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 MARCH 31, 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: 000-55029

 ________________________________________

Metropolitan Life Insurance Company

(Exact name of registrant as specified in its charter)

New York			13-5581829
(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
None	N/A	N/A

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 May 7, 2024, 494,466,664 shares of the registrant’s common stock were outstanding, all of which were owned directly by MetLife, Inc.

REDUCED DISCLOSURE FORMAT

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.

Table of Contents

		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at March 31, 2024 and December 31, 2023 and for the Three Months Ended March 31, 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 — Future Policy Benefits	14
	Note 4 — Policyholder Account Balances	20
	Note 5 — Market Risk Benefits	25
	Note 6 — Separate Accounts	28
	Note 7 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	31
	Note 8 — Closed Block	32
	Note 9 — Investments	35
	Note 10 — Derivatives	49
	Note 11 — Fair Value	58
	Note 12 — Equity	70
	Note 13 — Other Revenues and Other Expenses	73
	Note 14 — Income Tax	74
	Note 15 — Contingencies, Commitments and Guarantees	74
	Note 16 — Related Party Transactions	78
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	81
Item 4.	Controls and Procedures	89
Part II — Other Information
Item 1.	Legal Proceedings	89
Item 1A.	Risk Factors	89
Item 5.	Other Information	89
Item 6.	Exhibits	90
Signatures		91

As used in this Form 10-Q, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

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 Metropolitan Life Insurance Company’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, derivatives, climate change and public health;

(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) investment defaults, downgrades, or volatility;

(12) investment sales or lending difficulties;

(13) collateral or derivative-related payments;

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

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

(16) business competition;

(17) catastrophes;

(18) climate changes or responses to it;

(19) deficiencies in our closed block;

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

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

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(22) risk management failures;

(23) insufficient protection from operational risks;

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

(25) accounting standards changes;

(26) excessive risk-taking; and

(27) marketing and distribution difficulties.

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

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.

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Part I — Financial Information

Item 1. Financial Statements

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Balance Sheets

March 31, 2024 and December 31, 2023 (Unaudited)

(In millions, except share and per share data)

	March 31, 2024		December 31, 2023
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $66 and $132, respectively); and amortized cost: $153,315 and $152,080, respectively	$	142,218	$	142,805
Mortgage loans (net of allowance for credit loss of $569 and $509, respectively; includes $187 and $166, respectively, relating to variable interest entities)	61,855		62,584
Policy loans	5,738		5,671
Real estate and real estate joint ventures (includes $1,355 and $1,427, respectively, relating to variable interest entities, $328 and $317, respectively, under the fair value option)	8,648		8,690
Other limited partnership interests	7,276		7,765
Short-term investments, at estimated fair value	2,004		3,048
Other invested assets (includes $780 and $805, respectively, of leveraged and direct financing leases; $117 and $117, respectively, relating to variable interest entities)	16,878		17,040
Total investments	244,617		247,603
Cash and cash equivalents, principally at estimated fair value	6,101		6,795
Accrued investment income	2,080		2,026
Premiums, reinsurance and other receivables	28,781		28,236
Market risk benefits, at estimated fair value	230		177
Deferred policy acquisition costs and value of business acquired	3,260		3,305
Current income tax recoverable	—		112
Deferred income tax asset	2,934		2,922
Other assets	4,333		4,312
Separate account assets	81,726		83,197
Total assets	$	374,062	$	378,685
Liabilities and Equity
Liabilities
Future policy benefits	$	126,894	$	129,182
Policyholder account balances	103,262		103,894
Market risk benefits, at estimated fair value	2,452		2,878
Other policy-related balances	8,796		8,289
Policyholder dividends payable	228		233
Payables for collateral under securities loaned and other transactions	11,628		11,790
Long-term debt	1,737		1,887
Current income tax payable	9		—
Other liabilities	24,037		23,719
Separate account liabilities	81,726		83,197
Total liabilities	360,769		365,069
Contingencies, Commitments and Guarantees (Note 15)
Equity
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding	5		5
Additional paid-in capital	12,475		12,475
Retained earnings	7,164		7,645
Accumulated other comprehensive income (loss)	(6,728)		(6,872)
Total Metropolitan Life Insurance Company stockholder’s equity	12,916		13,253
Noncontrolling interests	377		363
Total equity	13,293		13,616
Total liabilities and equity	$	374,062	$	378,685

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

Three Months Ended March 31, 2024 and 2023 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2024		2023
Revenues
Premiums	$	6,214	$	5,849
Universal life and investment-type product policy fees	359		430
Net investment income	2,857		2,685
Other revenues	455		415
Net investment gains (losses)	(136)		(102)
Net derivative gains (losses)	(56)		(560)
Total revenues	9,693		8,717
Expenses
Policyholder benefits and claims	6,690		6,223
Policyholder liability remeasurement (gains) losses	13		(57)
Market risk benefit remeasurement (gains) losses	(586)		244
Interest credited to policyholder account balances	923		831
Policyholder dividends	115		123
Other expenses	1,389		1,548
Total expenses	8,544		8,912
Income (loss) before provision for income tax	1,149		(195)
Provision for income tax expense (benefit)	214		(104)
Net income (loss)	935		(91)
Less: Net income (loss) attributable to noncontrolling interests	(3)		(2)
Net income (loss) attributable to Metropolitan Life Insurance Company	$	938	$	(89)
Comprehensive income (loss)	$	1,079	$	1,398
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	(3)		(1)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	1,082	$	1,399

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Equity

Three Months Ended March 31, 2024 and 2023 (Unaudited)

(In millions)

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	5	$	12,475	$	7,645	$	(6,872)	$	13,253	$	363	$	13,616
Cumulative effects of changes in accounting principles, net of income tax					(219)				(219)				(219)
Dividends to MetLife, Inc.					(1,200)				(1,200)				(1,200)
Change in equity of noncontrolling interests									—		17		17
Net income (loss)					938				938		(3)		935
Other comprehensive income (loss), net of income tax							144		144				144
Balance at March 31, 2024	$	5	$	12,475	$	7,164	$	(6,728)	$	12,916	$	377	$	13,293

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2022	$	5	$	12,476	$	9,022	$	(8,320)	$	13,183	$	212	$	13,395
Dividends to MetLife, Inc.					(618)				(618)				(618)
Change in equity of noncontrolling interests									—		1		1
Net income (loss)					(89)				(89)		(2)		(91)
Other comprehensive income (loss), net of income tax							1,488		1,488		1		1,489
Balance at March 31, 2023	$	5	$	12,476	$	8,315	$	(6,832)	$	13,964	$	212	$	14,176

See accompanying notes to the interim condensed consolidated financial statements.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Interim Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31, 2024 and 2023 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2024		2023
Net cash provided by (used in) operating activities	$	1,397	$	199
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	5,900		10,356
Equity securities	24		30
Mortgage loans	1,607		1,146
Real estate and real estate joint ventures	57		8
Other limited partnership interests	250		155
Short-term investments	2,090		2,042
Purchases and originations of:
Fixed maturity securities available-for-sale	(7,035)		(11,590)
Equity securities	(6)		(4)
Mortgage loans	(1,002)		(2,700)
Real estate and real estate joint ventures	(114)		(193)
Other limited partnership interests	(112)		(174)
Short-term investments	(1,095)		(1,321)
Cash received in connection with freestanding derivatives	312		259
Cash paid in connection with freestanding derivatives	(549)		(921)
Net change in policy loans	(67)		28
Net change in other invested assets	(14)		(11)
Other, net	15		6
Net cash provided by (used in) investing activities	261		(2,884)
Cash flows from financing activities
Policyholder account balances - deposits	17,712		22,131
Policyholder account balances - withdrawals	(18,513)		(22,491)
Net change in payables for collateral under securities loaned and other transactions	(162)		(728)
Long-term debt issued	—		211
Long-term debt repaid	(150)		—
Derivatives with certain financing elements and other derivative-related transactions, net	(55)		(2)
Dividends paid to MetLife, Inc.	(1,200)		(618)
Other, net	18		2
Net cash provided by (used in) financing activities	(2,350)		(1,495)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(2)		—
Change in cash and cash equivalents	(694)		(4,180)
Cash and cash equivalents, beginning of period	6,795		9,405
Cash and cash equivalents, end of period	$	6,101	$	5,225
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	14	$	14
Income tax	$	11	$	3
Non-cash transactions:
Other invested assets received in connection with the sale of other limited partnership interests	$	278	$	—
Policyholder account balances received associated with funding agreement backed notes issued but not settled	$	—	$	795
Fixed maturity securities available-for-sale received from an affiliate	$	—	$	502
Policyholder account balances received in connection with affiliated reinsurance transactions	$	—	$	502

    

See accompanying notes to the interim condensed consolidated financial statements.

7

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

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

Business

Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities, employee benefits and asset management and is organized into three segments: Group Benefits, Retirement and Income Solutions (“RIS”), and MetLife Holdings. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

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 Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company 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.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

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

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of 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 March 31, 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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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

2. Segment Information

In the fourth quarter of 2023, MLIC reorganized from two segments into the following three segments to reflect changes in management’s responsibilities: Group Benefits, RIS 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 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, benefit funding solutions and capital markets investment products.

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.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses, including the Company’s ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including 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, and the elimination of intersegment amounts (which generally relate to intersegment loans bearing interest rates commensurate with related borrowings).

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.

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Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

2. Segment Information (continued)

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 MLIC 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 MLIC 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 ended March 31, 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 MetLife’s and the Company’s businesses.

12

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

2. Segment Information (continued)

MetLife’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. MetLife’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 March 31, 2024	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,467	$	176	$	572	$	(1)	$	6,214	$	—	$	6,214
Universal life and investment-type product policy fees	222		65		70		2		359		—		359
Net investment income	305		1,676		910		90		2,981		(124)		2,857
Other revenues	189		62		50		122		423		32		455
Net investment gains (losses)	—		—		—		—		—		(136)		(136)
Net derivative gains (losses)	—		—		—		—		—		(56)		(56)
Total revenues	6,183		1,979		1,602		213		9,977		(284)		9,693
Expenses
Policyholder benefits and claims and policyholder dividends	4,945		827		1,046		—		6,818		(13)		6,805
Policyholder liability remeasurement (gains) losses	(3)		(8)		24		—		13		—		13
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		(586)		(586)
Interest credited to policyholder account balances	48		676		94		83		901		22		923
Capitalization of deferred policy acquisition costs	(4)		(21)		—		—		(25)		—		(25)
Amortization of deferred policy acquisition costs and value of business acquired	6		8		50		6		70		—		70
Interest expense on debt	—		4		4		24		32		—		32
Other expenses	872		102		200		135		1,309		3		1,312
Total expenses	5,864		1,588		1,418		248		9,118		(574)		8,544
Provision for income tax expense (benefit)	69		82		36		(34)		153		61		214
Adjusted earnings	$	250	$	309	$	148	$	(1)	706
Adjustments to:
Total revenues									(284)
Total expenses									574
Provision for income tax (expense) benefit									(61)
Net income (loss)									$	935			$	935

13

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

2. Segment Information (continued)

Three Months Ended March 31, 2023	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,216	$	54	$	578	$	1	$	5,849	$	—	$	5,849
Universal life and investment-type product policy fees	218		67		145		—		430		—		430
Net investment income	303		1,551		989		43		2,886		(201)		2,685
Other revenues	179		63		56		122		420		(5)		415
Net investment gains (losses)	—		—		—		—		—		(102)		(102)
Net derivative gains (losses)	—		—		—		—		—		(560)		(560)
Total revenues	5,916		1,735		1,768		166		9,585		(868)		8,717
Expenses
Policyholder benefits and claims and policyholder dividends	4,694		533		1,116		—		6,343		3		6,346
Policyholder liability remeasurement (gains) losses	(4)		(68)		15		—		(57)		—		(57)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		244		244
Interest credited to policyholder account balances	46		563		155		66		830		1		831
Capitalization of deferred policy acquisition costs	(6)		(19)		—		(52)		(77)		—		(77)
Amortization of deferred policy acquisition costs and value of business acquired	6		8		59		4		77		—		77
Interest expense on debt	—		3		3		24		30		—		30
Other expenses	809		297		206		201		1,513		5		1,518
Total expenses	5,545		1,317		1,554		243		8,659		253		8,912
Provision for income tax expense (benefit)	78		87		41		(75)		131		(235)		(104)
Adjusted earnings	$	293	$	331	$	173	$	(2)	795
Adjustments to:
Total revenues									(868)
Total expenses									(253)
Provision for income tax (expense) benefit									235
Net income (loss)									$	(91)			$	(91)

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

	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits	$	34,538	$	34,185
RIS	177,148		180,625
MetLife Holdings	131,556		133,219
Corporate & Other	30,820		30,656
Total	$	374,062	$	378,685

3. 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.

14

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

3. Future Policy Benefits (continued)

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

	March 31, 2024		December 31, 2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	47,106	$	48,695
MetLife Holdings - Long-term care	14,845		15,240
Deferred Profit Liabilities:
RIS - Annuities	2,993		3,000
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,877		1,841
MetLife Holdings - Participating life	43,294		43,586
Other long-duration (1)	6,416		6,605
Short-duration and other	10,363		10,215
Total	$	126,894	$	129,182

__________________

(1) This balance represents liabilities for various smaller product lines across all segments.

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.

15

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

3. 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. Information regarding these products was as follows:

	Three Months Ended March 31,
	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)	(3)			2
Adjusted balance	(3)			2
Issuances	157			66
Net premiums collected	(154)			(68)
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	$	48,886		$	48,190
Balance, beginning of period, at original discount rate	$	47,991		$	49,194
Effect of actual variances from expected experience (1)	(26)			(262)
Adjusted balance	47,965			48,932
Issuances	157			64
Interest accrual	597			600
Benefit payments	(1,115)			(1,309)
Ending balance at original discount rate	47,604			48,287
Effect of changes in discount rate assumptions	(200)			281
Balance, end of period, at current discount rate at balance sheet date	47,404			48,568
Cumulative amount of fair value hedging adjustments	(298)			(77)
Net liability for FPBs	$	47,106		$	48,491
Undiscounted - Expected future benefit payments	$	88,345		$	94,225
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	47,404		$	48,568
Weighted-average duration of the liability	9 years			10 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.4		%	5.2		%

__________________

(1)For the three months ended March 31, 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 $15 million and $196 million, respectively. Excluding the corresponding impact in DPL, for the three months ended March 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and the amendment of an affiliated reinsurance treaty.

16

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

3. 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:

	Three Months Ended March 31,
		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		(4)			26
Adjusted balance		5,562			5,833
Interest accrual		71			75
Net premiums collected		(143)			(146)
Ending balance at original discount rate		5,490			5,762
Effect of changes in discount rate assumptions		—			104
Balance, end of period, at current discount rate at balance sheet date		$	5,490		$	5,866
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		(1)			28
Adjusted balance		20,493			20,193
Interest accrual		269			266
Benefit payments		(212)			(191)
Ending balance at original discount rate		20,550			20,268
Effect of changes in discount rate assumptions		(215)			215
Balance, end of period, at current discount rate at balance sheet date		20,335			20,483
Net liability for FPBs		$	14,845		$	14,617
Undiscounted:
Expected future gross premiums		$	10,430		$	11,053
Expected future benefit payments		$	44,808		$	45,741
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	6,895		$	7,295
Expected future benefit payments		$	20,335		$	20,483
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		5.5		%	5.3		%

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for 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.

17

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

3. Future Policy Benefits (continued)

The following information about the direct liability for additional insurance liabilities includes a disaggregated rollforward. The products grouped within the rollforward 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 the disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

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:

	Three Months  Ended March 31,
	2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,841		$	1,642
Less: Accumulated other comprehensive income (“AOCI”) adjustment	(14)			(63)
Balance, beginning of period, before AOCI adjustment	1,855			1,705
Effect of actual variances from expected experience	11			14
Adjusted balance	1,866			1,719
Assessments accrual	22			24
Interest accrual	24			22
Excess benefits paid	(20)			(29)
Balance, end of period, before AOCI adjustment	1,892			1,736
Add: AOCI adjustment	(15)			(50)
Balance, end of period	1,877			1,686
Less: Reinsurance recoverables	1,877			636
Balance, end of period, net of reinsurance	$	—		$	1,050
Weighted-average duration of the liability	17 years			17 years
Weighted-average interest accretion rate	5.2		%	5.2		%

18

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

3. 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:

	Three Months Ended March 31,
	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	$	167	$	597	$	41	$	600
MetLife Holdings - Long-term care	181		198		183		191
Deferred Profit Liabilities:
RIS - Annuities	N/A		37		N/A		35
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	99		24		120		22
Other long duration	177		77		164		76
Total	$	624	$	933	$	508	$	924

__________________

(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:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	11,609	$	11,300
Less: Reinsurance recoverables	1,740		1,633
Net balance, beginning of period	9,869		9,667
Incurred related to:
Current period	5,178		5,151
Prior periods (1)	(58)		(28)
Total incurred	5,120		5,123
Paid related to:
Current period	(2,152)		(2,025)
Prior periods	(3,000)		(2,999)
Total paid	(5,152)		(5,024)
Net balance, end of period	9,837		9,766
Add: Reinsurance recoverables	2,064		1,816
Balance, end of period (included in FPBs and other policy-related balances)	$	11,901	$	11,582

______________

19

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

3. Future Policy Benefits (continued)

(1)For the three months ended March 31, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the respective current period.

4. 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:

	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits - Group Life	$	7,593	$	7,605
RIS:
Capital Markets Investment Products and Stable Value GICs	58,350		58,554
Annuities and Risk Solutions	10,793		10,650
MetLife Holdings - Annuities	10,489		10,888
Other	16,037		16,197
Total	$	103,262	$	103,894

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.

20

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

4. Policyholder Account Balances (continued)

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	7,605		$	7,954
Deposits	966			830
Policy charges	(163)			(160)
Surrenders and withdrawals	(856)			(782)
Benefit payments	(4)			(1)
Net transfers from (to) separate accounts	(3)			1
Interest credited	48			46
Balance, end of period	$	7,593		$	7,888
Weighted-average annual crediting rate	2.6		%	2.3		%
At period end:
Cash surrender value	$	7,533		$	7,827
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	260,502		$	249,463

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	839	$	4,628	$	5,467
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	9	$	939	$	4,663	$	7,593
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	935	$	4,640	$	5,575
Equal to or greater than 2% but less than 4%	1,277		10		63		2		1,352
Equal to or greater than 4%	759		1		43		33		836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		125
Total	$	2,036	$	11	$	1,041	$	4,675	$	7,888

21

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

4. Policyholder Account Balances (continued)

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	58,554		$	58,508
Deposits	16,227			19,546
Surrenders and withdrawals	(16,502)			(20,825)
Interest credited	518			422
Effect of foreign currency translation and other, net	(447)			459
Balance, end of period	$	58,350		$	58,110
Weighted-average annual crediting rate	3.6		%	2.9		%
Cash surrender value at period end	$	1,515		$	1,565

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,351
Total	$	—	$	—	$	1	$	1,998	$	58,350
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,835	$	1,836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,274
Total	$	—	$	—	$	1	$	1,835	$	58,110

22

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

4. Policyholder Account Balances (continued)

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,650		$	10,244
Deposits	250			240
Policy charges	(12)			(43)
Surrenders and withdrawals	(55)			(40)
Benefit payments	(148)			(134)
Net transfers from (to) separate accounts	19			55
Interest credited	112			107
Other	(23)			21
Balance, end of period	$	10,793		$	10,450
Weighted-average annual crediting rate	4.2		%	4.1		%
At period end:
Cash surrender value	$	6,834		$	6,621
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	34,862		$	35,177

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,579	$	1,599
Equal to or greater than 2% but less than 4%	244		34		8		416		702
Equal to or greater than 4%	3,527		—		266		5		3,798
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,694
Total	$	3,771	$	34	$	294	$	2,000	$	10,793
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	58	$	1,394	$	1,452
Equal to or greater than 2% but less than 4%	230		39		40		441		750
Equal to or greater than 4%	3,689		120		12		5		3,826
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,422
Total	$	3,919	$	159	$	110	$	1,840	$	10,450

23

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

4. 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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,888		$	12,598
Deposits	36			41
Policy charges	(3)			(3)
Surrenders and withdrawals	(440)			(510)
Benefit payments	(106)			(117)
Net transfers from (to) separate accounts	27			35
Interest credited	83			90
Other	4			9
Balance, end of period	$	10,489		$	12,143
Weighted-average annual crediting rate	3.2		%	2.9		%
At period end:
Cash surrender value	$	9,797		$	11,309
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,486		$	3,600
At annuitization or exercise of other living benefits	$	572		$	788

__________________

(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 5.

24

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

4. 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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	865		7,151		534		201		8,751
Equal to or greater than 4%	417		140		25		—		582
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		411
Total	$	1,288	$	7,528	$	1,001	$	261	$	10,489
March 31, 2023
Equal to or greater than 0% but less than 2%	$	658	$	90	$	136	$	24	$	908
Equal to or greater than 2% but less than 4%	6,516		3,197		371		36		10,120
Equal to or greater than 4%	587		44		6		—		637
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		478
Total	$	7,761	$	3,331	$	513	$	60	$	12,143

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	206	$	2,437	$	2,231	$	156	$	2,858	$	2,702
Other	24		15		(9)		21		20		(1)
Total	$	230	$	2,452	$	2,222	$	177	$	2,878	$	2,701

Rollforwards

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

25

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

5. Market Risk Benefits (continued)

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. Information regarding MetLife Holdings annuity products was as follows:

	Three Months Ended March 31,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,702	$	3,071
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,741	$	3,164
Attributed fees collected		76		80
Benefit payments		(22)		(10)
Effect of changes in interest rates		(376)		344
Effect of changes in capital markets		(242)		(303)
Effect of changes in equity index volatility		34		(121)
Actual policyholder behavior different from expected behavior		57		21
Effect of foreign currency translation and other, net (1)		(11)		251
Effect of changes in risk margin		(44)		3
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,213		3,429
Cumulative effect of changes in the instrument-specific credit risk		18		(174)
Balance, end of period		$	2,231	$	3,255
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,486	$	3,600
At annuitization or exercise of other living benefits		$	572	$	788
Weighted-average attained age of contractholders:
In the event of death		72 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 4.

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 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.

26

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

5. Market Risk Benefits (continued)

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 11 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 rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	(1)	$	25
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	2	$	34
Attributed fees collected	1		1
Effect of changes in interest rates	(12)		21
Actual policyholder behavior different from expected behavior	—		(23)
Effect of foreign currency translation and other, net	2		35
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(7)		68
Cumulative effect of changes in the instrument-specific credit risk	(2)		(15)
Balance, end of period	$	(9)	$	53

27

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

6. 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:

	March 31, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	33,142	$	35,562
Annuities	11,465		11,659
MetLife Holdings - Annuities	29,803		29,162
Other	7,316		6,814
Total	$	81,726	$	83,197

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, 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		MetLife Holdings Annuities
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	35,562	$	11,659	$	29,162
Premiums and deposits	312		15		63
Policy charges	(49)		(5)		(143)
Surrenders and withdrawals	(1,804)		(172)		(880)
Benefit payments	(22)		—		(128)
Investment performance	246		(54)		1,761
Net transfers from (to) general account	(19)		—		(27)
Other (1)	(1,084)		22		(5)
Balance, end of period	$	33,142	$	11,465	$	29,803
Three Months Ended March 31, 2023
Balance, beginning of period	$	43,249	$	11,694	$	28,443
Premiums and deposits	645		78		67
Policy charges	(57)		(6)		(149)
Surrenders and withdrawals	(3,417)		(135)		(660)
Benefit payments	(21)		—		(120)
Investment performance	1,079		505		1,716
Net transfers from (to) general account	(57)		2		(36)
Other	(744)		81		—
Balance, end of period	$	40,677	$	12,219	$	29,261
Cash surrender value at March 31, 2024 (2)	$	29,496	N/A		$	29,656
Cash surrender value at March 31, 2023 (2)	$	36,594	N/A		$	29,115

_____________

28

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

6. Separate Accounts (continued)

(1)    Other 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:

	March 31, 2024
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	555	$	—	$	555
U.S. government and agency	—		9,167		—		9,167
Public utilities	—		1,075		—		1,075
Municipals	—		297		—		297
Corporate bonds:
Materials	—		134		—		134
Communications	—		828		—		828
Consumer	—		1,795		—		1,795
Energy	—		878		—		878
Financial	—		2,632		—		2,632
Industrial and other	—		695		—		695
Technology	—		471		—		471
Foreign	—		1,840		—		1,840
Total corporate bonds	—		9,273		—		9,273
Total bonds	—		20,367		—		20,367
Mortgage-backed securities	—		9,305		—		9,305
Asset-backed securities and collateralized loan obligations	—		2,151		—		2,151
Redeemable preferred stock	—		9		—		9
Total fixed maturity securities	—		31,832		—		31,832
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,373		—		2,373
Banks, trust and insurance companies	—		731		—		731
Public utilities	—		63		—		63
Non-redeemable preferred stock	—		—		—		—
Mutual funds	1,261		3,770		35,763		40,794
Total equity securities	1,261		6,937		35,763		43,961
Other invested assets	—		1,376		—		1,376
Total investments	1,261		40,145		35,763		77,169
Other assets	—		4,557		—		4,557
Total	$	1,261	$	44,702	$	35,763	$	81,726

29

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

6. Separate Accounts (continued)

	December 31, 2023
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	509	$	—	$	509
U.S. government and agency	—		9,603		—		9,603
Public utilities	—		1,066		—		1,066
Municipals	—		346		—		346
Corporate bonds:
Materials	—		143		—		143
Communications	—		883		—		883
Consumer	—		1,843		—		1,843
Energy	—		906		—		906
Financial	—		2,670		—		2,670
Industrial and other	—		757		—		757
Technology	—		541		—		541
Foreign	—		1,889		—		1,889
Total corporate bonds	—		9,632		—		9,632
Total bonds	—		21,156		—		21,156
Mortgage-backed securities	—		9,515		—		9,515
Asset-backed securities and collateralized loan obligations	—		2,341		—		2,341
Redeemable preferred stock	—		9		—		9
Total fixed maturity securities	—		33,021		—		33,021
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,338		—		2,338
Banks, trust and insurance companies	—		716		—		716
Public utilities	—		65		—		65
Non-redeemable preferred stock	—		—		—		—
Mutual funds	1,159		3,672		34,728		39,559
Total equity securities	1,159		6,791		34,728		42,678
Other invested assets	—		1,425		—		1,425
Total investments	1,159		41,237		34,728		77,124
Other assets	—		6,073		—		6,073
Total	$	1,159	$	47,310	$	34,728	$	83,197

30

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

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

DAC and VOBA

Information regarding total deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) by segment, as well as Corporate & Other, was as follows at:

	Group Benefits		RIS		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2024	$	255	$	155	$	2,723	$	158	$	3,291
Capitalizations	4		21		—		—		25
Amortization	(6)		(8)		(50)		(6)		(70)
Balance at March 31, 2024	$	253	$	168	$	2,673	$	152	$	3,246
Balance at January 1, 2023	$	264	$	137	$	3,220	$	120	$	3,741
Capitalizations	6		19		—		52		77
Amortization	(6)		(7)		(59)		(4)		(76)
Balance at March 31, 2023	$	264	$	149	$	3,161	$	168	$	3,742
Total DAC and VOBA:
Balance at March 31, 2024									$	3,260
Balance at March 31, 2023									$	3,757
Balance at December 31, 2023									$	3,305

__________________

(1)Includes DAC balances primarily related to whole life, variable annuities, disability income, term life, long-term care and universal life products.

31

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

7. 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:

	Three Months Ended March 31, 2024
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	16	$	5	$	21
Deferrals	1		—		1
Amortization	(1)		—		(1)
Balance, end of period	$	16	$	5	$	21
	Three Months Ended March 31, 2023
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	18	$	227	$	245
Deferrals	1		9		10
Amortization	(1)		(5)		(6)
Balance, end of period	$	18	$	231	$	249

8. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. See Note 9 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.

32

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

8. Closed Block (continued)

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

	March 31, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
Future policy benefits	$	35,806	$	36,142
Other policy-related balances	301		319
Policyholder dividends payable	170		174
Policyholder dividend obligation	—		—
Current income tax payable	1		—
Other liabilities	746		668
Total closed block liabilities	37,024		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,637		19,939
Mortgage loans	6,005		6,151
Policy loans	3,919		3,960
Real estate and real estate joint ventures	676		668
Other invested assets	496		506
Total investments	30,733		31,224
Cash and cash equivalents	717		717
Accrued investment income	385		383
Premiums, reinsurance and other receivables	52		54
Current income tax recoverable	—		3
Deferred income tax asset	359		312
Total assets designated to the closed block	32,246		32,693
Excess of closed block liabilities over assets designated to the closed block	4,778		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,044)		(820)
Unrealized gains (losses) on derivatives, net of income tax	151		130
Total amounts included in AOCI	(893)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,885	$	3,920

33

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

8. Closed Block (continued)

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

		Three Months Ended March 31,
		2024		2023
	(In millions)
Revenues
Premiums		$	218	$	235
Net investment income		343		338
Net investment gains (losses)		(7)		4
Net derivative gains (losses)		5		(2)
Total revenues		559		575
Expenses
Policyholder benefits and claims		404		413
Policyholder dividends		90		97
Other expenses		20		22
Total expenses		514		532
Revenues, net of expenses before provision for income tax expense (benefit)		45		43
Provision for income tax expense (benefit)		10		9
Revenues, net of expenses and provision for income tax expense (benefit)		$	35	$	34

Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block.

34

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments

Fixed Maturity Securities Available-for-Sale

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“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. Asset-backed securities and collateralized loan obligations (collectively, “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.”

	March 31, 2024										December 31, 2023
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	52,298	$	(10)	$	845	$	3,467	$	49,666	$	52,479	$	(62)	$	1,126	$	3,050	$	50,493
Foreign corporate	27,237		(2)		415		3,126		24,524		27,520		(2)		536		2,839		25,215
U.S. government and agency	24,647		—		132		2,783		21,996		23,100		—		243		2,283		21,060
RMBS	21,688		(1)		193		2,149		19,731		20,700		(1)		228		1,979		18,948
ABS & CLO	11,908		(7)		38		363		11,576		12,049		(6)		30		432		11,641
Municipals	6,261		—		233		455		6,039		6,429		—		318		428		6,319
CMBS	5,979		(11)		40		445		5,563		6,387		(11)		28		570		5,834
Foreign government	3,297		(35)		125		264		3,123		3,416		(50)		156		227		3,295
Total fixed maturity securities AFS	$	153,315	$	(66)	$	2,021	$	13,052	$	142,218	$	152,080	$	(132)	$	2,665	$	11,808	$	142,805

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 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	$	4,500	$	24,993	$	27,898	$	56,302	$	39,556	$	153,249
Estimated fair value	$	4,407	$	24,203	$	26,636	$	50,102	$	36,870	$	142,218

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.

35

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. 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.

	March 31, 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	$	4,729	$	124	$	25,379	$	3,319	$	3,537	$	95	$	25,752	$	2,924
Foreign corporate	1,414		66		16,414		3,060		714		64		16,982		2,775
U.S. government and agency	5,375		184		10,925		2,599		4,322		228		9,980		2,055
RMBS	1,830		53		12,743		2,095		1,470		37		12,813		1,941
ABS & CLO	1,040		20		6,140		342		937		20		8,250		410
Municipals	440		13		2,106		442		262		10		2,102		418
CMBS	173		4		3,756		439		587		23		4,096		542
Foreign government	490		22		1,368		239		431		12		1,452		212
Total fixed maturity securities AFS	$	15,491	$	486	$	78,831	$	12,535	$	12,260	$	489	$	81,427	$	11,277
Investment grade	$	14,664	$	459	$	74,988	$	12,094	$	11,499	$	453	$	77,325	$	10,849
Below investment grade	827		27		3,843		441		761		36		4,102		428
Total fixed maturity securities AFS	$	15,491	$	486	$	78,831	$	12,535	$	12,260	$	489	$	81,427	$	11,277
Total number of securities in an unrealized loss position	2,055				8,334				1,679				8,441

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 10 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 $1.3 billion for the three months ended March 31, 2024 to $13.0 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, partially offset by narrowing credit spreads.

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 March 31, 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 March 31, 2024, $441 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, transportation and communications 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 March 31, 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 March 31, 2024.

36

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

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 Allowance for Credit Loss 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
Three Months Ended March 31, 2024	(In millions)
Balance, at beginning of period	$	62	$	2	$	50	$	1	$	6	$	11	$	132
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	—		—		(2)		—		1		—		(1)
Securities sold or exchanged	(52)		—		(13)		—		—		—		(65)
Balance, at end of period	$	10	$	2	$	35	$	1	$	7	$	11	$	66
Three Months Ended March 31, 2023
Balance, at beginning of period	$	28	$	3	$	68	$	—	$	—	$	15	$	114
ACL not previously recorded	31		—		—		—		—		—		31
Changes for securities with previously recorded ACL	—		—		—		—		—		2		2
Securities sold or exchanged	(2)		—		—		—		—		(10)		(12)
Balance, at end of period	$	57	$	3	$	68	$	—	$	—	$	7	$	135

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	March 31, 2024				December 31, 2023
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	36,599	59.2	%	$	37,129	59.3	%
Agricultural	15,700		25.4		15,831		25.3
Residential	10,125		16.3		10,133		16.2
Total amortized cost	62,424		100.9		63,093		100.8
Allowance for credit loss	(569)		(0.9)		(509)		(0.8)
Total mortgage loans	$	61,855	100.0	%	$	62,584	100.0	%

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($775) million and ($720) million at March 31, 2024 and December 31, 2023, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at March 31, 2024 was $194 million, $138 million and $80 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $196 million, $166 million and $79 million, respectively.

Purchases of mortgage loans from unaffiliated parties, consisting primarily of residential mortgage loans, were $255 million and $757 million for the three months ended March 31, 2024 and 2023, respectively. See “— Related Party Investment Transactions” for information regarding transfers of mortgage loans to and from affiliates.

37

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio Segment

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

	Three Months Ended March 31,
	2024								2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	210	$	152	$	147	$	509	$	174	$	105	$	169	$	448
Provision (release)	63		15		(18)		60		79		49		18		146
Charge-offs, net of recoveries	—		—		—		—		—		(7)		—		(7)
Balance, end of period	$	273	$	167	$	129	$	569	$	253	$	147	$	187	$	587

Allowance for Credit Loss 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).

38

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. 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.

39

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

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 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 March 31,
	2024				2023
	Maturity Extension		Weighted Average Life Increase	% of BV	Maturity Extension		Weighted Average Life Increase	% of BV
	Amortized Cost		Affected Loans (in Years)		Amortized Cost		Affected Loans (in Years)
	(Dollars in millions)
Commercial	$	30	Less than one year	< 1%	$	31	Less than one year	< 1%

During the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $171 million which were extended over the past 12 months became delinquent. During the three months ended March 31, 2023, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties, were current.

40

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

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 March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	550	$	1,587	$	1,197	$	1,689	$	982	$	10,054	$	2,461	$	18,520	50.6	%
65% to 75%	—		226		3,080		1,462		936		4,408		—		10,112		27.6
76% to 80%	—		—		355		182		111		1,755		—		2,403		6.6
Greater than 80%	—		52		588		724		611		3,589		—		5,564		15.2
Total	$	550	$	1,865	$	5,220	$	4,057	$	2,640	$	19,806	$	2,461	$	36,599	100.0	%
DSCR:
> 1.20x	$	518	$	1,384	$	4,453	$	3,677	$	2,367	$	16,393	$	2,461	$	31,253	85.4	%
1.00x - 1.20x	32		392		328		380		101		2,101		—		3,334		9.1
<1.00x	—		89		439		—		172		1,312		—		2,012		5.5
Total	$	550	$	1,865	$	5,220	$	4,057	$	2,640	$	19,806	$	2,461	$	36,599	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	123	$	794	$	1,988	$	1,472	$	1,942	$	6,941	$	1,235	$	14,495	92.3	%
65% to 75%	3		22		77		193		125		503		127		1,050		6.7
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	—		5		—		—		5		140		5		155		1.0
Total	$	126	$	821	$	2,065	$	1,665	$	2,072	$	7,584	$	1,367	$	15,700	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	—	$	345	$	1,842	$	909	$	150	$	6,521	$	—	$	9,767	96.5	%
Nonperforming (1)	—		8		50		14		6		280		—		358		3.5
Total	$	—	$	353	$	1,892	$	923	$	156	$	6,801	$	—	$	10,125	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $134 million at both March 31, 2024 and December 31, 2023.

