	(3,272)	(3,448)
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset	0	0
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(1,380)	(1,563)
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(3,522)	(2,427)
Derivative, Collateral, Obligation to Return Securities	499	298
Exchange Cleared [Member]
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Securities	808	945
Gross estimated fair value of derivative assets	203	158
Gross estimated fair value of derivative liabilities	373	277
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	(23)	(5)
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	(23)	(5)
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset	(162)	(150)
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset	(298)	(239)
Derivative Asset, Collateral, Obligation to Return Securities, Offset	0	0
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(51)	(33)
Fixed maturity securities AFS
Credit Derivatives [Line Items]
Estimated fair value of collateral provided:	3,998	3,017
Accrued Liabilities [Member]
Credit Derivatives [Line Items]
Derivative assets	179	181
Derivative liabilities	89	9
Derivatives Subject to Credit- Contingent Provisions
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	3,501	2,443
Derivatives Subject to Credit- Contingent Provisions | Fixed maturity securities AFS
Credit Derivatives [Line Items]
Estimated fair value of collateral provided:	3,942	3,011
Derivatives Not Subject to Credit- Contingent Provisions
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	39	4
Derivatives Not Subject to Credit- Contingent Provisions | Fixed maturity securities AFS
Credit Derivatives [Line Items]
Estimated fair value of collateral provided:	$ 56	$ 6

XML

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total	$ (55)	$ (93)
Funds withheld and guarantees on reinsurance | Other liabilities
Derivatives, Fair Value [Line Items]
Total	(113)	(70)
Fixed annuities with equity indexed returns [Member] | Policyholder account balances
Derivatives, Fair Value [Line Items]
Total	$ (168)	$ (163)

XML

Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Maximum Amount of Future Payments under Credit Default Swaps	$ 13,952		$ 13,952		$ 12,468
Estimated Fair Value Assets	8,241		8,241		8,737
Estimated Fair Value Liabilities	7,347		7,347		6,298
Excess securities collateral received on derivatives	150		150		$ 163
Collateral Amount Not Provided Due to Downgrade Threshold	15		15
Derivative Instrument Detail [Abstract]
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges	4	$ 26	$ (6)	$ 27
Hedging exposure to variability in future cash flows for specific length of time			5 years		5 years
Accumulated Other Comprehensive Income Loss	25		$ 25		$ 166
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges	1,100		1,100		681
Excess securities collateral provided on derivatives	80		80		98
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0		0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			42
Over the Counter [Member]
Derivatives, Fair Value [Line Items]
Excess securities collateral received on derivatives	(499)		(499)		(298)
Excess securities collateral provided on derivatives	(1,200)		(1,200)		(1,500)
Cash collateral on derivative assets	(3,272)		(3,272)		(3,448)
Exchange-traded
Derivatives, Fair Value [Line Items]
Excess securities collateral provided on derivatives	(169)		(169)		(137)
Cash collateral on derivative assets	0		0		0
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	179		179		181
Estimated Fair Value Liabilities	$ 89		$ 89		$ 9

