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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

Form 10-Q

(Mark One)


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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024


☐			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,

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 August 6, 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.

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		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited) (at June 30, 2024 and December 31, 2023 and for the Three Months and Six Months Ended June 30, 2024 and 2023)
	Interim Condensed Consolidated Balance Sheets	4
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
	Interim Condensed Consolidated Statements of Equity	6
	Interim Condensed Consolidated Statements of Cash Flows	7
	Notes to the Interim Condensed Consolidated Financial Statements:
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	8
	Note 2 — Segment Information	11
	Note 3 — Future Policy Benefits	16
	Note 4 — Policyholder Account Balances	22
	Note 5 — Market Risk Benefits	27
	Note 6 — Separate Accounts	30
	Note 7 — Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue	33
	Note 8 — Closed Block	35
	Note 9 — Investments	37
	Note 10 — Derivatives	52
	Note 11 — Fair Value	63
	Note 12 — Equity	78
	Note 13 — Other Revenues and Other Expenses	81
	Note 14 — Income Tax	82
	Note 15 — Contingencies, Commitments and Guarantees	82
	Note 16 — Related Party Transactions	86
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	89
Item 4.	Controls and Procedures	98

Part II — Other Information
Item 1.	Legal Proceedings	98
Item 1A.	Risk Factors	98
Item 5.	Other Information	98
Item 6.	Exhibits	99

Signatures		100

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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

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

(In millions, except share and per share data)


	June 30, 2024		December 31, 2023
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $77 and $132, respectively); and amortized cost: $154,560 and $152,080, respectively	$	142,156	$	142,805
Mortgage loans (net of allowance for credit loss of $533 and $509, respectively; includes $191 and $166, respectively, relating to variable interest entities)	60,577		62,584
Policy loans	5,713		5,671
Real estate and real estate joint ventures (includes $1,739 and $1,427, respectively, relating to variable interest entities, $321 and $317, respectively, under the fair value option)	9,069		8,690
Other limited partnership interests	7,225		7,765
Short-term investments, at estimated fair value	1,668		3,048
Other invested assets (includes $768 and $805, respectively, of leveraged and direct financing leases; $138 and $117, respectively, relating to variable interest entities)	16,865		17,040
Total investments	243,273		247,603
Cash and cash equivalents, principally at estimated fair value	7,349		6,795
Accrued investment income	1,998		2,026
Premiums, reinsurance and other receivables	28,893		28,236
Market risk benefits, at estimated fair value	230		177
Deferred policy acquisition costs and value of business acquired	3,219		3,305
Current income tax recoverable	204		112
Deferred income tax asset	2,839		2,922
Other assets	4,284		4,312
Separate account assets	79,585		83,197
Total assets	$	371,874	$	378,685
Liabilities and Equity
Liabilities
Future policy benefits	$	126,035	$	129,182
Policyholder account balances	103,774		103,894
Market risk benefits, at estimated fair value	2,391		2,878
Other policy-related balances	8,361		8,289
Policyholder dividends payable	229		233
Payables for collateral under securities loaned and other transactions	11,744		11,790
Long-term debt	1,648		1,887

Other liabilities	24,228		23,719
Separate account liabilities	79,585		83,197
Total liabilities	357,995		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	7,315		7,645
Accumulated other comprehensive income (loss)	(6,408)		(6,872)
Total Metropolitan Life Insurance Company stockholder’s equity	13,387		13,253
Noncontrolling interests	492		363
Total equity	13,879		13,616
Total liabilities and equity	$	371,874	$	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 and Six Months Ended June 30, 2024 and 2023 (Unaudited)

(In millions)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
Premiums	$	7,366	$	5,953	$	13,580	$	11,802
Universal life and investment-type product policy fees	381		422		740		852
Net investment income	2,903		2,873		5,760		5,558
Other revenues	447		419		902		834
Net investment gains (losses)	(106)		(659)		(242)		(761)
Net derivative gains (losses)	60		(232)		4		(792)
Total revenues	11,051		8,776		20,744		17,493
Expenses
Policyholder benefits and claims	7,525		6,436		14,215		12,659
Policyholder liability remeasurement (gains) losses	3		17		16		(40)
Market risk benefit remeasurement (gains) losses	(130)		(670)		(716)		(426)
Interest credited to policyholder account balances	957		893		1,880		1,724
Policyholder dividends	112		116		227		239
Other expenses	1,405		1,396		2,794		2,944
Total expenses	9,872		8,188		18,416		17,100
Income (loss) before provision for income tax	1,179		588		2,328		393
Provision for income tax expense (benefit)	228		78		442		(26)
Net income (loss)	951		510		1,886		419
Less: Net income (loss) attributable to noncontrolling interests	—		43		(3)		41
Net income (loss) attributable to Metropolitan Life Insurance Company	$	951	$	467	$	1,889	$	378
Comprehensive income (loss)	$	1,271	$	(81)	$	2,350	$	1,317
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	—		43		(3)		42
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	1,271	$	(124)	$	2,353	$	1,275

