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Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Class of Stock [Line Items]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows at both December 31, 2019 and 2018:
Series

Shares
Authorized

Shares
Issued

Shares
Outstanding
Series A preferred stock

27,600,000

 
24,000,000

 
24,000,000

Series C preferred stock

1,500,000

 
1,500,000

 
1,500,000

Series D preferred stock
 
500,000

 
500,000

 
500,000

Series E preferred stock
 
32,200

 
32,200

 
32,200

Series A Junior Participating Preferred Stock

10,000,000

 
—

 
—

Not designated

160,367,800

 
—

 
—

Total

200,000,000


26,032,200


26,032,200
Schedule of Dividends Paid, Preferred Stock
The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s preferred stock were as follows for the years ended December 31, 2019, 2018 and 2017:
 
 
 
 
 
 
Preferred Stock Dividend
 
 
 
 
 
 
Series A
 
Series C
 
Series D
 
Series E
Declaration Date
 
Record Date
 
Payment Date
 
Per Share
 
Aggregate
 
Per Share
 
Aggregate
 
Per Share
 
Aggregate
 
Per Share
 
Aggregate
 
 
 
 
 
 
(In millions, except per share data)
Year Ended December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
November 15, 2019
 
December 1, 2019
 
December 16, 2019
 
$
0.253

 
$
6

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

November 15, 2019
 
November 30, 2019
 
December 16, 2019
 
—

 
—

 
26.250

 
40

 
—

 
—

 
351.563

 
11

August 15, 2019
 
September 1, 2019
 
September 16, 2019
 
0.253

 
6

 
—

 
—

 
—

 
—

 
—

 
—

August 15, 2019
 
August 31, 2019
 
September 16, 2019
 
—

 
—

 
—

 
—

 
29.375

 
15

 
351.563

 
11

May 15, 2019
 
May 31, 2019
 
June 17, 2019
 
0.261

 
6

 
26.250

 
39

 
—

 
—

 
351.563

 
12

March 5, 2019
 
February 28, 2019
 
March 15, 2019
 
0.250

 
6

 
—

 
—

 
—

 
—

 
—

 
—

February 15, 2019
 
February 28, 2019
 
March 15, 2019
 
—

 
—

 
—

 
—

 
29.375

 
15

 
351.563

 
11

Total
 
 
 
 
 
$
1.017

 
$
24

 
$
52.500

 
$
79

 
$
58.750

 
$
30

 
$
1,406.252

 
$
45

Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
November 15, 2018
 
November 30, 2018
 
December 17, 2018
 
$
0.253

 
$
6

 
$
26.250

 
$
40

 
$
—

 
$
—

 
$
351.563

 
$
11

August 15, 2018
 
August 31, 2018
 
September 17, 2018
 
0.256

 
6

 
—

 
—

 
28.233

 
14

 
394.531

 
12

May 15, 2018
 
May 31, 2018
 
June 15, 2018
 
0.256

 
7

 
26.250

 
39

 
—

 
—

 
—

 
—

March 5, 2018
 
February 28, 2018
 
March 15, 2018
 
0.250

 
6

 
—

 
—

 
—

 
—

 
—

 
—

Total
 
 
 
 
 
$
1.015

 
$
25

 
$
52.500

 
$
79

 
$
28.233

 
$
14

 
$
746.094

 
$
23

Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
November 15, 2017
 
November 30, 2017
 
December 15, 2017
 
$
0.253

 
$
6

 
$
26.250

 
$
39

 
$
—

 
$
—

 
$
—

 
$
—

August 15, 2017
 
August 31, 2017
 
September 15, 2017
 
0.256

 
6

 
—

 
—

 
—

 
—

 
—

 
—

May 15, 2017
 
May 31, 2017
 
June 15, 2017
 
0.256

 
7

 
26.250

 
39

 
—

 
—

 
—

 
—

March 6, 2017
 
February 28, 2017
 
March 15, 2017
 
0.250

 
6

 
—

 
—

 
—

 
—

 
—

 
—

Total
 
 
 
 
 
$
1.015

 
$
25

 
$
52.500

 
$
78

 
$
—

 
$
—

 
$
—

 
$
—
Schedule of Dividends Paid, Common Stock
The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s common stock were as follows for the years ended December 31, 2019, 2018 and 2017:
 