41

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. 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 March 31, 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	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(In millions)
Commercial	$	276	$	19	$	—	$	—	$	491	$	303
Agricultural	243		40		29		—		252		206
Residential	358		343		—		—		360		343
Total	$	877	$	402	$	29	$	—	$	1,103	$	852

Real Estate and Real Estate Joint Ventures

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 real estate joint ventures. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	March 31, 2024		December 31, 2023		Three Months   Ended   March 31,
					2024		2023
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,587	$	1,594	$	38	$	42
Other real estate	510		506		43		46
Real estate joint ventures	6,551		6,590		(50)		(36)
Total real estate and real estate joint ventures	$	8,648	$	8,690	$	31	$	52

The carrying value of wholly-owned real estate acquired through foreclosure was $192 million and $190 million at March 31, 2024 and December 31, 2023, respectively. Depreciation expense on real estate investments was $21 million and $20 million for the three months ended March 31, 2024 and 2023, respectively. Real estate investments net of accumulated depreciation were $660 million and $638 million at March 31, 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, apartment 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 10 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.

42

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. 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 $781 million and $1.0 billion at March 31, 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 ended March 31, 2024, income tax credits and other income tax benefits of $37 million and amortized expense of $33 million were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

FVO Securities and Equity Securities

The following table presents FVO securities and equity securities by asset type. FVO securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	March 31, 2024						December 31, 2023
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
			(In millions)
FVO securities	$	391	$	443	$	834	$	379	$	367	$	746
Equity securities
Common stock (2)	$	119	$	57	$	176	$	118	$	45	$	163
Non-redeemable preferred stock	166		4		170		177		7		184
Total equity securities	$	285	$	61	$	346	$	295	$	52	$	347

__________________

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

(2)Includes common stock and certain mutual funds.

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 $3.6 billion and $3.5 billion, principally at estimated fair value, at March 31, 2024 and December 31, 2023, respectively.

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2024 and December 31, 2023.

43

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

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:

	March 31, 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	$	5,862	$	5,997	$	5,870	$	5,528	$	5,684	$	5,565
Repurchase agreements	$	3,032	$	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 March 31, 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:

	March 31, 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	$	901	$	2,763	$	2,333	$	—	$	5,997	$	943	$	2,523	$	2,218	$	—	$	5,684
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 agreements 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 and Pledged as Collateral

Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes,

44

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

except mortgage loans, which are presented at carrying value, and were as follows at:

	March 31, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits)	$	101	$	105
Invested assets pledged as collateral (1)	21,418		21,177
Total invested assets on deposit and pledged as collateral	$	21,519	$	21,282

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 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 10.

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 8 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 $637 million, at redemption value, at both March 31, 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:

	March 31, 2024				December 31, 2023
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures	$	1,355	$	—	$	1,427	$	—
Mortgage loan joint ventures	195		—		171		—
Renewable energy partnership (primarily other invested assets)	66		1		65		—
Investment funds (primarily other invested assets)	61		—		61		—
Total	$	1,677	$	1	$	1,724	$	—

45

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

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:

	March 31, 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)	$	35,694	$	35,694	$	35,370	$	35,370
Other limited partnership interests	6,816		8,741		7,319		9,452
Other invested assets	1,171		1,328		1,318		1,405
Real estate joint ventures	109		272		104		267
Total	$	43,790	$	46,035	$	44,111	$	46,494

__________________

(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 other limited partnership interests (“OLPI”) and real estate joint ventures (“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 15, 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 three months ended March 31, 2024 or 2023.

46

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

Net Investment Income

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

	Three Months   Ended   March 31,
Asset Type	2024		2023
	(In millions)
Fixed maturity securities AFS	$	1,830	$	1,846
Mortgage loans	828		790
Policy loans	70		73
Real estate and REJV	31		52
OLPI	158		1
Cash, cash equivalents and short-term investments	91		84
FVO securities	66		50
Operating joint venture	16		14
Equity securities	3		1
Other	81		79
Subtotal investment income	3,174		2,990
Less: Investment expenses	317		305
Net investment income	$	2,857	$	2,685
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals	$	—	$	—
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV)	87		58
Net realized and unrealized gains (losses) recognized in NII	$	87	$	58
Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in NII	$	64	$	47
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	136	$	(38)

47

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. 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   March 31,
Asset Type		2024		2023
	(In millions)
Fixed maturity securities AFS		$	(79)	$	52
Equity securities		6		(5)
Mortgage loans		(71)		(149)
Real estate and REJV (excluding changes in estimated fair value)		27		2
OLPI (excluding changes in estimated fair value) (1)		(38)		7
Other gains (losses)		(5)		6
Subtotal		(160)		(87)
Change in estimated fair value of OLPI and REJV		3		(5)
Non-investment portfolio gains (losses)		21		(10)
Subtotal		24		(15)
Net investment gains (losses)		$	(136)	$	(102)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)		$	(173)	$	83
Impairment (losses)		—		(6)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		7		(162)
Unrealized net gains (losses) recognized in earnings		9		(7)
Total recognized gains (losses)		(157)		(92)
Non-investment portfolio gains (losses)		21		(10)
Net investment gains (losses)		$	(136)	$	(102)
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL		$	11	$	(3)
Other gains (losses) include:
Foreign currency gains (losses)		$	9	$	(15)
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in NIGL		$	(173)	$	83
Recognized in NII		—		—
Net realized investment gains (losses) from sales and disposals of investments		$	(173)	$	83

__________________

(1)    Includes a net loss of $36 million during the three months ended March 31, 2024 for private equity investments sold. The Company sold a $590 million portfolio of investments to a fund for proceeds of $554 million in cash and receivables secured by the value of the fund. An affiliate has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.

48

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

9. Investments (continued)

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   March 31,
Fixed Maturity Securities AFS	2024		2023
	(In millions)
Proceeds	$	3,030	$	8,422
Gross investment gains	$	48	$	239
Gross investment (losses)	(193)		(160)
Realized gains (losses) on sales and disposals	(145)		79
Net credit loss (provision) release (change in ACL recognized in earnings)	66		(21)
Impairment (losses)	—		(6)
Net credit loss (provision) release and impairment (losses)	66		(27)
Net investment gains (losses)	$	(79)	$	52
Equity Securities
Realized gains (losses) on sales and disposals	$	(1)	$	(2)
Unrealized net gains (losses) recognized in earnings	7		(3)
Net investment gains (losses)	$	6	$	(5)

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, and real estate and real estate joint ventures to and from affiliates. Invested assets transferred to and from affiliates were as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	140	$	—
Amortized cost of invested assets transferred to affiliates	$	137	$	—
Net investment gains (losses) recognized on transfers	$	3	$	—
Estimated fair value of invested assets transferred from affiliates	$	2	$	515
Estimated fair value of derivative liabilities transferred from affiliates	$	—	$	—

Recurring related party investments and related net investment income were as follows at and for the periods ended:

		March 31, 2024		December 31, 2023		Three Months   Ended   March 31,
						2024		2023
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,052	$	1,130	$	3	$	5
Affiliated investments (2)	Metropolitan General Insurance Company	152		150		—		—
Other invested assets		$	1,204	$	1,280	$	3	$	5

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. See Note 10 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information.

(2)Represents an investment in affiliated preferred stock with a dividend yield of 7.50% that will be cumulative and payable annually in arrears. The shares can be redeemed, at MetLife General Insurance Company’s option, after December 15, 2028.

The Company, through its wholly-owned subsidiary, entered into an agreement to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from Metropolitan Tower Life Insurance Company (“MTL”). In accordance with this reinsurance agreement, the Company reported affiliated funds withheld within other invested assets of $2.8 billion for both March 31, 2024 and December 31, 2023.

The Company incurred investment advisory charges from an affiliate of $76 million and $68 million for the three months ended March 31, 2024 and 2023, respectively.

See “— Variable Interest Entities” for information on investments in affiliated real estate joint ventures and affiliated mortgage loan joint ventures.

10. 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 11 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 and forwards;

•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 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report.

49

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. 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:

		March 31, 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	$	4,770	$	1,112	$	579	$	4,443	$	1,257	$	508
Foreign currency swaps	Foreign currency exchange rate	1,384		39		6		1,459		55		1
Subtotal		6,154		1,151		585		5,902		1,312		509
Cash flow hedges:
Interest rate swaps	Interest rate	4,289		—		277		3,789		1		246
Interest rate forwards	Interest rate	636		—		133		970		—		175
Foreign currency swaps	Foreign currency exchange rate	32,752		2,032		904		30,342		1,977		846
Subtotal		37,677		2,032		1,314		35,101		1,978		1,267
Total qualifying hedges		43,831		3,183		1,899		41,003		3,290		1,776
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	16,038		1,507		700		15,516		1,476		638
Interest rate floors	Interest rate	11,770		33		—		13,921		39		—
Interest rate caps	Interest rate	28,090		302		—		28,890		355		—
Interest rate futures	Interest rate	72		—		—		25		—		—
Interest rate options	Interest rate	37,416		210		60		39,226		361		27
Synthetic GICs	Interest rate	6,083		—		—		6,145		—		—
Foreign currency swaps	Foreign currency exchange rate	4,403		469		11		4,304		446		24
Foreign currency forwards	Foreign currency exchange rate	1,195		4		2		1,176		8		10
Credit default swaps — purchased	Credit	774		—		8		809		3		7
Credit default swaps — written	Credit	11,443		218		6		10,007		186		4
Equity futures	Equity market	707		—		—		941		3		—
Equity index options	Equity market	11,999		211		184		17,703		339		193
Equity total return swaps	Equity market	2,020		—		138		1,912		—		218
Total non-designated or nonqualifying derivatives		132,010		2,954		1,109		140,575		3,216		1,121
Total		$	175,841	$	6,137	$	3,008	$	181,578	$	6,506	$	2,897

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 March 31, 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.

50

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. 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, nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended March 31, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(109)	$	(39)	N/A
Hedged items	—		—		N/A		103		38		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	4		—		N/A		—		(24)		N/A
Hedged items	(2)		—		N/A		—		28		N/A
Subtotal	2		—		N/A		(6)		3		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		$	(144)
Amount of gains (losses) reclassified from AOCI into income	8		2		—		—		—		(10)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		1
Amount of gains (losses) reclassified from AOCI into income	1		(270)		—		—		—		269
Foreign currency transaction gains (losses) on hedged items	—		263		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	9		(5)		—		—		—		116
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(199)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		74		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		—		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		23		N/A		N/A		N/A
Equity derivatives (1)	(25)		N/A		(281)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(36)		N/A		N/A		N/A
Subtotal	(25)		N/A		(419)		N/A		N/A		N/A
Earned income on derivatives	30		—		127		(4)		(48)		—
Synthetic GICs	N/A		N/A		2		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		234		N/A		N/A		N/A
Total	$	16	$	(5)	$	(56)	$	(10)	$	(45)	$	116

51

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. Derivatives (continued)

	Three Months Ended March 31, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(1)	$	—	N/A		$	126	$	32	N/A
Hedged items	1		—		N/A		(126)		(32)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(16)		—		N/A		—		—		N/A
Hedged items	16		—		N/A		—		—		N/A
Subtotal	—		—		N/A		—		—		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		$	200
Amount of gains (losses) reclassified from AOCI into income	14		2		—		—		—		(16)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(41)
Amount of gains (losses) reclassified from AOCI into income	1		129		—		—		—		(130)
Foreign currency transaction gains (losses) on hedged items	—		(124)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	15		7		—		—		—		13
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(61)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(95)		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(9)		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		6		N/A		N/A		N/A
Equity derivatives (1)	(6)		N/A		(403)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		32		N/A		N/A		N/A
Subtotal	(6)		N/A		(530)		N/A		N/A		N/A
Earned income on derivatives	43		—		245		5		(33)		—
Synthetic GICs	N/A		N/A		5		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(280)		N/A		N/A		N/A
Total	$	52	$	7	$	(560)	$	5	$	(33)	$	13

__________________

(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, and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

52

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. Derivatives (continued)

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)
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(In millions)
Fixed maturity securities AFS	$	118	$	120	$	1	$	1
Mortgage loans	$	271	$	345	$	(8)	$	(10)
FPBs	$	(2,656)	$	(2,863)	$	298	$	191
PABs	$	(1,657)	$	(1,844)	$	121	$	2

__________________

(1)Includes ($107) million and ($113) million of hedging adjustments on discontinued hedging relationships at March 31, 2024 and December 31, 2023, respectively.

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 $0 and $1 million for the three months ended March 31, 2024 and 2023, respectively.

At both March 31, 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 March 31, 2024 and December 31, 2023, the balance in AOCI associated with cash flow hedges was $1.0 billion and $894 million, respectively.

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

At March 31, 2024, the Company expected to reclassify $190 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

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.

53

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. Derivatives (continued)

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:

	March 31, 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)	$	—	$	10	0.2	$	—	$	10	0.5
Credit default swaps referencing indices	91		4,286		2.7	80		3,831		2.7
Subtotal	91		4,296		2.7	80		3,841		2.7
Baa
Single name credit default swaps (3)	1		55		2.0	1		55		2.3
Credit default swaps referencing indices	119		6,963		4.7	102		5,982		5.6
Subtotal	120		7,018		4.7	103		6,037		5.5
Ba
Credit default swaps referencing indices	2		25		2.7	2		25		3.0
Subtotal	2		25		2.7	2		25		3.0
B
Credit default swaps referencing indices	1		74		4.7	1		74		5.0
Subtotal	1		74		4.7	1		74		5.0
Caa
Credit default swaps referencing indices	(2)		30		2.2	(4)		30		2.5
Subtotal	(2)		30		2.2	(4)		30		2.5
Total	$	212	$	11,443	3.9	$	182	$	10,007	4.4

__________________

(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.

54

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. Derivatives (continued)

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 11 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:

	March 31, 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)	$	6,178	$	3,076	$	6,534	$	2,892
OTC-cleared (1)	126		5		112		13
Exchange-traded	—		—		3		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	6,304		3,081		6,649		2,905
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,482)		(2,482)		(2,350)		(2,350)
OTC-cleared	—		—		(4)		(4)
Exchange-traded	—		—		—		—
Cash collateral: (3), (4)
OTC-bilateral	(2,504)		—		(2,872)		—
OTC-cleared	(124)		—		(105)		(1)
Securities collateral: (5)
OTC-bilateral	(1,172)		(593)		(1,283)		(542)
OTC-cleared	—		(5)		—		(8)
Exchange-traded	—		—		—		—
Net amount after application of master netting agreements and collateral	$	22	$	1	$	35	$	—

__________________

(1)At March 31, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $167 million and $143 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $73 million and $8 million, respectively.

55

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. Derivatives (continued)

(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.

(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 March 31, 2024 and December 31, 2023, the Company received excess cash collateral of $28 million and $154 million, respectively, and provided excess cash collateral of $5 million and $4 million, respectively, which are 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 March 31, 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 March 31, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $305 million and $286 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.0 billion and $1.1 billion, respectively, for its OTC-bilateral derivatives, $469 million and $495 million, respectively, for its OTC-cleared derivatives, and $55 million and $56 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. All of the Company’s netting agreements for derivatives contain provisions that require both Metropolitan Life Insurance Company and the counterparty to maintain a specific investment grade financial strength or credit rating from each of Moody’s and S&P. If a party’s financial strength or credit rating were to fall below that specific investment grade financial strength or 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.

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.

	March 31, 2024						December 31, 2023
	Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total		Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	590	$	3	$	593	$	542	$	—	$	542
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	1,025	$	5	$	1,030	$	896	$	—	$	896

__________________

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

56

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

10. Derivatives (continued)

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	March 31, 2024		December 31, 2023
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	59	$	41
Funds withheld on affiliated reinsurance	Other invested assets	7		(26)
Total		$	66	$	15
Embedded derivatives within liability host contracts:
Assumed on affiliated reinsurance	Other liabilities	$	—	$	104
Funds withheld on affiliated reinsurance	Other liabilities	(387)		(304)
Fixed annuities with equity indexed returns	Policyholder account balances	168		163
Total		$	(219)	$	(37)

57

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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:

	March 31, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	40,856	$	8,810	$	49,666
Foreign corporate	—		16,180		8,344		24,524
U.S. government and agency	10,216		11,780		—		21,996
RMBS	4		18,169		1,558		19,731
ABS & CLO	—		10,001		1,575		11,576
Municipals	—		6,039		—		6,039
CMBS	—		5,153		410		5,563
Foreign government	—		3,108		15		3,123
Total fixed maturity securities AFS	10,220		111,286		20,712		142,218
Short-term investments	1,608		385		11		2,004
Other investments	100		66		1,403		1,569
Derivative assets: (1)
Interest rate	—		3,164		—		3,164
Foreign currency exchange rate	—		2,544		—		2,544
Credit	—		211		7		218
Equity market	—		204		7		211
Total derivative assets	—		6,123		14		6,137
Embedded derivatives within asset host contracts (4)	—		—		66		66
Market risk benefits	—		—		230		230
Separate account assets (2)	13,147		67,599		980		81,726
Total assets (3)	$	25,075	$	185,459	$	23,416	$	233,950
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,616	$	133	$	1,749
Foreign currency exchange rate	—		923		—		923
Credit	—		12		2		14
Equity market	—		322		—		322
Total derivative liabilities	—		2,873		135		3,008
Embedded derivatives within liability host contracts (4)	—		—		(219)		(219)
Market risk benefits	—		—		2,452		2,452
Separate account liabilities (2)	1		3		—		4
Total liabilities	$	1	$	2,876	$	2,368	$	5,245

58

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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	$	—	$	41,718	$	8,775	$	50,493
Foreign corporate	—		16,875		8,340		25,215
U.S. government and agency	8,963		12,097		—		21,060
RMBS	3		17,616		1,329		18,948
ABS & CLO	—		10,109		1,532		11,641
Municipals	—		6,319		—		6,319
CMBS	—		5,499		335		5,834
Foreign government	—		3,281		14		3,295
Total fixed maturity securities AFS	8,966		113,514		20,325		142,805
Short-term investments	2,745		288		15		3,048
Other investments	76		77		1,317		1,470
Derivative assets: (1)
Interest rate	—		3,489		—		3,489
Foreign currency exchange rate	—		2,486		—		2,486
Credit	—		181		8		189
Equity market	3		332		7		342
Total derivative assets	3		6,488		15		6,506
Embedded derivatives within asset host contracts (4)	—		—		15		15
Market risk benefits	—		—		177		177
Separate account assets (2)	13,945		68,284		968		83,197
Total assets (3)	$	25,735	$	188,651	$	22,832	$	237,218
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,419	$	175	$	1,594
Foreign currency exchange rate	—		881		—		881
Credit	—		11		—		11
Equity market	—		411		—		411
Total derivative liabilities	—		2,722		175		2,897
Embedded derivatives within liability host contracts (4)	—		—		(37)		(37)
Market risk benefits	—		—		2,878		2,878
Separate account liabilities (2)	4		4		—		8
Total liabilities	$	4	$	2,726	$	3,016	$	5,746

__________________

(1)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.

(2)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.

59

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. Fair Value (continued)

(3)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. At March 31, 2024 and December 31, 2023, the estimated fair value of such investments was $52 million and $48 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. 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.

60

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer	•	independent non-binding broker quotations
		•	delta spread adjustments to reflect specific credit-related issues
U.S. government and agency securities, Municipals and Foreign government securities
	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
	•	issuer ratings and issuer spreads; broker-dealer quotations		•	credit spreads
	•	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
	•	current and forecasted loss severity; ratings; geographic region		•	independent non-binding broker quotations
	•	weighted average coupon and weighted average maturity		•	credit ratings
	•	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

61

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. Fair Value (continued)

Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
Short-term investments and Other investments
	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active.	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings, issuance structures and those described above for fixed maturities AFS. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
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.

62

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. Fair Value (continued)

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)
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
					•	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.

63

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. Fair Value (continued)

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance and experience refund related to certain assumed 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 reinsurance 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 underlying host contracts, in other liabilities and other invested assets 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.

Market Risk Benefits

See Note 5 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.

64

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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:

					March 31, 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)	50	-	128	94	4	-	131	95	Increase
	•	Market pricing	•	Quoted prices (4)	2	-	112	94	—	-	110	93	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	114	95	—	-	112	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	78	-	100	94	78	-	101	94	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	400	-	432	417	367	-	399	385	Increase (7)
Credit	•	Consensus pricing	•	Offered quotes (8)
Market Risk Benefits
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.13%	0.05%	(9)
				Ages 41 - 60	0.05%	-	0.67%	0.22%	0.05%	-	0.67%	0.22%	(9)
				Ages 61 - 115	0.35%	-	100%	1.23%	0.35%	-	100%	1.23%	(9)
			•	Lapse rates:
				Durations 1 - 10	0.80%	-	20.10%	8.72%	0.80%	-	20.10%	8.72%	Decrease (10)
				Durations 11 - 20	3.10%	-	10.10%	4.34%	3.10%	-	10.10%	4.34%	Decrease (10)
				Durations 21 - 116	0.10%	-	10.10%	4.59%	0.10%	-	10.10%	4.59%	Decrease (10)
			•	Utilization rates	0.20%	-	22%	0.44%	0.20%	-	22%	0.44%	Increase (11)
			•	Withdrawal rates	0.25%	-	7.75%	4.47%	0.25%	-	7.75%	4.47%	(12)
			•	Long-term equity volatilities	16.37%	-	21.85%	18.55%	16.37%	-	21.85%	18.55%	Increase (13)
			•	Nonperformance risk spread	0.34%	-	0.67%	0.73%	0.38%	-	0.70%	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.

(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.

65

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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 both March 31, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of less than 1% 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 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.”

66

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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 5):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	17,115	$	3,196	$	14	$	15
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(15)		4		2		—
Total realized/unrealized gains (losses) included in  AOCI	(169)		39		(1)		—
Purchases (3)	711		494		—		2
Sales (3)	(380)		(153)		—		(1)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	81		51		—		—
Transfers out of Level 3 (4)	(189)		(88)		—		(5)
Balance, end of period	$	17,154	$	3,543	$	15	$	11
Three Months Ended March 31, 2023
Balance, beginning of period	$	14,733	$	3,373	$	15	$	47
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	2		(5)		—		—
Total realized/unrealized gains (losses) included in  AOCI	376		20		(1)		1
Purchases (3)	1,355		189		2		52
Sales (3)	(463)		(100)		(1)		(43)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	161		70		—		—
Transfers out of Level 3 (4)	(447)		(46)		—		—
Balance, end of period	$	15,717	$	3,501	$	15	$	57
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	3	$	4	$	2	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2023 (5)	$	1	$	(1)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	(179)	$	37	$	(1)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2023 (5)	$	374	$	17	$	(1)	$	—

67

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Other  Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	1,317	$	(160)	$	52	$	968
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	84		(1)		234		(14)
Total realized/unrealized gains (losses) included in  AOCI	—		(28)		—		—
Purchases (3)	5		—		—		39
Sales (3)	(3)		—		—		(9)
Issuances (3)	—		(2)		—		—
Settlements (3)	—		70		(1)		—
Transfers into Level 3 (4)	—		—		—		3
Transfers out of Level 3 (4)	—		—		—		(7)
Balance, end of period	$	1,403	$	(121)	$	285	$	980
Three Months Ended March 31, 2023
Balance, beginning of period	$	1,022	$	(331)	$	458	$	995
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	28		—		(280)		(9)
Total realized/unrealized gains (losses) included in  AOCI	—		66		—		—
Purchases (3)	2		—		—		101
Sales (3)	—		—		—		(93)
Issuances (3)	—		—		—		—
Settlements (3)	—		55		(10)		1
Transfers into Level 3 (4)	—		—		—		5
Transfers out of Level 3 (4)	—		(61)		—		—
Balance, end of period	$	1,052	$	(271)	$	168	$	1,000
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	86	$	—	$	234	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2023 (5)	$	29	$	1	$	(280)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	—	$	(20)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2023 (5)	$	—	$	62	$	—	$	—

__________________

(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). 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.

68

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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).

	March 31, 2024		December 31, 2023
	(in millions)
Carrying value after measurement
Mortgage loans (1)	$	624	$	295

	Three Months Ended March 31,
	2024		2023
	(in millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(37)	$	(66)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

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.

69

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

11. 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:

	March 31, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	61,855	$	—	$	—	$	58,387	$	58,387
Policy loans	$	5,738	$	—	$	—	$	6,058	$	6,058
Other invested assets	$	1,978	$	—	$	1,717	$	278	$	1,995
Premiums, reinsurance and other receivables	$	13,991	$	—	$	303	$	13,902	$	14,205
Liabilities
PABs	$	87,038	$	—	$	—	$	84,884	$	84,884
Long-term debt	$	1,736	$	—	$	1,803	$	—	$	1,803
Other liabilities	$	11,703	$	—	$	495	$	11,191	$	11,686
Separate account liabilities	$	27,850	$	—	$	27,850	$	—	$	27,850

	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,584	$	—	$	—	$	59,511	$	59,511
Policy loans	$	5,671	$	—	$	—	$	6,042	$	6,042
Other invested assets	$	1,778	$	—	$	1,794	$	—	$	1,794
Premiums, reinsurance and other receivables	$	14,028	$	—	$	221	$	14,053	$	14,274
Liabilities
PABs	$	87,518	$	—	$	—	$	86,093	$	86,093
Long-term debt	$	1,886	$	—	$	1,958	$	—	$	1,958
Other liabilities	$	11,481	$	—	$	141	$	11,333	$	11,474
Separate account liabilities	$	29,204	$	—	$	29,204	$	—	$	29,204

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis.

12. Equity

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

70

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

12. Equity (continued)

	Three Months Ended March 31, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(6,495)	$	705	$	(807)	$	33	$	(143)	$	(165)	$	(6,872)
OCI before reclassifications	(1,924)		(143)		1,804		(58)		39		—		(282)
Deferred income tax benefit (expense)	443		30		(379)		12		(8)		—		98
AOCI before reclassifications, net of income tax	(7,976)		592		618		(13)		(112)		(165)		(7,056)
Amounts reclassified from AOCI	159		259		—		—		—		3		421
Deferred income tax benefit (expense)	(37)		(55)		—		—		—		(1)		(93)
Amounts reclassified from AOCI, net of income tax	122		204		—		—		—		2		328
Balance, end of period	$	(7,854)	$	796	$	618	$	(13)	$	(112)	$	(163)	$	(6,728)

	Three Months Ended March 31, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(11,161)	$	1,557	$	1,529	$	80	$	(187)	$	(138)	$	(8,320)
OCI before reclassifications	3,812		159		(2,068)		88		60		(1)		2,050
Deferred income tax benefit (expense)	(798)		(33)		433		(19)		(12)		—		(429)
AOCI before reclassifications, net of income tax	(8,147)		1,683		(106)		149		(139)		(139)		(6,699)
Amounts reclassified from AOCI	(25)		(146)		—		—		—		2		(169)
Deferred income tax benefit (expense)	5		31		—		—		—		—		36
Amounts reclassified from AOCI, net of income tax	(20)		(115)		—		—		—		2		(133)
Balance, end of period	$	(8,167)	$	1,568	$	(106)	$	149	$	(139)	$	(137)	$	(6,832)

__________________

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

71

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

12. Equity (continued)

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

	Three Months Ended March 31,
	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)	$	(146)	$	41	Net investment gains (losses)
Net unrealized investment gains (losses)	(1)		2		Net investment income
Net unrealized investment gains (losses)	(12)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(159)		25
Income tax (expense) benefit	37		(5)
Net unrealized investment gains (losses), net of income tax	(122)		20
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	8		14		Net investment income
Interest rate derivatives	2		2		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		1		Net investment income
Foreign currency exchange rate derivatives	(270)		129		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(259)		146
Income tax (expense) benefit	55		(31)
Gains (losses) on cash flow hedges, net of income tax	(204)		115
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(3)		(3)
Amortization of prior service (costs) credit	—		1
Amortization of defined benefit plan items, before income tax	(3)		(2)
Income tax (expense) benefit	1		—
Amortization of defined benefit plan items, net of income tax	(2)		(2)
Total reclassifications, net of income tax	$	(328)	$	133

__________________

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

72

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

13. 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 March 31,
		2024		2023
	(In millions)
Prepaid legal plans		$	120	$	115
Administrative services-only contracts		66		61
Recordkeeping and administrative services (1)		38		37
Other revenue from service contracts from customers		9		10
Total revenues from service contracts from customers		233		223
Other (2)		222		192
Total other revenues		$	455	$	415

__________________

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

(2)Primarily includes reinsurance ceded. See Note 16.

Other Expenses

Information on other expenses was as follows:

		Three Months Ended March 31,
		2024		2023
	(In millions)
General and administrative expenses (1)		$	673	$	661
Pension, postretirement and postemployment benefit costs		55		50
Premium taxes, other taxes, and licenses & fees		97		93
Commissions and other variable expenses		487		714
Capitalization of DAC		(25)		(77)
Amortization of DAC and VOBA		70		77
Interest expense on debt		32		30
Total other expenses		$	1,389	$	1,548

__________________

(1)Includes ($40) million and ($30) million for the three months ended March 31, 2024 and 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Affiliated Expenses

See Note 16 for a discussion of affiliated expenses included in the table above.

73

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

14. Income Tax

For the three months ended March 31, 2024, the effective tax rate on income (loss) before provision for income tax was 19%. The Company’s effective tax rate for the three months ended March 31, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, (ii) the corporate tax deduction for stock compensation, and (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.

For the three months ended March 31, 2023, the effective tax rate on income (loss) before provision for income tax was 53%. The Company’s effective tax rate for the three months ended March 31, 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) the corporate tax deduction for stock compensation, and (iii) non-taxable investment income.

15. 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 March 31, 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 March 31, 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.

74

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

15. Contingencies, Commitments and Guarantees (continued)

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

Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products, nor has Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company’s defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2023 Annual Report, Metropolitan Life Insurance Company received approximately 2,565 asbestos-related claims in 2023. For the three months ended March 31, 2024 and 2023, Metropolitan Life Insurance Company received approximately 783 and 587 new asbestos-related claims, respectively. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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.

75

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

15. Contingencies, Commitments and Guarantees (continued)

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. Metropolitan Life Insurance Company’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.

Metropolitan Life Insurance Company 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, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through March 31, 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., Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’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 this 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 $2.2 billion and $3.3 billion at March 31, 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 $4.1 billion and $4.4 billion at March 31, 2024 and December 31, 2023, respectively.

76

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

15. 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 $570 million, with a cumulative maximum of $669 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’s recorded liabilities were $2 million at both March 31, 2024 and December 31, 2023, for indemnities and guarantees.

77

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

16. Related Party Transactions

Service Agreements

The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $722 million and $715 million for the three months ended March 31, 2024 and 2023, respectively. Total revenues received from affiliates related to these agreements were $11 million and $14 million for the three months ended March 31, 2024 and 2023, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $28 million and $56 million at March 31, 2024 and December 31, 2023, respectively.

See Note 9 for additional information on related party transactions.

78

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

16. Related Party Transactions (continued)

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, MTL, Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties.

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

		Three Months Ended March 31,
		2024		2023
	(In millions)
Premiums
Reinsurance assumed		$	1	$	(27)
Reinsurance ceded		(103)		(84)
Net premiums		$	(102)	$	(111)
Universal life and investment-type product policy fees
Reinsurance assumed		$	3	$	—
Reinsurance ceded		—		(2)
Net universal life and investment-type product policy fees		$	3	$	(2)
Other revenues
Reinsurance assumed		$	28	$	22
Reinsurance ceded		115		115
Net other revenues		$	143	$	137
Policyholder benefits and claims
Reinsurance assumed		$	12	$	(169)
Reinsurance ceded		(86)		(77)
Net policyholder benefits and claims		$	(74)	$	(246)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed		$	—	$	(39)
Reinsurance ceded		2		(5)
Net policyholder liability remeasurement (gains) losses		$	2	$	(44)
Interest credited to policyholder account balances
Reinsurance assumed		$	89	$	73
Reinsurance ceded		(3)		(3)
Net interest credited to policyholder account balances		$	86	$	70
Other expenses
Reinsurance assumed		$	12	$	204
Reinsurance ceded		56		63
Net other expenses		$	68	$	267

79

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

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

16. Related Party Transactions (continued)

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

	March 31, 2024				December 31, 2023
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	165	$	11,260	$	164	$	11,302
Deferred policy acquisition costs and value of business acquired	153		(159)		158		(160)
Total assets	$	318	$	11,101	$	322	$	11,142
Liabilities
Future policy benefits	$	2,157	$	—	$	2,236	$	—
Policyholder account balances	9,020		—		9,040		—
Other policy-related balances	68		(38)		65		(35)
Other liabilities	833		10,043		957		10,267
Total liabilities	$	12,078	$	10,005	$	12,298	$	10,232

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of these agreements qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with these reinsurance agreements are included within other liabilities and were ($42) million and ($39) million at March 31, 2024 and December 31, 2023, respectively. Net derivative gains (losses) associated with these embedded derivatives were $3 million and ($6) million for the three months ended March 31, 2024 and 2023, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($344) million and ($265) million at March 31, 2024 and December 31, 2023, respectively. Net derivative gains (losses) associated with the embedded derivative were $79 million and ($165) million for the three months ended March 31, 2024 and 2023, respectively.

80

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	82
Business	82
Summary of Critical Accounting Estimates	83
Results of Operations	83
Adopted Accounting Pronouncements	87
Future Adoption of Accounting Pronouncements	87
Non-GAAP and Other Financial Disclosures	88
Risk Management	88

81

Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MLIC,” the “Company,” “we,” “our” and “us” refer to Metropolitan Life Insurance Company, a New York corporation incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). Management’s narrative analysis of the Company’s results of operations is presented pursuant to General Instruction H(2)(a) of Form 10-Q. This narrative analysis should be read in conjunction with Metropolitan Life Insurance Company’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, and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This narrative analysis 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 narrative analysis includes references to our performance measure, adjusted earnings, that is 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 this and other financial measures, and “— Results of Operations” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

Business

Current Market Conditions

In the United States (“U.S.”), the Board of Governors of the Federal Reserve System and 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 lower inflation. During inflationary periods with rising interest rates, the value of fixed income investments falls which could increase realized and unrealized losses, resulting in additional deferred tax assets that may not be realizable.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” 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.

82

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. 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.

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 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.

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 and impairments;

(iv)estimated fair values of freestanding derivatives;

(v)measurement of employee benefit plan liabilities;

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

(vii)liabilities for litigation and regulatory matters.

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.

Results of Operations

Overview

MLIC is a provider of insurance, annuities, employee benefits and asset management. In the fourth quarter of 2023, the Company reorganized from two segments into the following three segments to reflect changes in management’s responsibilities: Group Benefits, Retirement and Income Solutions (“RIS”), 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.

83

Key Financial Highlights     

•Net income attributable to MLIC of $938 million for the three months ended March 31, 2024, compared to net loss of $89 million for the three months ended March 31, 2023.

•Adjusted earnings of $706 million for the three months ended March 31, 2024, compared to $795 million for the three months ended March 31, 2023.

Consolidated Results

	Three Months Ended March 31,
	2024		2023
	(In millions)
Revenues
Premiums	$	6,214	$	5,849
Universal life and investment-type product policy fees	359		430
Net investment income	2,857		2,685
Other revenues	455		415
Net investment gains (losses)	(136)		(102)
Net derivative gains (losses)	(56)		(560)
Total revenues	9,693		8,717
Expenses
Policyholder benefits and claims and policyholder dividends	6,805		6,346
Policyholder liability remeasurement (gains) losses	13		(57)
Market risk benefit remeasurement (gains) losses	(586)		244
Interest credited to policyholder account balances	923		831
Amortization of deferred policy acquisition costs and value of business acquired	70		77
Interest expense on debt	32		30
Other expenses, net of capitalization of deferred policy acquisition costs	1,287		1,441
Total expenses	8,544		8,912
Income (loss) before provision for income tax	1,149		(195)
Provision for income tax expense (benefit)	214		(104)
Net income (loss)	935		(91)
Less: Net income (loss) attributable to noncontrolling interests	(3)		(2)
Net income (loss) attributable to Metropolitan Life Insurance Company	$	938	$	(89)

Three Months Ended March 31, 2024 Compared with the Three Months Ended March 31, 2023

Net income (loss) attributable to MLIC - Increased $1.0 billion primarily due to the following:

Net Investment Gains (Losses) - Unfavorable change of $34 million ($27 million, net of income tax):

•Losses on sales of fixed maturity securities in the current period

•Losses on other limited partnerships in the current period

Partially offset by:

•Lower impairment losses on fixed maturity securities and mortgage loans

•Gains on foreign currency transactions in the current period

•Gains on sales of real estate investments in the current period

Net Derivative Gains (Losses) - Favorable change of $504 million ($398 million, net of income tax)(1):

•Change in the value of the underlying assets - favorable impact to embedded derivatives related to funds withheld on a certain reinsurance agreement

84

•The U.S. dollar strengthened against major currencies in the current period versus weakened in the prior period - favorable impact to the estimated fair value of receive-U.S. dollar currency swaps and buy-U.S. dollar currency forwards

Partially offset by:

•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 and swaptions

Market Risk Benefit Remeasurement (Gains) Losses(2) - Favorable change of $830 million ($656 million, net of income tax):

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

Adjusted Earnings(3) - Unfavorable change of $89 million. See “— Consolidated Results — Adjusted Earnings.”