XML

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 277,736	$ 281,412
Equity securities	754	757
Unit-linked and FVO securities	10,106	10,331
Short-term investments	3,804	6,045
Derivative assets	8,241	8,737
Market risk benefits, at estimated fair value	356	286
Separate account assets	139,707	144,634
Liabilities [Abstract]
Derivative liabilities	7,347	6,298
Embedded derivatives within liability host contracts	55	93
Market risk benefits, at estimated fair value	2,618	3,179
Separate account liabilities	139,707	144,634
Recurring
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	277,736	281,412
Equity securities	754	757
Unit-linked and FVO securities	10,106	10,331
Short-term investments	3,529	5,797
Other investments	1,630	1,386
Derivative assets	8,241	8,737
Market risk benefits, at estimated fair value	356	286
Reinsured MRB Assets	11	18
Separate account assets	139,707	144,634
Total assets	442,070	453,358
Investments, fair value	52	52
Liabilities [Abstract]
Derivative liabilities	7,347	6,298
Embedded derivatives within liability host contracts	55	93
Market risk benefits, at estimated fair value	2,618	3,179
Total liabilities	10,023	9,578
Recurring | Interest rate
Assets [Abstract]
Derivative assets	3,143	3,675
Liabilities [Abstract]
Derivative liabilities	3,519	2,984
Recurring | Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	4,536	4,418
Liabilities [Abstract]
Derivative liabilities	3,391	2,744
Recurring | Credit
Assets [Abstract]
Derivative assets	254	236
Liabilities [Abstract]
Derivative liabilities	77	84
Recurring | Equity market contracts
Assets [Abstract]
Derivative assets	308	408
Liabilities [Abstract]
Derivative liabilities	360	486
Recurring | Separate account liabilities
Liabilities [Abstract]
Separate account liabilities	3	8
Recurring | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	80,678	80,717
Recurring | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	53,419	55,444
Recurring | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	40,054	45,489
Recurring | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	33,238	32,252
Recurring | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	32,616	29,096
Recurring | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	17,775	17,294
Recurring | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	10,470	11,171
Recurring | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	9,486	9,949
Recurring | Level 1
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	16,700	15,330
Equity securities	415	429
Unit-linked and FVO securities	7,397	7,520
Short-term investments	2,389	5,103
Other investments	42	48
Derivative assets	14	11
Market risk benefits, at estimated fair value	0	0
Reinsured MRB Assets	0	0
Separate account assets	64,100	66,229
Total assets	91,057	94,670
Liabilities [Abstract]
Derivative liabilities	10	16
Embedded derivatives within liability host contracts	0	0
Market risk benefits, at estimated fair value	0	0
Total liabilities	10	20
Recurring | Level 1 | Interest rate
Assets [Abstract]
Derivative assets	4	1
Liabilities [Abstract]
Derivative liabilities	3	5
Recurring | Level 1 | Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	2
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 1 | Credit
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 1 | Equity market contracts
Assets [Abstract]
Derivative assets	10	8
Liabilities [Abstract]
Derivative liabilities	7	11
Recurring | Level 1 | Separate account liabilities
Liabilities [Abstract]
Separate account liabilities	0	4
Recurring | Level 1 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	16,700	15,327
Recurring | Level 1 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	3
Recurring | Level 1 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 1 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 2
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	225,888	233,135
Equity securities	77	79
Unit-linked and FVO securities	1,613	1,708
Short-term investments	1,130	667
Other investments	515	363
Derivative assets	8,207	8,688
Market risk benefits, at estimated fair value	0	0
Reinsured MRB Assets	0	0
Separate account assets	74,485	77,258
Total assets	311,915	321,898
Liabilities [Abstract]
Derivative liabilities	7,242	6,101
Embedded derivatives within liability host contracts	0	0
Market risk benefits, at estimated fair value	0	0
Total liabilities	7,245	6,105
Recurring | Level 2 | Interest rate
Assets [Abstract]
Derivative assets	3,139	3,674
Liabilities [Abstract]
Derivative liabilities	3,434	2,805
Recurring | Level 2 | Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	4,523	4,393
Liabilities [Abstract]
Derivative liabilities	3,378	2,737
Recurring | Level 2 | Credit
Assets [Abstract]
Derivative assets	254	228
Liabilities [Abstract]
Derivative liabilities	77	84
Recurring | Level 2 | Equity market contracts
Assets [Abstract]
Derivative assets	291	393
Liabilities [Abstract]
Derivative liabilities	353	475
Recurring | Level 2 | Separate account liabilities
Liabilities [Abstract]
Separate account liabilities	3	4
Recurring | Level 2 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	66,333	67,003
Recurring | Level 2 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	38,524	40,813
Recurring | Level 2 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	40,014	45,438
Recurring | Level 2 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	16,538	16,925
Recurring | Level 2 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	30,428	27,495
Recurring | Level 2 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	15,172	15,191
Recurring | Level 2 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	10,469	11,171
Recurring | Level 2 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	8,410	9,099
Recurring | Level 3
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	35,148	32,947
Equity securities	262	249
Unit-linked and FVO securities	1,096	1,103
Short-term investments	10	27
Other investments	1,073	975
Derivative assets	20	38
Market risk benefits, at estimated fair value	356	286
Reinsured MRB Assets	11	18
Separate account assets	1,122	1,147
Total assets	39,098	36,790
Liabilities [Abstract]
Derivative liabilities	95	181
Embedded derivatives within liability host contracts	55	93
Market risk benefits, at estimated fair value	2,618	3,179
Total liabilities	2,768	3,453
Recurring | Level 3 | Interest rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	82	174
Recurring | Level 3 | Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	13	23
Liabilities [Abstract]
Derivative liabilities	13	7
Recurring | Level 3 | Credit
Assets [Abstract]
Derivative assets	0	8
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 3 | Equity market contracts
Assets [Abstract]
Derivative assets	7	7
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 3 | Separate account liabilities
Liabilities [Abstract]
Separate account liabilities	0	0
Recurring | Level 3 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	14,345	13,714
Recurring | Level 3 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	14,895	14,631
Recurring | Level 3 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	40	51
Recurring | Level 3 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 3 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	2,188	1,598
Recurring | Level 3 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	2,603	2,103
Recurring | Level 3 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	1	0
Recurring | Level 3 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 1,076	$ 850