 
 
 
 
 
Common Stock Dividend
Declaration Date
 
 Record Date
 
 Payment Date
 
Per Share
 
Aggregate
 
 
 
 
 
 
(In millions, except per share data)
Year Ended December 31, 2019
 
 
 
 
 
 
 
 
October 22, 2019
 
November 5, 2019
 
December 13, 2019
 
$
0.440

 
$
406

July 8, 2019
 
August 6, 2019
 
September 13, 2019
 
0.440

 
413

April 23, 2019
 
May 7, 2019
 
June 13, 2019
 
0.440

 
419

January 7, 2019
 
February 5, 2019
 
March 13, 2019
 
0.420

 
405

Total
 
 
 
 
 
$
1.740

 
$
1,643

Year Ended December 31, 2018
 
 
 
 
 
 
 
 
October 23, 2018
 
November 6, 2018
 
December 13, 2018
 
$
0.420

 
$
415

July 6, 2018
 
August 6, 2018
 
September 13, 2018
 
0.420

 
419

April 24, 2018
 
May 7, 2018
 
June 13, 2018
 
0.420

 
428

January 5, 2018
 
February 5, 2018
 
March 13, 2018
 
0.400

 
416

Total
 
 
 
 
 
$
1.660

 
$
1,678

Year Ended December 31, 2017
 
 
 
 
 
 
 
 
October 24, 2017
 
November 6, 2017
 
December 13, 2017
 
$
0.400

 
$
422

July 7, 2017
 
August 7, 2017
 
September 13, 2017
 
0.400

 
427

April 25, 2017
 
May 8, 2017
 
June 13, 2017
 
0.400

 
431

January 6, 2017
 
February 6, 2017
 
March 13, 2017
 
0.400

 
437

Total
 
 
 
 
 
$
1.600

 
$
1,717
Components of compensation expense related to stock based compensation
Compensation Expense Related to Stock-Based Compensation
The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards and excludes the insignificant compensation expense related to the 2015 Director Stock Plan. Those components were:
 
Years Ended December 31,
 
2019
 
2018
 
2017
 
(In millions)
Stock Options and Unit Options
$
7

 
$
6

 
$
8

Performance Shares and Performance Units (1)
89

 
23

 
62

Restricted Stock Units and Restricted Units
54

 
57

 
58

Total compensation expense
$
150

 
$
86

 
$
128

Income tax benefit
$
32

 
$
18

 
$
45

__________________
(1)
The Company may further adjust the number of Performance Shares and Performance Units it expects to vest, and the related compensation expense, if management changes its estimate of the most likely final performance factor.
Total unrecognized compensation expense related to stock based compensation and the expected weighted average period over which the expenses will be recognized
The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at:
 
December 31, 2019
 
Expense
 
Weighted Average
Period
 
(In millions)
 
(Years)
Stock Options
$
3

 
1.74
Performance Shares
$
31

 
1.69
Restricted Stock Units
$
39

 
1.91
Activity related to Stock Options
Stock Option Activity
A summary of the activity related to Stock Options was as follows:
 
Shares
Under
Option
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value (1)
 
 
 
 
 
(Years)
 
(In millions)
Outstanding at January 1, 2019
12,355,294

 
$
36.70

 
3.56
 
$
66

Granted
657,226

 
$
44.65

 
 
 
 
Exercised
(3,846,478
)
 
$
32.38

 
 
 
 
Expired (2)
(113,847
)
 
$
28.35

 
 
 
 
Forfeited (3)
(40,872
)
 
$
44.97

 
 
 
 
Outstanding at December 31, 2019
9,011,323

 
$
39.20

 
3.73
 
$
106

Vested and expected to vest at December 31, 2019
8,996,220

 
$
39.20

 
3.73
 
$
106

Exercisable at December 31, 2019
7,833,189

 
$
38.28

 
3.02
 
$
99

__________________
(1)
The intrinsic value of each Stock Option is the closing price on a particular date less the exercise price of the Stock Option, so long as the difference is greater than zero. The aggregate intrinsic value of all outstanding Stock Options is computed using the closing Share price on December 31, 2019 of $50.97 and December 31, 2018 of $41.06, as applicable.
(2)
Expired options were exercisable, but unexercised, as of their expiration date.
(3)
Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.
The following table presents a summary of Stock Option exercise activity:
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
 