Taxes - Favorable change in effective tax rate - 19% in the current period versus 53% 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

•Corporate tax deduction for stock compensation

•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 loss before provision for income tax was 53% versus the U.S. statutory rate of 21% primarily due to tax benefits from:

•Low income housing and other tax credits

•Corporate tax deduction for stock compensation

•Non-taxable investment income

__________________

(1) Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings.

(2) See Note 5 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.

(3) 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, 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 allows analysis of our performance and facilitates comparisons to industry results. Adjusted earnings should not be viewed as a substitute for net income (loss).

85

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

		Three Months Ended March 31,
		2024		2023
		(In millions)
Net income (loss)		$	935	$	(91)
Less: adjustments from net income (loss) to adjusted earnings:
Revenues:
	Net investment gains (losses)	(136)		(102)
	Net derivative gains (losses)	(56)		(560)
	Premiums	—		—
	Universal life and investment-type product policy fees	—		—
	Net investment income	(124)		(201)
	Other revenues	32		(5)
Expenses:
	Policyholder benefits and claims and policyholder dividends	13		(3)
	Policyholder liability remeasurement (gains) losses	—		—
	Market risk benefit remeasurement (gains) losses	586		(244)
	Interest credited to policyholder account balances	(22)		(1)
	Capitalization of deferred policy acquisition costs	—		—
	Amortization of deferred policy acquisition costs and value of business acquired	—		—
	Interest expense on debt	—		—
	Other expenses	(3)		(5)
Provision for income tax (expense) benefit		(61)		235
Adjusted earnings		$	706	$	795
Premiums, fees and other revenues		$	7,028	$	6,694
Less: adjustments to premiums, fees and other revenues		32		(5)
Adjusted premiums, fees and other revenues		$	6,996	$	6,699

86

Consolidated Results — Adjusted Earnings

Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2024 increased $297 million, or 4%, compared to the prior period. This was primarily due to growth in the core and voluntary businesses in our Group Benefits segment, as well as growth in the structured settlements and income annuities businesses in our RIS segment, partially offset by the expected decline in our MetLife Holdings segment from business run-off.

Three Months Ended March 31, 2024 Compared with the Three Months Ended March 31, 2023

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

Adjusted Earnings - Decreased $89 million primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $40 million as a result of the reinsurance transaction that closed in November 2023

Market Factors - Increased adjusted earnings by $50 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 derivative income, as well as lower average invested assets in our MetLife Holdings segment due to business run-off

Largely offset by:

•Higher average interest crediting rates on investment-type products, primarily in our RIS segment

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $54 million:

•Unfavorable underwriting:

•Unfavorable mortality in our MetLife Holdings segment - life and annuity businesses

•Unfavorable morbidity in our Group Benefits segment - higher incidence in disability businesses and an unfavorable change in dental prior year development

•Unfavorable change from refinements to certain insurance and other liabilities in both periods in our Group Benefits and RIS segments

Taxes - Unfavorable change in effective tax rate - 18% in the current period versus 14% in the prior period

•Current period effective tax rate on loss before provision for income tax was 18% versus the U.S. statutory rate of 21% primarily due to tax benefits from:

•Non-taxable investment income

•Corporate tax deduction for stock compensation

•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 14% versus the U.S. statutory rate of 21% primarily due to tax benefits from:

•Low income housing and other tax credits

•Corporate tax deduction for stock compensation

•Non-taxable investment income

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.

87

Non-GAAP and Other Financial Disclosures

In this report, the Company presents certain measures of its performance 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.

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)

Reconciliations of these non-GAAP financial measures to the most directly comparable historical GAAP financial measures are included in “— Results of Operations.” 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

This measure is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance. Adjusted earnings allows analysis of our performance and facilitates 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. 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.

The following additional information is relevant to an understanding of our performance results:

•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.

•Near-term represents one to three years.

•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 accumulated other comprehensive income other than foreign currency translation adjustments.

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.

88

Item 4. Controls and Procedures

Management, with the participation of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“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 March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II — Other Information

Item 1. Legal Proceedings

See Note 15 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 5. Other Information

Securities trading plans

During the three months ended March 31, 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).

89

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 Metropolitan Life Insurance Company, 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 Metropolitan Life Insurance Company, its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and Metropolitan Life Insurance Company’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
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

90

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.

METROPOLITAN LIFE INSURANCE COMPANY
By:	/s/ Tamara L. Schock
	Name:  Tamara L. Schock Title:    Executive Vice President              and Chief Accounting Officer              (Authorized Signatory and Principal               Accounting Officer)

Date: May 7, 2024

91

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 Metropolitan Life Insurance Company;

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: May 7, 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 Metropolitan Life Insurance Company;

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: May 7, 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) Metropolitan Life Insurance Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 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 Metropolitan Life Insurance Company.

Date: May 7, 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) Metropolitan Life Insurance Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 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 Metropolitan Life Insurance Company.

Date: May 7, 2024

/s/ John D. McCallion

John D. McCallion
Executive Vice President and
Chief Financial Officer

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Entity Registrant Name	Metropolitan Life Insurance Co
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-55029
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-5581829
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000937834
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		494,466,664
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $66 and $132, respectively); and amortized cost: $153,315 and $152,080, respectively	$ 142,218	$ 142,805
Mortgage loans (net of allowance for credit loss of $569 and $509, respectively; includes $187 and $166, respectively, relating to variable interest entities)	61,855	62,584
Policy loans	5,738	5,671
Real estate and real estate joint ventures (includes $1,355 and $1,427, respectively, relating to variable interest entities, $328 and $317, respectively, under the fair value option)	8,648	8,690
Other limited partnership interests	7,276	7,765
Short-term investments, at estimated fair value	2,004	3,048
Other invested assets (includes $780 and $805, respectively, of leveraged and direct financing leases; $117 and $117, respectively, relating to variable interest entities)	16,878	17,040
Total investments	244,617	247,603
Cash and cash equivalents, principally at estimated fair value	6,101	6,795
Accrued investment income	2,080	2,026
Premiums, reinsurance and other receivables	28,781	28,236
Market risk benefits	230	177
Deferred policy acquisition costs and value of business acquired	3,260	3,305
Current income tax recoverable	0	112
Deferred income tax asset	2,934	2,922
Other assets	4,333	4,312
Separate account assets	81,726	83,197
Total assets	374,062	378,685
Liabilities
Future policy benefits	126,894	129,182
Policyholder account balances	103,262	103,894
Market risk benefits	2,452	2,878
Other policy-related balances	8,796	8,289
Policyholder dividends payable	228	233
Payables for collateral under securities loaned and other transactions	11,628	11,790
Long-term debt	1,737	1,887
Current income tax payable	9	0
Other liabilities	24,037	23,719
Separate account liabilities	81,726	83,197
Total liabilities	360,769	365,069
Contingencies, Commitments and Guarantees (Note 15)
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding	5	5
Additional paid-in capital	12,475	12,475
Retained earnings	7,164	7,645
Accumulated other comprehensive income (loss)	(6,728)	(6,872)
Total Metropolitan Life Insurance Company stockholder’s equity	12,916	13,253
Noncontrolling interests	377	363
Total equity	13,293	13,616
Total liabilities and equity	$ 374,062	$ 378,685

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Amortized cost of fixed maturity securities valuation allowances	$ 66	$ 132
Amortized Cost	153,315	152,080
Mortgage loans valuation allowances	569	509
Mortgage loans (net of allowance for credit loss of $569 and $509, respectively; includes $187 and $166, respectively, relating to variable interest entities)	61,855	62,584
Real estate and real estate joint ventures - FVO	8,648	8,690
Other Invested Assets - Leveraged and Direct Financing Leases	780	805
Other invested assets - VIE	$ 16,878	$ 17,040
Metropolitan Life Insurance Company stockholder’s equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	494,466,664	494,466,664
Common stock, shares outstanding	494,466,664	494,466,664
Residential mortgage loans — FVO
Assets
Real estate and real estate joint ventures - FVO	$ 328	$ 317
Variable Interest Entity
Assets
Mortgage loans (net of allowance for credit loss of $569 and $509, respectively; includes $187 and $166, respectively, relating to variable interest entities)	187	166
Real estate and real estate joint ventures - FVO	1,355	1,427
Other invested assets - VIE	$ 117	$ 117

XML

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Premiums	$ 6,214	$ 5,849
Universal life and investment-type product policy fees	359	430
Net investment income	2,857	2,685
Other revenues	455	415
Net investment gains (losses)	(136)	(102)
Net derivative gains (losses)	(56)	(560)
Total revenues	9,693	8,717
Expenses
Policyholder benefits and claims	6,690	6,223
Policyholder liability remeasurement (gains) losses	13	(57)
Market risk benefit remeasurement (gains) losses	(586)	244
Interest credited to policyholder account balances	923	831
Policyholder dividends	115	123
Other expenses	1,389	1,548
Total expenses	8,544	8,912
Income (loss) before provision for income tax	1,149	(195)
Provision for income tax expense (benefit)	214	(104)
Net income (loss)	935	(91)
Less: Net income (loss) attributable to noncontrolling interests	(3)	(2)
Net income (loss) attributable to Metropolitan Life Insurance Company	938	(89)
Comprehensive income (loss)	1,079	1,398
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	(3)	(1)
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$ 1,082	$ 1,399

XML

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Total Metropolitan Life Insurance Company Stockholder’s Equity	Total Metropolitan Life Insurance Company Stockholder’s Equity Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 13,395		$ 5	$ 12,476	$ 9,022		$ (8,320)	$ 13,183		$ 212
Dividends to MetLife, Inc.	(618)				(618)			(618)
Change in equity of noncontrolling interests	1							0		1
Net income (loss)	(91)				(89)			(89)		(2)
Other comprehensive income (loss), net of income tax	1,489						1,488	1,488		1
Ending Balance at Mar. 31, 2023	14,176		5	12,476	8,315		(6,832)	13,964		212
Beginning Balance at Dec. 31, 2023	13,616	$ (219)	5	12,475	7,645	$ (219)	(6,872)	13,253	$ (219)	363
Dividends to MetLife, Inc.	(1,200)				(1,200)			(1,200)
Change in equity of noncontrolling interests	17							0		17
Net income (loss)	935				938			938		(3)
Other comprehensive income (loss), net of income tax	144						144	144
Ending Balance at Mar. 31, 2024	$ 13,293		$ 5	$ 12,475	$ 7,164		$ (6,728)	$ 12,916		$ 377

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 1,397	$ 199
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities available-for-sale	5,900	10,356
Sales, maturities and repayments of equity securities	24	30
Sales, maturities and repayments of mortgage loans	1,607	1,146
Sales, maturities and repayments of real estate and real estate joint ventures	57	8
Sales, maturities and repayments of other limited partnership interests	250	155
Sales, maturities and repayments of short-term investments	2,090	2,042
Purchases of fixed maturity securities available-for-sale	(7,035)	(11,590)
Purchases of equity securities	(6)	(4)
Purchases of mortgage loans	(1,002)	(2,700)
Purchases of real estate and real estate joint ventures	(114)	(193)
Purchases of other limited partnership interests	(112)	(174)
Purchases of short-term investments	(1,095)	(1,321)
Cash received in connection with freestanding derivatives	312	259
Cash paid in connection with freestanding derivatives	(549)	(921)
Net change in policy loans	(67)	28
Net change in other invested assets	(14)	(11)
Other, net	15	6
Net cash provided by (used in) investing activities	261	(2,884)
Cash flows from financing activities
Policyholder account balances - deposits	17,712	22,131
Policyholder account balances - withdrawals	(18,513)	(22,491)
Net change in payables for collateral under securities loaned and other transactions	(162)	(728)
Long-term debt issued	0	211
Long-term debt repaid	(150)	0
Derivatives with certain financing elements and other derivative-related transactions, net	(55)	(2)
Dividends paid to MetLife, Inc.	(1,200)	(618)
Other, net	18	2
Net cash provided by (used in) financing activities	(2,350)	(1,495)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(2)	0
Change in cash and cash equivalents	(694)	(4,180)
Cash and cash equivalents, beginning of period	6,795	9,405
Cash and cash equivalents, end of period	6,101	5,225
Supplemental disclosures of cash flow information
Net cash paid for Interest	14	14
Net cash paid (received) for Income tax	11	3
Non-cash transactions:
Other invested assets received in connection with the disposal of other limited partnership interests	278	0
Policyholder account balances received associated with funding agreement backed notes issued but not settled	0	795
Fixed maturity securities available-for-sale received from an affiliate	0	502
Policyholder account balances received in connection with affiliated reinsurance transactions	$ 0	$ 502

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Business, Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 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

Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of insurance, annuities, employee benefits and asset management and is organized into three segments: Group Benefits, Retirement and Income Solutions (“RIS”), and MetLife Holdings. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”).

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 Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company 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.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

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 March 31, 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

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

2. Segment Information

In the fourth quarter of 2023, MLIC reorganized from two segments into the following three segments to reflect changes in management’s responsibilities: Group Benefits, RIS 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 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, benefit funding solutions and capital markets investment products.

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.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses, including the Company’s ancillary non-U.S. operations. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including 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, and the elimination of intersegment amounts (which generally relate to intersegment loans bearing interest rates commensurate with related borrowings).

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 MLIC 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 MLIC 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 ended March 31, 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 MetLife’s and the Company’s businesses.

MetLife’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. MetLife’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 March 31, 2024	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,467	$	176	$	572	$	(1)	$	6,214	$	—	$	6,214
Universal life and investment-type product policy fees	222		65		70		2		359		—		359
Net investment income	305		1,676		910		90		2,981		(124)		2,857
Other revenues	189		62		50		122		423		32		455
Net investment gains (losses)	—		—		—		—		—		(136)		(136)
Net derivative gains (losses)	—		—		—		—		—		(56)		(56)
Total revenues	6,183		1,979		1,602		213		9,977		(284)		9,693
Expenses
Policyholder benefits and claims and policyholder dividends	4,945		827		1,046		—		6,818		(13)		6,805
Policyholder liability remeasurement (gains) losses	(3)		(8)		24		—		13		—		13
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		(586)		(586)
Interest credited to policyholder account balances	48		676		94		83		901		22		923
Capitalization of deferred policy acquisition costs	(4)		(21)		—		—		(25)		—		(25)
Amortization of deferred policy acquisition costs and value of business acquired	6		8		50		6		70		—		70
Interest expense on debt	—		4		4		24		32		—		32
Other expenses	872		102		200		135		1,309		3		1,312
Total expenses	5,864		1,588		1,418		248		9,118		(574)		8,544
Provision for income tax expense (benefit)	69		82		36		(34)		153		61		214
Adjusted earnings	$	250	$	309	$	148	$	(1)	706
Adjustments to:
Total revenues									(284)
Total expenses									574
Provision for income tax (expense) benefit									(61)
Net income (loss)									$	935			$	935

Three Months Ended March 31, 2023	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,216	$	54	$	578	$	1	$	5,849	$	—	$	5,849
Universal life and investment-type product policy fees	218		67		145		—		430		—		430
Net investment income	303		1,551		989		43		2,886		(201)		2,685
Other revenues	179		63		56		122		420		(5)		415
Net investment gains (losses)	—		—		—		—		—		(102)		(102)
Net derivative gains (losses)	—		—		—		—		—		(560)		(560)
Total revenues	5,916		1,735		1,768		166		9,585		(868)		8,717
Expenses
Policyholder benefits and claims and policyholder dividends	4,694		533		1,116		—		6,343		3		6,346
Policyholder liability remeasurement (gains) losses	(4)		(68)		15		—		(57)		—		(57)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		244		244
Interest credited to policyholder account balances	46		563		155		66		830		1		831
Capitalization of deferred policy acquisition costs	(6)		(19)		—		(52)		(77)		—		(77)
Amortization of deferred policy acquisition costs and value of business acquired	6		8		59		4		77		—		77
Interest expense on debt	—		3		3		24		30		—		30
Other expenses	809		297		206		201		1,513		5		1,518
Total expenses	5,545		1,317		1,554		243		8,659		253		8,912
Provision for income tax expense (benefit)	78		87		41		(75)		131		(235)		(104)
Adjusted earnings	$	293	$	331	$	173	$	(2)	795
Adjustments to:
Total revenues									(868)
Total expenses									(253)
Provision for income tax (expense) benefit									235
Net income (loss)									$	(91)			$	(91)

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

	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits	$	34,538	$	34,185
RIS	177,148		180,625
MetLife Holdings	131,556		133,219
Corporate & Other	30,820		30,656
Total	$	374,062	$	378,685

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Future Policy Benefits

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure

3. 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:

	March 31, 2024		December 31, 2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	47,106	$	48,695
MetLife Holdings - Long-term care	14,845		15,240
Deferred Profit Liabilities:
RIS - Annuities	2,993		3,000
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,877		1,841
MetLife Holdings - Participating life	43,294		43,586
Other long-duration (1)	6,416		6,605
Short-duration and other	10,363		10,215
Total	$	126,894	$	129,182

__________________

(1) This balance represents liabilities for various smaller product lines across all segments

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. Information regarding these products was as follows:

	Three Months Ended March 31,
	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)	(3)			2
Adjusted balance	(3)			2
Issuances	157			66
Net premiums collected	(154)			(68)
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	$	48,886		$	48,190
Balance, beginning of period, at original discount rate	$	47,991		$	49,194
Effect of actual variances from expected experience (1)	(26)			(262)
Adjusted balance	47,965			48,932
Issuances	157			64
Interest accrual	597			600
Benefit payments	(1,115)			(1,309)
Ending balance at original discount rate	47,604			48,287
Effect of changes in discount rate assumptions	(200)			281
Balance, end of period, at current discount rate at balance sheet date	47,404			48,568
Cumulative amount of fair value hedging adjustments	(298)			(77)
Net liability for FPBs	$	47,106		$	48,491
Undiscounted - Expected future benefit payments	$	88,345		$	94,225
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	47,404		$	48,568
Weighted-average duration of the liability	9 years			10 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.4		%	5.2		%

__________________

(1)For the three months ended March 31, 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 $15 million and $196 million, respectively. Excluding the corresponding impact in DPL, for the three months ended March 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and the amendment of an affiliated reinsurance treaty.

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:

	Three Months Ended March 31,
		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		(4)			26
Adjusted balance		5,562			5,833
Interest accrual		71			75
Net premiums collected		(143)			(146)
Ending balance at original discount rate		5,490			5,762
Effect of changes in discount rate assumptions		—			104
Balance, end of period, at current discount rate at balance sheet date		$	5,490		$	5,866
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		(1)			28
Adjusted balance		20,493			20,193
Interest accrual		269			266
Benefit payments		(212)			(191)
Ending balance at original discount rate		20,550			20,268
Effect of changes in discount rate assumptions		(215)			215
Balance, end of period, at current discount rate at balance sheet date		20,335			20,483
Net liability for FPBs		$	14,845		$	14,617
Undiscounted:
Expected future gross premiums		$	10,430		$	11,053
Expected future benefit payments		$	44,808		$	45,741
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	6,895		$	7,295
Expected future benefit payments		$	20,335		$	20,483
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		5.5		%	5.3		%

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for 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 a disaggregated rollforward. The products grouped within the rollforward 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 the disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

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:

	Three Months  Ended March 31,
	2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,841		$	1,642
Less: Accumulated other comprehensive income (“AOCI”) adjustment	(14)			(63)
Balance, beginning of period, before AOCI adjustment	1,855			1,705
Effect of actual variances from expected experience	11			14
Adjusted balance	1,866			1,719
Assessments accrual	22			24
Interest accrual	24			22
Excess benefits paid	(20)			(29)
Balance, end of period, before AOCI adjustment	1,892			1,736
Add: AOCI adjustment	(15)			(50)
Balance, end of period	1,877			1,686
Less: Reinsurance recoverables	1,877			636
Balance, end of period, net of reinsurance	$	—		$	1,050
Weighted-average duration of the liability	17 years			17 years
Weighted-average interest accretion rate	5.2		%	5.2		%

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:

	Three Months Ended March 31,
	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	$	167	$	597	$	41	$	600
MetLife Holdings - Long-term care	181		198		183		191
Deferred Profit Liabilities:
RIS - Annuities	N/A		37		N/A		35
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	99		24		120		22
Other long duration	177		77		164		76
Total	$	624	$	933	$	508	$	924

__________________

(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:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	11,609	$	11,300
Less: Reinsurance recoverables	1,740		1,633
Net balance, beginning of period	9,869		9,667
Incurred related to:
Current period	5,178		5,151
Prior periods (1)	(58)		(28)
Total incurred	5,120		5,123
Paid related to:
Current period	(2,152)		(2,025)
Prior periods	(3,000)		(2,999)
Total paid	(5,152)		(5,024)
Net balance, end of period	9,837		9,766
Add: Reinsurance recoverables	2,064		1,816
Balance, end of period (included in FPBs and other policy-related balances)	$	11,901	$	11,582

______________

(1)For the three months ended March 31, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the respective current period.

XML

Policyholder Account Balances

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Policyholder Account Balances

4. 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:

	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits - Group Life	$	7,593	$	7,605
RIS:
Capital Markets Investment Products and Stable Value GICs	58,350		58,554
Annuities and Risk Solutions	10,793		10,650
MetLife Holdings - Annuities	10,489		10,888
Other	16,037		16,197
Total	$	103,262	$	103,894

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	7,605		$	7,954
Deposits	966			830
Policy charges	(163)			(160)
Surrenders and withdrawals	(856)			(782)
Benefit payments	(4)			(1)
Net transfers from (to) separate accounts	(3)			1
Interest credited	48			46
Balance, end of period	$	7,593		$	7,888
Weighted-average annual crediting rate	2.6		%	2.3		%
At period end:
Cash surrender value	$	7,533		$	7,827
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	260,502		$	249,463

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	839	$	4,628	$	5,467
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	9	$	939	$	4,663	$	7,593
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	935	$	4,640	$	5,575
Equal to or greater than 2% but less than 4%	1,277		10		63		2		1,352
Equal to or greater than 4%	759		1		43		33		836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		125
Total	$	2,036	$	11	$	1,041	$	4,675	$	7,888

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	58,554		$	58,508
Deposits	16,227			19,546
Surrenders and withdrawals	(16,502)			(20,825)
Interest credited	518			422
Effect of foreign currency translation and other, net	(447)			459
Balance, end of period	$	58,350		$	58,110
Weighted-average annual crediting rate	3.6		%	2.9		%
Cash surrender value at period end	$	1,515		$	1,565

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,351
Total	$	—	$	—	$	1	$	1,998	$	58,350
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,835	$	1,836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,274
Total	$	—	$	—	$	1	$	1,835	$	58,110

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,650		$	10,244
Deposits	250			240
Policy charges	(12)			(43)
Surrenders and withdrawals	(55)			(40)
Benefit payments	(148)			(134)
Net transfers from (to) separate accounts	19			55
Interest credited	112			107
Other	(23)			21
Balance, end of period	$	10,793		$	10,450
Weighted-average annual crediting rate	4.2		%	4.1		%
At period end:
Cash surrender value	$	6,834		$	6,621
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	34,862		$	35,177

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,579	$	1,599
Equal to or greater than 2% but less than 4%	244		34		8		416		702
Equal to or greater than 4%	3,527		—		266		5		3,798
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,694
Total	$	3,771	$	34	$	294	$	2,000	$	10,793
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	58	$	1,394	$	1,452
Equal to or greater than 2% but less than 4%	230		39		40		441		750
Equal to or greater than 4%	3,689		120		12		5		3,826
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,422
Total	$	3,919	$	159	$	110	$	1,840	$	10,450

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,888		$	12,598
Deposits	36			41
Policy charges	(3)			(3)
Surrenders and withdrawals	(440)			(510)
Benefit payments	(106)			(117)
Net transfers from (to) separate accounts	27			35
Interest credited	83			90
Other	4			9
Balance, end of period	$	10,489		$	12,143
Weighted-average annual crediting rate	3.2		%	2.9		%
At period end:
Cash surrender value	$	9,797		$	11,309
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,486		$	3,600
At annuitization or exercise of other living benefits	$	572		$	788

__________________

(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 5.

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	865		7,151		534		201		8,751
Equal to or greater than 4%	417		140		25		—		582
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		411
Total	$	1,288	$	7,528	$	1,001	$	261	$	10,489
March 31, 2023
Equal to or greater than 0% but less than 2%	$	658	$	90	$	136	$	24	$	908
Equal to or greater than 2% but less than 4%	6,516		3,197		371		36		10,120
Equal to or greater than 4%	587		44		6		—		637
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		478
Total	$	7,761	$	3,331	$	513	$	60	$	12,143

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	206	$	2,437	$	2,231	$	156	$	2,858	$	2,702
Other	24		15		(9)		21		20		(1)
Total	$	230	$	2,452	$	2,222	$	177	$	2,878	$	2,701

Rollforwards

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

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. Information regarding MetLife Holdings annuity products was as follows:

	Three Months Ended March 31,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,702	$	3,071
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,741	$	3,164
Attributed fees collected		76		80
Benefit payments		(22)		(10)
Effect of changes in interest rates		(376)		344
Effect of changes in capital markets		(242)		(303)
Effect of changes in equity index volatility		34		(121)
Actual policyholder behavior different from expected behavior		57		21
Effect of foreign currency translation and other, net (1)		(11)		251
Effect of changes in risk margin		(44)		3
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,213		3,429
Cumulative effect of changes in the instrument-specific credit risk		18		(174)
Balance, end of period		$	2,231	$	3,255
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,486	$	3,600
At annuitization or exercise of other living benefits		$	572	$	788
Weighted-average attained age of contractholders:
In the event of death		72 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 4.

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 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 11 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 rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	(1)	$	25
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	2	$	34
Attributed fees collected	1		1
Effect of changes in interest rates	(12)		21
Actual policyholder behavior different from expected behavior	—		(23)
Effect of foreign currency translation and other, net	2		35
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(7)		68
Cumulative effect of changes in the instrument-specific credit risk	(2)		(15)
Balance, end of period	$	(9)	$	53

XML

Market Risk Benefits

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Market Risk Benefits

4. 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:

	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits - Group Life	$	7,593	$	7,605
RIS:
Capital Markets Investment Products and Stable Value GICs	58,350		58,554
Annuities and Risk Solutions	10,793		10,650
MetLife Holdings - Annuities	10,489		10,888
Other	16,037		16,197
Total	$	103,262	$	103,894

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	7,605		$	7,954
Deposits	966			830
Policy charges	(163)			(160)
Surrenders and withdrawals	(856)			(782)
Benefit payments	(4)			(1)
Net transfers from (to) separate accounts	(3)			1
Interest credited	48			46
Balance, end of period	$	7,593		$	7,888
Weighted-average annual crediting rate	2.6		%	2.3		%
At period end:
Cash surrender value	$	7,533		$	7,827
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	260,502		$	249,463

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	839	$	4,628	$	5,467
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	9	$	939	$	4,663	$	7,593
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	935	$	4,640	$	5,575
Equal to or greater than 2% but less than 4%	1,277		10		63		2		1,352
Equal to or greater than 4%	759		1		43		33		836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		125
Total	$	2,036	$	11	$	1,041	$	4,675	$	7,888

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	58,554		$	58,508
Deposits	16,227			19,546
Surrenders and withdrawals	(16,502)			(20,825)
Interest credited	518			422
Effect of foreign currency translation and other, net	(447)			459
Balance, end of period	$	58,350		$	58,110
Weighted-average annual crediting rate	3.6		%	2.9		%
Cash surrender value at period end	$	1,515		$	1,565

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,351
Total	$	—	$	—	$	1	$	1,998	$	58,350
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,835	$	1,836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,274
Total	$	—	$	—	$	1	$	1,835	$	58,110

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,650		$	10,244
Deposits	250			240
Policy charges	(12)			(43)
Surrenders and withdrawals	(55)			(40)
Benefit payments	(148)			(134)
Net transfers from (to) separate accounts	19			55
Interest credited	112			107
Other	(23)			21
Balance, end of period	$	10,793		$	10,450
Weighted-average annual crediting rate	4.2		%	4.1		%
At period end:
Cash surrender value	$	6,834		$	6,621
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	34,862		$	35,177

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,579	$	1,599
Equal to or greater than 2% but less than 4%	244		34		8		416		702
Equal to or greater than 4%	3,527		—		266		5		3,798
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,694
Total	$	3,771	$	34	$	294	$	2,000	$	10,793
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	58	$	1,394	$	1,452
Equal to or greater than 2% but less than 4%	230		39		40		441		750
Equal to or greater than 4%	3,689		120		12		5		3,826
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,422
Total	$	3,919	$	159	$	110	$	1,840	$	10,450

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:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,888		$	12,598
Deposits	36			41
Policy charges	(3)			(3)
Surrenders and withdrawals	(440)			(510)
Benefit payments	(106)			(117)
Net transfers from (to) separate accounts	27			35
Interest credited	83			90
Other	4			9
Balance, end of period	$	10,489		$	12,143
Weighted-average annual crediting rate	3.2		%	2.9		%
At period end:
Cash surrender value	$	9,797		$	11,309
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,486		$	3,600
At annuitization or exercise of other living benefits	$	572		$	788

__________________

(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 5.

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	865		7,151		534		201		8,751
Equal to or greater than 4%	417		140		25		—		582
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		411
Total	$	1,288	$	7,528	$	1,001	$	261	$	10,489
March 31, 2023
Equal to or greater than 0% but less than 2%	$	658	$	90	$	136	$	24	$	908
Equal to or greater than 2% but less than 4%	6,516		3,197		371		36		10,120
Equal to or greater than 4%	587		44		6		—		637
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		478
Total	$	7,761	$	3,331	$	513	$	60	$	12,143

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	206	$	2,437	$	2,231	$	156	$	2,858	$	2,702
Other	24		15		(9)		21		20		(1)
Total	$	230	$	2,452	$	2,222	$	177	$	2,878	$	2,701

Rollforwards

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

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. Information regarding MetLife Holdings annuity products was as follows:

	Three Months Ended March 31,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,702	$	3,071
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,741	$	3,164
Attributed fees collected		76		80
Benefit payments		(22)		(10)
Effect of changes in interest rates		(376)		344
Effect of changes in capital markets		(242)		(303)
Effect of changes in equity index volatility		34		(121)
Actual policyholder behavior different from expected behavior		57		21
Effect of foreign currency translation and other, net (1)		(11)		251
Effect of changes in risk margin		(44)		3
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,213		3,429
Cumulative effect of changes in the instrument-specific credit risk		18		(174)
Balance, end of period		$	2,231	$	3,255
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,486	$	3,600
At annuitization or exercise of other living benefits		$	572	$	788
Weighted-average attained age of contractholders:
In the event of death		72 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 4.

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 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 11 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 rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 11 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	(1)	$	25
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	2	$	34
Attributed fees collected	1		1
Effect of changes in interest rates	(12)		21
Actual policyholder behavior different from expected behavior	—		(23)
Effect of foreign currency translation and other, net	2		35
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(7)		68
Cumulative effect of changes in the instrument-specific credit risk	(2)		(15)
Balance, end of period	$	(9)	$	53

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Separate Account

3 Months Ended

Mar. 31, 2024

Separate Accounts Disclosure [Abstract]

Separate Account

6. 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:

	March 31, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	33,142	$	35,562
Annuities	11,465		11,659
MetLife Holdings - Annuities	29,803		29,162
Other	7,316		6,814
Total	$	81,726	$	83,197

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, 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		MetLife Holdings Annuities
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	35,562	$	11,659	$	29,162
Premiums and deposits	312		15		63
Policy charges	(49)		(5)		(143)
Surrenders and withdrawals	(1,804)		(172)		(880)
Benefit payments	(22)		—		(128)
Investment performance	246		(54)		1,761
Net transfers from (to) general account	(19)		—		(27)
Other (1)	(1,084)		22		(5)
Balance, end of period	$	33,142	$	11,465	$	29,803
Three Months Ended March 31, 2023
Balance, beginning of period	$	43,249	$	11,694	$	28,443
Premiums and deposits	645		78		67
Policy charges	(57)		(6)		(149)
Surrenders and withdrawals	(3,417)		(135)		(660)
Benefit payments	(21)		—		(120)
Investment performance	1,079		505		1,716
Net transfers from (to) general account	(57)		2		(36)
Other	(744)		81		—
Balance, end of period	$	40,677	$	12,219	$	29,261
Cash surrender value at March 31, 2024 (2)	$	29,496	N/A		$	29,656
Cash surrender value at March 31, 2023 (2)	$	36,594	N/A		$	29,115

_____________

(1)    Other 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:

	March 31, 2024
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	555	$	—	$	555
U.S. government and agency	—		9,167		—		9,167
Public utilities	—		1,075		—		1,075
Municipals	—		297		—		297
Corporate bonds:
Materials	—		134		—		134
Communications	—		828		—		828
Consumer	—		1,795		—		1,795
Energy	—		878		—		878
Financial	—		2,632		—		2,632
Industrial and other	—		695		—		695
Technology	—		471		—		471
Foreign	—		1,840		—		1,840
Total corporate bonds	—		9,273		—		9,273
Total bonds	—		20,367		—		20,367
Mortgage-backed securities	—		9,305		—		9,305
Asset-backed securities and collateralized loan obligations	—		2,151		—		2,151
Redeemable preferred stock	—		9		—		9
Total fixed maturity securities	—		31,832		—		31,832
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,373		—		2,373
Banks, trust and insurance companies	—		731		—		731
Public utilities	—		63		—		63
Non-redeemable preferred stock	—		—		—		—
Mutual funds	1,261		3,770		35,763		40,794
Total equity securities	1,261		6,937		35,763		43,961
Other invested assets	—		1,376		—		1,376
Total investments	1,261		40,145		35,763		77,169
Other assets	—		4,557		—		4,557
Total	$	1,261	$	44,702	$	35,763	$	81,726

	December 31, 2023
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	509	$	—	$	509
U.S. government and agency	—		9,603		—		9,603
Public utilities	—		1,066		—		1,066
Municipals	—		346		—		346
Corporate bonds:
Materials	—		143		—		143
Communications	—		883		—		883
Consumer	—		1,843		—		1,843
Energy	—		906		—		906
Financial	—		2,670		—		2,670
Industrial and other	—		757		—		757
Technology	—		541		—		541
Foreign	—		1,889		—		1,889
Total corporate bonds	—		9,632		—		9,632
Total bonds	—		21,156		—		21,156
Mortgage-backed securities	—		9,515		—		9,515
Asset-backed securities and collateralized loan obligations	—		2,341		—		2,341
Redeemable preferred stock	—		9		—		9
Total fixed maturity securities	—		33,021		—		33,021
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,338		—		2,338
Banks, trust and insurance companies	—		716		—		716
Public utilities	—		65		—		65
Non-redeemable preferred stock	—		—		—		—
Mutual funds	1,159		3,672		34,728		39,559
Total equity securities	1,159		6,791		34,728		42,678
Other invested assets	—		1,425		—		1,425
Total investments	1,159		41,237		34,728		77,124
Other assets	—		6,073		—		6,073
Total	$	1,159	$	47,310	$	34,728	$	83,197

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

3 Months Ended

Mar. 31, 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]

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

DAC and VOBA

Information regarding total deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) by segment, as well as Corporate & Other, was as follows at:

	Group Benefits		RIS		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2024	$	255	$	155	$	2,723	$	158	$	3,291
Capitalizations	4		21		—		—		25
Amortization	(6)		(8)		(50)		(6)		(70)
Balance at March 31, 2024	$	253	$	168	$	2,673	$	152	$	3,246
Balance at January 1, 2023	$	264	$	137	$	3,220	$	120	$	3,741
Capitalizations	6		19		—		52		77
Amortization	(6)		(7)		(59)		(4)		(76)
Balance at March 31, 2023	$	264	$	149	$	3,161	$	168	$	3,742
Total DAC and VOBA:
Balance at March 31, 2024									$	3,260
Balance at March 31, 2023									$	3,757
Balance at December 31, 2023									$	3,305

__________________

(1)Includes DAC balances primarily related to whole life, variable annuities, disability income, term life, long-term care and universal life 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:

	Three Months Ended March 31, 2024
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	16	$	5	$	21
Deferrals	1		—		1
Amortization	(1)		—		(1)
Balance, end of period	$	16	$	5	$	21
	Three Months Ended March 31, 2023
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	18	$	227	$	245
Deferrals	1		9		10
Amortization	(1)		(5)		(6)
Balance, end of period	$	18	$	231	$	249

XML

Closed Block

3 Months Ended

Mar. 31, 2024

Closed Block Disclosure [Abstract]

Closed Block

8. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. See Note 9 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:

	March 31, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
Future policy benefits	$	35,806	$	36,142
Other policy-related balances	301		319
Policyholder dividends payable	170		174
Policyholder dividend obligation	—		—
Current income tax payable	1		—
Other liabilities	746		668
Total closed block liabilities	37,024		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,637		19,939
Mortgage loans	6,005		6,151
Policy loans	3,919		3,960
Real estate and real estate joint ventures	676		668
Other invested assets	496		506
Total investments	30,733		31,224
Cash and cash equivalents	717		717
Accrued investment income	385		383
Premiums, reinsurance and other receivables	52		54
Current income tax recoverable	—		3
Deferred income tax asset	359		312
Total assets designated to the closed block	32,246		32,693
Excess of closed block liabilities over assets designated to the closed block	4,778		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,044)		(820)
Unrealized gains (losses) on derivatives, net of income tax	151		130
Total amounts included in AOCI	(893)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,885	$	3,920

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

		Three Months Ended March 31,
		2024		2023
	(In millions)
Revenues
Premiums		$	218	$	235
Net investment income		343		338
Net investment gains (losses)		(7)		4
Net derivative gains (losses)		5		(2)
Total revenues		559		575
Expenses
Policyholder benefits and claims		404		413
Policyholder dividends		90		97
Other expenses		20		22
Total expenses		514		532
Revenues, net of expenses before provision for income tax expense (benefit)		45		43
Provision for income tax expense (benefit)		10		9
Revenues, net of expenses and provision for income tax expense (benefit)		$	35	$	34

Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block.