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

Six Months Ended June 30, 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
Dividends to MetLife, Inc.					(800)				(800)				(800)
Change in equity of noncontrolling interests									—		115		115
Net income (loss)					951				951				951
Other comprehensive income (loss), net of income tax							320		320				320
Balance at June 30, 2024	$	5	$	12,475	$	7,315	$	(6,408)	$	13,387	$	492	$	13,879


	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
Returns of capital			(1)						(1)				(1)
Dividends to MetLife, Inc.					(408)				(408)				(408)
Change in equity of noncontrolling interests									—		(87)		(87)
Net income (loss)					467				467		43		510
Other comprehensive income (loss), net of income tax							(591)		(591)				(591)
Balance at June 30, 2023	$	5	$	12,475	$	8,374	$	(7,423)	$	13,431	$	168	$	13,599

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

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

(In millions)


	Six Months Ended June 30,
	2024		2023
Net cash provided by (used in) operating activities	$	2,388	$	2,088
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	14,256		16,676
Equity securities	193		52
Mortgage loans	3,497		2,903
Real estate and real estate joint ventures	214		25
Other limited partnership interests	349		304
Short-term investments	3,424		3,018
Purchases and originations of:
Fixed maturity securities available-for-sale	(15,274)		(17,635)
Equity securities	(177)		(11)
Mortgage loans	(2,041)		(4,212)
Real estate and real estate joint ventures	(424)		(379)
Other limited partnership interests	(220)		(397)
Short-term investments	(2,101)		(3,743)
Cash received in connection with freestanding derivatives	431		381
Cash paid in connection with freestanding derivatives	(860)		(1,334)

Receipts on loans to affiliates	—		100

Net change in policy loans	(42)		37

Net change in other invested assets	85		(307)

Other, net	20		20
Net cash provided by (used in) investing activities	1,330		(4,502)
Cash flows from financing activities
Policyholder account balances - deposits	36,757		39,547
Policyholder account balances - withdrawals	(37,694)		(40,094)
Net change in payables for collateral under securities loaned and other transactions	(46)		(1,476)

Long-term debt issued	—		210
Long-term debt repaid	(150)		—
Derivatives with certain financing elements and other derivative-related transactions, net	(77)		(50)



Dividends paid to MetLife, Inc.	(2,000)		(1,026)


Other, net	48		5
Net cash provided by (used in) financing activities	(3,162)		(2,884)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(2)		(1)
Change in cash and cash equivalents	554		(5,299)
Cash and cash equivalents, beginning of period	6,795		9,405
Cash and cash equivalents, end of period	$	7,349	$	4,106
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	66	$	62
Income tax	$	372	$	216
Non-cash transactions:
Fixed maturity securities available-for-sale received from an affiliate	$	—	$	502
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions	$	876	$	—
Real estate and real estate joint ventures acquired in satisfaction of debt	$	290	$	8
Other invested assets received in connection with the sale of other limited partnership interests	$	297	$	—


Policyholder account balances received in connection with affiliated reinsurance transactions	$	—	$	502

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.)

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.

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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)

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.

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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)

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

Future Adoption of Accounting Pronouncements

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


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

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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.