 
(In millions)
Total intrinsic value of stock options exercised
 
$
60

 
$
24

 
$
59

Cash received from exercise of stock options
 
$
125

 
$
54

 
$
116

Income tax benefit realized from stock options exercised
 
$
13

 
$
5

 
$
20
Weighted average assumptions used to determine the fair value of Stock Options issued
The following table presents the weighted average assumptions, with the exception of risk-free rate (which is expressed as a range), that the model uses to determine the fair value of unexercised Stock Options:
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
Dividend yield
 
3.76%
 
3.52%
 
3.05%
Risk-free rate of return
 
2.52% - 3.32%
 
2.02% - 3.40%
 
0.94% - 3.22%
Expected volatility
 
30.27%
 
34.18%
 
34.19%
Exercise multiple
 
1.43
 
1.43
 
1.43
Post-vesting termination rate
 
3.86%
 
3.77%
 
2.94%
Contractual term (years)
 
10
 
10
 
10
Expected life (years)
 
6
 
6
 
6
Weighted average exercise price of stock options granted
 
$44.65
 
$45.50
 
$46.85
Weighted average fair value of stock options granted
 
$10.36
 
$11.87
 
$12.36
Performance Share and Restricted Stock Unit Activity
Performance Share and Restricted Stock Unit Activity
The following table presents a summary of Performance Share and Restricted Stock Unit activity:
 
Performance Shares
 
Restricted Stock Units
 
Shares
 
Weighted
Average
Fair Value (1)
 
Units
 
Weighted
Average
Fair Value (1)
Outstanding at January 1, 2019
4,044,234

 
$
34.18

 
2,946,269

 
$
38.52

Granted
1,645,468

 
$
39.35

 
1,610,594

 
$
39.71

Forfeited (2)
(149,114
)
 
$
41.29

 
(161,131
)
 
$
40.37

Payable (3)
(1,594,846
)
 
$
34.30

 
(1,501,304
)
 
$
36.16

Outstanding at December 31, 2019
3,945,742

 
$
43.40

 
2,894,428

 
$
40.31

Vested and expected to vest at December 31, 2019
3,872,543

 
$
43.40

 
2,837,658

 
$
40.31

__________________
(1)
Values for awards outstanding at January 1, 2019, represent weighted average number of awards multiplied by the fair value per Share at December 31, 2018. Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2019. Fair value of Restricted Stock Units on December 31, 2019 was equal to Grant Date fair value.
(2)
Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.
(3)
Includes both Shares paid and Deferred Shares for later payment.
Liability Award Unit Activity
Liability Award Activity
The following table presents a summary of Liability Awards activity:
 
Unit
Options
 
Performance
Units
 
Restricted
Units
Outstanding at January 1, 2019
546,448

 
594,599

 
669,102

Granted
20,750

 
201,840

 
361,956

Exercised
(64,437
)
 
—

 
—

Expired (1)
(1,074
)
 
—

 
—

Forfeited (2)
—

 
(53,978
)
 
(80,115
)
Paid
—

 
(212,464
)
 
(327,848
)
Outstanding at December 31, 2019
501,687

 
529,997

 
623,095

Vested and expected to vest at December 31, 2019
500,904

 
512,752

 
605,633

__________________
(1)
Expired options were exercisable, but unexercised, as of their expiration date.
(2)
Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.
Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary
Statutory capital and surplus was as follows at:
 
 
December 31,
Company
 
2019
 
2018
 
 
(In millions)
Metropolitan Life Insurance Company
 
$
10,915

 
$
11,098

American Life Insurance Company
 
$
4,970

 
$
4,921

Metropolitan Property and Casualty Insurance Company
 
$
2,159

 
$
2,322

Metropolitan Tower Life Insurance Company
 
$
1,502

 
$
1,549

Other
 
$
105

 
$
106


Statutory net income (loss) was as follows:
 
 
 
 
Years Ended December 31,
Company
 
State of Domicile
 
2019
 
2018
 
2017
 
 
 