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Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

9. Investments

Fixed Maturity Securities Available-for-Sale

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“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. Asset-backed securities and collateralized loan obligations (collectively, “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.”

	March 31, 2024										December 31, 2023
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	52,298	$	(10)	$	845	$	3,467	$	49,666	$	52,479	$	(62)	$	1,126	$	3,050	$	50,493
Foreign corporate	27,237		(2)		415		3,126		24,524		27,520		(2)		536		2,839		25,215
U.S. government and agency	24,647		—		132		2,783		21,996		23,100		—		243		2,283		21,060
RMBS	21,688		(1)		193		2,149		19,731		20,700		(1)		228		1,979		18,948
ABS & CLO	11,908		(7)		38		363		11,576		12,049		(6)		30		432		11,641
Municipals	6,261		—		233		455		6,039		6,429		—		318		428		6,319
CMBS	5,979		(11)		40		445		5,563		6,387		(11)		28		570		5,834
Foreign government	3,297		(35)		125		264		3,123		3,416		(50)		156		227		3,295
Total fixed maturity securities AFS	$	153,315	$	(66)	$	2,021	$	13,052	$	142,218	$	152,080	$	(132)	$	2,665	$	11,808	$	142,805

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 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	$	4,500	$	24,993	$	27,898	$	56,302	$	39,556	$	153,249
Estimated fair value	$	4,407	$	24,203	$	26,636	$	50,102	$	36,870	$	142,218

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.

	March 31, 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	$	4,729	$	124	$	25,379	$	3,319	$	3,537	$	95	$	25,752	$	2,924
Foreign corporate	1,414		66		16,414		3,060		714		64		16,982		2,775
U.S. government and agency	5,375		184		10,925		2,599		4,322		228		9,980		2,055
RMBS	1,830		53		12,743		2,095		1,470		37		12,813		1,941
ABS & CLO	1,040		20		6,140		342		937		20		8,250		410
Municipals	440		13		2,106		442		262		10		2,102		418
CMBS	173		4		3,756		439		587		23		4,096		542
Foreign government	490		22		1,368		239		431		12		1,452		212
Total fixed maturity securities AFS	$	15,491	$	486	$	78,831	$	12,535	$	12,260	$	489	$	81,427	$	11,277
Investment grade	$	14,664	$	459	$	74,988	$	12,094	$	11,499	$	453	$	77,325	$	10,849
Below investment grade	827		27		3,843		441		761		36		4,102		428
Total fixed maturity securities AFS	$	15,491	$	486	$	78,831	$	12,535	$	12,260	$	489	$	81,427	$	11,277
Total number of securities in an unrealized loss position	2,055				8,334				1,679				8,441

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 10 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 $1.3 billion for the three months ended March 31, 2024 to $13.0 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, partially offset by narrowing credit spreads.

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 March 31, 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 March 31, 2024, $441 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, transportation and communications 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 March 31, 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 March 31, 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 Allowance for Credit Loss 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
Three Months Ended March 31, 2024	(In millions)
Balance, at beginning of period	$	62	$	2	$	50	$	1	$	6	$	11	$	132
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	—		—		(2)		—		1		—		(1)
Securities sold or exchanged	(52)		—		(13)		—		—		—		(65)
Balance, at end of period	$	10	$	2	$	35	$	1	$	7	$	11	$	66
Three Months Ended March 31, 2023
Balance, at beginning of period	$	28	$	3	$	68	$	—	$	—	$	15	$	114
ACL not previously recorded	31		—		—		—		—		—		31
Changes for securities with previously recorded ACL	—		—		—		—		—		2		2
Securities sold or exchanged	(2)		—		—		—		—		(10)		(12)
Balance, at end of period	$	57	$	3	$	68	$	—	$	—	$	7	$	135

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	March 31, 2024				December 31, 2023
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	36,599	59.2	%	$	37,129	59.3	%
Agricultural	15,700		25.4		15,831		25.3
Residential	10,125		16.3		10,133		16.2
Total amortized cost	62,424		100.9		63,093		100.8
Allowance for credit loss	(569)		(0.9)		(509)		(0.8)
Total mortgage loans	$	61,855	100.0	%	$	62,584	100.0	%

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($775) million and ($720) million at March 31, 2024 and December 31, 2023, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at March 31, 2024 was $194 million, $138 million and $80 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $196 million, $166 million and $79 million, respectively.

Purchases of mortgage loans from unaffiliated parties, consisting primarily of residential mortgage loans, were $255 million and $757 million for the three months ended March 31, 2024 and 2023, respectively. See “— Related Party Investment Transactions” for information regarding transfers of mortgage loans to and from affiliates.

Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio Segment

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

	Three Months Ended March 31,
	2024								2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	210	$	152	$	147	$	509	$	174	$	105	$	169	$	448
Provision (release)	63		15		(18)		60		79		49		18		146
Charge-offs, net of recoveries	—		—		—		—		—		(7)		—		(7)
Balance, end of period	$	273	$	167	$	129	$	569	$	253	$	147	$	187	$	587

Allowance for Credit Loss 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 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 March 31,
	2024				2023
	Maturity Extension		Weighted Average Life Increase	% of BV	Maturity Extension		Weighted Average Life Increase	% of BV
	Amortized Cost		Affected Loans (in Years)		Amortized Cost		Affected Loans (in Years)
	(Dollars in millions)
Commercial	$	30	Less than one year	< 1%	$	31	Less than one year	< 1%

During the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $171 million which were extended over the past 12 months became delinquent. During the three months ended March 31, 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 March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	550	$	1,587	$	1,197	$	1,689	$	982	$	10,054	$	2,461	$	18,520	50.6	%
65% to 75%	—		226		3,080		1,462		936		4,408		—		10,112		27.6
76% to 80%	—		—		355		182		111		1,755		—		2,403		6.6
Greater than 80%	—		52		588		724		611		3,589		—		5,564		15.2
Total	$	550	$	1,865	$	5,220	$	4,057	$	2,640	$	19,806	$	2,461	$	36,599	100.0	%
DSCR:
> 1.20x	$	518	$	1,384	$	4,453	$	3,677	$	2,367	$	16,393	$	2,461	$	31,253	85.4	%
1.00x - 1.20x	32		392		328		380		101		2,101		—		3,334		9.1
<1.00x	—		89		439		—		172		1,312		—		2,012		5.5
Total	$	550	$	1,865	$	5,220	$	4,057	$	2,640	$	19,806	$	2,461	$	36,599	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	123	$	794	$	1,988	$	1,472	$	1,942	$	6,941	$	1,235	$	14,495	92.3	%
65% to 75%	3		22		77		193		125		503		127		1,050		6.7
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	—		5		—		—		5		140		5		155		1.0
Total	$	126	$	821	$	2,065	$	1,665	$	2,072	$	7,584	$	1,367	$	15,700	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	—	$	345	$	1,842	$	909	$	150	$	6,521	$	—	$	9,767	96.5	%
Nonperforming (1)	—		8		50		14		6		280		—		358		3.5
Total	$	—	$	353	$	1,892	$	923	$	156	$	6,801	$	—	$	10,125	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $134 million at both March 31, 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 March 31, 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	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(In millions)
Commercial	$	276	$	19	$	—	$	—	$	491	$	303
Agricultural	243		40		29		—		252		206
Residential	358		343		—		—		360		343
Total	$	877	$	402	$	29	$	—	$	1,103	$	852

Real Estate and Real Estate Joint Ventures

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 real estate joint ventures. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	March 31, 2024		December 31, 2023		Three Months   Ended   March 31,
					2024		2023
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,587	$	1,594	$	38	$	42
Other real estate	510		506		43		46
Real estate joint ventures	6,551		6,590		(50)		(36)
Total real estate and real estate joint ventures	$	8,648	$	8,690	$	31	$	52

The carrying value of wholly-owned real estate acquired through foreclosure was $192 million and $190 million at March 31, 2024 and December 31, 2023, respectively. Depreciation expense on real estate investments was $21 million and $20 million for the three months ended March 31, 2024 and 2023, respectively. Real estate investments net of accumulated depreciation were $660 million and $638 million at March 31, 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, apartment 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 10 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.

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 $781 million and $1.0 billion at March 31, 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 ended March 31, 2024, income tax credits and other income tax benefits of $37 million and amortized expense of $33 million were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

FVO Securities and Equity Securities

The following table presents FVO securities and equity securities by asset type. FVO securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	March 31, 2024						December 31, 2023
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
			(In millions)
FVO securities	$	391	$	443	$	834	$	379	$	367	$	746
Equity securities
Common stock (2)	$	119	$	57	$	176	$	118	$	45	$	163
Non-redeemable preferred stock	166		4		170		177		7		184
Total equity securities	$	285	$	61	$	346	$	295	$	52	$	347

__________________

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

(2)Includes common stock and certain mutual funds.

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 $3.6 billion and $3.5 billion, principally at estimated fair value, at March 31, 2024 and December 31, 2023, respectively.

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2024 and December 31, 2023.

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:

	March 31, 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	$	5,862	$	5,997	$	5,870	$	5,528	$	5,684	$	5,565
Repurchase agreements	$	3,032	$	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 March 31, 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:

	March 31, 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	$	901	$	2,763	$	2,333	$	—	$	5,997	$	943	$	2,523	$	2,218	$	—	$	5,684
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 agreements 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 and Pledged as Collateral

Invested assets on deposit 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:

	March 31, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits)	$	101	$	105
Invested assets pledged as collateral (1)	21,418		21,177
Total invested assets on deposit and pledged as collateral	$	21,519	$	21,282

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 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 10.

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 8 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 $637 million, at redemption value, at both March 31, 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:

	March 31, 2024				December 31, 2023
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures	$	1,355	$	—	$	1,427	$	—
Mortgage loan joint ventures	195		—		171		—
Renewable energy partnership (primarily other invested assets)	66		1		65		—
Investment funds (primarily other invested assets)	61		—		61		—
Total	$	1,677	$	1	$	1,724	$	—

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:

	March 31, 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)	$	35,694	$	35,694	$	35,370	$	35,370
Other limited partnership interests	6,816		8,741		7,319		9,452
Other invested assets	1,171		1,328		1,318		1,405
Real estate joint ventures	109		272		104		267
Total	$	43,790	$	46,035	$	44,111	$	46,494

__________________

(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 other limited partnership interests (“OLPI”) and real estate joint ventures (“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 15, 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 three months ended March 31, 2024 or 2023.

Net Investment Income

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

	Three Months   Ended   March 31,
Asset Type	2024		2023
	(In millions)
Fixed maturity securities AFS	$	1,830	$	1,846
Mortgage loans	828		790
Policy loans	70		73
Real estate and REJV	31		52
OLPI	158		1
Cash, cash equivalents and short-term investments	91		84
FVO securities	66		50
Operating joint venture	16		14
Equity securities	3		1
Other	81		79
Subtotal investment income	3,174		2,990
Less: Investment expenses	317		305
Net investment income	$	2,857	$	2,685
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals	$	—	$	—
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV)	87		58
Net realized and unrealized gains (losses) recognized in NII	$	87	$	58
Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in NII	$	64	$	47
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	136	$	(38)

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   March 31,
Asset Type		2024		2023
	(In millions)
Fixed maturity securities AFS		$	(79)	$	52
Equity securities		6		(5)
Mortgage loans		(71)		(149)
Real estate and REJV (excluding changes in estimated fair value)		27		2
OLPI (excluding changes in estimated fair value) (1)		(38)		7
Other gains (losses)		(5)		6
Subtotal		(160)		(87)
Change in estimated fair value of OLPI and REJV		3		(5)
Non-investment portfolio gains (losses)		21		(10)
Subtotal		24		(15)
Net investment gains (losses)		$	(136)	$	(102)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)		$	(173)	$	83
Impairment (losses)		—		(6)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		7		(162)
Unrealized net gains (losses) recognized in earnings		9		(7)
Total recognized gains (losses)		(157)		(92)
Non-investment portfolio gains (losses)		21		(10)
Net investment gains (losses)		$	(136)	$	(102)
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL		$	11	$	(3)
Other gains (losses) include:
Foreign currency gains (losses)		$	9	$	(15)
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in NIGL		$	(173)	$	83
Recognized in NII		—		—
Net realized investment gains (losses) from sales and disposals of investments		$	(173)	$	83

__________________

(1)    Includes a net loss of $36 million during the three months ended March 31, 2024 for private equity investments sold. The Company sold a $590 million portfolio of investments to a fund for proceeds of $554 million in cash and receivables secured by the value of the fund. An affiliate 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   March 31,
Fixed Maturity Securities AFS	2024		2023
	(In millions)
Proceeds	$	3,030	$	8,422
Gross investment gains	$	48	$	239
Gross investment (losses)	(193)		(160)
Realized gains (losses) on sales and disposals	(145)		79
Net credit loss (provision) release (change in ACL recognized in earnings)	66		(21)
Impairment (losses)	—		(6)
Net credit loss (provision) release and impairment (losses)	66		(27)
Net investment gains (losses)	$	(79)	$	52
Equity Securities
Realized gains (losses) on sales and disposals	$	(1)	$	(2)
Unrealized net gains (losses) recognized in earnings	7		(3)
Net investment gains (losses)	$	6	$	(5)

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, and real estate and real estate joint ventures to and from affiliates. Invested assets transferred to and from affiliates were as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	140	$	—
Amortized cost of invested assets transferred to affiliates	$	137	$	—
Net investment gains (losses) recognized on transfers	$	3	$	—
Estimated fair value of invested assets transferred from affiliates	$	2	$	515
Estimated fair value of derivative liabilities transferred from affiliates	$	—	$	—

Recurring related party investments and related net investment income were as follows at and for the periods ended:

		March 31, 2024		December 31, 2023		Three Months   Ended   March 31,
						2024		2023
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,052	$	1,130	$	3	$	5
Affiliated investments (2)	Metropolitan General Insurance Company	152		150		—		—
Other invested assets		$	1,204	$	1,280	$	3	$	5

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. See Note 10 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information.

(2)Represents an investment in affiliated preferred stock with a dividend yield of 7.50% that will be cumulative and payable annually in arrears. The shares can be redeemed, at MetLife General Insurance Company’s option, after December 15, 2028.

The Company, through its wholly-owned subsidiary, entered into an agreement to assume certain group annuity contracts issued in connection with a qualifying pension risk transfer on a modified coinsurance basis from Metropolitan Tower Life Insurance Company (“MTL”). In accordance with this reinsurance agreement, the Company reported affiliated funds withheld within other invested assets of $2.8 billion for both March 31, 2024 and December 31, 2023.

The Company incurred investment advisory charges from an affiliate of $76 million and $68 million for the three months ended March 31, 2024 and 2023, respectively.

See “— Variable Interest Entities” for information on investments in affiliated real estate joint ventures and affiliated mortgage loan joint ventures.

XML

Derivatives

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

10. 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 11 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 and forwards;

•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 11 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:

		March 31, 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	$	4,770	$	1,112	$	579	$	4,443	$	1,257	$	508
Foreign currency swaps	Foreign currency exchange rate	1,384		39		6		1,459		55		1
Subtotal		6,154		1,151		585		5,902		1,312		509
Cash flow hedges:
Interest rate swaps	Interest rate	4,289		—		277		3,789		1		246
Interest rate forwards	Interest rate	636		—		133		970		—		175
Foreign currency swaps	Foreign currency exchange rate	32,752		2,032		904		30,342		1,977		846
Subtotal		37,677		2,032		1,314		35,101		1,978		1,267
Total qualifying hedges		43,831		3,183		1,899		41,003		3,290		1,776
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	16,038		1,507		700		15,516		1,476		638
Interest rate floors	Interest rate	11,770		33		—		13,921		39		—
Interest rate caps	Interest rate	28,090		302		—		28,890		355		—
Interest rate futures	Interest rate	72		—		—		25		—		—
Interest rate options	Interest rate	37,416		210		60		39,226		361		27
Synthetic GICs	Interest rate	6,083		—		—		6,145		—		—
Foreign currency swaps	Foreign currency exchange rate	4,403		469		11		4,304		446		24
Foreign currency forwards	Foreign currency exchange rate	1,195		4		2		1,176		8		10
Credit default swaps — purchased	Credit	774		—		8		809		3		7
Credit default swaps — written	Credit	11,443		218		6		10,007		186		4
Equity futures	Equity market	707		—		—		941		3		—
Equity index options	Equity market	11,999		211		184		17,703		339		193
Equity total return swaps	Equity market	2,020		—		138		1,912		—		218
Total non-designated or nonqualifying derivatives		132,010		2,954		1,109		140,575		3,216		1,121
Total		$	175,841	$	6,137	$	3,008	$	181,578	$	6,506	$	2,897

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 March 31, 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, nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended March 31, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(109)	$	(39)	N/A
Hedged items	—		—		N/A		103		38		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	4		—		N/A		—		(24)		N/A
Hedged items	(2)		—		N/A		—		28		N/A
Subtotal	2		—		N/A		(6)		3		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		$	(144)
Amount of gains (losses) reclassified from AOCI into income	8		2		—		—		—		(10)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		1
Amount of gains (losses) reclassified from AOCI into income	1		(270)		—		—		—		269
Foreign currency transaction gains (losses) on hedged items	—		263		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	9		(5)		—		—		—		116
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(199)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		74		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		—		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		23		N/A		N/A		N/A
Equity derivatives (1)	(25)		N/A		(281)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(36)		N/A		N/A		N/A
Subtotal	(25)		N/A		(419)		N/A		N/A		N/A
Earned income on derivatives	30		—		127		(4)		(48)		—
Synthetic GICs	N/A		N/A		2		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		234		N/A		N/A		N/A
Total	$	16	$	(5)	$	(56)	$	(10)	$	(45)	$	116

	Three Months Ended March 31, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(1)	$	—	N/A		$	126	$	32	N/A
Hedged items	1		—		N/A		(126)		(32)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(16)		—		N/A		—		—		N/A
Hedged items	16		—		N/A		—		—		N/A
Subtotal	—		—		N/A		—		—		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		$	200
Amount of gains (losses) reclassified from AOCI into income	14		2		—		—		—		(16)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(41)
Amount of gains (losses) reclassified from AOCI into income	1		129		—		—		—		(130)
Foreign currency transaction gains (losses) on hedged items	—		(124)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	15		7		—		—		—		13
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(61)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(95)		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(9)		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		6		N/A		N/A		N/A
Equity derivatives (1)	(6)		N/A		(403)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		32		N/A		N/A		N/A
Subtotal	(6)		N/A		(530)		N/A		N/A		N/A
Earned income on derivatives	43		—		245		5		(33)		—
Synthetic GICs	N/A		N/A		5		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(280)		N/A		N/A		N/A
Total	$	52	$	7	$	(560)	$	5	$	(33)	$	13

__________________

(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, and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

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)
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(In millions)
Fixed maturity securities AFS	$	118	$	120	$	1	$	1
Mortgage loans	$	271	$	345	$	(8)	$	(10)
FPBs	$	(2,656)	$	(2,863)	$	298	$	191
PABs	$	(1,657)	$	(1,844)	$	121	$	2

__________________

(1)Includes ($107) million and ($113) million of hedging adjustments on discontinued hedging relationships at March 31, 2024 and December 31, 2023, respectively.

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 $0 and $1 million for the three months ended March 31, 2024 and 2023, respectively.

At both March 31, 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 March 31, 2024 and December 31, 2023, the balance in AOCI associated with cash flow hedges was $1.0 billion and $894 million, respectively.

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

At March 31, 2024, the Company expected to reclassify $190 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

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:

	March 31, 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)	$	—	$	10	0.2	$	—	$	10	0.5
Credit default swaps referencing indices	91		4,286		2.7	80		3,831		2.7
Subtotal	91		4,296		2.7	80		3,841		2.7
Baa
Single name credit default swaps (3)	1		55		2.0	1		55		2.3
Credit default swaps referencing indices	119		6,963		4.7	102		5,982		5.6
Subtotal	120		7,018		4.7	103		6,037		5.5
Ba
Credit default swaps referencing indices	2		25		2.7	2		25		3.0
Subtotal	2		25		2.7	2		25		3.0
B
Credit default swaps referencing indices	1		74		4.7	1		74		5.0
Subtotal	1		74		4.7	1		74		5.0
Caa
Credit default swaps referencing indices	(2)		30		2.2	(4)		30		2.5
Subtotal	(2)		30		2.2	(4)		30		2.5
Total	$	212	$	11,443	3.9	$	182	$	10,007	4.4

__________________

(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 11 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:

	March 31, 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)	$	6,178	$	3,076	$	6,534	$	2,892
OTC-cleared (1)	126		5		112		13
Exchange-traded	—		—		3		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	6,304		3,081		6,649		2,905
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,482)		(2,482)		(2,350)		(2,350)
OTC-cleared	—		—		(4)		(4)
Exchange-traded	—		—		—		—
Cash collateral: (3), (4)
OTC-bilateral	(2,504)		—		(2,872)		—
OTC-cleared	(124)		—		(105)		(1)
Securities collateral: (5)
OTC-bilateral	(1,172)		(593)		(1,283)		(542)
OTC-cleared	—		(5)		—		(8)
Exchange-traded	—		—		—		—
Net amount after application of master netting agreements and collateral	$	22	$	1	$	35	$	—

__________________

(1)At March 31, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $167 million and $143 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $73 million and $8 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.

(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 March 31, 2024 and December 31, 2023, the Company received excess cash collateral of $28 million and $154 million, respectively, and provided excess cash collateral of $5 million and $4 million, respectively, which are 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 March 31, 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 March 31, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $305 million and $286 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.0 billion and $1.1 billion, respectively, for its OTC-bilateral derivatives, $469 million and $495 million, respectively, for its OTC-cleared derivatives, and $55 million and $56 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. All of the Company’s netting agreements for derivatives contain provisions that require both Metropolitan Life Insurance Company and the counterparty to maintain a specific investment grade financial strength or credit rating from each of Moody’s and S&P. If a party’s financial strength or credit rating were to fall below that specific investment grade financial strength or 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.

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.

	March 31, 2024						December 31, 2023
	Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total		Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	590	$	3	$	593	$	542	$	—	$	542
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	1,025	$	5	$	1,030	$	896	$	—	$	896

__________________

(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	March 31, 2024		December 31, 2023
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	59	$	41
Funds withheld on affiliated reinsurance	Other invested assets	7		(26)
Total		$	66	$	15
Embedded derivatives within liability host contracts:
Assumed on affiliated reinsurance	Other liabilities	$	—	$	104
Funds withheld on affiliated reinsurance	Other liabilities	(387)		(304)
Fixed annuities with equity indexed returns	Policyholder account balances	168		163
Total		$	(219)	$	(37)

XML

Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

11. 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:

	March 31, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	40,856	$	8,810	$	49,666
Foreign corporate	—		16,180		8,344		24,524
U.S. government and agency	10,216		11,780		—		21,996
RMBS	4		18,169		1,558		19,731
ABS & CLO	—		10,001		1,575		11,576
Municipals	—		6,039		—		6,039
CMBS	—		5,153		410		5,563
Foreign government	—		3,108		15		3,123
Total fixed maturity securities AFS	10,220		111,286		20,712		142,218
Short-term investments	1,608		385		11		2,004
Other investments	100		66		1,403		1,569
Derivative assets: (1)
Interest rate	—		3,164		—		3,164
Foreign currency exchange rate	—		2,544		—		2,544
Credit	—		211		7		218
Equity market	—		204		7		211
Total derivative assets	—		6,123		14		6,137
Embedded derivatives within asset host contracts (4)	—		—		66		66
Market risk benefits	—		—		230		230
Separate account assets (2)	13,147		67,599		980		81,726
Total assets (3)	$	25,075	$	185,459	$	23,416	$	233,950
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,616	$	133	$	1,749
Foreign currency exchange rate	—		923		—		923
Credit	—		12		2		14
Equity market	—		322		—		322
Total derivative liabilities	—		2,873		135		3,008
Embedded derivatives within liability host contracts (4)	—		—		(219)		(219)
Market risk benefits	—		—		2,452		2,452
Separate account liabilities (2)	1		3		—		4
Total liabilities	$	1	$	2,876	$	2,368	$	5,245

	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	$	—	$	41,718	$	8,775	$	50,493
Foreign corporate	—		16,875		8,340		25,215
U.S. government and agency	8,963		12,097		—		21,060
RMBS	3		17,616		1,329		18,948
ABS & CLO	—		10,109		1,532		11,641
Municipals	—		6,319		—		6,319
CMBS	—		5,499		335		5,834
Foreign government	—		3,281		14		3,295
Total fixed maturity securities AFS	8,966		113,514		20,325		142,805
Short-term investments	2,745		288		15		3,048
Other investments	76		77		1,317		1,470
Derivative assets: (1)
Interest rate	—		3,489		—		3,489
Foreign currency exchange rate	—		2,486		—		2,486
Credit	—		181		8		189
Equity market	3		332		7		342
Total derivative assets	3		6,488		15		6,506
Embedded derivatives within asset host contracts (4)	—		—		15		15
Market risk benefits	—		—		177		177
Separate account assets (2)	13,945		68,284		968		83,197
Total assets (3)	$	25,735	$	188,651	$	22,832	$	237,218
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,419	$	175	$	1,594
Foreign currency exchange rate	—		881		—		881
Credit	—		11		—		11
Equity market	—		411		—		411
Total derivative liabilities	—		2,722		175		2,897
Embedded derivatives within liability host contracts (4)	—		—		(37)		(37)
Market risk benefits	—		—		2,878		2,878
Separate account liabilities (2)	4		4		—		8
Total liabilities	$	4	$	2,726	$	3,016	$	5,746

__________________

(1)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.

(2)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.

(3)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. At March 31, 2024 and December 31, 2023, the estimated fair value of such investments was $52 million and $48 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. 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
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer	•	independent non-binding broker quotations
		•	delta spread adjustments to reflect specific credit-related issues
U.S. government and agency securities, Municipals and Foreign government securities
	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
	•	issuer ratings and issuer spreads; broker-dealer quotations		•	credit spreads
	•	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
	•	current and forecasted loss severity; ratings; geographic region		•	independent non-binding broker quotations
	•	weighted average coupon and weighted average maturity		•	credit ratings
	•	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
Short-term investments and Other investments
	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active.	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings, issuance structures and those described above for fixed maturities AFS. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
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)
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
					•	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 and experience refund related to certain assumed 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 reinsurance 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 underlying host contracts, in other liabilities and other invested assets 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.

Market Risk Benefits

See Note 5 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:

					March 31, 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)	50	-	128	94	4	-	131	95	Increase
	•	Market pricing	•	Quoted prices (4)	2	-	112	94	—	-	110	93	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	114	95	—	-	112	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	78	-	100	94	78	-	101	94	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	400	-	432	417	367	-	399	385	Increase (7)
Credit	•	Consensus pricing	•	Offered quotes (8)
Market Risk Benefits
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.13%	0.05%	(9)
				Ages 41 - 60	0.05%	-	0.67%	0.22%	0.05%	-	0.67%	0.22%	(9)
				Ages 61 - 115	0.35%	-	100%	1.23%	0.35%	-	100%	1.23%	(9)
			•	Lapse rates:
				Durations 1 - 10	0.80%	-	20.10%	8.72%	0.80%	-	20.10%	8.72%	Decrease (10)
				Durations 11 - 20	3.10%	-	10.10%	4.34%	3.10%	-	10.10%	4.34%	Decrease (10)
				Durations 21 - 116	0.10%	-	10.10%	4.59%	0.10%	-	10.10%	4.59%	Decrease (10)
			•	Utilization rates	0.20%	-	22%	0.44%	0.20%	-	22%	0.44%	Increase (11)
			•	Withdrawal rates	0.25%	-	7.75%	4.47%	0.25%	-	7.75%	4.47%	(12)
			•	Long-term equity volatilities	16.37%	-	21.85%	18.55%	16.37%	-	21.85%	18.55%	Increase (13)
			•	Nonperformance risk spread	0.34%	-	0.67%	0.73%	0.38%	-	0.70%	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.

(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 both March 31, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of less than 1% 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 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 5):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	17,115	$	3,196	$	14	$	15
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(15)		4		2		—
Total realized/unrealized gains (losses) included in  AOCI	(169)		39		(1)		—
Purchases (3)	711		494		—		2
Sales (3)	(380)		(153)		—		(1)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	81		51		—		—
Transfers out of Level 3 (4)	(189)		(88)		—		(5)
Balance, end of period	$	17,154	$	3,543	$	15	$	11
Three Months Ended March 31, 2023
Balance, beginning of period	$	14,733	$	3,373	$	15	$	47
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	2		(5)		—		—
Total realized/unrealized gains (losses) included in  AOCI	376		20		(1)		1
Purchases (3)	1,355		189		2		52
Sales (3)	(463)		(100)		(1)		(43)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	161		70		—		—
Transfers out of Level 3 (4)	(447)		(46)		—		—
Balance, end of period	$	15,717	$	3,501	$	15	$	57
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	3	$	4	$	2	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2023 (5)	$	1	$	(1)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	(179)	$	37	$	(1)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2023 (5)	$	374	$	17	$	(1)	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Other  Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	1,317	$	(160)	$	52	$	968
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	84		(1)		234		(14)
Total realized/unrealized gains (losses) included in  AOCI	—		(28)		—		—
Purchases (3)	5		—		—		39
Sales (3)	(3)		—		—		(9)
Issuances (3)	—		(2)		—		—
Settlements (3)	—		70		(1)		—
Transfers into Level 3 (4)	—		—		—		3
Transfers out of Level 3 (4)	—		—		—		(7)
Balance, end of period	$	1,403	$	(121)	$	285	$	980
Three Months Ended March 31, 2023
Balance, beginning of period	$	1,022	$	(331)	$	458	$	995
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	28		—		(280)		(9)
Total realized/unrealized gains (losses) included in  AOCI	—		66		—		—
Purchases (3)	2		—		—		101
Sales (3)	—		—		—		(93)
Issuances (3)	—		—		—		—
Settlements (3)	—		55		(10)		1
Transfers into Level 3 (4)	—		—		—		5
Transfers out of Level 3 (4)	—		(61)		—		—
Balance, end of period	$	1,052	$	(271)	$	168	$	1,000
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	86	$	—	$	234	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2023 (5)	$	29	$	1	$	(280)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	—	$	(20)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2023 (5)	$	—	$	62	$	—	$	—

__________________

(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). 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).

	March 31, 2024		December 31, 2023
	(in millions)
Carrying value after measurement
Mortgage loans (1)	$	624	$	295

	Three Months Ended March 31,
	2024		2023
	(in millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(37)	$	(66)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

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:

	March 31, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	61,855	$	—	$	—	$	58,387	$	58,387
Policy loans	$	5,738	$	—	$	—	$	6,058	$	6,058
Other invested assets	$	1,978	$	—	$	1,717	$	278	$	1,995
Premiums, reinsurance and other receivables	$	13,991	$	—	$	303	$	13,902	$	14,205
Liabilities
PABs	$	87,038	$	—	$	—	$	84,884	$	84,884
Long-term debt	$	1,736	$	—	$	1,803	$	—	$	1,803
Other liabilities	$	11,703	$	—	$	495	$	11,191	$	11,686
Separate account liabilities	$	27,850	$	—	$	27,850	$	—	$	27,850

	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,584	$	—	$	—	$	59,511	$	59,511
Policy loans	$	5,671	$	—	$	—	$	6,042	$	6,042
Other invested assets	$	1,778	$	—	$	1,794	$	—	$	1,794
Premiums, reinsurance and other receivables	$	14,028	$	—	$	221	$	14,053	$	14,274
Liabilities
PABs	$	87,518	$	—	$	—	$	86,093	$	86,093
Long-term debt	$	1,886	$	—	$	1,958	$	—	$	1,958
Other liabilities	$	11,481	$	—	$	141	$	11,333	$	11,474
Separate account liabilities	$	29,204	$	—	$	29,204	$	—	$	29,204

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis

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Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

12. Equity

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

	Three Months Ended March 31, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(6,495)	$	705	$	(807)	$	33	$	(143)	$	(165)	$	(6,872)
OCI before reclassifications	(1,924)		(143)		1,804		(58)		39		—		(282)
Deferred income tax benefit (expense)	443		30		(379)		12		(8)		—		98
AOCI before reclassifications, net of income tax	(7,976)		592		618		(13)		(112)		(165)		(7,056)
Amounts reclassified from AOCI	159		259		—		—		—		3		421
Deferred income tax benefit (expense)	(37)		(55)		—		—		—		(1)		(93)
Amounts reclassified from AOCI, net of income tax	122		204		—		—		—		2		328
Balance, end of period	$	(7,854)	$	796	$	618	$	(13)	$	(112)	$	(163)	$	(6,728)

	Three Months Ended March 31, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(11,161)	$	1,557	$	1,529	$	80	$	(187)	$	(138)	$	(8,320)
OCI before reclassifications	3,812		159		(2,068)		88		60		(1)		2,050
Deferred income tax benefit (expense)	(798)		(33)		433		(19)		(12)		—		(429)
AOCI before reclassifications, net of income tax	(8,147)		1,683		(106)		149		(139)		(139)		(6,699)
Amounts reclassified from AOCI	(25)		(146)		—		—		—		2		(169)
Deferred income tax benefit (expense)	5		31		—		—		—		—		36
Amounts reclassified from AOCI, net of income tax	(20)		(115)		—		—		—		2		(133)
Balance, end of period	$	(8,167)	$	1,568	$	(106)	$	149	$	(139)	$	(137)	$	(6,832)

__________________

(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 March 31,
	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)	$	(146)	$	41	Net investment gains (losses)
Net unrealized investment gains (losses)	(1)		2		Net investment income
Net unrealized investment gains (losses)	(12)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(159)		25
Income tax (expense) benefit	37		(5)
Net unrealized investment gains (losses), net of income tax	(122)		20
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	8		14		Net investment income
Interest rate derivatives	2		2		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		1		Net investment income
Foreign currency exchange rate derivatives	(270)		129		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(259)		146
Income tax (expense) benefit	55		(31)
Gains (losses) on cash flow hedges, net of income tax	(204)		115
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(3)		(3)
Amortization of prior service (costs) credit	—		1
Amortization of defined benefit plan items, before income tax	(3)		(2)
Income tax (expense) benefit	1		—
Amortization of defined benefit plan items, net of income tax	(2)		(2)
Total reclassifications, net of income tax	$	(328)	$	133

__________________

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

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Other Revenues and Other Expenses

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses Disclosure

13. 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 March 31,
		2024		2023
	(In millions)
Prepaid legal plans		$	120	$	115
Administrative services-only contracts		66		61
Recordkeeping and administrative services (1)		38		37
Other revenue from service contracts from customers		9		10
Total revenues from service contracts from customers		233		223
Other (2)		222		192
Total other revenues		$	455	$	415

__________________

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

(2)Primarily includes reinsurance ceded. See Note 16.