Table of Contents

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 and six months ended June 30, 2024 and 2023. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

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

Table of Contents

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 June 30, 2024	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,337	$	1,455	$	572	$	2	$	7,366	$	—	$	7,366
Universal life and investment-type product policy fees	229		59		88		5		381		—		381
Net investment income	303		1,679		921		116		3,019		(116)		2,903
Other revenues	189		70		37		123		419		28		447
Net investment gains (losses)	—		—		—		—		—		(106)		(106)
Net derivative gains (losses)	—		—		—		—		—		60		60
Total revenues	6,058		3,263		1,618		246		11,185		(134)		11,051
Expenses
Policyholder benefits and claims and policyholder dividends	4,488		2,099		1,064		1		7,652		(15)		7,637
Policyholder liability remeasurement (gains) losses	1		(14)		16		—		3		—		3
MRB remeasurement (gains) losses	—		—		—		—		—		(130)		(130)
Interest credited to PABs	48		708		99		84		939		18		957
Capitalization of deferred policy acquisition costs (“DAC”)	(3)		(25)		1		—		(27)		—		(27)
Amortization of DAC and value of business acquired (“VOBA”)	7		9		49		3		68		—		68
Interest expense on debt	1		3		3		23		30		—		30
Other expenses	885		100		193		155		1,333		1		1,334
Total expenses	5,427		2,880		1,425		266		9,998		(126)		9,872
Provision for income tax expense (benefit)	131		80		38		(21)		228		—		228
Adjusted earnings	$	500	$	303	$	155	$	1	959
Adjustments to:
Total revenues									(134)
Total expenses									126
Provision for income tax (expense) benefit									—
Net income (loss)									$	951			$	951

Table of Contents

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 June 30, 2023	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	5,189	$	179	$	585	$	—	$	5,953	$	—	$	5,953
Universal life and investment-type product policy fees	223		60		138		1		422		—		422
Net investment income	320		1,660		1,044		46		3,070		(197)		2,873
Other revenues	181		69		50		122		422		(3)		419
Net investment gains (losses)	—		—		—		—		—		(659)		(659)
Net derivative gains (losses)	—		—		—		—		—		(232)		(232)
Total revenues	5,913		1,968		1,817		169		9,867		(1,091)		8,776
Expenses
Policyholder benefits and claims and policyholder dividends	4,588		837		1,123		1		6,549		3		6,552
Policyholder liability remeasurement (gains) losses	3		(8)		22		—		17		—		17
MRB remeasurement (gains) losses	—		—		—		—		—		(670)		(670)
Interest credited to PABs	48		609		156		81		894		(1)		893
Capitalization of DAC	(5)		(5)		1		(3)		(12)		—		(12)
Amortization of DAC and VOBA	7		7		56		4		74		—		74
Interest expense on debt	1		3		3		27		34		—		34
Other expenses	837		83		187		247		1,354		(54)		1,300
Total expenses	5,479		1,526		1,548		357		8,910		(722)		8,188
Provision for income tax expense (benefit)	92		92		53		(80)		157		(79)		78
Adjusted earnings	$	342	$	350	$	216	$	(108)	800
Adjustments to:
Total revenues									(1,091)
Total expenses									722
Provision for income tax (expense) benefit									79
Net income (loss)									$	510			$	510

Table of Contents

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)


Six Months Ended June 30, 2024	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,804	$	1,631	$	1,144	$	1	$	13,580	$	—	$	13,580
Universal life and investment-type product policy fees	451		124		158		7		740		—		740
Net investment income	608		3,355		1,831		206		6,000		(240)		5,760
Other revenues	378		132		87		245		842		60		902
Net investment gains (losses)	—		—		—		—		—		(242)		(242)
Net derivative gains (losses)	—		—		—		—		—		4		4
Total revenues	12,241		5,242		3,220		459		21,162		(418)		20,744
Expenses
Policyholder benefits and claims and policyholder dividends	9,433		2,926		2,110		1		14,470		(28)		14,442
Policyholder liability remeasurement (gains) losses	(2)		(22)		40		—		16		—		16
MRB remeasurement (gains) losses	—		—		—		—		—		(716)		(716)
Interest credited to PABs	96		1,384		193		167		1,840		40		1,880
Capitalization of DAC	(7)		(46)		1		—		(52)		—		(52)
Amortization of DAC and VOBA	13		17		99		9		138		—		138
Interest expense on debt	1		7		7		47		62		—		62
Other expenses	1,757		202		393		290		2,642		4		2,646
Total expenses	11,291		4,468		2,843		514		19,116		(700)		18,416
Provision for income tax expense (benefit)	200		162		74		(55)		381		61		442
Adjusted earnings	$	750	$	612	$	303	$	—	1,665
Adjustments to:
Total revenues									(418)
Total expenses									700
Provision for income tax (expense) benefit									(61)
Net income (loss)									$	1,886			$	1,886