XML

Fair Value (Quantitative Information) (Details)	Jun. 30, 2024	Dec. 31, 2023
Minimum | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	428	367
Minimum | Foreign currency exchange rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	185	185
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0	0
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0004	0.0004
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0	0
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0039	0.0039
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0039	0.0039
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0010	0.0010
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0020	0.0020
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0	0
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.1634	0.0805
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0011	0.0038
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	52	4
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	27	0
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	90	86
Minimum | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0	0
Minimum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	3	3
Maximum | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	452	399
Maximum | Foreign currency exchange rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	237	399
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0015	0.0015
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0075	0.0075
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	1	1
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.2010	0.2010
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.15	0.15
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.15	0.15
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.22	0.22
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.20	0.20
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.2185	0.2185
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0146	0.0159
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	125	131
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	111	110
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	100	102
Maximum | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	116	112
Maximum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	103	101
Weighted Average | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	437	385
Weighted Average | Foreign currency exchange rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	227	193
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0005	0.0005
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0022	0.0022
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0123	0.0123
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0872	0.0872
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0434	0.0434
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0459	0.0459
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0044	0.0044
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0447	0.0447
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.1855	0.1855
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits	0.0073	0.0073
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	91	93
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	93	92
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	96	96
Weighted Average | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	95	93
Weighted Average | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	96	93