Other Expenses

Information on other expenses was as follows:

		Three Months Ended March 31,
		2024		2023
	(In millions)
General and administrative expenses (1)		$	673	$	661
Pension, postretirement and postemployment benefit costs		55		50
Premium taxes, other taxes, and licenses & fees		97		93
Commissions and other variable expenses		487		714
Capitalization of DAC		(25)		(77)
Amortization of DAC and VOBA		70		77
Interest expense on debt		32		30
Total other expenses		$	1,389	$	1,548

__________________

(1)Includes ($40) million and ($30) million for the three months ended March 31, 2024 and 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

Affiliated Expenses

See Note 16 for a discussion of affiliated expenses included in the table above.

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Income Tax

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax

14. Income Tax

For the three months ended March 31, 2024, the effective tax rate on income (loss) before provision for income tax was 19%. The Company’s effective tax rate for the three months ended March 31, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, (ii) the corporate tax deduction for stock compensation, and (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.

For the three months ended March 31, 2023, the effective tax rate on income (loss) before provision for income tax was 53%. The Company’s effective tax rate for the three months ended March 31, 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) the corporate tax deduction for stock compensation, and (iii) non-taxable investment income.

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Contingencies, Commitments and Guarantees

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies, Commitments and Guarantees

15. 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 March 31, 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 March 31, 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

Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company has never engaged in the business of manufacturing or selling asbestos-containing products, nor has Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’s employees during the period from the 1920s through approximately the 1950s and allege that Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company’s defenses include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2023 Annual Report, Metropolitan Life Insurance Company received approximately 2,565 asbestos-related claims in 2023. For the three months ended March 31, 2024 and 2023, Metropolitan Life Insurance Company received approximately 783 and 587 new asbestos-related claims, respectively. See Note 19 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company 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. Metropolitan Life Insurance Company’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.

Metropolitan Life Insurance Company 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, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through March 31, 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., Metropolitan Life Insurance Company 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 Metropolitan Life Insurance Company’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 this 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 $2.2 billion and $3.3 billion at March 31, 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 $4.1 billion and $4.4 billion at March 31, 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 $570 million, with a cumulative maximum of $669 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’s recorded liabilities were $2 million at both March 31, 2024 and December 31, 2023, for indemnities and guarantees

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Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

16. Related Party Transactions

Service Agreements

The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $722 million and $715 million for the three months ended March 31, 2024 and 2023, respectively. Total revenues received from affiliates related to these agreements were $11 million and $14 million for the three months ended March 31, 2024 and 2023, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $28 million and $56 million at March 31, 2024 and December 31, 2023, respectively.

See Note 9 for additional information on related party transactions.

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont, MTL, Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties.

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

		Three Months Ended March 31,
		2024		2023
	(In millions)
Premiums
Reinsurance assumed		$	1	$	(27)
Reinsurance ceded		(103)		(84)
Net premiums		$	(102)	$	(111)
Universal life and investment-type product policy fees
Reinsurance assumed		$	3	$	—
Reinsurance ceded		—		(2)
Net universal life and investment-type product policy fees		$	3	$	(2)
Other revenues
Reinsurance assumed		$	28	$	22
Reinsurance ceded		115		115
Net other revenues		$	143	$	137
Policyholder benefits and claims
Reinsurance assumed		$	12	$	(169)
Reinsurance ceded		(86)		(77)
Net policyholder benefits and claims		$	(74)	$	(246)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed		$	—	$	(39)
Reinsurance ceded		2		(5)
Net policyholder liability remeasurement (gains) losses		$	2	$	(44)
Interest credited to policyholder account balances
Reinsurance assumed		$	89	$	73
Reinsurance ceded		(3)		(3)
Net interest credited to policyholder account balances		$	86	$	70
Other expenses
Reinsurance assumed		$	12	$	204
Reinsurance ceded		56		63
Net other expenses		$	68	$	267

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

	March 31, 2024				December 31, 2023
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	165	$	11,260	$	164	$	11,302
Deferred policy acquisition costs and value of business acquired	153		(159)		158		(160)
Total assets	$	318	$	11,101	$	322	$	11,142
Liabilities
Future policy benefits	$	2,157	$	—	$	2,236	$	—
Policyholder account balances	9,020		—		9,040		—
Other policy-related balances	68		(38)		65		(35)
Other liabilities	833		10,043		957		10,267
Total liabilities	$	12,078	$	10,005	$	12,298	$	10,232

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of these agreements qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivatives related to the funds withheld associated with these reinsurance agreements are included within other liabilities and were ($42) million and ($39) million at March 31, 2024 and December 31, 2023, respectively. Net derivative gains (losses) associated with these embedded derivatives were $3 million and ($6) million for the three months ended March 31, 2024 and 2023, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s interim condensed consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and was ($344) million and ($265) million at March 31, 2024 and December 31, 2023, respectively. Net derivative gains (losses) associated with the embedded derivative were $79 million and ($165) million for the three months ended March 31, 2024 and 2023, respectively

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 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)

3 Months Ended

Mar. 31, 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 Metropolitan Life Insurance Company’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 Metropolitan Life Insurance Company 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.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

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 March 31, 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 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 Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. See Note 9 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 and Measurement Methodologies

See Note 10 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.

Allowance for Credit Loss 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 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.

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, and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities.

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 11 for a description of the impact of credit risk on the valuation of derivatives.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Three Months Ended March 31, 2024	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,467	$	176	$	572	$	(1)	$	6,214	$	—	$	6,214
Universal life and investment-type product policy fees	222		65		70		2		359		—		359
Net investment income	305		1,676		910		90		2,981		(124)		2,857
Other revenues	189		62		50		122		423		32		455
Net investment gains (losses)	—		—		—		—		—		(136)		(136)
Net derivative gains (losses)	—		—		—		—		—		(56)		(56)
Total revenues	6,183		1,979		1,602		213		9,977		(284)		9,693
Expenses
Policyholder benefits and claims and policyholder dividends	4,945		827		1,046		—		6,818		(13)		6,805
Policyholder liability remeasurement (gains) losses	(3)		(8)		24		—		13		—		13
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		(586)		(586)
Interest credited to policyholder account balances	48		676		94		83		901		22		923
Capitalization of deferred policy acquisition costs	(4)		(21)		—		—		(25)		—		(25)
Amortization of deferred policy acquisition costs and value of business acquired	6		8		50		6		70		—		70
Interest expense on debt	—		4		4		24		32		—		32
Other expenses	872		102		200		135		1,309		3		1,312
Total expenses	5,864		1,588		1,418		248		9,118		(574)		8,544
Provision for income tax expense (benefit)	69		82		36		(34)		153		61		214
Adjusted earnings	$	250	$	309	$	148	$	(1)	706
Adjustments to:
Total revenues									(284)
Total expenses									574
Provision for income tax (expense) benefit									(61)
Net income (loss)									$	935			$	935

Three Months Ended March 31, 2023	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,216	$	54	$	578	$	1	$	5,849	$	—	$	5,849
Universal life and investment-type product policy fees	218		67		145		—		430		—		430
Net investment income	303		1,551		989		43		2,886		(201)		2,685
Other revenues	179		63		56		122		420		(5)		415
Net investment gains (losses)	—		—		—		—		—		(102)		(102)
Net derivative gains (losses)	—		—		—		—		—		(560)		(560)
Total revenues	5,916		1,735		1,768		166		9,585		(868)		8,717
Expenses
Policyholder benefits and claims and policyholder dividends	4,694		533		1,116		—		6,343		3		6,346
Policyholder liability remeasurement (gains) losses	(4)		(68)		15		—		(57)		—		(57)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		244		244
Interest credited to policyholder account balances	46		563		155		66		830		1		831
Capitalization of deferred policy acquisition costs	(6)		(19)		—		(52)		(77)		—		(77)
Amortization of deferred policy acquisition costs and value of business acquired	6		8		59		4		77		—		77
Interest expense on debt	—		3		3		24		30		—		30
Other expenses	809		297		206		201		1,513		5		1,518
Total expenses	5,545		1,317		1,554		243		8,659		253		8,912
Provision for income tax expense (benefit)	78		87		41		(75)		131		(235)		(104)
Adjusted earnings	$	293	$	331	$	173	$	(2)	795
Adjustments to:
Total revenues									(868)
Total expenses									(253)
Provision for income tax (expense) benefit									235
Net income (loss)									$	(91)			$	(91)

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

	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits	$	34,538	$	34,185
RIS	177,148		180,625
MetLife Holdings	131,556		133,219
Corporate & Other	30,820		30,656
Total	$	374,062	$	378,685

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Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 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:

	March 31, 2024		December 31, 2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	47,106	$	48,695
MetLife Holdings - Long-term care	14,845		15,240
Deferred Profit Liabilities:
RIS - Annuities	2,993		3,000
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,877		1,841
MetLife Holdings - Participating life	43,294		43,586
Other long-duration (1)	6,416		6,605
Short-duration and other	10,363		10,215
Total	$	126,894	$	129,182

__________________

(1) This balance represents liabilities for various smaller product lines across all segments

Liability for Future Policy Benefit, Activity

Information regarding these products was as follows:

	Three Months Ended March 31,
	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)	(3)			2
Adjusted balance	(3)			2
Issuances	157			66
Net premiums collected	(154)			(68)
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	$	48,886		$	48,190
Balance, beginning of period, at original discount rate	$	47,991		$	49,194
Effect of actual variances from expected experience (1)	(26)			(262)
Adjusted balance	47,965			48,932
Issuances	157			64
Interest accrual	597			600
Benefit payments	(1,115)			(1,309)
Ending balance at original discount rate	47,604			48,287
Effect of changes in discount rate assumptions	(200)			281
Balance, end of period, at current discount rate at balance sheet date	47,404			48,568
Cumulative amount of fair value hedging adjustments	(298)			(77)
Net liability for FPBs	$	47,106		$	48,491
Undiscounted - Expected future benefit payments	$	88,345		$	94,225
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	47,404		$	48,568
Weighted-average duration of the liability	9 years			10 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.4		%	5.2		%

__________________

(1)For the three months ended March 31, 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 $15 million and $196 million, respectively. Excluding the corresponding impact in DPL, for the three months ended March 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and the amendment of an affiliated reinsurance treaty.

Information regarding these products was as follows:

	Three Months Ended March 31,
		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		(4)			26
Adjusted balance		5,562			5,833
Interest accrual		71			75
Net premiums collected		(143)			(146)
Ending balance at original discount rate		5,490			5,762
Effect of changes in discount rate assumptions		—			104
Balance, end of period, at current discount rate at balance sheet date		$	5,490		$	5,866
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		(1)			28
Adjusted balance		20,493			20,193
Interest accrual		269			266
Benefit payments		(212)			(191)
Ending balance at original discount rate		20,550			20,268
Effect of changes in discount rate assumptions		(215)			215
Balance, end of period, at current discount rate at balance sheet date		20,335			20,483
Net liability for FPBs		$	14,845		$	14,617
Undiscounted:
Expected future gross premiums		$	10,430		$	11,053
Expected future benefit payments		$	44,808		$	45,741
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	6,895		$	7,295
Expected future benefit payments		$	20,335		$	20,483
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		5.5		%	5.3		%

Additional Liability, Long-Duration Insurance

Information regarding these additional insurance liabilities was as follows:

	Three Months  Ended March 31,
	2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,841		$	1,642
Less: Accumulated other comprehensive income (“AOCI”) adjustment	(14)			(63)
Balance, beginning of period, before AOCI adjustment	1,855			1,705
Effect of actual variances from expected experience	11			14
Adjusted balance	1,866			1,719
Assessments accrual	22			24
Interest accrual	24			22
Excess benefits paid	(20)			(29)
Balance, end of period, before AOCI adjustment	1,892			1,736
Add: AOCI adjustment	(15)			(50)
Balance, end of period	1,877			1,686
Less: Reinsurance recoverables	1,877			636
Balance, end of period, net of reinsurance	$	—		$	1,050
Weighted-average duration of the liability	17 years			17 years
Weighted-average interest accretion rate	5.2		%	5.2		%

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:

	Three Months Ended March 31,
	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	$	167	$	597	$	41	$	600
MetLife Holdings - Long-term care	181		198		183		191
Deferred Profit Liabilities:
RIS - Annuities	N/A		37		N/A		35
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	99		24		120		22
Other long duration	177		77		164		76
Total	$	624	$	933	$	508	$	924

__________________

(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:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	11,609	$	11,300
Less: Reinsurance recoverables	1,740		1,633
Net balance, beginning of period	9,869		9,667
Incurred related to:
Current period	5,178		5,151
Prior periods (1)	(58)		(28)
Total incurred	5,120		5,123
Paid related to:
Current period	(2,152)		(2,025)
Prior periods	(3,000)		(2,999)
Total paid	(5,152)		(5,024)
Net balance, end of period	9,837		9,766
Add: Reinsurance recoverables	2,064		1,816
Balance, end of period (included in FPBs and other policy-related balances)	$	11,901	$	11,582

______________

(1)For the three months ended March 31, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods decreased due to favorable claims experience in the respective current period.

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Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Policyholder Account Balances

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

	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits - Group Life	$	7,593	$	7,605
RIS:
Capital Markets Investment Products and Stable Value GICs	58,350		58,554
Annuities and Risk Solutions	10,793		10,650
MetLife Holdings - Annuities	10,489		10,888
Other	16,037		16,197
Total	$	103,262	$	103,894

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	7,605		$	7,954
Deposits	966			830
Policy charges	(163)			(160)
Surrenders and withdrawals	(856)			(782)
Benefit payments	(4)			(1)
Net transfers from (to) separate accounts	(3)			1
Interest credited	48			46
Balance, end of period	$	7,593		$	7,888
Weighted-average annual crediting rate	2.6		%	2.3		%
At period end:
Cash surrender value	$	7,533		$	7,827
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	260,502		$	249,463

Information regarding this liability was as follows:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	58,554		$	58,508
Deposits	16,227			19,546
Surrenders and withdrawals	(16,502)			(20,825)
Interest credited	518			422
Effect of foreign currency translation and other, net	(447)			459
Balance, end of period	$	58,350		$	58,110
Weighted-average annual crediting rate	3.6		%	2.9		%
Cash surrender value at period end	$	1,515		$	1,565

Information regarding this liability was as follows:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,650		$	10,244
Deposits	250			240
Policy charges	(12)			(43)
Surrenders and withdrawals	(55)			(40)
Benefit payments	(148)			(134)
Net transfers from (to) separate accounts	19			55
Interest credited	112			107
Other	(23)			21
Balance, end of period	$	10,793		$	10,450
Weighted-average annual crediting rate	4.2		%	4.1		%
At period end:
Cash surrender value	$	6,834		$	6,621
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	34,862		$	35,177

Information regarding this liability was as follows:

	Three Months Ended March 31,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,888		$	12,598
Deposits	36			41
Policy charges	(3)			(3)
Surrenders and withdrawals	(440)			(510)
Benefit payments	(106)			(117)
Net transfers from (to) separate accounts	27			35
Interest credited	83			90
Other	4			9
Balance, end of period	$	10,489		$	12,143
Weighted-average annual crediting rate	3.2		%	2.9		%
At period end:
Cash surrender value	$	9,797		$	11,309
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,486		$	3,600
At annuitization or exercise of other living benefits	$	572		$	788

__________________

(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 5.

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	839	$	4,628	$	5,467
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	9	$	939	$	4,663	$	7,593
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	935	$	4,640	$	5,575
Equal to or greater than 2% but less than 4%	1,277		10		63		2		1,352
Equal to or greater than 4%	759		1		43		33		836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		125
Total	$	2,036	$	11	$	1,041	$	4,675	$	7,888

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,351
Total	$	—	$	—	$	1	$	1,998	$	58,350
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,835	$	1,836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,274
Total	$	—	$	—	$	1	$	1,835	$	58,110

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,579	$	1,599
Equal to or greater than 2% but less than 4%	244		34		8		416		702
Equal to or greater than 4%	3,527		—		266		5		3,798
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,694
Total	$	3,771	$	34	$	294	$	2,000	$	10,793
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	58	$	1,394	$	1,452
Equal to or greater than 2% but less than 4%	230		39		40		441		750
Equal to or greater than 4%	3,689		120		12		5		3,826
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,422
Total	$	3,919	$	159	$	110	$	1,840	$	10,450

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	865		7,151		534		201		8,751
Equal to or greater than 4%	417		140		25		—		582
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		411
Total	$	1,288	$	7,528	$	1,001	$	261	$	10,489
March 31, 2023
Equal to or greater than 0% but less than 2%	$	658	$	90	$	136	$	24	$	908
Equal to or greater than 2% but less than 4%	6,516		3,197		371		36		10,120
Equal to or greater than 4%	587		44		6		—		637
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		478
Total	$	7,761	$	3,331	$	513	$	60	$	12,143

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Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 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:

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	206	$	2,437	$	2,231	$	156	$	2,858	$	2,702
Other	24		15		(9)		21		20		(1)
Total	$	230	$	2,452	$	2,222	$	177	$	2,878	$	2,701

Market Risk Benefit, Activity

Information regarding MetLife Holdings annuity products was as follows:

	Three Months Ended March 31,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,702	$	3,071
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,741	$	3,164
Attributed fees collected		76		80
Benefit payments		(22)		(10)
Effect of changes in interest rates		(376)		344
Effect of changes in capital markets		(242)		(303)
Effect of changes in equity index volatility		34		(121)
Actual policyholder behavior different from expected behavior		57		21
Effect of foreign currency translation and other, net (1)		(11)		251
Effect of changes in risk margin		(44)		3
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,213		3,429
Cumulative effect of changes in the instrument-specific credit risk		18		(174)
Balance, end of period		$	2,231	$	3,255
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,486	$	3,600
At annuitization or exercise of other living benefits		$	572	$	788
Weighted-average attained age of contractholders:
In the event of death		72 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 4.

Information regarding these product liabilities was as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	(1)	$	25
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	2	$	34
Attributed fees collected	1		1
Effect of changes in interest rates	(12)		21
Actual policyholder behavior different from expected behavior	—		(23)
Effect of foreign currency translation and other, net	2		35
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(7)		68
Cumulative effect of changes in the instrument-specific credit risk	(2)		(15)
Balance, end of period	$	(9)	$	53

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Separate Account (Tables)

3 Months Ended

Mar. 31, 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:

	March 31, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	33,142	$	35,562
Annuities	11,465		11,659
MetLife Holdings - Annuities	29,803		29,162
Other	7,316		6,814
Total	$	81,726	$	83,197

Separate Account, Liability Rollforward

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

	RIS Stable Value and Risk Solutions		RIS Annuities		MetLife Holdings Annuities
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	35,562	$	11,659	$	29,162
Premiums and deposits	312		15		63
Policy charges	(49)		(5)		(143)
Surrenders and withdrawals	(1,804)		(172)		(880)
Benefit payments	(22)		—		(128)
Investment performance	246		(54)		1,761
Net transfers from (to) general account	(19)		—		(27)
Other (1)	(1,084)		22		(5)
Balance, end of period	$	33,142	$	11,465	$	29,803
Three Months Ended March 31, 2023
Balance, beginning of period	$	43,249	$	11,694	$	28,443
Premiums and deposits	645		78		67
Policy charges	(57)		(6)		(149)
Surrenders and withdrawals	(3,417)		(135)		(660)
Benefit payments	(21)		—		(120)
Investment performance	1,079		505		1,716
Net transfers from (to) general account	(57)		2		(36)
Other	(744)		81		—
Balance, end of period	$	40,677	$	12,219	$	29,261
Cash surrender value at March 31, 2024 (2)	$	29,496	N/A		$	29,656
Cash surrender value at March 31, 2023 (2)	$	36,594	N/A		$	29,115

_____________

(1)    Other 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:

	March 31, 2024
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	555	$	—	$	555
U.S. government and agency	—		9,167		—		9,167
Public utilities	—		1,075		—		1,075
Municipals	—		297		—		297
Corporate bonds:
Materials	—		134		—		134
Communications	—		828		—		828
Consumer	—		1,795		—		1,795
Energy	—		878		—		878
Financial	—		2,632		—		2,632
Industrial and other	—		695		—		695
Technology	—		471		—		471
Foreign	—		1,840		—		1,840
Total corporate bonds	—		9,273		—		9,273
Total bonds	—		20,367		—		20,367
Mortgage-backed securities	—		9,305		—		9,305
Asset-backed securities and collateralized loan obligations	—		2,151		—		2,151
Redeemable preferred stock	—		9		—		9
Total fixed maturity securities	—		31,832		—		31,832
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,373		—		2,373
Banks, trust and insurance companies	—		731		—		731
Public utilities	—		63		—		63
Non-redeemable preferred stock	—		—		—		—
Mutual funds	1,261		3,770		35,763		40,794
Total equity securities	1,261		6,937		35,763		43,961
Other invested assets	—		1,376		—		1,376
Total investments	1,261		40,145		35,763		77,169
Other assets	—		4,557		—		4,557
Total	$	1,261	$	44,702	$	35,763	$	81,726

	December 31, 2023
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	509	$	—	$	509
U.S. government and agency	—		9,603		—		9,603
Public utilities	—		1,066		—		1,066
Municipals	—		346		—		346
Corporate bonds:
Materials	—		143		—		143
Communications	—		883		—		883
Consumer	—		1,843		—		1,843
Energy	—		906		—		906
Financial	—		2,670		—		2,670
Industrial and other	—		757		—		757
Technology	—		541		—		541
Foreign	—		1,889		—		1,889
Total corporate bonds	—		9,632		—		9,632
Total bonds	—		21,156		—		21,156
Mortgage-backed securities	—		9,515		—		9,515
Asset-backed securities and collateralized loan obligations	—		2,341		—		2,341
Redeemable preferred stock	—		9		—		9
Total fixed maturity securities	—		33,021		—		33,021
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,338		—		2,338
Banks, trust and insurance companies	—		716		—		716
Public utilities	—		65		—		65
Non-redeemable preferred stock	—		—		—		—
Mutual funds	1,159		3,672		34,728		39,559
Total equity securities	1,159		6,791		34,728		42,678
Other invested assets	—		1,425		—		1,425
Total investments	1,159		41,237		34,728		77,124
Other assets	—		6,073		—		6,073
Total	$	1,159	$	47,310	$	34,728	$	83,197

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Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Deferred Policy Acquisition Costs

Information regarding total deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) by segment, as well as Corporate & Other, was as follows at:

	Group Benefits		RIS		MetLife Holdings (1)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2024	$	255	$	155	$	2,723	$	158	$	3,291
Capitalizations	4		21		—		—		25
Amortization	(6)		(8)		(50)		(6)		(70)
Balance at March 31, 2024	$	253	$	168	$	2,673	$	152	$	3,246
Balance at January 1, 2023	$	264	$	137	$	3,220	$	120	$	3,741
Capitalizations	6		19		—		52		77
Amortization	(6)		(7)		(59)		(4)		(76)
Balance at March 31, 2023	$	264	$	149	$	3,161	$	168	$	3,742
Total DAC and VOBA:
Balance at March 31, 2024									$	3,260
Balance at March 31, 2023									$	3,757
Balance at December 31, 2023									$	3,305

__________________

(1)Includes DAC balances primarily related to whole life, variable annuities, disability income, term life, long-term care and universal life 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:

	Three Months Ended March 31, 2024
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	16	$	5	$	21
Deferrals	1		—		1
Amortization	(1)		—		(1)
Balance, end of period	$	16	$	5	$	21
	Three Months Ended March 31, 2023
	RIS		MetLife Holdings		Total
	(In millions)
Balance, beginning of period	$	18	$	227	$	245
Deferrals	1		9		10
Amortization	(1)		(5)		(6)
Balance, end of period	$	18	$	231	$	249

XML

Closed Block (Tables)

3 Months Ended

Mar. 31, 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:

	March 31, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
Future policy benefits	$	35,806	$	36,142
Other policy-related balances	301		319
Policyholder dividends payable	170		174
Policyholder dividend obligation	—		—
Current income tax payable	1		—
Other liabilities	746		668
Total closed block liabilities	37,024		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,637		19,939
Mortgage loans	6,005		6,151
Policy loans	3,919		3,960
Real estate and real estate joint ventures	676		668
Other invested assets	496		506
Total investments	30,733		31,224
Cash and cash equivalents	717		717
Accrued investment income	385		383
Premiums, reinsurance and other receivables	52		54
Current income tax recoverable	—		3
Deferred income tax asset	359		312
Total assets designated to the closed block	32,246		32,693
Excess of closed block liabilities over assets designated to the closed block	4,778		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,044)		(820)
Unrealized gains (losses) on derivatives, net of income tax	151		130
Total amounts included in AOCI	(893)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,885	$	3,920

Closed block revenues and expenses

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

		Three Months Ended March 31,
		2024		2023
	(In millions)
Revenues
Premiums		$	218	$	235
Net investment income		343		338
Net investment gains (losses)		(7)		4
Net derivative gains (losses)		5		(2)
Total revenues		559		575
Expenses
Policyholder benefits and claims		404		413
Policyholder dividends		90		97
Other expenses		20		22
Total expenses		514		532
Revenues, net of expenses before provision for income tax expense (benefit)		45		43
Provision for income tax expense (benefit)		10		9
Revenues, net of expenses and provision for income tax expense (benefit)		$	35	$	34

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities Available-for-Sale by Sector

The following table presents fixed maturity securities available-for-sale (“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. Asset-backed securities and collateralized loan obligations (collectively, “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.”

	March 31, 2024										December 31, 2023
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	52,298	$	(10)	$	845	$	3,467	$	49,666	$	52,479	$	(62)	$	1,126	$	3,050	$	50,493
Foreign corporate	27,237		(2)		415		3,126		24,524		27,520		(2)		536		2,839		25,215
U.S. government and agency	24,647		—		132		2,783		21,996		23,100		—		243		2,283		21,060
RMBS	21,688		(1)		193		2,149		19,731		20,700		(1)		228		1,979		18,948
ABS & CLO	11,908		(7)		38		363		11,576		12,049		(6)		30		432		11,641
Municipals	6,261		—		233		455		6,039		6,429		—		318		428		6,319
CMBS	5,979		(11)		40		445		5,563		6,387		(11)		28		570		5,834
Foreign government	3,297		(35)		125		264		3,123		3,416		(50)		156		227		3,295
Total fixed maturity securities AFS	$	153,315	$	(66)	$	2,021	$	13,052	$	142,218	$	152,080	$	(132)	$	2,665	$	11,808	$	142,805

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost, net of allowance for credit loss (“ACL”), and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 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	$	4,500	$	24,993	$	27,898	$	56,302	$	39,556	$	153,249
Estimated fair value	$	4,407	$	24,203	$	26,636	$	50,102	$	36,870	$	142,218

Continuous Gross Unrealized Losses for Fixed Maturity Securities Available for Sale

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.

	March 31, 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	$	4,729	$	124	$	25,379	$	3,319	$	3,537	$	95	$	25,752	$	2,924
Foreign corporate	1,414		66		16,414		3,060		714		64		16,982		2,775
U.S. government and agency	5,375		184		10,925		2,599		4,322		228		9,980		2,055
RMBS	1,830		53		12,743		2,095		1,470		37		12,813		1,941
ABS & CLO	1,040		20		6,140		342		937		20		8,250		410
Municipals	440		13		2,106		442		262		10		2,102		418
CMBS	173		4		3,756		439		587		23		4,096		542
Foreign government	490		22		1,368		239		431		12		1,452		212
Total fixed maturity securities AFS	$	15,491	$	486	$	78,831	$	12,535	$	12,260	$	489	$	81,427	$	11,277
Investment grade	$	14,664	$	459	$	74,988	$	12,094	$	11,499	$	453	$	77,325	$	10,849
Below investment grade	827		27		3,843		441		761		36		4,102		428
Total fixed maturity securities AFS	$	15,491	$	486	$	78,831	$	12,535	$	12,260	$	489	$	81,427	$	11,277
Total number of securities in an unrealized loss position	2,055				8,334				1,679				8,441

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
Three Months Ended March 31, 2024	(In millions)
Balance, at beginning of period	$	62	$	2	$	50	$	1	$	6	$	11	$	132
ACL not previously recorded	—		—		—		—		—		—		—
Changes for securities with previously recorded ACL	—		—		(2)		—		1		—		(1)
Securities sold or exchanged	(52)		—		(13)		—		—		—		(65)
Balance, at end of period	$	10	$	2	$	35	$	1	$	7	$	11	$	66
Three Months Ended March 31, 2023
Balance, at beginning of period	$	28	$	3	$	68	$	—	$	—	$	15	$	114
ACL not previously recorded	31		—		—		—		—		—		31
Changes for securities with previously recorded ACL	—		—		—		—		—		2		2
Securities sold or exchanged	(2)		—		—		—		—		(10)		(12)
Balance, at end of period	$	57	$	3	$	68	$	—	$	—	$	7	$	135

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	March 31, 2024				December 31, 2023
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	36,599	59.2	%	$	37,129	59.3	%
Agricultural	15,700		25.4		15,831		25.3
Residential	10,125		16.3		10,133		16.2
Total amortized cost	62,424		100.9		63,093		100.8
Allowance for credit loss	(569)		(0.9)		(509)		(0.8)
Total mortgage loans	$	61,855	100.0	%	$	62,584	100.0	%

Allowance for Loan and Lease Losses, Provision for Loss, Net

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

	Three Months Ended March 31,
	2024								2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	210	$	152	$	147	$	509	$	174	$	105	$	169	$	448
Provision (release)	63		15		(18)		60		79		49		18		146
Charge-offs, net of recoveries	—		—		—		—		—		(7)		—		(7)
Balance, end of period	$	273	$	167	$	129	$	569	$	253	$	147	$	187	$	587

Financing Receivable, Modified

These mortgage loan modifications are summarized as follows:

	Three Months Ended March 31,
	2024				2023
	Maturity Extension		Weighted Average Life Increase	% of BV	Maturity Extension		Weighted Average Life Increase	% of BV
	Amortized Cost		Affected Loans (in Years)		Amortized Cost		Affected Loans (in Years)
	(Dollars in millions)
Commercial	$	30	Less than one year	< 1%	$	31	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 March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	550	$	1,587	$	1,197	$	1,689	$	982	$	10,054	$	2,461	$	18,520	50.6	%
65% to 75%	—		226		3,080		1,462		936		4,408		—		10,112		27.6
76% to 80%	—		—		355		182		111		1,755		—		2,403		6.6
Greater than 80%	—		52		588		724		611		3,589		—		5,564		15.2
Total	$	550	$	1,865	$	5,220	$	4,057	$	2,640	$	19,806	$	2,461	$	36,599	100.0	%
DSCR:
> 1.20x	$	518	$	1,384	$	4,453	$	3,677	$	2,367	$	16,393	$	2,461	$	31,253	85.4	%
1.00x - 1.20x	32		392		328		380		101		2,101		—		3,334		9.1
<1.00x	—		89		439		—		172		1,312		—		2,012		5.5
Total	$	550	$	1,865	$	5,220	$	4,057	$	2,640	$	19,806	$	2,461	$	36,599	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	123	$	794	$	1,988	$	1,472	$	1,942	$	6,941	$	1,235	$	14,495	92.3	%
65% to 75%	3		22		77		193		125		503		127		1,050		6.7
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	—		5		—		—		5		140		5		155		1.0
Total	$	126	$	821	$	2,065	$	1,665	$	2,072	$	7,584	$	1,367	$	15,700	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	—	$	345	$	1,842	$	909	$	150	$	6,521	$	—	$	9,767	96.5	%
Nonperforming (1)	—		8		50		14		6		280		—		358		3.5
Total	$	—	$	353	$	1,892	$	923	$	156	$	6,801	$	—	$	10,125	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $134 million at both March 31, 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	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(In millions)
Commercial	$	276	$	19	$	—	$	—	$	491	$	303
Agricultural	243		40		29		—		252		206
Residential	358		343		—		—		360		343
Total	$	877	$	402	$	29	$	—	$	1,103	$	852

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:

	March 31, 2024		December 31, 2023		Three Months   Ended   March 31,
					2024		2023
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,587	$	1,594	$	38	$	42
Other real estate	510		506		43		46
Real estate joint ventures	6,551		6,590		(50)		(36)
Total real estate and real estate joint ventures	$	8,648	$	8,690	$	31	$	52

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents FVO securities and equity securities by asset type. FVO securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	March 31, 2024						December 31, 2023
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Asset Type
			(In millions)
FVO securities	$	391	$	443	$	834	$	379	$	367	$	746
Equity securities
Common stock (2)	$	119	$	57	$	176	$	118	$	45	$	163
Non-redeemable preferred stock	166		4		170		177		7		184
Total equity securities	$	285	$	61	$	346	$	295	$	52	$	347

__________________

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

(2)Includes common stock and certain mutual funds.

Securities Lending and Repurchase Agreements

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

	March 31, 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	$	5,862	$	5,997	$	5,870	$	5,528	$	5,684	$	5,565
Repurchase agreements	$	3,032	$	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 March 31, 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:

	March 31, 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	$	901	$	2,763	$	2,333	$	—	$	5,997	$	943	$	2,523	$	2,218	$	—	$	5,684
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 and Pledged as Collateral

Invested assets on deposit 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:

	March 31, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits)	$	101	$	105
Invested assets pledged as collateral (1)	21,418		21,177
Total invested assets on deposit and pledged as collateral	$	21,519	$	21,282

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements and secured debt (see Notes 4 and 14 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 10.

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:

	March 31, 2024				December 31, 2023
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures	$	1,355	$	—	$	1,427	$	—
Mortgage loan joint ventures	195		—		171		—
Renewable energy partnership (primarily other invested assets)	66		1		65		—
Investment funds (primarily other invested assets)	61		—		61		—
Total	$	1,677	$	1	$	1,724	$	—

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:

	March 31, 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)	$	35,694	$	35,694	$	35,370	$	35,370
Other limited partnership interests	6,816		8,741		7,319		9,452
Other invested assets	1,171		1,328		1,318		1,405
Real estate joint ventures	109		272		104		267
Total	$	43,790	$	46,035	$	44,111	$	46,494

__________________

(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 other limited partnership interests (“OLPI”) and real estate joint ventures (“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   March 31,
Asset Type	2024		2023
	(In millions)
Fixed maturity securities AFS	$	1,830	$	1,846
Mortgage loans	828		790
Policy loans	70		73
Real estate and REJV	31		52
OLPI	158		1
Cash, cash equivalents and short-term investments	91		84
FVO securities	66		50
Operating joint venture	16		14
Equity securities	3		1
Other	81		79
Subtotal investment income	3,174		2,990
Less: Investment expenses	317		305
Net investment income	$	2,857	$	2,685
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals	$	—	$	—
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV)	87		58
Net realized and unrealized gains (losses) recognized in NII	$	87	$	58
Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in NII	$	64	$	47
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	136	$	(38)

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   March 31,
Asset Type		2024		2023
	(In millions)
Fixed maturity securities AFS		$	(79)	$	52
Equity securities		6		(5)
Mortgage loans		(71)		(149)
Real estate and REJV (excluding changes in estimated fair value)		27		2
OLPI (excluding changes in estimated fair value) (1)		(38)		7
Other gains (losses)		(5)		6
Subtotal		(160)		(87)
Change in estimated fair value of OLPI and REJV		3		(5)
Non-investment portfolio gains (losses)		21		(10)
Subtotal		24		(15)
Net investment gains (losses)		$	(136)	$	(102)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)		$	(173)	$	83
Impairment (losses)		—		(6)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings		7		(162)
Unrealized net gains (losses) recognized in earnings		9		(7)
Total recognized gains (losses)		(157)		(92)
Non-investment portfolio gains (losses)		21		(10)
Net investment gains (losses)		$	(136)	$	(102)
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL		$	11	$	(3)
Other gains (losses) include:
Foreign currency gains (losses)		$	9	$	(15)
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in NIGL		$	(173)	$	83
Recognized in NII		—		—
Net realized investment gains (losses) from sales and disposals of investments		$	(173)	$	83

__________________

(1)    Includes a net loss of $36 million during the three months ended March 31, 2024 for private equity investments sold. The Company sold a $590 million portfolio of investments to a fund for proceeds of $554 million in cash and receivables secured by the value of the fund. An affiliate 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   March 31,
Fixed Maturity Securities AFS	2024		2023
	(In millions)
Proceeds	$	3,030	$	8,422
Gross investment gains	$	48	$	239
Gross investment (losses)	(193)		(160)
Realized gains (losses) on sales and disposals	(145)		79
Net credit loss (provision) release (change in ACL recognized in earnings)	66		(21)
Impairment (losses)	—		(6)
Net credit loss (provision) release and impairment (losses)	66		(27)
Net investment gains (losses)	$	(79)	$	52
Equity Securities
Realized gains (losses) on sales and disposals	$	(1)	$	(2)
Unrealized net gains (losses) recognized in earnings	7		(3)
Net investment gains (losses)	$	6	$	(5)

Schedule of Related Party Transactions

The Company transfers invested assets primarily consisting of fixed maturity securities AFS, mortgage loans, and real estate and real estate joint ventures to and from affiliates. Invested assets transferred to and from affiliates were as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	140	$	—
Amortized cost of invested assets transferred to affiliates	$	137	$	—
Net investment gains (losses) recognized on transfers	$	3	$	—
Estimated fair value of invested assets transferred from affiliates	$	2	$	515
Estimated fair value of derivative liabilities transferred from affiliates	$	—	$	—

Recurring related party investments and related net investment income were as follows at and for the periods ended:

		March 31, 2024		December 31, 2023		Three Months   Ended   March 31,
						2024		2023
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,052	$	1,130	$	3	$	5
Affiliated investments (2)	Metropolitan General Insurance Company	152		150		—		—
Other invested assets		$	1,204	$	1,280	$	3	$	5

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. See Note 10 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information.

