Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Equity

9. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows at both June 30, 2016 and December 31, 2015:

Series	Shares Authorized	Shares Issued	Shares Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A	27,600,000	24,000,000	24,000,000
5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	1,500,000	1,500,000	1,500,000
Series A Junior Participating Preferred Stock	10,000,000	—	—
Not designated	160,900,000	—	—
Total	200,000,000	25,500,000	25,500,000

Common Stock

Duringthesix months endedJune 30, 2016and2015, MetLife, Inc. repurchased1,445,864 and20,176,185shares through open market purchases for$70 millionand$1.0 billion, respectively.

At June 30, 2016, MetLife, Inc. had no remaining common stock repurchase authorizations. Common stock repurchases are dependent upon several factors, including the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value and applicable regulatory approvals, as well as other legal and accounting factors.

Stock-Based Compensation Plans

Performance Shares and Performance Units

Awards under the MetLife, Inc. 2005 Stock and Incentive Compensation Plan and the MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”) were outstanding at June 30, 2016. All awards granted in 2015 or later were granted under the 2015 Stock Plan. There were no outstanding awards to MetLife, Inc. directors, for their service as directors, as of June 30, 2016.

For Performance Share and Performance Unit awards outstanding as of June 30, 2016, any vested Performance Shares and Performance Units will be multiplied by a performance factor of 0% to 175%. Assuming that MetLife, Inc. has met threshold performance goals related to its adjusted income or total shareholder return, the MetLife, Inc. Compensation Committee will determine the performance factor in its discretion. In doing so, the Compensation Committee may consider MetLife, Inc.’s total shareholder return relative to the performance of its competitors and MetLife, Inc.’s operating return on equity relative to its business plan. The estimated fair value of Performance Shares and Performance Units will be remeasured each quarter until they become payable.

Payout of 2013 – 2015 Performance Shares and Performance Units

Final Performance Shares are paid in shares of MetLife, Inc. common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc. common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2013 – December 31, 2015 performance period was 86.2%. This factor has been applied to the 1,592,650 Performance Shares and 234,787 Performance Units associated with that performance period that vested on December 31, 2015. As a result, in the first quarter of 2016, MetLife, Inc. issued 1,372,864 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 202,386 units (less withholding for taxes and other items, as applicable).

Accumulated Other Comprehensive Income (Loss)

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

	Three Months   Ended   June 30, 2016
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	15,446		$	1,725		$	(4,282	)	$	(2,024	)	$	10,865
OCI before reclassifications	4,268			800			209			11			5,288
Deferred income tax benefit (expense)	(1,388		)	(269		)	53			(4		)	(1,608		)
AOCI before reclassifications, net of income tax	18,326			2,256			(4,020		)	(2,017		)	14,545
Amounts reclassified from AOCI	(183		)	243			—			51			111
Deferred income tax benefit (expense)	61			(68		)	—			(17		)	(24		)
Amounts reclassified from AOCI, net of income tax	(122		)	175			—			34			87
Balance, end of period	$	18,204		$	2,431		$	(4,020	)	$	(1,983	)	$	14,632
	Three Months   Ended   June 30, 2015
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	16,206		$	1,555		$	(3,986	)	$	(2,246	)	$	11,529
OCI before reclassifications	(6,511		)	(395		)	(237		)	3			(7,140		)
Deferred income tax benefit (expense)	2,178			150			9			(1		)	2,336
AOCI before reclassifications, net of income tax	11,873			1,310			(4,214		)	(2,244		)	6,725
Amounts reclassified from AOCI	(177		)	(303		)	—			57			(423		)
Deferred income tax benefit (expense)	65			95			—			(19		)	141
Amounts reclassified from AOCI, net of income tax	(112		)	(208		)	—			38			(282		)
Balance, end of period	$	11,761		$	1,102		$	(4,214	)	$	(2,206	)	$	6,443

	Six Months   Ended   June 30, 2016
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	10,315		$	1,458		$	(4,950	)	$	(2,052	)	$	4,771
OCI before reclassifications	11,938			1,496			760			11			14,205
Deferred income tax benefit (expense)	(3,937		)	(468		)	170			(4		)	(4,239		)
AOCI before reclassifications, net of income tax	18,316			2,486			(4,020		)	(2,045		)	14,737
Amounts reclassified from AOCI	(166		)	(80		)	—			99			(147		)
Deferred income tax benefit (expense)	54			25			—			(37		)	42
Amounts reclassified from AOCI, net of income tax	(112		)	(55		)	—			62			(105		)
Balance, end of period	$	18,204		$	2,431		$	(4,020	)	$	(1,983	)	$	14,632
	Six Months   Ended   June 30, 2015
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	15,159		$	1,076		$	(3,303	)	$	(2,283	)	$	10,649
OCI before reclassifications	(4,885		)	(208		)	(907		)	3			(5,997		)
Deferred income tax benefit (expense)	1,677			84			(4		)	(1		)	1,756
AOCI before reclassifications, net of income tax	11,951			952			(4,214		)	(2,281		)	6,408
Amounts reclassified from AOCI	(290		)	251			—			114			75
Deferred income tax benefit (expense)	100			(101		)	—			(39		)	(40		)
Amounts reclassified from AOCI, net of income tax	(190		)	150			—			75			35
Balance, end of period	$	11,761		$	1,102		$	(4,214	)	$	(2,206	)	$	6,443

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(1) See Note 6 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation.

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

AOCI Components	Amounts Reclassified from AOCI												Consolidated Statement of Operations and Comprehensive Income (Loss) Locations
	Three Months   Ended   June 30,						Six Months   Ended   June 30,
	2016			2015			2016			2015
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	158		$	110		$	125		$	249		Net investment gains (losses)
Net unrealized investment gains (losses)	16			17			19			57			Net investment income
Net unrealized investment gains (losses)	9			50			22			(16		)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	183			177			166			290
Income tax (expense) benefit	(61		)	(65		)	(54		)	(100		)
Net unrealized investment gains (losses), net of income tax	122			112			112			190
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	18			7			28			12			Net derivative gains (losses)
Interest rate swaps	4			3			7			6			Net investment income
Interest rate forwards	(1		)	1			1			4			Net derivative gains (losses)
Interest rate forwards	2			1			3			2			Net investment income
Interest rate forwards	1			—			1			1			Other expenses
Foreign currency swaps	(269		)	290			37			(277		)	Net derivative gains (losses)
Foreign currency swaps	(1		)	(1		)	(1		)	(1		)	Net investment income
Foreign currency swaps	—			1			1			1			Other expenses
Credit forwards	3			—			3			—			Net derivative gains (losses)
Credit forwards	—			1			—			1			Net investment income
Gains (losses) on cash flow hedges, before income tax	(243		)	303			80			(251		)
Income tax (expense) benefit	68			(95		)	(25		)	101
Gains (losses) on cash flow hedges, net of income tax	(175		)	208			55			(150		)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(52		)	(58		)	(103		)	(116		)
Amortization of prior service (costs) credit	1			1			4			2
Amortization of defined benefit plan items, before income tax	(51		)	(57		)	(99		)	(114		)
Income tax (expense) benefit	17			19			37			39
Amortization of defined benefit plan items, net of income tax	(34		)	(38		)	(62		)	(75		)
Total reclassifications, net of income tax	$	(87	)	$	282		$	105		$	(35	)

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(1) These AOCI components are included in the computation of net periodic benefit costs. See Note 11.