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Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 17	$ 13	$ (14)	$ 31
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(9)	(48)	(21)	7
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(139)	53	(143)	(170)
Total realized/unrealized gains (losses) included in net income (loss)	17	32	(16)	38
Total realized/unrealized gains (losses) included in AOCI	(15)	(41)	(40)	46
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	135	(1)
Settlements	67	(3)	0	33
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(5)	(255)	(11)	(160)
Balance, end of period	(75)	(214)	(75)	(214)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	17	13	(14)	31
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(9)	(48)	(21)	7
Net Embedded Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	8	(17)	40	(35)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(62)	(44)	(93)	(17)
Total realized/unrealized gains (losses) included in net income (loss)	8	(18)	40	(35)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(1)	(2)	(2)	(12)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	(55)	(64)	(55)	(64)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	8	(17)	40	(35)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Corporate fixed maturity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	28,503	25,676	28,345	24,401
Total realized/unrealized gains (losses) included in net income (loss)	(46)	(8)	(52)	(17)
Total realized/unrealized gains (losses) included in AOCI	(294)	(369)	(678)	343
Purchases	1,940	1,122	3,078	2,408
Sales	(794)	(527)	(1,406)	(1,064)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	72	210	109	391
Transfers out of Level 3	(141)	(136)	(156)	(494)
Balance, end of period	29,240	25,968	29,240	25,968
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(9)	(8)	(3)	(20)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(314)	(379)	(686)	321
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(9)	(8)	(3)	(20)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(314)	(379)	(686)	321
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	45	46	51	103
Total realized/unrealized gains (losses) included in net income (loss)	0	(1)	2	(1)
Total realized/unrealized gains (losses) included in AOCI	(4)	3	(5)	2
Purchases	0	5	0	13
Sales	(1)	(4)	(3)	(12)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	11	0	10
Transfers out of Level 3	0	0	(5)	(55)
Balance, end of period	40	60	40	60
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	(1)	2	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(4)	3	(5)	2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	(1)	2	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(4)	3	(5)	2
Structured Products
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	5,277	4,553	4,551	4,269
Total realized/unrealized gains (losses) included in net income (loss)	12	2	15	(7)
Total realized/unrealized gains (losses) included in AOCI	(5)	(43)	40	(24)
Purchases	1,343	272	1,582	413
Sales	(168)	(112)	(340)	(239)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	86	71	165	212
Transfers out of Level 3	(678)	(189)	(146)	(70)
Balance, end of period	5,867	4,554	5,867	4,554
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	11	4	15	3
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(7)	(45)	35	(26)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	11	4	15	3
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(7)	(45)	35	(26)
Municipals
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	0
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	2	7	2	7
Sales	(1)	0	(1)	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	1	7	1	7
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	253	258	249	259
Total realized/unrealized gains (losses) included in net income (loss)	(11)	(1)	(8)	6
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	27	0	31	2
Sales	(7)	(7)	(10)	(17)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	262	250	262	250
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(10)	1	(3)	(3)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(10)	1	(3)	(3)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Unit-linked and FVO Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,093	1,011	1,103	787
Total realized/unrealized gains (losses) included in net income (loss)	36	50	67	95
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	112	190	114	205
Sales	(139)	(193)	(165)	(26)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	1
Transfers out of Level 3	(6)	(1)	(23)	(5)
Balance, end of period	1,096	1,057	1,096	1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	36	50	67	94
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	36	50	67	94
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	14	58	27	57
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	(1)	(1)	0
Purchases	6	5	10	17
Sales	(10)	(44)	(26)	(47)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	(9)
Balance, end of period	10	18	10	18
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	(1)	0	(1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	(1)	0	(1)
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,171	928	975	926
Total realized/unrealized gains (losses) included in net income (loss)	0	23	12	25
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	42	13	47	13
Sales	(140)	0	(140)	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	179	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	1,073	964	1,073	964
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(5)	23	8	26
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(5)	23	8	26
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Separate Accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,142	1,202	1,147	1,210
Total realized/unrealized gains (losses) included in net income (loss)	(8)	(17)	(37)	(39)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	44	72	83	170
Sales	(56)	(21)	(67)	(110)
Issuances	0	0	0	0
Settlements	0	0	0	1
Transfers into Level 3	0	12	3	16
Transfers out of Level 3	0	0	(7)	0
Balance, end of period	1,122	1,248	1,122	1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	$ 0	$ 0	$ 0	$ 0

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Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgage loans	$ 89,802		$ 89,802		$ 92,506
Other invested assets, at estimated fair value (2)	18,131		18,131		18,202
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Adjustment	(105)	$ (54)	(154)	$ (141)
Level 3 | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgage loans	970		970		474
Other invested assets, at estimated fair value (2)	$ 63		$ 63		$ 63