(2)Represents an investment in affiliated preferred stock with a dividend yield of 7.50% that will be cumulative and payable annually in arrears. The shares can be redeemed, at MetLife General Insurance Company’s option, after December 15, 2028.

XML

Derivatives (Tables)

3 Months Ended

Mar. 31, 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:

		March 31, 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	$	4,770	$	1,112	$	579	$	4,443	$	1,257	$	508
Foreign currency swaps	Foreign currency exchange rate	1,384		39		6		1,459		55		1
Subtotal		6,154		1,151		585		5,902		1,312		509
Cash flow hedges:
Interest rate swaps	Interest rate	4,289		—		277		3,789		1		246
Interest rate forwards	Interest rate	636		—		133		970		—		175
Foreign currency swaps	Foreign currency exchange rate	32,752		2,032		904		30,342		1,977		846
Subtotal		37,677		2,032		1,314		35,101		1,978		1,267
Total qualifying hedges		43,831		3,183		1,899		41,003		3,290		1,776
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	16,038		1,507		700		15,516		1,476		638
Interest rate floors	Interest rate	11,770		33		—		13,921		39		—
Interest rate caps	Interest rate	28,090		302		—		28,890		355		—
Interest rate futures	Interest rate	72		—		—		25		—		—
Interest rate options	Interest rate	37,416		210		60		39,226		361		27
Synthetic GICs	Interest rate	6,083		—		—		6,145		—		—
Foreign currency swaps	Foreign currency exchange rate	4,403		469		11		4,304		446		24
Foreign currency forwards	Foreign currency exchange rate	1,195		4		2		1,176		8		10
Credit default swaps — purchased	Credit	774		—		8		809		3		7
Credit default swaps — written	Credit	11,443		218		6		10,007		186		4
Equity futures	Equity market	707		—		—		941		3		—
Equity index options	Equity market	11,999		211		184		17,703		339		193
Equity total return swaps	Equity market	2,020		—		138		1,912		—		218
Total non-designated or nonqualifying derivatives		132,010		2,954		1,109		140,575		3,216		1,121
Total		$	175,841	$	6,137	$	3,008	$	181,578	$	6,506	$	2,897

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, nonqualifying hedging relationships and embedded derivatives:

	Three Months Ended March 31, 2024
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	—	$	—	N/A		$	(109)	$	(39)	N/A
Hedged items	—		—		N/A		103		38		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	4		—		N/A		—		(24)		N/A
Hedged items	(2)		—		N/A		—		28		N/A
Subtotal	2		—		N/A		(6)		3		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		$	(144)
Amount of gains (losses) reclassified from AOCI into income	8		2		—		—		—		(10)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		1
Amount of gains (losses) reclassified from AOCI into income	1		(270)		—		—		—		269
Foreign currency transaction gains (losses) on hedged items	—		263		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	9		(5)		—		—		—		116
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(199)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		74		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		—		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		23		N/A		N/A		N/A
Equity derivatives (1)	(25)		N/A		(281)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(36)		N/A		N/A		N/A
Subtotal	(25)		N/A		(419)		N/A		N/A		N/A
Earned income on derivatives	30		—		127		(4)		(48)		—
Synthetic GICs	N/A		N/A		2		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		234		N/A		N/A		N/A
Total	$	16	$	(5)	$	(56)	$	(10)	$	(45)	$	116

	Three Months Ended March 31, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(1)	$	—	N/A		$	126	$	32	N/A
Hedged items	1		—		N/A		(126)		(32)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(16)		—		N/A		—		—		N/A
Hedged items	16		—		N/A		—		—		N/A
Subtotal	—		—		N/A		—		—		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		$	200
Amount of gains (losses) reclassified from AOCI into income	14		2		—		—		—		(16)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(41)
Amount of gains (losses) reclassified from AOCI into income	1		129		—		—		—		(130)
Foreign currency transaction gains (losses) on hedged items	—		(124)		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		—
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—
Subtotal	15		7		—		—		—		13
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(61)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(95)		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(9)		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		6		N/A		N/A		N/A
Equity derivatives (1)	(6)		N/A		(403)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		32		N/A		N/A		N/A
Subtotal	(6)		N/A		(530)		N/A		N/A		N/A
Earned income on derivatives	43		—		245		5		(33)		—
Synthetic GICs	N/A		N/A		5		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(280)		N/A		N/A		N/A
Total	$	52	$	7	$	(560)	$	5	$	(33)	$	13

__________________

(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)
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(In millions)
Fixed maturity securities AFS	$	118	$	120	$	1	$	1
Mortgage loans	$	271	$	345	$	(8)	$	(10)
FPBs	$	(2,656)	$	(2,863)	$	298	$	191
PABs	$	(1,657)	$	(1,844)	$	121	$	2

__________________

(1)Includes ($107) million and ($113) million of hedging adjustments on discontinued hedging relationships at March 31, 2024 and December 31, 2023, respectively.

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:

	March 31, 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)	$	—	$	10	0.2	$	—	$	10	0.5
Credit default swaps referencing indices	91		4,286		2.7	80		3,831		2.7
Subtotal	91		4,296		2.7	80		3,841		2.7
Baa
Single name credit default swaps (3)	1		55		2.0	1		55		2.3
Credit default swaps referencing indices	119		6,963		4.7	102		5,982		5.6
Subtotal	120		7,018		4.7	103		6,037		5.5
Ba
Credit default swaps referencing indices	2		25		2.7	2		25		3.0
Subtotal	2		25		2.7	2		25		3.0
B
Credit default swaps referencing indices	1		74		4.7	1		74		5.0
Subtotal	1		74		4.7	1		74		5.0
Caa
Credit default swaps referencing indices	(2)		30		2.2	(4)		30		2.5
Subtotal	(2)		30		2.2	(4)		30		2.5
Total	$	212	$	11,443	3.9	$	182	$	10,007	4.4

__________________

(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:

	March 31, 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)	$	6,178	$	3,076	$	6,534	$	2,892
OTC-cleared (1)	126		5		112		13
Exchange-traded	—		—		3		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	6,304		3,081		6,649		2,905
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,482)		(2,482)		(2,350)		(2,350)
OTC-cleared	—		—		(4)		(4)
Exchange-traded	—		—		—		—
Cash collateral: (3), (4)
OTC-bilateral	(2,504)		—		(2,872)		—
OTC-cleared	(124)		—		(105)		(1)
Securities collateral: (5)
OTC-bilateral	(1,172)		(593)		(1,283)		(542)
OTC-cleared	—		(5)		—		(8)
Exchange-traded	—		—		—		—
Net amount after application of master netting agreements and collateral	$	22	$	1	$	35	$	—

__________________

(1)At March 31, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $167 million and $143 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $73 million and $8 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.

(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 March 31, 2024 and December 31, 2023, the Company received excess cash collateral of $28 million and $154 million, respectively, and provided excess cash collateral of $5 million and $4 million, respectively, which are 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 March 31, 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 March 31, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $305 million and $286 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.0 billion and $1.1 billion, respectively, for its OTC-bilateral derivatives, $469 million and $495 million, respectively, for its OTC-cleared derivatives, and $55 million and $56 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:

	March 31, 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)	$	6,178	$	3,076	$	6,534	$	2,892
OTC-cleared (1)	126		5		112		13
Exchange-traded	—		—		3		—
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)	6,304		3,081		6,649		2,905
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,482)		(2,482)		(2,350)		(2,350)
OTC-cleared	—		—		(4)		(4)
Exchange-traded	—		—		—		—
Cash collateral: (3), (4)
OTC-bilateral	(2,504)		—		(2,872)		—
OTC-cleared	(124)		—		(105)		(1)
Securities collateral: (5)
OTC-bilateral	(1,172)		(593)		(1,283)		(542)
OTC-cleared	—		(5)		—		(8)
Exchange-traded	—		—		—		—
Net amount after application of master netting agreements and collateral	$	22	$	1	$	35	$	—

__________________

(1)At March 31, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $167 million and $143 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $73 million and $8 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.

(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 March 31, 2024 and December 31, 2023, the Company received excess cash collateral of $28 million and $154 million, respectively, and provided excess cash collateral of $5 million and $4 million, respectively, which are 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 March 31, 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 March 31, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $305 million and $286 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.0 billion and $1.1 billion, respectively, for its OTC-bilateral derivatives, $469 million and $495 million, respectively, for its OTC-cleared derivatives, and $55 million and $56 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.

	March 31, 2024						December 31, 2023
	Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total		Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	590	$	3	$	593	$	542	$	—	$	542
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	1,025	$	5	$	1,030	$	896	$	—	$	896

__________________

(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	March 31, 2024		December 31, 2023
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	59	$	41
Funds withheld on affiliated reinsurance	Other invested assets	7		(26)
Total		$	66	$	15
Embedded derivatives within liability host contracts:
Assumed on affiliated reinsurance	Other liabilities	$	—	$	104
Funds withheld on affiliated reinsurance	Other liabilities	(387)		(304)
Fixed annuities with equity indexed returns	Policyholder account balances	168		163
Total		$	(219)	$	(37)

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.

	March 31, 2024						December 31, 2023
	Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total		Derivatives Subject to Financial Strength-Contingent Provisions		Derivatives Not Subject to Financial Strength-Contingent Provisions		Total
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	590	$	3	$	593	$	542	$	—	$	542
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	1,025	$	5	$	1,030	$	896	$	—	$	896

__________________

(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	March 31, 2024		December 31, 2023
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	59	$	41
Funds withheld on affiliated reinsurance	Other invested assets	7		(26)
Total		$	66	$	15
Embedded derivatives within liability host contracts:
Assumed on affiliated reinsurance	Other liabilities	$	—	$	104
Funds withheld on affiliated reinsurance	Other liabilities	(387)		(304)
Fixed annuities with equity indexed returns	Policyholder account balances	168		163
Total		$	(219)	$	(37)

XML

Fair Value (Tables)

3 Months Ended

Mar. 31, 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:

	March 31, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total  Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	40,856	$	8,810	$	49,666
Foreign corporate	—		16,180		8,344		24,524
U.S. government and agency	10,216		11,780		—		21,996
RMBS	4		18,169		1,558		19,731
ABS & CLO	—		10,001		1,575		11,576
Municipals	—		6,039		—		6,039
CMBS	—		5,153		410		5,563
Foreign government	—		3,108		15		3,123
Total fixed maturity securities AFS	10,220		111,286		20,712		142,218
Short-term investments	1,608		385		11		2,004
Other investments	100		66		1,403		1,569
Derivative assets: (1)
Interest rate	—		3,164		—		3,164
Foreign currency exchange rate	—		2,544		—		2,544
Credit	—		211		7		218
Equity market	—		204		7		211
Total derivative assets	—		6,123		14		6,137
Embedded derivatives within asset host contracts (4)	—		—		66		66
Market risk benefits	—		—		230		230
Separate account assets (2)	13,147		67,599		980		81,726
Total assets (3)	$	25,075	$	185,459	$	23,416	$	233,950
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,616	$	133	$	1,749
Foreign currency exchange rate	—		923		—		923
Credit	—		12		2		14
Equity market	—		322		—		322
Total derivative liabilities	—		2,873		135		3,008
Embedded derivatives within liability host contracts (4)	—		—		(219)		(219)
Market risk benefits	—		—		2,452		2,452
Separate account liabilities (2)	1		3		—		4
Total liabilities	$	1	$	2,876	$	2,368	$	5,245

	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	$	—	$	41,718	$	8,775	$	50,493
Foreign corporate	—		16,875		8,340		25,215
U.S. government and agency	8,963		12,097		—		21,060
RMBS	3		17,616		1,329		18,948
ABS & CLO	—		10,109		1,532		11,641
Municipals	—		6,319		—		6,319
CMBS	—		5,499		335		5,834
Foreign government	—		3,281		14		3,295
Total fixed maturity securities AFS	8,966		113,514		20,325		142,805
Short-term investments	2,745		288		15		3,048
Other investments	76		77		1,317		1,470
Derivative assets: (1)
Interest rate	—		3,489		—		3,489
Foreign currency exchange rate	—		2,486		—		2,486
Credit	—		181		8		189
Equity market	3		332		7		342
Total derivative assets	3		6,488		15		6,506
Embedded derivatives within asset host contracts (4)	—		—		15		15
Market risk benefits	—		—		177		177
Separate account assets (2)	13,945		68,284		968		83,197
Total assets (3)	$	25,735	$	188,651	$	22,832	$	237,218
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,419	$	175	$	1,594
Foreign currency exchange rate	—		881		—		881
Credit	—		11		—		11
Equity market	—		411		—		411
Total derivative liabilities	—		2,722		175		2,897
Embedded derivatives within liability host contracts (4)	—		—		(37)		(37)
Market risk benefits	—		—		2,878		2,878
Separate account liabilities (2)	4		4		—		8
Total liabilities	$	4	$	2,726	$	3,016	$	5,746

__________________

(1)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.

(2)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.

(3)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. At March 31, 2024 and December 31, 2023, the estimated fair value of such investments was $52 million and $48 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. 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:

					March 31, 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)	50	-	128	94	4	-	131	95	Increase
	•	Market pricing	•	Quoted prices (4)	2	-	112	94	—	-	110	93	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	114	95	—	-	112	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	78	-	100	94	78	-	101	94	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	400	-	432	417	367	-	399	385	Increase (7)
Credit	•	Consensus pricing	•	Offered quotes (8)
Market Risk Benefits
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.13%	0.05%	(9)
				Ages 41 - 60	0.05%	-	0.67%	0.22%	0.05%	-	0.67%	0.22%	(9)
				Ages 61 - 115	0.35%	-	100%	1.23%	0.35%	-	100%	1.23%	(9)
			•	Lapse rates:
				Durations 1 - 10	0.80%	-	20.10%	8.72%	0.80%	-	20.10%	8.72%	Decrease (10)
				Durations 11 - 20	3.10%	-	10.10%	4.34%	3.10%	-	10.10%	4.34%	Decrease (10)
				Durations 21 - 116	0.10%	-	10.10%	4.59%	0.10%	-	10.10%	4.59%	Decrease (10)
			•	Utilization rates	0.20%	-	22%	0.44%	0.20%	-	22%	0.44%	Increase (11)
			•	Withdrawal rates	0.25%	-	7.75%	4.47%	0.25%	-	7.75%	4.47%	(12)
			•	Long-term equity volatilities	16.37%	-	21.85%	18.55%	16.37%	-	21.85%	18.55%	Increase (13)
			•	Nonperformance risk spread	0.34%	-	0.67%	0.73%	0.38%	-	0.70%	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.

(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 both March 31, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of less than 1% 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 5):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	17,115	$	3,196	$	14	$	15
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(15)		4		2		—
Total realized/unrealized gains (losses) included in  AOCI	(169)		39		(1)		—
Purchases (3)	711		494		—		2
Sales (3)	(380)		(153)		—		(1)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	81		51		—		—
Transfers out of Level 3 (4)	(189)		(88)		—		(5)
Balance, end of period	$	17,154	$	3,543	$	15	$	11
Three Months Ended March 31, 2023
Balance, beginning of period	$	14,733	$	3,373	$	15	$	47
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	2		(5)		—		—
Total realized/unrealized gains (losses) included in  AOCI	376		20		(1)		1
Purchases (3)	1,355		189		2		52
Sales (3)	(463)		(100)		(1)		(43)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	161		70		—		—
Transfers out of Level 3 (4)	(447)		(46)		—		—
Balance, end of period	$	15,717	$	3,501	$	15	$	57
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	3	$	4	$	2	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2023 (5)	$	1	$	(1)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	(179)	$	37	$	(1)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2023 (5)	$	374	$	17	$	(1)	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Other  Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period	$	1,317	$	(160)	$	52	$	968
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	84		(1)		234		(14)
Total realized/unrealized gains (losses) included in  AOCI	—		(28)		—		—
Purchases (3)	5		—		—		39
Sales (3)	(3)		—		—		(9)
Issuances (3)	—		(2)		—		—
Settlements (3)	—		70		(1)		—
Transfers into Level 3 (4)	—		—		—		3
Transfers out of Level 3 (4)	—		—		—		(7)
Balance, end of period	$	1,403	$	(121)	$	285	$	980
Three Months Ended March 31, 2023
Balance, beginning of period	$	1,022	$	(331)	$	458	$	995
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	28		—		(280)		(9)
Total realized/unrealized gains (losses) included in  AOCI	—		66		—		—
Purchases (3)	2		—		—		101
Sales (3)	—		—		—		(93)
Issuances (3)	—		—		—		—
Settlements (3)	—		55		(10)		1
Transfers into Level 3 (4)	—		—		—		5
Transfers out of Level 3 (4)	—		(61)		—		—
Balance, end of period	$	1,052	$	(271)	$	168	$	1,000
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (5)	$	86	$	—	$	234	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2023 (5)	$	29	$	1	$	(280)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2024 (5)	$	—	$	(20)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at March 31, 2023 (5)	$	—	$	62	$	—	$	—

__________________

(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). 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).

	March 31, 2024		December 31, 2023
	(in millions)
Carrying value after measurement
Mortgage loans (1)	$	624	$	295

	Three Months Ended March 31,
	2024		2023
	(in millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(37)	$	(66)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 9.

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:

	March 31, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	61,855	$	—	$	—	$	58,387	$	58,387
Policy loans	$	5,738	$	—	$	—	$	6,058	$	6,058
Other invested assets	$	1,978	$	—	$	1,717	$	278	$	1,995
Premiums, reinsurance and other receivables	$	13,991	$	—	$	303	$	13,902	$	14,205
Liabilities
PABs	$	87,038	$	—	$	—	$	84,884	$	84,884
Long-term debt	$	1,736	$	—	$	1,803	$	—	$	1,803
Other liabilities	$	11,703	$	—	$	495	$	11,191	$	11,686
Separate account liabilities	$	27,850	$	—	$	27,850	$	—	$	27,850

	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,584	$	—	$	—	$	59,511	$	59,511
Policy loans	$	5,671	$	—	$	—	$	6,042	$	6,042
Other invested assets	$	1,778	$	—	$	1,794	$	—	$	1,794
Premiums, reinsurance and other receivables	$	14,028	$	—	$	221	$	14,053	$	14,274
Liabilities
PABs	$	87,518	$	—	$	—	$	86,093	$	86,093
Long-term debt	$	1,886	$	—	$	1,958	$	—	$	1,958
Other liabilities	$	11,481	$	—	$	141	$	11,333	$	11,474
Separate account liabilities	$	29,204	$	—	$	29,204	$	—	$	29,204

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis.

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Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows:

	Three Months Ended March 31, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(6,495)	$	705	$	(807)	$	33	$	(143)	$	(165)	$	(6,872)
OCI before reclassifications	(1,924)		(143)		1,804		(58)		39		—		(282)
Deferred income tax benefit (expense)	443		30		(379)		12		(8)		—		98
AOCI before reclassifications, net of income tax	(7,976)		592		618		(13)		(112)		(165)		(7,056)
Amounts reclassified from AOCI	159		259		—		—		—		3		421
Deferred income tax benefit (expense)	(37)		(55)		—		—		—		(1)		(93)
Amounts reclassified from AOCI, net of income tax	122		204		—		—		—		2		328
Balance, end of period	$	(7,854)	$	796	$	618	$	(13)	$	(112)	$	(163)	$	(6,728)

	Three Months Ended March 31, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(11,161)	$	1,557	$	1,529	$	80	$	(187)	$	(138)	$	(8,320)
OCI before reclassifications	3,812		159		(2,068)		88		60		(1)		2,050
Deferred income tax benefit (expense)	(798)		(33)		433		(19)		(12)		—		(429)
AOCI before reclassifications, net of income tax	(8,147)		1,683		(106)		149		(139)		(139)		(6,699)
Amounts reclassified from AOCI	(25)		(146)		—		—		—		2		(169)
Deferred income tax benefit (expense)	5		31		—		—		—		—		36
Amounts reclassified from AOCI, net of income tax	(20)		(115)		—		—		—		2		(133)
Balance, end of period	$	(8,167)	$	1,568	$	(106)	$	149	$	(139)	$	(137)	$	(6,832)

__________________

(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 March 31,
	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)	$	(146)	$	41	Net investment gains (losses)
Net unrealized investment gains (losses)	(1)		2		Net investment income
Net unrealized investment gains (losses)	(12)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(159)		25
Income tax (expense) benefit	37		(5)
Net unrealized investment gains (losses), net of income tax	(122)		20
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	8		14		Net investment income
Interest rate derivatives	2		2		Net investment gains (losses)
Foreign currency exchange rate derivatives	1		1		Net investment income
Foreign currency exchange rate derivatives	(270)		129		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	(259)		146
Income tax (expense) benefit	55		(31)
Gains (losses) on cash flow hedges, net of income tax	(204)		115
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(3)		(3)
Amortization of prior service (costs) credit	—		1
Amortization of defined benefit plan items, before income tax	(3)		(2)
Income tax (expense) benefit	1		—
Amortization of defined benefit plan items, net of income tax	(2)		(2)
Total reclassifications, net of income tax	$	(328)	$	133

__________________

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

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Other Revenues and Other Expenses (Tables)

3 Months Ended

Mar. 31, 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 March 31,
		2024		2023
	(In millions)
Prepaid legal plans		$	120	$	115
Administrative services-only contracts		66		61
Recordkeeping and administrative services (1)		38		37
Other revenue from service contracts from customers		9		10
Total revenues from service contracts from customers		233		223
Other (2)		222		192
Total other revenues		$	455	$	415

__________________

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

(2)Primarily includes reinsurance ceded. See Note 16.

Other Expenses

Information on other expenses was as follows:

		Three Months Ended March 31,
		2024		2023
	(In millions)
General and administrative expenses (1)		$	673	$	661
Pension, postretirement and postemployment benefit costs		55		50
Premium taxes, other taxes, and licenses & fees		97		93
Commissions and other variable expenses		487		714
Capitalization of DAC		(25)		(77)
Amortization of DAC and VOBA		70		77
Interest expense on debt		32		30
Total other expenses		$	1,389	$	1,548

__________________

(1)Includes ($40) million and ($30) million for the three months ended March 31, 2024 and 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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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Effects of reinsurance

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:

		Three Months Ended March 31,
		2024		2023
	(In millions)
Premiums
Reinsurance assumed		$	1	$	(27)
Reinsurance ceded		(103)		(84)
Net premiums		$	(102)	$	(111)
Universal life and investment-type product policy fees
Reinsurance assumed		$	3	$	—
Reinsurance ceded		—		(2)
Net universal life and investment-type product policy fees		$	3	$	(2)
Other revenues
Reinsurance assumed		$	28	$	22
Reinsurance ceded		115		115
Net other revenues		$	143	$	137
Policyholder benefits and claims
Reinsurance assumed		$	12	$	(169)
Reinsurance ceded		(86)		(77)
Net policyholder benefits and claims		$	(74)	$	(246)
Policyholder liability remeasurement (gains) losses
Reinsurance assumed		$	—	$	(39)
Reinsurance ceded		2		(5)
Net policyholder liability remeasurement (gains) losses		$	2	$	(44)
Interest credited to policyholder account balances
Reinsurance assumed		$	89	$	73
Reinsurance ceded		(3)		(3)
Net interest credited to policyholder account balances		$	86	$	70
Other expenses
Reinsurance assumed		$	12	$	204
Reinsurance ceded		56		63
Net other expenses		$	68	$	267

Information regarding the significant effects of affiliated reinsurance on the interim condensed consolidated balance sheets was as follows at:

	March 31, 2024				December 31, 2023
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	165	$	11,260	$	164	$	11,302
Deferred policy acquisition costs and value of business acquired	153		(159)		158		(160)
Total assets	$	318	$	11,101	$	322	$	11,142
Liabilities
Future policy benefits	$	2,157	$	—	$	2,236	$	—
Policyholder account balances	9,020		—		9,040		—
Other policy-related balances	68		(38)		65		(35)
Other liabilities	833		10,043		957		10,267
Total liabilities	$	12,078	$	10,005	$	12,298	$	10,232

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Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Segment	Jan. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments | Segment	3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings, decrease	$ (7,164)		$ (7,645)
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
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Premiums	$ 6,214	$ 5,849
Universal life and investment-type product policy fees	359	430
Net investment income	2,857	2,685
Other revenues	455	415
Net investment gains (losses)	(136)	(102)
Net derivative gains (losses)	(56)	(560)
Total revenues	9,693	8,717
Expenses
Policyholder benefits and claims and policyholder dividends	6,805	6,346
Policyholder liability remeasurement (gains) losses	13	(57)
Market risk benefit remeasurement (gains) losses	(586)	244
Interest credited to policyholder account balances	923	831
Capitalization of DAC	(25)	(77)
Amortization of DAC and VOBA	70	77
Interest expense on debt	32	30
Other expenses	1,312	1,518
Total expenses	8,544	8,912
Provision for income tax expense (benefit)	214	(104)
Net income (loss)	935	(91)
Operating Segments
Revenues
Premiums	6,214	5,849
Universal life and investment-type product policy fees	359	430
Net investment income	2,981	2,886
Other revenues	423	420
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	9,977	9,585
Expenses
Policyholder benefits and claims and policyholder dividends	6,818	6,343
Policyholder liability remeasurement (gains) losses	13	(57)
Market risk benefit remeasurement (gains) losses	0	0
Interest credited to policyholder account balances	901	830
Capitalization of DAC	(25)	(77)
Amortization of DAC and VOBA	70	77
Interest expense on debt	32	30
Other expenses	1,309	1,513
Total expenses	9,118	8,659
Provision for income tax expense (benefit)	153	131
Adjusted earnings	706	795
Segment Reconciling Items
Revenues
Premiums	0	0
Universal life and investment-type product policy fees	0	0
Net investment income	(124)	(201)
Other revenues	32	(5)
Net investment gains (losses)	(136)	(102)
Net derivative gains (losses)	(56)	(560)
Total revenues	(284)	(868)
Expenses
Policyholder benefits and claims and policyholder dividends	(13)	3
Policyholder liability remeasurement (gains) losses	0	0
Market risk benefit remeasurement (gains) losses	(586)	244
Interest credited to policyholder account balances	22	1
Capitalization of DAC	0	0
Amortization of DAC and VOBA	0	0
Interest expense on debt	0	0
Other expenses	3	5
Total expenses	(574)	253
Provision for income tax expense (benefit)	61	(235)
Group Benefits
Expenses
Capitalization of DAC	(4)	(6)
Group Benefits | Operating Segments
Revenues
Premiums	5,467	5,216
Universal life and investment-type product policy fees	222	218
Net investment income	305	303
Other revenues	189	179
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	6,183	5,916
Expenses
Policyholder benefits and claims and policyholder dividends	4,945	4,694
Policyholder liability remeasurement (gains) losses	(3)	(4)
Market risk benefit remeasurement (gains) losses	0	0
Interest credited to policyholder account balances	48	46
Capitalization of DAC	(4)	(6)
Amortization of DAC and VOBA	6	6
Interest expense on debt	0	0
Other expenses	872	809
Total expenses	5,864	5,545
Provision for income tax expense (benefit)	69	78
Adjusted earnings	250	293
RIS
Expenses
Capitalization of DAC	(21)	(19)
RIS | Operating Segments
Revenues
Premiums	176	54
Universal life and investment-type product policy fees	65	67
Net investment income	1,676	1,551
Other revenues	62	63
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	1,979	1,735
Expenses
Policyholder benefits and claims and policyholder dividends	827	533
Policyholder liability remeasurement (gains) losses	(8)	(68)
Market risk benefit remeasurement (gains) losses	0	0
Interest credited to policyholder account balances	676	563
Capitalization of DAC	(21)	(19)
Amortization of DAC and VOBA	8	8
Interest expense on debt	4	3
Other expenses	102	297
Total expenses	1,588	1,317
Provision for income tax expense (benefit)	82	87
Adjusted earnings	309	331
MetLife Holdings
Expenses
Capitalization of DAC	0	0
MetLife Holdings | Operating Segments
Revenues
Premiums	572	578
Universal life and investment-type product policy fees	70	145
Net investment income	910	989
Other revenues	50	56
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	1,602	1,768
Expenses
Policyholder benefits and claims and policyholder dividends	1,046	1,116
Policyholder liability remeasurement (gains) losses	24	15
Market risk benefit remeasurement (gains) losses	0	0
Interest credited to policyholder account balances	94	155
Capitalization of DAC	0	0
Amortization of DAC and VOBA	50	59
Interest expense on debt	4	3
Other expenses	200	206
Total expenses	1,418	1,554
Provision for income tax expense (benefit)	36	41
Adjusted earnings	148	173
Corporate & Other
Expenses
Capitalization of DAC	0	(52)
Corporate & Other | Operating Segments
Revenues
Premiums	(1)	1
Universal life and investment-type product policy fees	2	0
Net investment income	90	43
Other revenues	122	122
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	213	166
Expenses
Policyholder benefits and claims and policyholder dividends	0	0
Policyholder liability remeasurement (gains) losses	0	0
Market risk benefit remeasurement (gains) losses	0	0
Interest credited to policyholder account balances	83	66
Capitalization of DAC	0	(52)
Amortization of DAC and VOBA	6	4
Interest expense on debt	24	24
Other expenses	135	201
Total expenses	248	243
Provision for income tax expense (benefit)	(34)	(75)
Adjusted earnings	$ (1)	$ (2)

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Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 374,062	$ 378,685
Group Benefits
Segment Reporting Information [Line Items]
Total assets	34,538	34,185
RIS
Segment Reporting Information [Line Items]
Total assets	177,148	180,625
MetLife Holdings
Segment Reporting Information [Line Items]
Total assets	131,556	133,219
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 30,820	$ 30,656

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Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of segments	3

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Future Policy Benefits - FPB on Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Net liability for FPBs	$ 126,894	$ 129,182
Fixed & Immediate Annuities | RIS
Net liability for FPBs	47,106	48,695	$ 48,491
Long-term Care | MetLife Holdings
Net liability for FPBs	14,845	15,240	$ 14,617
Fixed & Immediate Annuities for Deferred Profit Liabilities | RIS
Net liability for FPBs	2,993	3,000
Universal and Variable Universal Life | MetLife Holdings
Net liability for FPBs	1,877	1,841
Participating Life Insurance Contract | MetLife Holdings
Net liability for FPBs	43,294	43,586
Long-Duration Insurance, Other
Net liability for FPBs	6,416	6,605
Short-Duration Insurance, Other
Net liability for FPBs	$ 10,363	$ 10,215

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Future Policy Benefits - Disaggregate Rollforwards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for FPBs	$ 126,894		$ 129,182
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)	(3)	2
Adjusted balance	(3)	2
Issuances	157	66
Net premiums collected	(154)	(68)
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	48,886	48,190
Balance, beginning of period, at original discount rate	47,991	49,194
Effect of actual variances from expected experience (1)	(26)	(262)
Adjusted balance	47,965	48,932
Issuances	157	64
Interest accrual	597	600
Benefit payments	(1,115)	(1,309)
Ending balance at original discount rate	47,604	48,287
Effect of changes in discount rate assumptions	(200)	281
Balance, end of period, at current discount rate at balance sheet date	47,404	48,568
Cumulative amount of fair value hedging adjustments	(298)	(77)
Net liability for FPBs	47,106	48,491	48,695
Undiscounted - Expected future benefit payments	88,345	94,225
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$ 47,404	$ 48,568
Weighted-average duration of the liability	9 years	10 years
Weighted-average interest accretion (original locked-in) rate	5.10%	5.10%
Weighted-average current discount rate at balance sheet date	5.40%	5.20%
Deferred Profit Liability Offset to Actual Versus Expected	$ 15	$ 196
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)	(4)	26
Adjusted balance	5,562	5,833
Interest accrual	71	75
Net premiums collected	(143)	(146)
Ending balance at original discount rate	5,490	5,762
Effect of changes in discount rate assumptions	0	104
Balance, end of period, at current discount rate at balance sheet date	5,490	5,866
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)	(1)	28
Adjusted balance	20,493	20,193
Interest accrual	269	266
Benefit payments	(212)	(191)
Ending balance at original discount rate	20,550	20,268
Effect of changes in discount rate assumptions	(215)	215
Balance, end of period, at current discount rate at balance sheet date	20,335	20,483
Net liability for FPBs	14,845	14,617	$ 15,240
Undiscounted - Expected future gross premiums	10,430	11,053
Undiscounted - Expected future benefit payments	44,808	45,741
Discounted - Expected future gross premiums	6,895	7,295
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$ 20,335	$ 20,483
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	5.50%	5.30%

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Future Policy Benefits - FPB - Additional Insurance Liabilities (Details) - Universal and Variable Universal Life - MetLife Holdings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 1,841	$ 1,642
Less: AOCI adjustment	(14)	(63)
Balance, beginning of period, before AOCI adjustment	1,855	1,705
Effect of actual variances from expected experience	11	14
Adjusted balance	1,866	1,719
Assessments accrual	22	24
Interest accrual	24	22
Excess benefits paid	(20)	(29)
Balance, end of period, before AOCI adjustment	1,892	1,736
Add: AOCI adjustment	(15)	(50)
Balance, end of period	1,877	1,686
Less: Reinsurance recoverables	1,877	636
Balance, end of period, net of reinsurance	$ 0	$ 1,050
Weighted-average duration of the liability	17 years	17 years
Weighted-average interest accretion rate	5.20%	5.20%

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Future Policy Benefits - FPB Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	$ 624	$ 508
Interest Expense (2)	933	924
Fixed & Immediate Annuities | RIS
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	167	41
Interest Expense (2)	597	600
Long-term Care | MetLife Holdings
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	181	183
Interest Expense (2)	198	191
Fixed & Immediate Annuities for Deferred Profit Liabilities | RIS
Principal Transaction Revenue [Line Items]
Interest Expense (2)	37	35
Universal and Variable Universal Life | MetLife Holdings
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	99	120
Interest Expense (2)	24	22
Long-Duration Insurance, Other
Principal Transaction Revenue [Line Items]
Gross Premiums or Assessments (1)	177	164
Interest Expense (2)	$ 77	$ 76

XML

Future Policy Benefits (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, beginning of period	$ 11,609	$ 11,300
Less: Reinsurance recoverables	1,740	1,633
Net balance, beginning of period	9,869	9,667
Incurred related to:
Current period	5,178	5,151
Prior periods (1)	(58)	(28)
Total incurred	5,120	5,123
Paid related to:
Current period	(2,152)	(2,025)
Prior periods	(3,000)	(2,999)
Total paid	(5,152)	(5,024)
Net balance, end of period	9,837	9,766
Add: Reinsurance recoverables	2,064	1,816
Balance, end of period (included in FPBs and other policy-related balances)	$ 11,901	$ 11,582

XML

Policyholder Account Balances - Amounts on Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 103,262	$ 103,894
Other
Policyholder Account Balance [Line Items]
Policyholder Account Balance	16,037	16,197
Group Life | Group Benefits
Policyholder Account Balance [Line Items]
Policyholder Account Balance	7,593	7,605	$ 7,888	$ 7,954
Capital Markets Investment Products and Stable Value GICs | RIS
Policyholder Account Balance [Line Items]
Policyholder Account Balance	58,350	58,554	58,110	58,508
Annuities and Risk Solutions | RIS
Policyholder Account Balance [Line Items]
Policyholder Account Balance	10,793	10,650	10,450	10,244
Annuities | MetLife Holdings
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 10,489	$ 10,888	$ 12,143	$ 12,598