Table of Contents

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)


Six Months Ended June 30, 2023	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	10,405	$	233	$	1,163	$	1	$	11,802	$	—	$	11,802
Universal life and investment-type product policy fees	441		127		283		1		852		—		852
Net investment income	623		3,211		2,033		89		5,956		(398)		5,558
Other revenues	360		132		106		244		842		(8)		834
Net investment gains (losses)	—		—		—		—		—		(761)		(761)
Net derivative gains (losses)	—		—		—		—		—		(792)		(792)
Total revenues	11,829		3,703		3,585		335		19,452		(1,959)		17,493
Expenses
Policyholder benefits and claims and policyholder dividends	9,282		1,370		2,239		1		12,892		6		12,898
Policyholder liability remeasurement (gains) losses	(1)		(76)		37		—		(40)		—		(40)
MRB remeasurement (gains) losses	—		—		—		—		—		(426)		(426)
Interest credited to PABs	94		1,172		311		147		1,724		—		1,724
Capitalization of DAC	(11)		(24)		1		(55)		(89)		—		(89)
Amortization of DAC and VOBA	13		15		115		8		151		—		151
Interest expense on debt	1		6		6		51		64		—		64
Other expenses	1,646		380		393		448		2,867		(49)		2,818
Total expenses	11,024		2,843		3,102		600		17,569		(469)		17,100
Provision for income tax expense (benefit)	170		179		94		(155)		288		(314)		(26)
Adjusted earnings	$	635	$	681	$	389	$	(110)	1,595
Adjustments to:
Total revenues									(1,959)
Total expenses									469
Provision for income tax (expense) benefit									314
Net income (loss)									$	419			$	419

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


	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits	$	33,669	$	34,185
RIS	177,906		180,625
MetLife Holdings	129,230		133,219
Corporate & Other	31,069		30,656
Total	$	371,874	$	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.

Table of Contents

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:


	June 30, 2024		December 31, 2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	46,998	$	48,695
MetLife Holdings - Long-term care	14,455		15,240
Deferred Profit Liabilities:
RIS - Annuities	3,005		3,000
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,913		1,841
MetLife Holdings - Participating life	43,039		43,586
Other long-duration (1)	6,278		6,605
Short-duration and other	10,347		10,215
Total	$	126,035	$	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.

Table of Contents

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:


	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—

Balance, beginning of period, at original discount rate	$	—		$	—

Effect of actual variances from expected experience (1)	(2)			2
Adjusted balance	(2)			2
Issuances	1,575			183
Net premiums collected	(1,573)			(185)
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)	(55)			(299)
Adjusted balance	47,936			48,895
Issuances	1,572			183
Interest accrual	1,197			1,196
Benefit payments	(2,224)			(2,386)
Ending balance at original discount rate	48,481			47,888
Effect of changes in discount rate assumptions	(1,146)			(385)
Balance, end of period, at current discount rate at balance sheet date	47,335			47,503

Cumulative amount of fair value hedging adjustments	(337)			(204)
Net liability for FPBs	$	46,998		$	47,299



Undiscounted - Expected future benefit payments	$	90,171		$	93,997
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	47,335		$	47,503
Weighted-average duration of the liability	9 years			9 years
Weighted-average interest accretion (original locked-in) rate	5.1		%	5.1		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.4		%

__________________

(1)For the six months ended June 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $30 million. For the six months ended June 30, 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 $225 million. Excluding the corresponding impact in DPL, for the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and the amendment of an affiliated reinsurance treaty.

Table of Contents

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:


	Six Months Ended June 30,
		2024			2023
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	5,687		$	5,775

Balance, beginning of period, at original discount rate		$	5,566		$	5,807

Effect of actual variances from expected experience		13			83
Adjusted balance		5,579			5,890
Interest accrual		141			149
Net premiums collected		(286)			(293)
Ending balance at original discount rate		5,434			5,746
Effect of changes in discount rate assumptions		(80)			3
Balance, end of period, at current discount rate at balance sheet date		$	5,354		$	5,749

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	20,927		$	19,619

Balance, beginning of period, at original discount rate		$	20,494		$	20,165

Effect of actual variances from expected experience		31			99
Adjusted balance		20,525			20,264
Interest accrual		540			534
Benefit payments		(421)			(382)
Ending balance at original discount rate		20,644			20,416
Effect of changes in discount rate assumptions		(835)			(169)
Balance, end of period, at current discount rate at balance sheet date		19,809			20,247

Net liability for FPBs		$	14,455		$	14,498

Undiscounted:
Expected future gross premiums		$	10,280		$	10,893
Expected future benefit payments		$	44,653		$	45,653
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	6,715		$	7,089
Expected future benefit payments		$	19,809		$	20,247
Weighted-average duration of the liability		14 years			15 years
Weighted-average interest accretion (original locked-in) rate		5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date		5.8		%	5.5		%

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.