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Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Policy loans	$ 8,691	$ 8,788
Liabilities
Collateral financing arrangement	555	637
Junior subordinated debt securities	3,163	3,161
Separate account liabilities	139,707	144,634
Carrying Value
Assets
Mortgage loans	89,802	92,506
Policy loans	8,691	8,788
Other invested assets	1,259	919
Premiums, reinsurance and other receivables	5,446	5,182
Other assets	241	268
Liabilities
Policyholder account balances	139,397	138,233
Long-term debt	14,790	15,516
Collateral financing arrangement	555	637
Junior subordinated debt securities	3,163	3,161
Other liabilities	10,783	10,556
Separate account liabilities	71,446	75,705
Estimated Fair Value
Assets
Mortgage loans	84,495	87,753
Policy loans	9,273	9,516
Other invested assets	1,259	919
Premiums, reinsurance and other receivables	5,347	5,191
Other assets	242	266
Liabilities
Policyholder account balances	133,722	134,025
Long-term debt	14,236	15,621
Collateral financing arrangement	483	551
Junior subordinated debt securities	3,550	3,552
Other liabilities	10,369	10,260
Separate account liabilities	71,446	75,705
Estimated Fair Value | Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
Other invested assets	0	0
Premiums, reinsurance and other receivables	0	0
Other assets	0	0
Liabilities
Policyholder account balances	0	0
Long-term debt	0	0
Collateral financing arrangement	0	0
Junior subordinated debt securities	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimated Fair Value | Level 2
Assets
Mortgage loans	0	0
Policy loans	0	0
Other invested assets	715	714
Premiums, reinsurance and other receivables	1,290	791
Other assets	77	82
Liabilities
Policyholder account balances	0	0
Long-term debt	14,236	15,621
Collateral financing arrangement	0	0
Junior subordinated debt securities	3,550	3,552
Other liabilities	1,537	609
Separate account liabilities	71,446	75,705
Estimated Fair Value | Level 3
Assets
Mortgage loans	84,495	87,753
Policy loans	9,273	9,516
Other invested assets	544	205
Premiums, reinsurance and other receivables	4,057	4,400
Other assets	165	184
Liabilities
Policyholder account balances	133,722	134,025
Long-term debt	0	0
Collateral financing arrangement	483	551
Junior subordinated debt securities	0	0
Other liabilities	8,832	9,651
Separate account liabilities	$ 0	$ 0

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Long-Term Debt (Narrative) (Details) £ in Millions, $ in Millions, ¥ in Billions	1 Months Ended		3 Months Ended
	Apr. 30, 2024 USD ($)	Apr. 30, 2024 GBP (£)	Jun. 30, 2024 USD ($)	Jun. 05, 2024 USD ($)	Apr. 11, 2024	Mar. 07, 2024 USD ($)	Mar. 07, 2024 JPY (¥)
JPY senior debt $744 million March 2029 to 2059
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount | $						$ 752
Payments of Debt Issuance Costs | $			$ 6
JYP senior debt 7.1 billion March 2029
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						1.009%	1.009%
JYP senior debt 23.1 billion March 2031
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						1.415%	1.415%
JYP senior debt 16.7 billion March 2034
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						1.67%	1.67%
JYP senior debt 11.2 billion March 2039
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						1.953%	1.953%
JYP senior debt 15.5 billion March 2044
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						2.195%	2.195%
JYP senior debt 23.5 billion March 2054
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						2.39%	2.39%
JYP senior debt 15.2 billion March 2059
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						2.448%	2.448%
JPY senior debt 7.1 billion March 2029
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount							¥ 7.1
JPY senior debt 23.1 billion March 2031
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount							23.1
JPY senior debt 16.7 billion March 2034
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount							16.7
JPY senior debt 11.2 billion March 2039
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount							11.2
JPY senior debt 15.5 billion March 2044
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount							15.5
JPY senior debt 23.5 billion March 2054
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount							23.5
JPY senior debt 15.2 billion March 2059
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount							¥ 15.2
senior debt Sterling 350 million 5.3753% due Dec 2024
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					5.375%
Early Repayment of Senior Debt	$ 438	£ 350
senior debt $500M 5.30% due December 2034
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				5.30%
Debt Instrument, Face Amount | $				$ 500
Payments of Debt Issuance Costs | $			$ 4

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Equity Equity (Preferred Stock Classification) (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	200,000,000	200,000,000
Preferred Stock, Shares Issued	25,572,200	25,572,200
Preferred Stock, Shares Outstanding	25,572,200	25,572,200
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	27,600,000	27,600,000
Preferred Stock, Shares Issued	24,000,000	24,000,000
Preferred Stock, Shares Outstanding	24,000,000	24,000,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	500,000	500,000
Preferred Stock, Shares Issued	500,000	500,000
Preferred Stock, Shares Outstanding	500,000	500,000
Series E Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	32,200	32,200
Preferred Stock, Shares Issued	32,200	32,200
Preferred Stock, Shares Outstanding	32,200	32,200
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	40,000	40,000
Preferred Stock, Shares Issued	40,000	40,000
Preferred Stock, Shares Outstanding	40,000	40,000
Series G Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	1,000,000	1,000,000
Preferred Stock, Shares Outstanding	1,000,000	1,000,000
Series A Junior Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Not Designated Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	160,827,800	160,827,800
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