XML

Policyholder Account Balances - LDTI Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 103,894
Balance, end of period	103,262
Group Life | Group Benefits
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	7,605	$ 7,954
Deposits	966	830
Policy charges	(163)	(160)
Surrenders and withdrawals	(856)	(782)
Benefit payments	(4)	(1)
Net transfers from (to) separate accounts	(3)	1
Interest credited	48	46
Balance, end of period	$ 7,593	$ 7,888
Weighted-average annual crediting rate	2.60%	2.30%
Cash surrender value	$ 7,533	$ 7,827
Group Life | In the event of death | Group Benefits
Policyholder Account Balance [Roll Forward]
Policyholder Account Balance, Net Amount at Risk	260,502	249,463
Capital Markets Investment Products and Stable Value GICs | RIS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	58,554	58,508
Deposits	16,227	19,546
Surrenders and withdrawals	(16,502)	(20,825)
Interest credited	518	422
Effect of foreign currency translation and other, net	(447)	459
Balance, end of period	$ 58,350	$ 58,110
Weighted-average annual crediting rate	3.60%	2.90%
Cash surrender value	$ 1,515	$ 1,565
Annuities and Risk Solutions | RIS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	10,650	10,244
Deposits	250	240
Policy charges	(12)	(43)
Surrenders and withdrawals	(55)	(40)
Benefit payments	(148)	(134)
Net transfers from (to) separate accounts	19	55
Interest credited	112	107
Other	(23)	21
Balance, end of period	$ 10,793	$ 10,450
Weighted-average annual crediting rate	4.20%	4.10%
Cash surrender value	$ 6,834	$ 6,621
Annuities and Risk Solutions | In the event of death | RIS
Policyholder Account Balance [Roll Forward]
Policyholder Account Balance, Net Amount at Risk	34,862	35,177
Annuities | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	10,888	12,598
Deposits	36	41
Policy charges	(3)	(3)
Surrenders and withdrawals	(440)	(510)
Benefit payments	(106)	(117)
Net transfers from (to) separate accounts	27	35
Interest credited	83	90
Other	4	9
Balance, end of period	$ 10,489	$ 12,143
Weighted-average annual crediting rate	3.20%	2.90%
Cash surrender value	$ 9,797	$ 11,309
Annuities | In the event of death | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Policyholder Account Balance, Net Amount at Risk	2,486	3,600
Annuities | At annuitization or exercise of other living benefits | MetLife Holdings
Policyholder Account Balance [Roll Forward]
Policyholder Account Balance, Net Amount at Risk	$ 572	$ 788

XML

Policyholder Account Balances - Range of Guaranteed Minimum Crediting Rate (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 103,262	$ 103,894
Group Life | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	7,593	7,605	$ 7,888	$ 7,954
Group Life | Equal to or greater than 0% but less than 2% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 5,467		$ 5,575
Group Life | 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 | 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 | Equal to or greater than 2% but less than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 1,313		$ 1,352
Group Life | 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 | 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 | Equal to or greater than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 774		$ 836
Group Life | 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 | Products with either a fixed rate or no GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 39		$ 125
Group Life | At GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1,943		2,036
Group Life | 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, Guaranteed Minimum Credit Rating	0		0
Group Life | 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, Guaranteed Minimum Credit Rating	1,242		1,277
Group Life | At GMCR | Equal to or greater than 4% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	701		759
Group Life | Greater than 0% but less than 0.50% above GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	9		11
Group Life | 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, Guaranteed Minimum Credit Rating	0		0
Group Life | 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, Guaranteed Minimum Credit Rating	9		10
Group Life | 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, Guaranteed Minimum Credit Rating	0		1
Group Life | 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, Guaranteed Minimum Credit Rating	939		1,041
Group 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% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	839		935
Group 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% | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	60		63
Group Life | 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, Guaranteed Minimum Credit Rating	40		43
Group Life | Equal to or greater than 1.50% above GMCR | Group Benefits
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	4,663		4,675
Group Life | 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, Guaranteed Minimum Credit Rating	4,628		4,640
Group Life | 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, Guaranteed Minimum Credit Rating	2		2
Group Life | 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, Guaranteed Minimum Credit Rating	33		33
Capital Markets Investment Products and Stable Value GICs | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	58,350	58,554	58,110	58,508
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, Guaranteed Minimum Credit Rating	$ 1,999		$ 1,836
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, Guaranteed Minimum Credit Rating	$ 56,351		$ 56,274
Capital Markets Investment Products and Stable Value GICs | At GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	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, Guaranteed Minimum Credit Rating	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, Guaranteed Minimum Credit Rating	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, Guaranteed Minimum Credit Rating	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, Guaranteed Minimum Credit Rating	1		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, Guaranteed Minimum Credit Rating	1		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, Guaranteed Minimum Credit Rating	1,998		1,835
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, Guaranteed Minimum Credit Rating	1,998		1,835
Annuities and Risk Solutions | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	10,793	10,650	10,450	10,244
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, Guaranteed Minimum Credit Rating	$ 1,599		$ 1,452
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, Guaranteed Minimum Credit Rating	$ 702		$ 750
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, Guaranteed Minimum Credit Rating	$ 3,798		$ 3,826
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, Guaranteed Minimum Credit Rating	$ 4,694		$ 4,422
Annuities and Risk Solutions | At GMCR | RIS
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	3,771		3,919
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, Guaranteed Minimum Credit Rating	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, Guaranteed Minimum Credit Rating	244		230
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, Guaranteed Minimum Credit Rating	3,527		3,689
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, Guaranteed Minimum Credit Rating	34		159
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, Guaranteed Minimum Credit Rating	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, Guaranteed Minimum Credit Rating	34		39
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, Guaranteed Minimum Credit Rating	0		120
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, Guaranteed Minimum Credit Rating	294		110
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, Guaranteed Minimum Credit Rating	20		58
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, Guaranteed Minimum Credit Rating	8		40
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, Guaranteed Minimum Credit Rating	266		12
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, Guaranteed Minimum Credit Rating	2,000		1,840
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, Guaranteed Minimum Credit Rating	1,579		1,394
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, Guaranteed Minimum Credit Rating	416		441
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, Guaranteed Minimum Credit Rating	5		5
Annuities | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	10,489	$ 10,888	12,143	$ 12,598
Annuities | Equal to or greater than 0% but less than 2% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 745		$ 908
Annuities | 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%
Annuities | 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%
Annuities | Equal to or greater than 2% but less than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 8,751		$ 10,120
Annuities | 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%
Annuities | 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%
Annuities | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 582		$ 637
Annuities | 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%
Annuities | Products with either a fixed rate or no GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	$ 411		$ 478
Annuities | At GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	1,288		7,761
Annuities | 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, Guaranteed Minimum Credit Rating	6		658
Annuities | 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, Guaranteed Minimum Credit Rating	865		6,516
Annuities | At GMCR | Equal to or greater than 4% | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	417		587
Annuities | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	7,528		3,331
Annuities | 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, Guaranteed Minimum Credit Rating	237		90
Annuities | 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, Guaranteed Minimum Credit Rating	7,151		3,197
Annuities | 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, Guaranteed Minimum Credit Rating	140		44
Annuities | 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, Guaranteed Minimum Credit Rating	1,001		513
Annuities | 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, Guaranteed Minimum Credit Rating	442		136
Annuities | 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, Guaranteed Minimum Credit Rating	534		371
Annuities | 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, Guaranteed Minimum Credit Rating	25		6
Annuities | Equal to or greater than 1.50% above GMCR | MetLife Holdings
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	261		60
Annuities | 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, Guaranteed Minimum Credit Rating	60		24
Annuities | 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, Guaranteed Minimum Credit Rating	201		36
Annuities | 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, Guaranteed Minimum Credit Rating	$ 0		$ 0

XML

Market Risk Benefits Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Market Risk Benefit [Line Items]
Asset	$ 230	$ 177
Liability	2,452	2,878
Net	2,222	2,701
Investment Product | MetLife Holdings
Market Risk Benefit [Line Items]
Asset	206	156
Liability	2,437	2,858
Net	2,231	2,702
Insurance, Other
Market Risk Benefit [Line Items]
Asset	24	21
Liability	15	20
Net	$ (9)	$ (1)

XML

Market Risk Benefits Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Market Risk Benefit [Line Items]
Beginning balance	$ 2,701
Ending balance	2,222
Other Segments
Market Risk Benefit [Line Items]
Beginning balance	(1)	$ 25
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	2	34
Attributed fees collected	1	1
Effect of changes in interest rates	(12)	21
Actual policyholder behavior different from expected behavior	0	(23)
Effect of foreign currency translation and other, net (1)	2	35
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(7)	68
Cumulative effect of changes in the instrument-specific credit risk	(2)	(15)
Ending balance	(9)	53
Variable Annuity | MetLife Holdings
Market Risk Benefit [Line Items]
Beginning balance	2,702	3,071
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	2,741	3,164
Attributed fees collected	76	80
Benefit payments	(22)	(10)
Effect of changes in interest rates	(376)	344
Effect of changes in capital markets	(242)	(303)
Effect of changes in equity index volatility	34	(121)
Actual policyholder behavior different from expected behavior	57	21
Effect of foreign currency translation and other, net (1)	(11)	251
Effect of changes in risk margin	(44)	3
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	2,213	3,429
Cumulative effect of changes in the instrument-specific credit risk	18	(174)
Ending balance	2,231	3,255
Variable Annuity | MetLife Holdings | In the event of death
Market Risk Benefit [Line Items]
Net amount at risk	$ 2,486	$ 3,600
Average attained age of policyholders	72 years	70 years
Variable Annuity | MetLife Holdings | At annuitization or exercise of other living benefits
Market Risk Benefit [Line Items]
Net amount at risk	$ 572	$ 788
Average attained age of policyholders	70 years	70 years

XML

Separate Account Liabilities Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account liabilities	$ 81,726	$ 83,197
Stable Value and Risk Solutions | RIS
Separate Account, Liability [Line Items]
Separate account liabilities	33,142	35,562	$ 40,677	$ 43,249
Annuities | RIS
Separate Account, Liability [Line Items]
Separate account liabilities	11,465	11,659	12,219	11,694
Annuities | MetLife Holdings
Separate Account, Liability [Line Items]
Separate account liabilities	29,803	29,162	$ 29,261	$ 28,443
Insurance, Other
Separate Account, Liability [Line Items]
Separate account liabilities	$ 7,316	$ 6,814

XML

Separate Account Liabilities Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Separate Account, Liability [Roll Forward]
Balance, beginning of period	$ 83,197
Balance, end of period	81,726
RIS | Stable Value and Risk Solutions
Separate Account, Liability [Roll Forward]
Balance, beginning of period	35,562	$ 43,249
Premiums and deposits	312	645
Policy charges	(49)	(57)
Surrenders and withdrawals	(1,804)	(3,417)
Benefit payments	(22)	(21)
Investment performance	246	1,079
Net transfers from (to) general account	(19)	(57)
Other (1)	(1,084)	(744)
Balance, end of period	33,142	40,677
Cash Surrender Value	29,496	36,594
RIS | Annuities
Separate Account, Liability [Roll Forward]
Balance, beginning of period	11,659	11,694
Premiums and deposits	15	78
Policy charges	(5)	(6)
Surrenders and withdrawals	(172)	(135)
Benefit payments	0	0
Investment performance	(54)	505
Net transfers from (to) general account	0	2
Other (1)	22	81
Balance, end of period	11,465	12,219
MetLife Holdings | Annuities
Separate Account, Liability [Roll Forward]
Balance, beginning of period	29,162	28,443
Premiums and deposits	63	67
Policy charges	(143)	(149)
Surrenders and withdrawals	(880)	(660)
Benefit payments	(128)	(120)
Investment performance	1,761	1,716
Net transfers from (to) general account	(27)	(36)
Other (1)	(5)	0
Balance, end of period	29,803	29,261
Cash Surrender Value	$ 29,656	$ 29,115

XML

Separate Account Assets Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 81,726	$ 83,197
Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,376	1,425
Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	134	143
Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	828	883
Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,795	1,843
Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	878	906
Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,632	2,670
Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	695	757
Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	471	541
Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,840	1,889
Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	555	509
Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,167	9,603
Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,075	1,066
Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	297	346
Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,273	9,632
Separate Account, Debt Security | Total Bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	20,367	21,156
Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,305	9,515
Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,151	2,341
Separate Account, Debt Security | Redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9	9
Separate Account, Debt Security | Fixed maturity securities AFS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	31,832	33,021
Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	43,961	42,678
Separate Account, Equity Security | Non-redeemable preferred stock
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
Separate Account, Equity Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	731	716
Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,373	2,338
Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	63	65
Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	40,794	39,559
Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	77,169	77,124
Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,557	6,073
Group Benefits
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,261	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 | Technology
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 | 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	0
Group Benefits | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations
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 | Fixed maturity securities AFS
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	1,261	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	1,261	1,159
Group Benefits | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,261	1,159
Group Benefits | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
RIS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	44,702	47,310
RIS | Other invested assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,376	1,425
RIS | Separate Account, Debt Security | Materials
Fair Value, Separate Account Investment [Line Items]
Separate account assets	134	143
RIS | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	828	883
RIS | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,795	1,843
RIS | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	878	906
RIS | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,632	2,670
RIS | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	695	757
RIS | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	471	541
RIS | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,840	1,889
RIS | Separate Account, Debt Security | Foreign government
Fair Value, Separate Account Investment [Line Items]
Separate account assets	555	509
RIS | Separate Account, Debt Security | U.S. government and agency
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,167	9,603
RIS | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	1,075	1,066
RIS | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	297	346
RIS | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,273	9,632
RIS | Separate Account, Debt Security | Total Bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	20,367	21,156
RIS | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	9,305	9,515
RIS | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,151	2,341
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 | Fixed maturity securities AFS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	31,832	33,021
RIS | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	6,937	6,791
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	731	716
RIS | Separate Account, Equity Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,373	2,338
RIS | Separate Account, Equity Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	63	65
RIS | Separate Account, Equity Security | Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	3,770	3,672
RIS | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	40,145	41,237
RIS | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	4,557	6,073
MetLife Holdings
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,763	34,728
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	0	0
MetLife Holdings | Separate Account, Debt Security | Communications
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Consumer
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Energy
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Financial Services Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Commercial and Industrial Sector
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Technology
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Foreign
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
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	0	0
MetLife Holdings | Separate Account, Debt Security | Public utilities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Municipals
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Total corporate bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Total Bonds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
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 | Fixed maturity securities AFS
Fair Value, Separate Account Investment [Line Items]
Separate account assets	0	0
MetLife Holdings | Separate Account, Equity Security
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,763	34,728
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	35,763	34,728
MetLife Holdings | Investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	35,763	34,728
MetLife Holdings | Other Assets
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 0	$ 0

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Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue - DAC VOBA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
DAC:
DAC, Beginning Balance	$ 3,291	$ 3,741
Capitalizations	25	77
Amortization	(70)	(76)
DAC, Ending Balance	3,246	3,742
Deferred policy acquisition costs and value of business acquired	3,260	3,757	$ 3,305
Group Benefits
DAC:
DAC, Beginning Balance	255	264
Capitalizations	4	6
Amortization	(6)	(6)
DAC, Ending Balance	253	264
RIS
DAC:
DAC, Beginning Balance	155	137
Capitalizations	21	19
Amortization	(8)	(7)
DAC, Ending Balance	168	149
MetLife Holdings
DAC:
DAC, Beginning Balance	2,723	3,220
Capitalizations	0	0
Amortization	(50)	(59)
DAC, Ending Balance	2,673	3,161
Corporate & Other
DAC:
DAC, Beginning Balance	158	120
Capitalizations	0	52
Amortization	(6)	(4)
DAC, Ending Balance	$ 152	$ 168

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Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue - Unearned Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	$ 21	$ 245
Deferrals	1	10
Amortization	(1)	(6)
Deferred Revenue, Current, Ending Balance	21	249
RIS
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	16	18
Deferrals	1	1
Amortization	(1)	(1)
Deferred Revenue, Current, Ending Balance	16	18
MetLife Holdings
Unearned Revenue [Roll Forward]
Deferred Revenue, Current, Beginning Balance	5	227
Deferrals	0	9
Amortization	0	(5)
Deferred Revenue, Current, Ending Balance	$ 5	$ 231

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Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Closed Block Liabilities
Future policy benefits	$ 35,806	$ 36,142
Other policy-related balances	301	319
Policyholder dividends payable	170	174
Policyholder dividend obligation	0	0
Current income tax payable	1	0
Other liabilities	746	668
Total closed block liabilities	37,024	37,303
Assets Designated to the Closed Block
Fixed maturity securities available-for-sale, at estimated fair value	19,637	19,939
Mortgage loans	6,005	6,151
Policy loans	3,919	3,960
Real estate and real estate joint ventures	676	668
Other invested assets	496	506
Total investments	30,733	31,224
Cash and cash equivalents	717	717
Accrued investment income	385	383
Premiums, reinsurance and other receivables	52	54
Current income tax recoverable	0	3
Deferred income tax asset	359	312
Total assets designated to the closed block	32,246	32,693
Excess of closed block liabilities over assets designated to the closed block	4,778	4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,044)	(820)
Unrealized gains (losses) on derivatives, net of income tax	151	130
Total amounts included in AOCI	(893)	(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$ 3,885	$ 3,920

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Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Premiums	$ 218	$ 235
Net investment income	343	338
Net investment gains (losses)	(7)	4
Net derivative gains (losses)	5	(2)
Total revenues	559	575
Expenses
Policyholder benefits and claims	404	413
Policyholder dividends	90	97
Other expenses	20	22
Total expenses	514	532
Revenues, net of expenses before provision for income tax expense (benefit)	45	43
Provision for income tax expense (benefit)	10	9
Revenues, net of expenses and provision for income tax expense (benefit)	$ 35	$ 34

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Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 153,315	$ 152,080
Allowance for Credit Loss for Debt Securities	(66)	(132)	$ (135)	$ (114)
Gross Unrealized Gains	2,021	2,665
Gross Unrealized Losses	13,052	11,808
Estimated Fair Value of Fixed Maturity Securities AFS	142,218	142,805
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,298	52,479
Allowance for Credit Loss for Debt Securities	(10)	(62)	(57)	(28)
Gross Unrealized Gains	845	1,126
Gross Unrealized Losses	3,467	3,050
Estimated Fair Value of Fixed Maturity Securities AFS	49,666	50,493
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,237	27,520
Allowance for Credit Loss for Debt Securities	(2)	(2)	(3)	(3)
Gross Unrealized Gains	415	536
Gross Unrealized Losses	3,126	2,839
Estimated Fair Value of Fixed Maturity Securities AFS	24,524	25,215
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,647	23,100
Allowance for Credit Loss for Debt Securities	0	0
Gross Unrealized Gains	132	243
Gross Unrealized Losses	2,783	2,283
Estimated Fair Value of Fixed Maturity Securities AFS	21,996	21,060
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,688	20,700
Allowance for Credit Loss for Debt Securities	(1)	(1)	0	0
Gross Unrealized Gains	193	228
Gross Unrealized Losses	2,149	1,979
Estimated Fair Value of Fixed Maturity Securities AFS	19,731	18,948
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,908	12,049
Allowance for Credit Loss for Debt Securities	(7)	(6)	0	0
Gross Unrealized Gains	38	30
Gross Unrealized Losses	363	432
Estimated Fair Value of Fixed Maturity Securities AFS	11,576	11,641
Municipals
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,261	6,429
Allowance for Credit Loss for Debt Securities	0	0
Gross Unrealized Gains	233	318
Gross Unrealized Losses	455	428
Estimated Fair Value of Fixed Maturity Securities AFS	6,039	6,319
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,979	6,387
Allowance for Credit Loss for Debt Securities	(11)	(11)	(7)	(15)
Gross Unrealized Gains	40	28
Gross Unrealized Losses	445	570
Estimated Fair Value of Fixed Maturity Securities AFS	5,563	5,834
Foreign government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,297	3,416
Allowance for Credit Loss for Debt Securities	(35)	(50)	$ (68)	$ (68)
Gross Unrealized Gains	125	156
Gross Unrealized Losses	264	227
Estimated Fair Value of Fixed Maturity Securities AFS	$ 3,123	$ 3,295

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Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 4,500
Amortized Cost, Due after one year through five years	24,993
Amortized Cost, Due after five years through ten years	27,898
Amortized Cost, Due after ten years	56,302
Amortized Cost, Structured Securities	39,556
Amortized Cost, net of ACL	153,249
Estimated Fair Value, Due in one year or less	4,407
Estimated Fair Value, Due after one year through five years	24,203
Estimated Fair Value, Due after five years through ten years	26,636
Estimated Fair Value, Due after ten years	50,102
Estimated Fair Value, Structured Securities	36,870
Estimated Fair Value of Fixed Maturity Securities AFS	$ 142,218	$ 142,805

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Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available For Sale) Details (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 15,491	$ 12,260
Less than 12 months Gross Unrealized Loss	$ 486	$ 489
Total number of securities in an unrealized loss position less than 12 months	2,055	1,679
Equal to or Greater than 12 Months Estimated Fair Value	$ 78,831	$ 81,427
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 12,535	$ 11,277
Total number of securities in an unrealized loss position equal or greater than 12 months	8,334	8,441
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	$ 4,729	$ 3,537
Less than 12 months Gross Unrealized Loss	124	95
Equal to or Greater than 12 Months Estimated Fair Value	25,379	25,752
Equal to or Greater than 12 Months Gross Unrealized Loss	3,319	2,924
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,414	714
Less than 12 months Gross Unrealized Loss	66	64
Equal to or Greater than 12 Months Estimated Fair Value	16,414	16,982
Equal to or Greater than 12 Months Gross Unrealized Loss	3,060	2,775
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	5,375	4,322
Less than 12 months Gross Unrealized Loss	184	228
Equal to or Greater than 12 Months Estimated Fair Value	10,925	9,980
Equal to or Greater than 12 Months Gross Unrealized Loss	2,599	2,055
RMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,830	1,470
Less than 12 months Gross Unrealized Loss	53	37
Equal to or Greater than 12 Months Estimated Fair Value	12,743	12,813
Equal to or Greater than 12 Months Gross Unrealized Loss	2,095	1,941
ABS & CLO
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	1,040	937
Less than 12 months Gross Unrealized Loss	20	20
Equal to or Greater than 12 Months Estimated Fair Value	6,140	8,250
Equal to or Greater than 12 Months Gross Unrealized Loss	342	410
Municipals
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	440	262
Less than 12 months Gross Unrealized Loss	13	10
Equal to or Greater than 12 Months Estimated Fair Value	2,106	2,102
Equal to or Greater than 12 Months Gross Unrealized Loss	442	418
CMBS
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	173	587
Less than 12 months Gross Unrealized Loss	4	23
Equal to or Greater than 12 Months Estimated Fair Value	3,756	4,096
Equal to or Greater than 12 Months Gross Unrealized Loss	439	542
Foreign government
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	490	431
Less than 12 months Gross Unrealized Loss	22	12
Equal to or Greater than 12 Months Estimated Fair Value	1,368	1,452
Equal to or Greater than 12 Months Gross Unrealized Loss	239	212
Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	14,664	11,499
Less than 12 months Gross Unrealized Loss	459	453
Equal to or Greater than 12 Months Estimated Fair Value	74,988	77,325
Equal to or Greater than 12 Months Gross Unrealized Loss	12,094	10,849
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Estimated Fair Value	827	761
Less than 12 months Gross Unrealized Loss	27	36
Equal to or Greater than 12 Months Estimated Fair Value	3,843	4,102
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 441	$ 428

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Investments (ACL for Fixed Maturity Securities AFS By Sector) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	$ 132	$ 114
ACL not previously recorded	0	31
Changes for securities with previously recorded ACL	(1)	2
Securities sold or exchanged	(65)	(12)
Allowance, end of period	66	135
U.S. corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	62	28
ACL not previously recorded	0	31
Changes for securities with previously recorded ACL	0	0
Securities sold or exchanged	(52)	(2)
Allowance, end of period	10	57
Foreign corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	2	3
ACL not previously recorded	0	0
Changes for securities with previously recorded ACL	0	0
Securities sold or exchanged	0	0
Allowance, end of period	2	3
Foreign government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	50	68
ACL not previously recorded	0	0
Changes for securities with previously recorded ACL	(2)	0
Securities sold or exchanged	(13)	0
Allowance, end of period	35	68
RMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	1	0
ACL not previously recorded	0	0
Changes for securities with previously recorded ACL	0	0
Securities sold or exchanged	0	0
Allowance, end of period	1	0
ABS & CLO
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	6	0
ACL not previously recorded	0	0
Changes for securities with previously recorded ACL	1	0
Securities sold or exchanged	0	0
Allowance, end of period	7	0
CMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance, beginning of period	11	15
ACL not previously recorded	0	0
Changes for securities with previously recorded ACL	0	2
Securities sold or exchanged	0	(10)
Allowance, end of period	$ 11	$ 7

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Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 62,424	$ 63,093
Allowance for Credit Loss	(569)	(509)	$ (587)	$ (448)
Total mortgage loans	$ 61,855	$ 62,584
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net	100.90%	100.80%
Percentage of Allowance for Credit Losses for Financing Receivables	(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%
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 36,599	$ 37,129
Allowance for Credit Loss	$ (273)	$ (210)	(253)	(174)
Percentage Of Mortgage Loans, Gross	59.20%	59.30%
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 10,125	$ 10,133
Allowance for Credit Loss	$ (129)	$ (147)	(187)	(169)
Percentage Of Mortgage Loans, Gross	16.30%	16.20%
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans, Gross	$ 15,700	$ 15,831
Allowance for Credit Loss	$ (167)	$ (152)	$ (147)	$ (105)
Percentage Of Mortgage Loans, Gross	25.40%	25.30%

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Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	$ 509	$ 448
Provision (release)	60	146
Charge-offs, net of recoveries	0	(7)
Balance, end of period	569	587
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	210	174
Provision (release)	63	79
Charge-offs, net of recoveries	0	0
Balance, end of period	273	253
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	147	169
Provision (release)	(18)	18
Charge-offs, net of recoveries	0	0
Balance, end of period	129	187
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance, beginning of period	152	105
Provision (release)	15	49
Charge-offs, net of recoveries	0	(7)
Balance, end of period	$ 167	$ 147

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Investments (Modifications to Borrowers Experiencing Financial Difficulty) (Details) - Commercial Mortgage Loans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase	Less than one year	Less than one year
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	1.00%	1.00%
Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Troubled Debt Restructuring, Postmodification	$ 30	$ 31

XML

Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 62,424	$ 63,093
Commercial Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	550
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,865
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	5,220
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	4,057
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,640
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	19,806
Financing Receivable, Revolving	2,461
Mortgage Loans, Gross	$ 36,599	$ 37,129
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	$ 518
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,384
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	4,453
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	3,677
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,367
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	16,393
Financing Receivable, Revolving	2,461
Mortgage Loans, Gross	$ 31,253
Loans Receivable Commercial Mortgage Percentage	85.40%
Commercial Mortgage Loans | 1.00x - 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 32
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	392
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	328
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	380
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	101
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,101
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 3,334
Loans Receivable Commercial Mortgage Percentage	9.10%
Commercial Mortgage Loans | Less than 1.00x
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	89
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	439
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	172
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,312
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 2,012
Loans Receivable Commercial Mortgage Percentage	5.50%
Commercial Mortgage Loans | Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 550
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,587
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,197
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,689
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	982
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	10,054
Financing Receivable, Revolving	2,461
Mortgage Loans, Gross	$ 18,520
Loans Receivable Commercial Mortgage Percentage	50.60%
Commercial Mortgage Loans | 65% to 75%
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	226
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	3,080
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,462
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	936
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	4,408
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 10,112
Loans Receivable Commercial Mortgage Percentage	27.60%
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	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	355
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	182
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	111
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,755
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 2,403
Loans Receivable Commercial Mortgage Percentage	6.60%
Commercial 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	52
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	588
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	724
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	611
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	3,589
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 5,564
Loans Receivable Commercial Mortgage Percentage	15.20%

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Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans, Gross	$ 62,424	$ 63,093
Mortgage Loans in Process of Foreclosure, Amount	134	134
Residential Mortgage Loans
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	353
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,892
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	923
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	156
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,801
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 10,125	10,133
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	$ 0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	345
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,842
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	909
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	150
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,521
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 9,767
Loans Receivable Residential Mortgage Percentage	96.50%
Residential Mortgage Loans | Nonperforming
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	8
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	50
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	14
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	6
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	280
Financing Receivable, Revolving	0
Mortgage Loans, Gross	$ 358
Loans Receivable Residential Mortgage Percentage	3.50%
Agricultural Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 126
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	821
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,065
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,665
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,072
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7,584
Financing Receivable, Revolving	1,367
Mortgage Loans, Gross	$ 15,700	$ 15,831
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	$ 123
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	794
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,988
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,472
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	1,942
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	6,941
Financing Receivable, Revolving	1,235
Mortgage Loans, Gross	$ 14,495
Loans Receivable Agricultural Mortgage Percentage	92.30%
Agricultural Mortgage Loans | 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 3
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	22
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	77
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	193
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	125
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	503
Financing Receivable, Revolving	127
Mortgage Loans, Gross	$ 1,050
Loans Receivable Agricultural Mortgage Percentage	6.70%
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	5
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	5
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	140
Financing Receivable, Revolving	5
Mortgage Loans, Gross	$ 155
Loans Receivable Agricultural Mortgage Percentage	1.00%

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Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 62,424	$ 63,093
Greater than 90 Days Past Due and Still Accruing Interest	29	0
Financing Receivable, Nonaccrual	1,103	852
Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	877	402
Commercial Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	36,599	37,129
Greater than 90 Days Past Due and Still Accruing Interest	0	0
Financing Receivable, Nonaccrual	491	303
Commercial Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	276	19
Residential Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	10,125	10,133
Greater than 90 Days Past Due and Still Accruing Interest	0	0
Financing Receivable, Nonaccrual	360	343
Residential Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	358	343
Agricultural Mortgage Loans
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	15,700	15,831
Greater than 90 Days Past Due and Still Accruing Interest	29	0
Financing Receivable, Nonaccrual	252	206
Agricultural Mortgage Loans | Financial Asset, Past Due
Financing Receivable, Nonaccrual [Line Items]
Mortgage Loans, Gross	$ 243	$ 40

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Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real Estate [Line Items]
Leased real estate investments, Carrying Value	$ 1,587		$ 1,594
Other real estate investments, Carrying Value	510		506
Real estate joint ventures, Carrying Value	6,551		6,590
Real Estate Investments, Net	8,648		$ 8,690
Income (Loss) from Equity Method Investments	136	$ (38)
Gross Investment Income, Operating	3,174	2,990
Real Estate and Real Estate Joint Ventures
Real Estate [Line Items]
Gross Investment Income, Operating	31	52
Leased real estate
Real Estate [Line Items]
Operating Lease, Lease Income	$ 38	$ 42
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Other real estate
Real Estate [Line Items]
Operating Lease, Lease Income	$ 43	$ 46
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Real estate joint ventures
Real Estate [Line Items]
Income (Loss) from Equity Method Investments	$ (50)	$ (36)

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Investments (FVO Securities and Equity Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
FVO Securities
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	$ 391	$ 379
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	443	367
Debt Securities, Trading, and Equity Securities, FV-NI	834	746
Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	119	118
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	57	45
Equity Securities, FV-NI	176	163
Non-redeemable preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	166	177
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	4	7
Equity Securities, FV-NI	170	184
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI, Cost	285	295
Equity and Trading Securities, FV-NI, Unrealized Gains (Losses)	61	52
Equity Securities, FV-NI	$ 346	$ 347

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Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 5,997	$ 5,684
Securities Lending Reinvestment Portfolio Estimated Fair Value	5,870	5,565
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	5,862	5,528
Securities Sold under Agreements to Repurchase	3,032	3,029
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
Securities Lending 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	Mar. 31, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 5,997	$ 5,684
Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	5,997	5,684
U.S. government and agency | Open (1)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	901	943
U.S. government and agency | 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,763	2,523
U.S. government and agency | Over 1 Month to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,333	2,218
U.S. government and agency | Over 6  Months to 1 Year
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
U.S. government and agency | Repurchase Agreements
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
U.S. government and agency | Repurchase Agreements | Open (1)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
U.S. government and agency | Repurchase Agreements | 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	2,975	2,975
U.S. government and agency | Repurchase Agreements | Over 1 Month to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	0	0
U.S. government and agency | Repurchase Agreements | Over 6  Months to 1 Year
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 0	$ 0

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Investments (Invested Assets on Deposit and Pledged as Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 101	$ 105
Invested assets pledged as collateral (1)	21,418	21,177
Total invested assets on deposit and pledged as collateral	$ 21,519	$ 21,282

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Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total Assets	$ 374,062	$ 378,685
Total Liabilities	360,769	365,069
Variable Interest Entity
Variable Interest Entity [Line Items]
Total Assets	1,677	1,724
Total Liabilities	1	0
Real estate joint ventures | Variable Interest Entity
Variable Interest Entity [Line Items]
Total Assets	1,355	1,427
Total Liabilities	0	0
Mortgage loans | Variable Interest Entity
Variable Interest Entity [Line Items]
Total Assets	195	171
Total Liabilities	0	0
Renewable energy partnership | Variable Interest Entity
Variable Interest Entity [Line Items]
Total Assets	66	65
Total Liabilities	1	0
Investment funds (primarily other invested assets) | Variable Interest Entity
Variable Interest Entity [Line Items]
Total Assets	61	61
Total Liabilities	$ 0	$ 0

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Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total Assets	$ 374,062	$ 378,685
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	43,790	44,111
Maximum Exposure to Loss	46,035	46,494
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities
Variable Interest Entity [Line Items]
Total Assets	35,694	35,370
Maximum Exposure to Loss	35,694	35,370
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests
Variable Interest Entity [Line Items]
Total Assets	6,816	7,319
Maximum Exposure to Loss	8,741	9,452
Variable Interest Entity, Not Primary Beneficiary | Other invested assets
Variable Interest Entity [Line Items]
Total Assets	1,171	1,318
Maximum Exposure to Loss	1,328	1,405
Variable Interest Entity, Not Primary Beneficiary | Real estate joint ventures
Variable Interest Entity [Line Items]
Total Assets	109	104
Maximum Exposure to Loss	$ 272	$ 267

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Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 3,174	$ 2,990
Less: Investment expenses	317	305
Net investment income	2,857	2,685
Fixed Maturity Securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	1,830	1,846
Mortgage loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	828	790
Policy Loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	70	73
Real Estate and Real Estate Joint Ventures
Net Investment Income [Line Items]
Gross Investment Income, Operating	31	52
Other limited partnership interests
Net Investment Income [Line Items]
Gross Investment Income, Operating	158	1
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	91	84
FVO Securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	66	50
Operating Joint Venture
Net Investment Income [Line Items]
Gross Investment Income, Operating	16	14
Equity securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	3	1
Other Investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 81	$ 79

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Investments (Supplemental Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Investment Income [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	$ (173)	$ 83
Equity Securities, FV-NI, Unrealized Gain (Loss)	7	(3)
Income (Loss) from Equity Method Investments	136	(38)
Net investment Income
Net Investment Income [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	0	0
Debt and Equity Securities, Unrealized Gain (Loss)	87	58
Debt and Equity Securities, Gain (Loss)	87	58
FVO Securities
Net Investment Income [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 64	$ 47

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Investments (Components of Net Investment Gains Losses - Asset Type) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities AFS	$ (79)	$ 52
Equity Securities, FV-NI, Gain (Loss)	6	(5)
Other net investment gains (losses):
Mortgage loans	(71)	(149)
Real estate and REJV (excluding changes in estimated fair value)	27	2
OLPI (excluding changes in estimated fair value) (1)	(38)	7
Other gains (losses)	(5)	6
Subtotal - investment portfolio gains (losses)	(160)	(87)
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures	3	(5)
Non-investment portfolio gains (losses)	21	(10)
Subtotal	24	(15)
Net investment gains (losses)	$ (136)	$ (102)

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Investments (Components of Net Investment Gains Losses - Transaction Type) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on investments sold or disposed	$ (173)	$ 83
Impairment (losses)	0	(6)
Change in allowance for credit loss recognized in earnings	7	(162)
Unrealized net gains (losses) recognized in earnings	9	(7)
Total recognized gains (losses)	(157)	(92)
Non-investment portfolio gains (losses)	21	(10)
Net investment gains (losses)	(136)	$ (102)
Private Equity Funds
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on investments sold or disposed	36
Equity Method Investment, Amount Sold	590
Proceeds from Sale of Equity Method Investments	$ 554