 
(In millions)
Metropolitan Life Insurance Company
 
New York
 
$
3,859

 
$
3,656

 
$
1,982

American Life Insurance Company
 
Delaware
 
$
1,386

 
$
2,086

 
$
3,077

Metropolitan Property and Casualty Insurance Company
 
Rhode Island
 
$
245

 
$
345

 
$
197

Metropolitan Tower Life Insurance Company
 
Nebraska (1)
 
$
(13
)
 
$
76

 
$
164

Other
 
Various
 
$
12

 
$
16

 
$
11


__________________
(1)
In April 2018, Metropolitan Tower Life Insurance Company (“MTL”) merged with General American Life Insurance Company (“MTL Merger”). The surviving entity of the merger was MTL, which re-domesticated from Delaware to Nebraska immediately prior to the merger.
Dividend Payment Restrictions
The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries without insurance regulatory approval and the actual dividends paid:
 
 
2020
 
2019
 
 
2018
Company
 
Permitted Without
Approval (1)
 
Paid (2)
 
Paid (2)
 
 
(In millions)
 
Metropolitan Life Insurance Company
 
$
3,272

 
$
3,065

 
 
$
3,736

 
American Life Insurance Company
 
$
51

 
$
1,100

 
 
$
3,200

 
Metropolitan Property and Casualty Insurance Company
 
$
114

 
$
430

 
 
$
233


Metropolitan Tower Life Insurance Company
 
$
149

 
$
—

 
 
$
191

 
__________________
(1)
Reflects dividend amounts that may be paid by the end of 2020 without prior regulatory approval.
(2)
Reflects all amounts paid, including those where regulatory approval was obtained as required.
Components of Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
 
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 at December 31, 2016
$
10,785

 
$
1,865

 
$
(5,312
)
 
$
(1,972
)
 
$
5,366

OCI before reclassifications
5,392

 
(140
)
 
765

 
(23
)
 
5,994

Deferred income tax benefit (expense)
(1,732
)
 
47

 
125

 
8

 
(1,552
)
AOCI before reclassifications, net of income tax
14,445

 
1,772

 
(4,422
)
 
(1,987
)
 
9,808

Amounts reclassified from AOCI
(289
)
 
(1,025
)
 
—

 
167

 
(1,147
)
Deferred income tax benefit (expense)
87

 
356

 
—

 
(43
)
 
400

Amounts reclassified from AOCI, net of income tax
(202
)
 
(669
)
 
—

 
124

 
(747
)
Disposal of subsidiary (2)
(2,286
)
 
(305
)
 
51

 
28

 
(2,512
)
Deferred income tax benefit (expense)
800

 
107

 
(19
)
 
(10
)
 
878

Disposal of subsidiary, net of income tax
(1,486
)
 
(198
)
 
32

 
18

 
(1,634
)
Balance at December 31, 2017
12,757

 
905

 
(4,390
)
 
(1,845
)
 
7,427

OCI before reclassifications
(8,735
)
 
157

 
(679
)
 
143

 
(9,114
)
Deferred income tax benefit (expense)
1,961

 
(41
)
 
36

 
(35
)
 
1,921

AOCI before reclassifications, net of income tax
5,983

 
1,021

 
(5,033
)
 
(1,737
)
 
234

Amounts reclassified from AOCI
14

 
517

 
—

 
120

 
651

Deferred income tax benefit (expense)
(3
)
 
(135
)
 
—

 
(29
)
 
(167
)
Amounts reclassified from AOCI, net of income tax
11

 
382

 
—

 
91

 
484

Cumulative effects of changes in accounting principles
(425
)
 
—

 
—

 
—

 
(425
)
Deferred income tax benefit (expense), cumulative effects of changes in accounting principles
1,473

 
210

 
36

 
(382
)
 
1,337

Cumulative effects of changes in accounting principles, net of income tax
1,048

 
210

 
36

 
(382
)
 
912

Sale of subsidiary (2)
—

 
—

 
92

 
—

 
92

Balance at December 31, 2018
7,042

 
1,613

 
(4,905
)
 
(2,028
)
 
1,722

OCI before reclassifications
14,850

 
328

 
(43
)
 
(88
)
 
15,047

Deferred income tax benefit (expense)
(3,408
)
 
34

 
21

 
14

 
(3,339
)
AOCI before reclassifications, net of income tax
18,484

 
1,975

 
(4,927
)
 