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Equity Equity (Preferred Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 34	$ 32	$ 101	$ 98
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01
Dividends Payable [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.430	$ 0.375	$ 0.850	$ 0.736
Dividends, Preferred Stock, Cash	$ 10	$ 9	$ 20	$ 18
Series D Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0	$ 0	$ 29.375	$ 29.375
Dividends, Preferred Stock, Cash	$ 0	$ 0	$ 15	$ 15
Series E Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 351.563	$ 351.563	$ 703.126	$ 703.126
Dividends, Preferred Stock, Cash	$ 12	$ 11	$ 23	$ 22
Series F Preferred Stock [Member]
Dividends Payable [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 296.875	$ 296.875	$ 593.750	$ 593.750
Dividends, Preferred Stock, Cash	$ 12	$ 12	$ 24	$ 24
Series G Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0	$ 0	$ 19.250	$ 19.250
Dividends, Preferred Stock, Cash	$ 0	$ 0	$ 19	$ 19

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Equity (Common Stock Repurchase Authorization) (Details) - USD ($) $ in Millions	Jun. 30, 2024	May 01, 2024	May 25, 2023	May 03, 2023	May 04, 2022
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 3,000	$ 1,000	$ 3,000	$ 3,000
May32023Authorization
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 0
May252023Authorization
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	75
May2022Authorization
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	0
May 1 2024 Repurchase Authorization
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 3,000

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Equity (Common Stock - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Treasury Stock, Shares, Acquired					28,872,993	23,665,630
Treasury Stock, Value, Acquired, Cost Method, Net Of Excise Tax					$ 2,000	$ 1,500
Treasury Stock, Value, Acquired, Cost Method	$ 863	$ 1,183	$ 678	$ 787

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Equity (Stock-Based Compensation Plans - Narrative) (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Minimum
Equity - Stock-based Compensation Plans [Line Items]
Future Performance Factor		0.00%
Maximum
Equity - Stock-based Compensation Plans [Line Items]
Future Performance Factor		175.00%
Performance Shares
Equity - Stock-based Compensation Plans [Line Items]
Performance Factor		147.50%
Vested in period		1,048,303
Issued in period	1,546,247
Performance Units
Equity - Stock-based Compensation Plans [Line Items]
Vested in period		118,848
Paid in period	175,301

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Equity (Dividend Restrictions - Narrative) (Details) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($)
Equity [Abstract]
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	$ 1.1