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Investments (Supplemental Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Investment Income [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 7	$ (3)
Foreign Currency Transaction Gain (Loss), Realized	9	(15)
Realized gains (losses) on investments sold or disposed	(173)	83
Debt and Equity Securities, Realized Gain (Loss)	(173)	83
Net investment Income
Net Investment Income [Line Items]
Debt and Equity Securities, Realized Gain (Loss)	0	0
Equity securities
Net Investment Income [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 11	$ (3)

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Investments (Fixed Maturity Securities AFS - Sales and Disposals and Credit Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 3,030	$ 8,422
Gross investment gains	48	239
Gross investment (losses)	(193)	(160)
Realized gains (losses) on sales and disposals	(145)	79
Net credit loss (provision) release (change in ACL recognized in earnings)	66	(21)
Impairment (losses)	0	(6)
Net credit loss (provision) release and impairment (losses)	66	(27)
Net investment gains (losses)	(173)	83
Equity securities, Realized gains(losses) on sales and disposals	(1)	(2)
Equity Securities, FV-NI, Unrealized Gain (Loss)	7	(3)
Equity Securities, FV-NI, Gain (Loss)	6	(5)
Fixed Maturity Securities
Debt Securities, Available-for-sale [Line Items]
Net investment gains (losses)	$ (79)	$ 52

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Investments (Recurring Related Party Investments Transactions) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Other invested assets - VIE	$ 16,878		$ 17,040
Metropolitan General Insurance Company
Related Party Transaction [Line Items]
Preferred Stock Dividend Yield Percentage	7.50%
Minimum
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.61%
Maximum
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.16%
Metlife Inc
Related Party Transaction [Line Items]
Other invested assets - VIE	$ 1,052		1,130
OtherOperatingIncomeRelatedAndNonrelatedParty	3	$ 5
Metropolitan General Insurance Company
Related Party Transaction [Line Items]
Other invested assets - VIE	152		150
OtherOperatingIncomeRelatedAndNonrelatedParty	0	0
Affiliated Entity
Related Party Transaction [Line Items]
Assets Transferred To Affiliates, Estimated Fair Value	140	0
Transfers of Financial Assets Accounted for as Sale, Amortized Cost of Assets Obtained as Proceeds	137	0
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale	3	0
Assets Transferred From Affiliates Estimated Fair Value	2	515
Derivative Liabilities Transferred From Affiliates, Estimated Fair Value	0	0
Other invested assets - VIE	1,204		$ 1,280
Affiliated Entity | Other Investments
Related Party Transaction [Line Items]
OtherOperatingIncomeRelatedAndNonrelatedParty	$ 3	$ 5

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Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 142,218	$ 142,805
Gross Unrealized Losses	$ (13,052)	$ (11,808)

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Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 13,000
Equal to or Greater than 12 Months Gross Unrealized Loss	12,535	$ 11,277
Below Investment Grade
Debt Securities, Available-for-sale [Line Items]
Equal to or Greater than 12 Months Gross Unrealized Loss	441	$ 428
Fixed maturity securities without an allowance for credit loss
Debt Securities, Available-for-sale [Line Items]
Change in Gross Unrealized Temporary Loss	$ 1,300

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Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	$ (775)		$ (720)
Financing Receivable, Purchase	$ 255	$ 757
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	$ 194		$ 196
Commercial Mortgage Loans | Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost of Mortgage Loans Delinquent during the period	171
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	80		79
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	$ 138		$ 166

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Investments (Real Estate and Real Estate Joint Ventures - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real Estate [Line Items]
Real Estate Acquired Through Foreclosure	$ 192		$ 190
Depreciation	21	$ 20
Real Estate Investment Property, Net	$ 660		$ 638

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Investments (Tax Equity Investments - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Carrying Value of Tax Equity Investments	$ 781	$ 1,000
Income Tax Credits And Other Income Tax Benefits	37
Tax Equity Investments Amortization Expense	$ 33

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Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 3.6	$ 3.5

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Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fair Value, Concentration of Risk, Investments	$ 0	$ 0

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Investments (Invested Assets on Deposits and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Federal Home Loan Bank Stock	$ 637	$ 637

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Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Other invested assets - VIE	$ 16,878		$ 17,040
Costs and Expenses, Related Party	76	$ 68
Subsidiary of Common Parent
Related Party Transaction [Line Items]
Other invested assets - VIE	$ 2,800		$ 2,800

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Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	$ 6,137	$ 6,506
Estimated Fair Value Liabilities	3,008	2,897
Derivative, Notional Amount	175,841	181,578
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	3,183	3,290
Estimated Fair Value Liabilities	1,899	1,776
Derivative, Notional Amount	43,831	41,003
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,151	1,312
Estimated Fair Value Liabilities	585	509
Derivative, Notional Amount	6,154	5,902
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,112	1,257
Estimated Fair Value Liabilities	579	508
Derivative, Notional Amount	4,770	4,443
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	39	55
Estimated Fair Value Liabilities	6	1
Derivative, Notional Amount	1,384	1,459
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2,032	1,978
Estimated Fair Value Liabilities	1,314	1,267
Derivative, Notional Amount	37,677	35,101
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	1
Estimated Fair Value Liabilities	277	246
Derivative, Notional Amount	4,289	3,789
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	133	175
Derivative, Notional Amount	636	970
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2,032	1,977
Estimated Fair Value Liabilities	904	846
Derivative, Notional Amount	32,752	30,342
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	2,954	3,216
Estimated Fair Value Liabilities	1,109	1,121
Derivative, Notional Amount	132,010	140,575
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	1,507	1,476
Estimated Fair Value Liabilities	700	638
Derivative, Notional Amount	16,038	15,516
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	33	39
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	11,770	13,921
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	302	355
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	28,090	28,890
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	72	25
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	210	361
Estimated Fair Value Liabilities	60	27
Derivative, Notional Amount	37,416	39,226
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Synthetic GICs
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	6,083	6,145
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	469	446
Estimated Fair Value Liabilities	11	24
Derivative, Notional Amount	4,403	4,304
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	4	8
Estimated Fair Value Liabilities	2	10
Derivative, Notional Amount	1,195	1,176
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	3
Estimated Fair Value Liabilities	8	7
Derivative, Notional Amount	774	809
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	218	186
Estimated Fair Value Liabilities	6	4
Derivative, Notional Amount	11,443	10,007
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	3
Estimated Fair Value Liabilities	0	0
Derivative, Notional Amount	707	941
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	211	339
Estimated Fair Value Liabilities	184	193
Derivative, Notional Amount	11,999	17,703
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity Total Return Swaps [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	138	218
Derivative, Notional Amount	$ 2,020	$ 1,912

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Derivatives Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (56)	$ (560)
Gain (Loss) on Derivative Instruments, Net, Pretax	(56)	(560)
Net Investment Income	(2,857)	(2,685)
Net policyholder benefits and claims	(6,690)	(6,223)
Interest credited to policyholder account balances	(923)	(831)
Net investment gains (losses)	(136)	(102)
Net Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	234	(280)
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income	(9)	(15)
Net policyholder benefits and claims	0	0
Interest credited to policyholder account balances	0	0
Net investment gains (losses)	(5)	7
Other Comprehensive Income (Loss), before Tax	116	13
Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	(2)	0
Net policyholder benefits and claims	(6)	0
Interest credited to policyholder account balances	(3)	0
Net investment gains (losses)	0	0
Fixed Maturities [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	(107)		$ (113)
Interest rate contracts | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income	(8)	(14)
Net policyholder benefits and claims	0	0
Interest credited to policyholder account balances	0	0
Net investment gains (losses)	2	2
Other Comprehensive Income (Loss), before Tax	(10)	(16)
Currency Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income	(1)	(1)
Net policyholder benefits and claims	0	0
Interest credited to policyholder account balances	0	0
Net investment gains (losses)	(270)	129
Other Comprehensive Income (Loss), before Tax	269	(130)
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income	0	0
Net policyholder benefits and claims	0	0
Interest credited to policyholder account balances	0	0
Net investment gains (losses)	263	(124)
Other Comprehensive Income (Loss), before Tax		0
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	(4)	(16)
Net policyholder benefits and claims	0	0
Interest credited to policyholder account balances	(24)	0
Net investment gains (losses)	0	0
Derivative [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	(1)
Net policyholder benefits and claims	109	(126)
Interest credited to policyholder account balances	(39)	(32)
Net investment gains (losses)	0	0
Fixed Maturity Securities | Currency Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	(2)	(16)
Net policyholder benefits and claims	0	0
Interest credited to policyholder account balances	(28)	0
Net investment gains (losses)	0	0
Fixed Maturity Securities | Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	(1)
Net policyholder benefits and claims	103	(126)
Interest credited to policyholder account balances	(38)	(32)
Net investment gains (losses)	0	0
Credit forwards | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income	0	0
Net policyholder benefits and claims	0	0
Interest credited to policyholder account balances	0	0
Net investment gains (losses)	0	0
Other Comprehensive Income (Loss), before Tax	0	0
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	1	(41)
Accumulated Other Comprehensive Income (Loss) | Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	(144)	200
Accumulated Other Comprehensive Income (Loss) | Credit forwards | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Tax	0	0
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(419)	(530)
Net Investment Income	(25)	(6)
Not Designated as Hedging Instrument [Member] | Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	127	245
Net Investment Income	(30)	(43)
Net policyholder benefits and claims	4	(5)
Interest credited to policyholder account balances	(48)	(33)
Net investment gains (losses)	0	0
Other Comprehensive Income (Loss), before Tax	0	0
Not Designated as Hedging Instrument [Member] | Synthetic GICs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	2	5
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(281)	(403)
Net Investment Income	(25)	(6)
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(36)	32
Net Investment Income	0	0
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(199)	(61)
Net Investment Income	0	0
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	74	(95)
Net Investment Income	0	0
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	(9)
Net Investment Income	0	0
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	23	6
Net Investment Income	0	0
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	(16)	(52)
Net policyholder benefits and claims	10	(5)
Interest credited to policyholder account balances	45	33
Net investment gains (losses)	(5)	7
Other Comprehensive Income (Loss), before Tax	$ 116	$ 13

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Derivatives (Fair Value Hedges) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge	5 years	5 years
Mortgage loans | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	$ 271	$ 345
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(8)	(10)
Future policy benefits [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	(2,656)	(2,863)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	298	191
Policyholder Account Balances [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instruments, Carrying Amount	(1,657)	(1,844)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	121	2
Fixed Maturities [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	(107)	(113)
Debt Instruments, Carrying Amount	118	120
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ 1	$ 1

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Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 212	$ 182
Maximum Amount of Future Payments under Credit Default Swaps	$ 11,443	$ 10,007
Weighted Average Years to Maturity	3 years 10 months 24 days	4 years 4 months 24 days
Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 91	$ 80
Maximum Amount of Future Payments under Credit Default Swaps	$ 4,296	$ 3,841
Weighted Average Years to Maturity	2 years 8 months 12 days	2 years 8 months 12 days
Aaa/Aa/A | 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	$ 10	$ 10
Weighted Average Years to Maturity	2 months 12 days	6 months
Aaa/Aa/A | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 91	$ 80
Maximum Amount of Future Payments under Credit Default Swaps	$ 4,286	$ 3,831
Weighted Average Years to Maturity	2 years 8 months 12 days	2 years 8 months 12 days
Baa [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 120	$ 103
Maximum Amount of Future Payments under Credit Default Swaps	$ 7,018	$ 6,037
Weighted Average Years to Maturity	4 years 8 months 12 days	5 years 6 months
Baa [Member] | 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	$ 55	$ 55
Weighted Average Years to Maturity	2 years	2 years 3 months 18 days
Baa [Member] | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 119	$ 102
Maximum Amount of Future Payments under Credit Default Swaps	$ 6,963	$ 5,982
Weighted Average Years to Maturity	4 years 8 months 12 days	5 years 7 months 6 days
Ba
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 8 months 12 days	3 years
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 8 months 12 days	3 years
Caa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (2)	$ (4)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	2 years 2 months 12 days	2 years 6 months
Caa | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (2)	$ (4)
Maximum Amount of Future Payments under Credit Default Swaps	$ 30	$ 30
Weighted Average Years to Maturity	2 years 2 months 12 days	2 years 6 months
B
Credit Derivatives [Line Items]
Maximum Amount of Future Payments under Credit Default Swaps	$ 74	$ 74
Weighted Average Years to Maturity	4 years 8 months 12 days	5 years
Estimated Fair Value of Credit Default Swaps	$ 1	$ 1
B | Credit default swaps referencing indices
Credit Derivatives [Line Items]
Maximum Amount of Future Payments under Credit Default Swaps	$ 74	$ 74
Weighted Average Years to Maturity	4 years 8 months 12 days	5 years
Estimated Fair Value of Credit Default Swaps	$ 1	$ 1

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Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 6,304	$ 6,649
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,081	2,905
Net amount of derivative assets after application of master netting agreements and cash collateral	22	35
Net amount of derivative liabilities after application of master netting agreements and cash collateral	1	0
Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	6,178	6,534
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,076	2,892
Gross estimated fair value of derivative assets	(2,482)	(2,350)
Gross estimated fair value of derivative liabilities	(2,482)	(2,350)
Cash collateral on derivative assets	(2,504)	(2,872)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(1,172)	(1,283)
Securities collateral on derivative liabilities	(593)	(542)
Exchange Traded [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	0	3
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	0	0
Gross estimated fair value of derivative assets	0	0
Gross estimated fair value of derivative liabilities	0	0
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	0	0
Cleared [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	126	112
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	5	13
Gross estimated fair value of derivative assets	0	(4)
Gross estimated fair value of derivative liabilities	0	(4)
Cash collateral on derivative assets	(124)	(105)
Cash collateral on derivative liabilities	0	(1)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ (5)	$ (8)

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Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Cash	$ 5	$ 4
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged	0
Estimated Fair Value of Derivatives in Net Liability Position	593	542
Exchange Traded [Member]
Credit Derivatives [Line Items]
Derivative Asset, Not Offset, Policy Election Deduction	0	0
Derivative Liability, Not Offset, Policy Election Deduction	0	0
Derivative, Collateral, Right to Reclaim Securities	55	56
Over the Counter [Member]
Credit Derivatives [Line Items]
Derivative Asset, Not Offset, Policy Election Deduction	(2,482)	(2,350)
Derivative Liability, Not Offset, Policy Election Deduction	(2,482)	(2,350)
Excess securities collateral received on derivatives	305	286
Derivative, Collateral, Right to Reclaim Securities	1,000	1,100
Exchange Cleared [Member]
Credit Derivatives [Line Items]
Derivative Asset, Not Offset, Policy Election Deduction	0	(4)
Derivative Liability, Not Offset, Policy Election Deduction	0	(4)
Derivative, Collateral, Right to Reclaim Securities	469	495
Fixed maturity securities AFS
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	1,030	896
Estimated fair value of derivatives in a net liability position (1)
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	590	542
Estimated fair value of derivatives in a net liability position (1) | Fixed maturity securities AFS
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	1,025	896
Derivatives Not Subject To Credit-Contingent Provisions
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	3	0
Derivatives Not Subject To Credit-Contingent Provisions | Fixed maturity securities AFS
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	$ 5	$ 0

XML

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Embedded derivatives within asset host contracts (4)	$ (66)	$ (15)
Embedded derivatives within liability host contracts	219	37
Assumed affiliated reinsurance | Other invested assets
Derivatives, Fair Value [Line Items]
Embedded derivatives within asset host contracts (4)	(59)	(41)
Assumed affiliated reinsurance | Other liabilities
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	0	104
Fixed annuities with equity indexed returns [Member] | Policyholder Account Balances [Member]
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	168	163
Funds withheld and guarantees on reinsurance (including affiliated) | Other liabilities
Derivatives, Fair Value [Line Items]
Embedded derivatives within liability host contracts	387	304
Funds withheld on affiliated reinsurance | Other invested assets
Derivatives, Fair Value [Line Items]
Embedded derivatives within asset host contracts (4)	$ (7)	$ (26)

XML

Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	$ 6,137	$ 6,506
Estimated Fair Value Liabilities	3,008	2,897
Maximum Amount of Future Payments under Credit Default Swaps	$ 11,443	$ 10,007
Derivative Instrument Detail [Abstract]
Hedging exposure to variability in future cash flows for specific length of time	5 years	5 years
Accumulated Other Comprehensive Income Loss	$ 1,000	$ 894
Deferred net gains (losses) expected to be reclassified to earnings	190
Excess cash collateral received on derivatives	28	154
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0
Over the Counter [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(2,504)	(2,872)
Excess securities collateral received on derivatives	305	286
Excess securities collateral provided on derivatives	1,000	1,100
Exchange Traded [Member]
Derivatives, Fair Value [Line Items]
Excess securities collateral provided on derivatives	55	56
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	167	143
Estimated Fair Value Liabilities	$ 73	$ 8

XML

Derivatives Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge	5 years		5 years
Accumulated Other Comprehensive Income Loss	$ 1,000		$ 894
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 0	$ 1

XML

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 142,218	$ 142,805
Short-term investments	2,004	3,048
Derivative assets	6,137	6,506
Embedded derivatives within asset host contracts (4)	66	15
Market risk benefits	230	177
Separate account assets	81,726	83,197
Liabilities [Abstract]
Derivative liabilities	3,008	2,897
Embedded derivatives within liability host contracts	219	37
Market risk benefits	2,452	2,878
Separate account liabilities (2)	81,726	83,197
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	52	48
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	142,218	142,805
Short-term investments	2,004	3,048
Other investments	1,569	1,470
Derivative assets	6,137	6,506
Embedded derivatives within asset host contracts (4)	66	15
Market risk benefits	230	177
Separate account assets	81,726	83,197
Total assets	233,950	237,218
Liabilities [Abstract]
Derivative liabilities	3,008	2,897
Embedded derivatives within liability host contracts	(219)	(37)
Market risk benefits	2,452	2,878
Total liabilities	5,245	5,746
Recurring | Interest rate
Assets [Abstract]
Derivative assets	3,164	3,489
Liabilities [Abstract]
Derivative liabilities	1,749	1,594
Recurring | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	2,544	2,486
Liabilities [Abstract]
Derivative liabilities	923	881
Recurring | Credit
Assets [Abstract]
Derivative assets	218	189
Liabilities [Abstract]
Derivative liabilities	14	11
Recurring | Equity market
Assets [Abstract]
Derivative assets	211	342
Liabilities [Abstract]
Derivative liabilities	322	411
Recurring | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	4	8
Recurring | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	49,666	50,493
Recurring | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	24,524	25,215
Recurring | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	21,996	21,060
Recurring | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	19,731	18,948
Recurring | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	11,576	11,641
Recurring | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	6,039	6,319
Recurring | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	5,563	5,834
Recurring | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	3,123	3,295
Recurring | Level 1
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	10,220	8,966
Short-term investments	1,608	2,745
Other investments	100	76
Derivative assets	0	3
Embedded derivatives within asset host contracts (4)	0	0
Market risk benefits	0	0
Separate account assets	13,147	13,945
Total assets	25,075	25,735
Liabilities [Abstract]
Derivative liabilities	0	0
Embedded derivatives within liability host contracts	0	0
Market risk benefits	0	0
Total liabilities	1	4
Recurring | Level 1 | Interest rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 1 | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	0	0
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
Assets [Abstract]
Derivative assets	0	3
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 1 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	1	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 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	10,216	8,963
Recurring | Level 1 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	4	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 1 | Foreign government
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	111,286	113,514
Short-term investments	385	288
Other investments	66	77
Derivative assets	6,123	6,488
Embedded derivatives within asset host contracts (4)	0	0
Market risk benefits	0	0
Separate account assets	67,599	68,284
Total assets	185,459	188,651
Liabilities [Abstract]
Derivative liabilities	2,873	2,722
Embedded derivatives within liability host contracts	0	0
Market risk benefits	0	0
Total liabilities	2,876	2,726
Recurring | Level 2 | Interest rate
Assets [Abstract]
Derivative assets	3,164	3,489
Liabilities [Abstract]
Derivative liabilities	1,616	1,419
Recurring | Level 2 | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	2,544	2,486
Liabilities [Abstract]
Derivative liabilities	923	881
Recurring | Level 2 | Credit
Assets [Abstract]
Derivative assets	211	181
Liabilities [Abstract]
Derivative liabilities	12	11
Recurring | Level 2 | Equity market
Assets [Abstract]
Derivative assets	204	332
Liabilities [Abstract]
Derivative liabilities	322	411
Recurring | Level 2 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	3	4
Recurring | Level 2 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	40,856	41,718
Recurring | Level 2 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	16,180	16,875
Recurring | Level 2 | U.S. government and agency
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	11,780	12,097
Recurring | Level 2 | RMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	18,169	17,616
Recurring | Level 2 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	10,001	10,109
Recurring | Level 2 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	6,039	6,319
Recurring | Level 2 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	5,153	5,499
Recurring | Level 2 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	3,108	3,281
Recurring | Level 3
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	20,712	20,325
Short-term investments	11	15
Other investments	1,403	1,317
Derivative assets	14	15
Embedded derivatives within asset host contracts (4)	66	15
Market risk benefits	230	177
Separate account assets	980	968
Total assets	23,416	22,832
Liabilities [Abstract]
Derivative liabilities	135	175
Embedded derivatives within liability host contracts	(219)	(37)
Market risk benefits	2,452	2,878
Total liabilities	2,368	3,016
Recurring | Level 3 | Interest rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	133	175
Recurring | Level 3 | Foreign currency exchange rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 3 | Credit
Assets [Abstract]
Derivative assets	7	8
Liabilities [Abstract]
Derivative liabilities	2	0
Recurring | Level 3 | Equity market
Assets [Abstract]
Derivative assets	7	7
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring | Level 3 | Separate account liabilities (2)
Liabilities [Abstract]
Separate account liabilities (2)	0	0
Recurring | Level 3 | U.S. corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	8,810	8,775
Recurring | Level 3 | Foreign corporate
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	8,344	8,340
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	1,558	1,329
Recurring | Level 3 | ABS & CLO
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	1,575	1,532
Recurring | Level 3 | Municipals
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	0	0
Recurring | Level 3 | CMBS
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	410	335
Recurring | Level 3 | Foreign government
Assets [Abstract]
Estimated Fair Value of Fixed Maturity Securities AFS	$ 15	$ 14

XML

Fair Value (Quantitative Information) (Details)	Mar. 31, 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	400	367
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0001	0.0001
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0005	0.0005
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0035	0.0035
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0080	0.0080
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0310	0.0310
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0010	0.0010
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0020	0.0020
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0025	0.0025
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.1637	0.1637
Minimum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0034	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	50	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	2	0
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	78	78
Maximum | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	432	399
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0013	0.0013
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0067	0.0067
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	1	1
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.2010	0.2010
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.1010	0.1010
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.1010	0.1010
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.22	0.22
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0775	0.0775
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.2185	0.2185
Maximum | Market Risk Benefits direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0067	0.0070
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	128	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	112	110
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	114	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	100	101
Weighted Average | Interest rate | Measurement Input, Swap Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	417	385
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 0 - 40
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0005	0.0005
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 41 - 60
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0022	0.0022
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Mortality rates: Ages 61 - 115
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0123	0.0123
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 1 - 10
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0872	0.0872
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 11 - 20
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0434	0.0434
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Lapse rates: Durations 21 - 116
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0459	0.0459
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Utilization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0044	0.0044
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Withdrawal Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.0447	0.0447
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed guaranteed minimum benefits	0.1855	0.1855
Weighted Average | Market Risk Benefits direct and assumed guaranteed minimum benefits | Nonperformance risk spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market Risk Benefits direct and assumed 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	94	95
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	94	93
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	94	94

XML

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 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	$ 0	$ 1
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(20)	62
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(160)	(331)
Total realized/unrealized gains (losses) included in net income (loss)	(1)	0
Total realized/unrealized gains (losses) included in AOCI	(28)	66
Purchases	0	0
Sales	0	0
Issuances	(2)	0
Settlements	70	55
Transfers into Level 3	0	0
Transfers out of Level 3	0	(61)
Balance, end of period	(121)	(271)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	1
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(20)	62
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	234	(280)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	52	458
Total realized/unrealized gains (losses) included in net income (loss)	234	(280)
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(1)	(10)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	285	168
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	234	(280)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0
Corporate fixed maturity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	17,115	14,733
Total realized/unrealized gains (losses) included in net income (loss)	(15)	2
Total realized/unrealized gains (losses) included in AOCI	(169)	376
Purchases	711	1,355
Sales	(380)	(463)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	81	161
Transfers out of Level 3	(189)	(447)
Balance, end of period	17,154	15,717
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	3	1
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(179)	374
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	3	1
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(179)	374
Structured Products
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3,196	3,373
Total realized/unrealized gains (losses) included in net income (loss)	4	(5)
Total realized/unrealized gains (losses) included in AOCI	39	20
Purchases	494	189
Sales	(153)	(100)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	51	70
Transfers out of Level 3	(88)	(46)
Balance, end of period	3,543	3,501
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	4	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	37	17
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	4	(1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	37	17
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	14	15
Total realized/unrealized gains (losses) included in net income (loss)	2	0
Total realized/unrealized gains (losses) included in AOCI	(1)	(1)
Purchases	0	2
Sales	0	(1)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	15	15
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	2	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(1)	(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	2	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	(1)	(1)
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	15	47
Total realized/unrealized gains (losses) included in net income (loss)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	1
Purchases	2	52
Sales	(1)	(43)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	(5)	0
Balance, end of period	11	57
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	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
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,317	1,022
Total realized/unrealized gains (losses) included in net income (loss)	84	28
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	5	2
Sales	(3)	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	1,403	1,052
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	86	29
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	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	86	29
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	0	0
Separate Accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	968	995
Total realized/unrealized gains (losses) included in net income (loss)	(14)	(9)
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	39	101
Sales	(9)	(93)
Issuances	0	0
Settlements	0	1
Transfers into Level 3	3	5
Transfers out of Level 3	(7)	0
Balance, end of period	980	1,000
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	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
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period	$ 0	$ 0

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Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Policy loans	$ 5,738	$ 5,671
Liabilities
Separate account liabilities	81,726	83,197
Carrying Value
Assets
Mortgage loans (1)	61,855	62,584
Policy loans	5,738	5,671
Other invested assets	1,978	1,778
Premiums, reinsurance and other receivables	13,991	14,028
Liabilities
PABs	87,038	87,518
Long-term debt	1,736	1,886
Other liabilities	11,703	11,481
Separate account liabilities	27,850	29,204
Estimated Fair Value
Assets
Mortgage loans (1)	58,387	59,511
Policy loans	6,058	6,042
Other invested assets	1,995	1,794
Premiums, reinsurance and other receivables	14,205	14,274
Liabilities
PABs	84,884	86,093
Long-term debt	1,803	1,958
Other liabilities	11,686	11,474
Separate account liabilities	27,850	29,204
Estimated Fair Value | Level 1
Assets
Mortgage loans (1)	0	0
Policy loans	0	0
Other invested assets	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
PABs	0	0
Long-term debt	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimated Fair Value | Level 2
Assets
Mortgage loans (1)	0	0
Policy loans	0	0
Other invested assets	1,717	1,794
Premiums, reinsurance and other receivables	303	221
Liabilities
PABs	0	0
Long-term debt	1,803	1,958
Other liabilities	495	141
Separate account liabilities	27,850	29,204
Estimated Fair Value | Level 3
Assets
Mortgage loans (1)	58,387	59,511
Policy loans	6,058	6,042
Other invested assets	278	0
Premiums, reinsurance and other receivables	13,902	14,053
Liabilities
PABs	84,884	86,093
Long-term debt	0	0
Other liabilities	11,191	11,333
Separate account liabilities	$ 0	$ 0

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Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgage loans	$ 61,855		$ 62,584
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Adjustment	(37)	$ (66)
Fair Value, Inputs, Level 3 [Member] | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgage loans	$ 624		$ 295

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Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 13,616	$ 13,395
Ending Balance	13,293	14,176
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(6,872)	(8,320)
OCI before reclassifications	(282)	2,050
Other Comprehensive Income (Loss) before Reclassifications, Tax	98	(429)
AOCI before reclassifications, net of income tax	(7,056)	(6,699)
Amounts reclassified from AOCI	421	(169)
Deferred income tax benefit (expense)	(93)	36
Amounts reclassified from AOCI, net of income tax	328	(133)
Ending Balance	(6,728)	(6,832)
Unrealized Investment Gains (Losses), Net of Related Offsets
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(6,495)	(11,161)
OCI before reclassifications	(1,924)	3,812
Other Comprehensive Income (Loss) before Reclassifications, Tax	443	(798)
AOCI before reclassifications, net of income tax	(7,976)	(8,147)
Amounts reclassified from AOCI	159	(25)
Deferred income tax benefit (expense)	(37)	5
Amounts reclassified from AOCI, net of income tax	122	(20)
Ending Balance	(7,854)	(8,167)
Unrealized Gains (Losses) on Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	705	1,557
OCI before reclassifications	(143)	159
Other Comprehensive Income (Loss) before Reclassifications, Tax	30	(33)
AOCI before reclassifications, net of income tax	592	1,683
Amounts reclassified from AOCI	259	(146)
Deferred income tax benefit (expense)	(55)	31
Amounts reclassified from AOCI, net of income tax	204	(115)
Ending Balance	796	1,568
Future Policy Benefits Discount Rate Remeasurement Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(807)	1,529
OCI before reclassifications	1,804	(2,068)
Other Comprehensive Income (Loss) before Reclassifications, Tax	(379)	433
AOCI before reclassifications, net of income tax	618	(106)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Ending Balance	618	(106)
Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	33	80
OCI before reclassifications	(58)	88
Other Comprehensive Income (Loss) before Reclassifications, Tax	12	(19)
AOCI before reclassifications, net of income tax	(13)	149
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Ending Balance	(13)	149
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(143)	(187)
OCI before reclassifications	39	60
Other Comprehensive Income (Loss) before Reclassifications, Tax	(8)	(12)
AOCI before reclassifications, net of income tax	(112)	(139)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Ending Balance	(112)	(139)
Defined Benefit Plans Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(165)	(138)
OCI before reclassifications	0	(1)
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0
AOCI before reclassifications, net of income tax	(165)	(139)
Amounts reclassified from AOCI	3	2
Deferred income tax benefit (expense)	(1)	0
Amounts reclassified from AOCI, net of income tax	2	2
Ending Balance	$ (163)	$ (137)

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Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (136)	$ (102)
Net derivative gains (losses)	(56)	(560)
Net investment income	2,857	2,685
Income (loss) before provision for income tax	1,149	(195)
Income tax (expense) benefit	(214)	104
Net income (loss)	935	(91)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(328)	133
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)	(146)	41
Net derivative gains (losses)	(12)	(18)
Net investment income	(1)	2
Income (loss) before provision for income tax	(159)	25
Income tax (expense) benefit	37	(5)
Net income (loss)	(122)	20
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before provision for income tax	(259)	146
Income tax (expense) benefit	55	(31)
Net income (loss)	(204)	115
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	2	2
Net investment income	8	14
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)	(270)	129
Net investment income	1	1
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)	(3)	(3)
Amortization of prior service (costs) credit	0	1
Income (loss) before provision for income tax	(3)	(2)
Income tax (expense) benefit	1	0
Net income (loss)	$ (2)	$ (2)

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Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 233	$ 223
Other revenues	455	415
Prepaid legal plans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	120	115
Administrative services-only contracts
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	66	61
Recordkeeping and administrative services (1)
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38	37
Other revenue from service contracts from customers
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9	10
Other Income
Disaggregation of Revenue [Line Items]
Other revenues	$ 222	$ 192

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Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
General and administrative expenses (1)	$ 673	$ 661
Pension, postretirement and postemployment benefit costs	55	50
Premium taxes, other taxes, and licenses & fees	97	93
Commissions and other variable expenses	487	714
Capitalization of DAC	(25)	(77)
Amortization of DAC and VOBA	70	77
Interest expense on debt	32	30
Total other expenses	1,389	1,548
Net change in cash surrender value of investments, net of premiums paid	$ (40)	$ (30)

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Income Tax (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	19.00%	53.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

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Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Claims	Mar. 31, 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	783	587	2,565

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Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Contingencies, Commitments and Guarantees [Abstract]
Cumulative maximum indemnities and guarantees contractual limitation	$ 669
Liabilities for indemnities, guarantees and commitments	2	$ 2
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	570
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	2,200	3,300
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	$ 4,100	$ 4,400

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Related Party Transactions (Service Agreements - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Other expenses	$ 1,389	$ 1,548
Revenues	9,693	8,717
Other liabilities	24,037		$ 23,719
Affiliated Entity [Member] | Services Necessary To Conduct The Company's Activities
Related Party Transaction [Line Items]
Other expenses	722	715
Revenues	11	$ 14
Related Party
Related Party Transaction [Line Items]
Other liabilities	$ 28		$ 56

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Related Party Transactions (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums:
Net premiums	$ 6,214	$ 5,849
Other revenues:
Net other revenues	455	415
Interest Credited To Policyholder Account Balances [Abstract]
Net interest credited to policyholder account balances	923	831
Other expenses:
Net other expenses	1,389	1,548
Affiliated Entity [Member] | Assumed Reinsurance [Member]
Premiums:
Reinsurance assumed	1	27
Universal life and investment-type product policy fees:
Reinsurance assumed	3	0
Other revenues:
Reinsurance assumed	28	22
Policyholder benefits and claims:
Reinsurance assumed	12
Reinsurance ceded		(169)
Interest Credited To Policyholder Account Balances [Abstract]
Reinsurance assumed	89	73
Other expenses:
Reinsurance assumed	12	204
Policyholder Liability, Change in Fair Value, Gain (Loss)	0	39
Affiliated Entity [Member] | Ceded Reinsurance [Member]
Premiums:
Reinsurance ceded	(103)	(84)
Universal life and investment-type product policy fees:
Reinsurance ceded	0	(2)
Other revenues:
Reinsurance ceded	115	115
Policyholder benefits and claims:
Reinsurance ceded	(86)	(77)
Interest Credited To Policyholder Account Balances [Abstract]
Reinsurance ceded	(3)	(3)
Other expenses:
Reinsurance ceded	56	63
Policyholder Liability, Change in Fair Value, Gain (Loss)	2	5
Affiliated Entity [Member] | Reinsurance [Member]
Premiums:
Net premiums	(102)	(111)
Universal life and investment-type product policy fees:
Insurance Commissions and Fees, Net Impact from Reinsurance	3	(2)
Other revenues:
Net other revenues	143	137
Policyholder benefits and claims:
Net policyholder benefits and claims	(74)	(246)
Interest Credited To Policyholder Account Balances [Abstract]
Net interest credited to policyholder account balances	86	70
Other expenses:
Net other expenses	68	267
Policyholder Liability, Change in Fair Value, Gain (Loss)	$ 2	$ (44)

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Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets
Premiums, reinsurance and other receivables	$ 28,781	$ 28,236
Deferred policy acquisition costs and value of business acquired	3,260	3,305	$ 3,757
Liabilities:
Net liability for FPBs	126,894	129,182
Other policy-related balances	8,796	8,289
Other Liabilities	24,037	23,719
Assumed Reinsurance [Member] | Affiliated Entity [Member]
Assets
Premiums, reinsurance and other receivables	165	164
Deferred policy acquisition costs and value of business acquired	153	158
Total assets	318	322
Liabilities:
Net liability for FPBs	2,157	2,236
Policyholder account balances	9,020	9,040
Other policy-related balances	68	65
Other Liabilities	833	957
Total liabilities	12,078	12,298
Ceded Reinsurance [Member] | Affiliated Entity [Member]
Assets
Premiums, reinsurance and other receivables	11,260	11,302
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Ceded	(159)	(160)
Total assets	11,101	11,142
Liabilities:
Liability for Future Policy Benefit, before Reinsurance, Ceded	0	0
Policyholder account balances	0	0
Other policy-related balances	(38)	(35)
Other Liabilities	10,043	10,267
Total liabilities	$ 10,005	$ 10,232

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Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Net liability for FPBs	$ 126,894		$ 129,182
Other invested assets - VIE	16,878		17,040
Net other expenses	1,389	$ 1,548
Embedded Derivative, Fair Value of Embedded Derivative Liability	219		37
Affiliated Entity [Member]
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Other invested assets - VIE	$ 1,204		1,280
Affiliated Entity [Member] | Funds Withheld On Ceded Reinsurance [Member]
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Coinsurance Funds Withheld Basis, Percent	75.00%
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ (42)		(39)
Net derivatives gains (losses)	3	(6)
Affiliated Entity [Member] | Closed Block Liabilities Ceded To MetLife Reinsurance Of Charleston [Member]
Schedule Of Effect Of Reinsurance On Income Statement [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	(344)		$ (265)
Net derivatives gains (losses)	$ 79	$ (165)