(2,102
)
 
13,430

Amounts reclassified from AOCI
(265
)
 
(268
)
 
—

 
118

 
(415
)
Deferred income tax benefit (expense)
61

 
(27
)
 
—

 
(18
)
 
16

Amounts reclassified from AOCI, net of income tax
(204
)
 
(295
)
 
—

 
100

 
(399
)
Cumulative effects of changes in accounting principles
4

 
22

 
—

 
—

 
26

Deferred income tax benefit (expense), cumulative effects of changes in accounting principles
(1
)
 
(4
)
 
—

 
—

 
(5
)
Cumulative effects of changes in accounting principles, net of income tax (3)
3

 
18

 
—

 
—

 
21

Balance at December 31, 2019
$
18,283

 
$
1,698

 
$
(4,927
)
 
$
(2,002
)
 
$
13,052

__________________
(1)
See Note 8 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation.
(2)
See Note 3.
(3)
See Note 1 for further information on adoption of new accounting pronouncements.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Information regarding amounts reclassified out of each component of AOCI was as follows:
 
 
Years Ended December 31,
 
 
 
 
2019
 
2018
 
2017
 
 
AOCI Components
 
Amounts Reclassified from AOCI
 
Consolidated Statements of
Operations Locations
 
 
(In millions)
 
 
Net unrealized investment gains (losses):
 
 
 
 
 
 
 
 
Net unrealized investment gains (losses)
 
$
270

 
$
6

 
$
404

 
Net investment gains (losses)
Net unrealized investment gains (losses)
 
(30
)
 
(1
)
 
20

 
Net investment income
Net unrealized investment gains (losses)
 
25

 
(19
)
 
(49
)
 
Net derivative gains (losses)
Net unrealized investment gains (losses)
 
—

 
—

 
(86
)
 
Discontinued operations
Net unrealized investment gains (losses), before income tax
 
265

 
(14
)
 
289

 
 
Income tax (expense) benefit
 
(61
)
 
3

 
(87
)
 
 
Net unrealized investment gains (losses), net of income tax
 
204

 
(11
)
 
202

 
 
Unrealized gains (losses) on derivatives - cash flow hedges:
 
 
 
 
 
 
 
 
Interest rate derivatives
 
23

 
20

 
18

 
Net investment income
Interest rate derivatives
 
4

 
—

 
—

 
Net investment gains (losses)
Interest rate derivatives
 
—

 
21

 
13

 
Net derivative gains (losses)
Interest rate derivatives
 
2

 
1

 
1

 
Other expenses
Interest rate derivatives
 
—

 
—

 
5

 
Discontinued operations
Foreign currency exchange rate derivatives
 
(4
)
 
(5
)
 
—

 
Net investment income
Foreign currency exchange rate derivatives
 
240

 
—

 
—

 
Net investment gains (losses)
Foreign currency exchange rate derivatives
 
—

 
(558
)
 
974

 
Net derivative gains (losses)
Foreign currency exchange rate derivatives
 
2

 
2

 
2

 
Other expenses
Foreign currency exchange rate derivatives
 
—

 
—

 
11

 
Discontinued operations
Credit derivatives
 
1

 
1

 
—

 
Net investment income
Credit derivatives
 
—

 
1

 
1

 
Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax
 
268

 
(517
)
 
1,025

 
 
Income tax (expense) benefit
 
27

 
135

 
(356
)
 
 
Gains (losses) on cash flow hedges, net of income tax
 
295

 
(382
)
 
669

 
 
Defined benefit plans adjustment: (1)
 
 
 
 
 
 
 
 
Amortization of net actuarial gains (losses)
 
(145
)
 
(145
)
 
(190
)
 
 
Amortization of prior service (costs) credit
 
27

 
25

 
23

 
 
Amortization of defined benefit plan items, before income tax
 
(118
)
 
(120
)
 
(167
)
 
 
Income tax (expense) benefit
 
18

 
29

 
43

 
 
Amortization of defined benefit plan items, net of income tax
 
(100
)
 
(91
)
 
(124
)
 
 
Total reclassifications, net of income tax
 
$
399

 
$
(484
)
 
$
747

 
 
__________________
(1)
These AOCI components are included in the computation of net periodic benefit costs. See Note 18.