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Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 28,796	$ 32,423	$ 30,253	$ 30,125
Ending Balance	27,540	30,492	27,540	30,492
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(19,771)	(19,147)	(19,242)	(22,621)
OCI before reclassifications	(1,463)	(2,372)	(2,525)	1,607
Deferred income tax benefit (expense)	354	513	463	(354)
AOCI before reclassifications, net of income tax	(20,880)	(21,006)	(21,304)	(21,368)
Amounts reclassified from AOCI	283	801	817	1,265
Deferred income tax benefit (expense)	(139)	(181)	(249)	(283)
Amounts reclassified from AOCI, net of income tax	144	620	568	982
Ending Balance	(20,736)	(20,386)	(20,736)	(20,386)
Unrealized Investment Gains (Losses), Net of Related Offsets
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(16,813)	(16,354)	(14,506)	(22,646)
OCI before reclassifications	(3,373)	(3,173)	(6,492)	4,410
Deferred income tax benefit (expense)	810	739	1,509	(989)
AOCI before reclassifications, net of income tax	(19,376)	(18,788)	(19,489)	(19,225)
Amounts reclassified from AOCI	248	1,040	393	1,606
Deferred income tax benefit (expense)	(59)	(231)	(91)	(360)
Amounts reclassified from AOCI, net of income tax	189	809	302	1,246
Ending Balance	(19,187)	(17,979)	(19,187)	(17,979)
Unrealized Gains (Losses) on Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	202	1,748	183	1,557
OCI before reclassifications	(160)	(468)	(501)	(81)
Deferred income tax benefit (expense)	128	114	204	17
AOCI before reclassifications, net of income tax	170	1,394	(114)	1,493
Amounts reclassified from AOCI	3	(269)	360	(401)
Deferred income tax benefit (expense)	(74)	54	(147)	87
Amounts reclassified from AOCI, net of income tax	(71)	(215)	213	(314)
Ending Balance	99	1,179	99	1,179
FPBs Discount Rate Remeasurement Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	4,773	2,748	2,658	6,115
OCI before reclassifications	2,373	1,471	5,084	(2,898)
Deferred income tax benefit (expense)	(540)	(300)	(1,136)	702
AOCI before reclassifications, net of income tax	6,606	3,919	6,606	3,919
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Ending Balance	6,606	3,919	6,606	3,919
MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(47)	186	27	107
OCI before reclassifications	(33)	(99)	(127)	1
Deferred income tax benefit (expense)	7	21	27	0
AOCI before reclassifications, net of income tax	(73)	108	(73)	108
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Ending Balance	(73)	108	(73)	108
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(6,465)	(6,119)	(6,158)	(6,377)
OCI before reclassifications	(268)	(102)	(485)	180
Deferred income tax benefit (expense)	(52)	(61)	(142)	(85)
AOCI before reclassifications, net of income tax	(6,785)	(6,282)	(6,785)	(6,282)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Ending Balance	(6,785)	(6,282)	(6,785)	(6,282)
Defined Benefit Plans Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(1,421)	(1,356)	(1,446)	(1,377)
OCI before reclassifications	(2)	(1)	(4)	(5)
Deferred income tax benefit (expense)	1	0	1	1
AOCI before reclassifications, net of income tax	(1,422)	(1,357)	(1,449)	(1,381)
Amounts reclassified from AOCI	32	30	64	60
Deferred income tax benefit (expense)	(6)	(4)	(11)	(10)
Amounts reclassified from AOCI, net of income tax	26	26	53	50
Ending Balance	$ (1,396)	$ (1,331)	$ (1,396)	$ (1,331)

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Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (421)		$ (1,039)		$ (796)	$ (1,723)
Net investment income	5,205		5,072		10,641	9,717
Net derivative gains (losses)	(508)		(997)		(1,487)	(1,087)
Other expenses	3,180		3,133		6,397	6,190
Income (loss) from continuing operations before provision for income tax	1,202		430		2,247	687
Income tax (expense) benefit	(249)		(22)		(419)	(194)
Net income (loss)	953	$ 875	408	$ 85	1,828	493
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(144)		(620)		(568)	(982)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Investment Gains (Losses), Net of Related Offsets
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	(250)		(1,079)		(409)	(1,690)
Net investment income	1		3		0	5
Net derivative gains (losses)	1		36		16	79
Income (loss) from continuing operations before provision for income tax	(248)		(1,040)		(393)	(1,606)
Income tax (expense) benefit	59		231		91	360
Net income (loss)	(189)		(809)		(302)	(1,246)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from continuing operations before provision for income tax	(3)		269		(360)	401
Income tax (expense) benefit	74		(54)		147	(87)
Net income (loss)	71		215		(213)	314
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest Rate Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	(3)		55		(1)	60
Net investment income	5		13		13	27
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	(8)		200		(376)	311
Net investment income	2		1		3	2
Other expenses	0		0		0	1
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Credit derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	1		0		1	0
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial gains (losses)	(34)		(32)		(69)	(65)
Amortization of prior service (costs) credit	2		2		5	5
Income (loss) from continuing operations before provision for income tax	(32)		(30)		(64)	(60)
Income tax (expense) benefit	6		4		11	10
Net income (loss)	$ (26)		$ (26)		$ (53)	$ (50)