Table of Contents

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:


	Six Months Ended June 30,
	2024			2023
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,841		$	1,642
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	(14)			(63)
Balance, beginning of period, before AOCI adjustment	1,855			1,705

Effect of actual variances from expected experience	18			6
Adjusted balance	1,873			1,711
Assessments accrual	44			47
Interest accrual	48			44
Excess benefits paid	(36)			(41)
Balance, end of period, before AOCI adjustment	1,929			1,761
Add: AOCI adjustment	(16)			2
Balance, end of period	1,913			1,763
Less: Reinsurance recoverables	1,913			649
Balance, end of period, net of reinsurance	$	—		$	1,114

Weighted-average duration of the liability	16 years			17 years
Weighted-average interest accretion rate	5.2		%	5.2		%

Table of Contents

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:


	Six Months Ended June 30,
	2024				2023
	Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	1,613	$	1,197	$	168	$	1,196
MetLife Holdings - Long-term care	362		399		366		385
Deferred Profit Liabilities:
RIS - Annuities	N/A		74		N/A		70
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	198		48		236		44
Other long-duration	374		153		400		152
Total	$	2,547	$	1,871	$	1,170	$	1,847

__________________

(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.

Table of Contents

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)

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

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


	Six Months Ended June 30,
	2024		2023
	(In millions)
Balance, beginning of period	$	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	10,373		10,270
Prior periods (1)	(240)		(32)
Total incurred	10,133		10,238
Paid related to:
Current period	(6,108)		(5,919)
Prior periods	(4,073)		(4,020)
Total paid	(10,181)		(9,939)
Net balance, end of period	9,821		9,966
Add: Reinsurance recoverables	1,998		1,794
Balance, end of period (included in FPBs and other policy-related balances)	$	11,819	$	11,760

__________________

(1)For the six months ended June 30, 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:


	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits - Group life	$	7,487	$	7,605
RIS:
Capital markets investment products and stable value GICs	59,253		58,554
Annuities and risk solutions	10,991		10,650


MetLife Holdings - Annuities	10,118		10,888

Other	15,925		16,197
Total	$	103,774	$	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.

Table of Contents

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:


	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	7,605		$	7,954
Deposits	1,799			1,644
Policy charges	(327)			(318)
Surrenders and withdrawals	(1,676)			(1,573)
Benefit payments	(6)			(6)
Net transfers from (to) separate accounts	(3)			1
Interest credited	95			93
Balance, end of period	$	7,487		$	7,795

Weighted-average annual crediting rate	2.6		%	2.4		%

At period end:
Cash surrender value	$	7,427		$	7,732
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	264,497		$	251,590

The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	819	$	4,574	$	5,393
Equal to or greater than 2% but less than 4%	1,217		9		59		1		1,286
Equal to or greater than 4%	697		—		39		34		770
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		38
Total	$	1,914	$	9	$	917	$	4,609	$	7,487

June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	910	$	4,615	$	5,525
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		119
Total	$	1,998	$	11	$	1,016	$	4,651	$	7,795

Table of Contents

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:


	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	58,554		$	58,508
Deposits	33,817			34,800

Surrenders and withdrawals	(33,744)			(36,458)


Interest credited	1,066			890
Effect of foreign currency translation and other, net	(440)			750
Balance, end of period	$	59,253		$	58,490

Weighted-average annual crediting rate	3.7		%	3.1		%
Cash surrender value at period end	$	1,445		$	1,776

The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,647	$	2,647


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		56,606
Total	$	—	$	—	$	—	$	2,647	$	59,253

June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		55,894
Total	$	—	$	—	$	1	$	2,595	$	58,490

Table of Contents

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:


	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,650		$	10,244
Deposits	657			348
Policy charges	(57)			(87)
Surrenders and withdrawals	(186)			(88)
Benefit payments	(287)			(271)
Net transfers from (to) separate accounts	20			54
Interest credited	225			213
Other	(31)			(9)
Balance, end of period	$	10,991		$	10,404

Weighted-average annual crediting rate	4.2		%	4.2		%

At period end:
Cash surrender value	$	6,952		$	6,672
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	35,769		$	36,065

The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	1,748	$	1,767
Equal to or greater than 2% but less than 4%	201		35		11		421		668
Equal to or greater than 4%	3,509		—		268		5		3,782
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,774
Total	$	3,710	$	35	$	298	$	2,174	$	10,991

June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,406	$	1,459
Equal to or greater than 2% but less than 4%	227		35		44		448		754
Equal to or greater than 4%	3,673		117		14		6		3,810
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		4,381
Total	$	3,900	$	152	$	111	$	1,860	$	10,404

Table of Contents

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:


	Six Months Ended June 30,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	10,888		$	12,598
Deposits	81			129
Policy charges	(6)			(6)
Surrenders and withdrawals	(870)			(1,004)
Benefit payments	(206)			(218)
Net transfers from (to) separate accounts	58			47
Interest credited	166			182
Other	7			13
Balance, end of period	$	10,118		$	11,741

Weighted-average annual crediting rate	3.2		%	3.0		%

At period end:
Cash surrender value	$	9,458		$	10,964
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,541		$	3,246
At annuitization or exercise of other living benefits	$	665		$	770

__________________

(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.

Table of Contents

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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	4	$	195	$	446	$	38	$	683
Equal to or greater than 2% but less than 4%	1,048		6,754		467		198		8,467
Equal to or greater than 4%	409		145		19		—		573
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		395
Total	$	1,461	$	7,094	$	932	$	236	$	10,118

June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,914		5,441		390		72		9,817
Equal to or greater than 4%	609		3		14		—		626
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		452
Total	$	4,967	$	5,602	$	623	$	97	$	11,741

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:


	June 30, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	211	$	2,366	$	2,155	$	156	$	2,858	$	2,702
Other	19		25		6		21		20		(1)
Total	$	230	$	2,391	$	2,161	$	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.

Table of Contents

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:


	Six Months Ended June 30,
		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		151		160
Benefit payments		(44)		(21)
Effect of changes in interest rates		(544)		(15)
Effect of changes in capital markets		(286)		(504)
Effect of changes in equity index volatility		24		(98)
Actual policyholder behavior different from expected behavior		109		44

Effect of foreign currency translation and other, net (1)		30		174
Effect of changes in risk margin		(57)		(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,124		2,869
Cumulative effect of changes in the instrument-specific credit risk		31		(109)

Balance, end of period		$	2,155	$	2,760



At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,541	$	3,246
At annuitization or exercise of other living benefits		$	665	$	770
Weighted-average attained age of contractholders:
In the event of death		71 years		70 years
At annuitization or exercise of other living benefits		71 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.

Table of Contents

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:


	Six Months Ended June 30,
	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	(6)		2


Actual policyholder behavior different from expected behavior	—		(26)

Effect of foreign currency translation and other, net	12		15

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	9		26
Cumulative effect of changes in the instrument-specific credit risk	(3)		(7)

Balance, end of period	$	6	$	19

Table of Contents

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:


	June 30, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	32,256	$	35,562
Annuities	11,246		11,659
MetLife Holdings - Annuities	28,780		29,162
Other	7,303		6,814
Total	$	79,585	$	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)
Six Months Ended June 30, 2024
Balance, beginning of period	$	35,562	$	11,659	$	29,162
Premiums and deposits	541		25		123
Policy charges	(108)		(10)		(296)
Surrenders and withdrawals	(2,919)		(401)		(1,851)
Benefit payments	(49)		—		(259)
Investment performance	490		(95)		1,964
Net transfers from (to) general account	(20)		—		(58)
Other (1)	(1,241)		68		(5)
Balance, end of period	$	32,256	$	11,246	$	28,780
Six Months Ended June 30, 2023
Balance, beginning of period	$	43,249	$	11,694	$	28,443
Premiums and deposits	1,069		120		139
Policy charges	(121)		(11)		(305)
Surrenders and withdrawals	(7,532)		(360)		(1,359)
Benefit payments	(44)		—		(242)
Investment performance	1,145

METROPOLITAN LIFE INSURANCE CO 10-Q