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Other Revenues and Other Expenses Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 558	$ 546	$ 1,135	$ 1,108
Other revenues	638	621	1,312	1,260
Vision fee for service arrangements
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	130	143	276	302
Prepaid legal plans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	145	130	293	261
Fee-based investment management
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	98	103	196	203
Administrative services-only contracts
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	69	64	136	128
Recordkeeping and administrative services (1)
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	37	38	75	75
Other revenue from service contracts from customers
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	79	68	159	139
Other Income
Disaggregation of Revenue [Line Items]
Other revenues	$ 80	$ 75	$ 177	$ 152

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Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables related to revenues from service contracts from customers	$ 231	$ 243

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Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Employee-related costs (1)	$ 900	$ 896	$ 1,850	$ 1,829
Third-party staffing costs	362	360	711	704
General and administrative expenses	153	187	301	330
Pension, postretirement and postemployment benefit costs	65	59	130	118
Premium taxes, other taxes, and licenses & fees	171	184	347	345
Commissions and other variable expenses	1,462	1,447	2,965	2,864
Capitalization of DAC	(683)	(729)	(1,423)	(1,447)
Amortization of DAC and VOBA	499	479	1,007	949
Amortization of negative VOBA	(6)	(6)	(12)	(13)
Interest expense on debt	257	256	521	511
Total other expenses	3,180	3,133	6,397	6,190
Net change in cash surrender value of investments, net of premiums paid	$ (27)	$ (34)	$ (77)	$ (72)

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Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Net periodic benefit costs [Abstract]
Service costs	$ 41	$ 37	$ 81	$ 75
Interest costs	114	117	228	235
Expected return on plan assets	(115)	(121)	(230)	(241)
Amortization of net actuarial (gains) losses	41	39	83	78
Amortization of prior service costs (credit)	(3)	(3)	(6)	(6)
Net periodic benefit costs (credit)	78	69	156	141
Other Postretirement Benefits
Net periodic benefit costs [Abstract]
Service costs	1	0	2	1
Interest costs	10	10	20	21
Expected return on plan assets	(14)	(15)	(28)	(28)
Amortization of net actuarial (gains) losses	(6)	(7)	(14)	(15)
Amortization of prior service costs (credit)	0	0	0	0
Net periodic benefit costs (credit)	$ (9)	$ (12)	$ (20)	$ (21)

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Income Tax (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	21.00%	5.00%	19.00%	28.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%

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Earnings Per Common Share (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted Average Shares:
Weighted average common stock outstanding - basic	710.5		765.9		716.8	770.6
Incremental common shares from assumed exercise or issuance of stock-based awards	4.2		3.7		4.7	4.8
Weighted average common stock outstanding - diluted	714.7		769.6		721.5	775.4
Net Income (Loss):
Net income (loss)	$ 953	$ 875	$ 408	$ 85	$ 1,828	$ 493
Less: Net income (loss) attributable to noncontrolling interests	7		6		15	11
Less: Preferred stock dividends	34	$ 67	32	$ 66	101	98
Net income (loss) available to MetLife, Inc.’s common shareholders	$ 912		$ 370		$ 1,712	$ 384
Basic	$ 1.28		$ 0.48		$ 2.39	$ 0.50
Diluted	$ 1.28		$ 0.48		$ 2.37	$ 0.50

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Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) Claims	Jun. 30, 2023 Claims	Dec. 31, 2023 Claims
Minimum
Loss Contingencies
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 0
Maximum
Loss Contingencies
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 125
Asbestos Related Claims
Loss Contingencies
Asbestos-Related Claims | Claims	1,556	1,306	2,565

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Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Contingencies, Commitments and Guarantees [Abstract]
Cumulative maximum indemnities and guarantees contractual limitation	$ 636
Liabilities for indemnities, guarantees and commitments	19	$ 19
Minimum
Contingencies, Commitments and Guarantees [Abstract]
Indemnities and guarantees contractual limitation range	1
Maximum
Contingencies, Commitments and Guarantees [Abstract]
Indemnities and guarantees contractual limitation range	329
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	3,000	4,000
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 8,700	$ 9,200