Equity

3 Months Ended

Mar. 31, 2021

10. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows at both March 31, 2021 and December 31, 2020:


Series	Shares Authorized	Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A	27,600,000	24,000,000
5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	1,500,000	500,000
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D	500,000	500,000
5.625% Non-Cumulative Preferred Stock, Series E	32,200	32,200
4.75% Non-Cumulative Preferred Stock, Series F	40,000	40,000
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G	1,000,000	1,000,000
Series A Junior Participating Preferred Stock	10,000,000	—
Not designated	159,327,800	—
Total	200,000,000	26,072,200

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


	For the Three Months Ended March 31,
	2021				2020
Series	Per Share		Aggregate		Per Share		Aggregate
	(In million, except per share data)
A	$	0.250	$	6	$	0.253	$	6
C	$	9.479	5		$	—	—
D	$	29.375	15		$	29.375	15
E	$	351.563	11		$	351.563	11
F	$	296.875	12		$	—	—
G	$	19.785	19		$	—	—
Total			$	68			$	32

Common Stock

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


			Authorization Remaining at
Announcement Date	Authorization Amount		March 31, 2021
	(In millions)
December 11, 2020	$	3,000	$	1,835
July 31, 2019	$	2,000	$	—

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

For the three months ended March 31, 2021 and 2020, MetLife, Inc. repurchased 18,568,138 shares and 10,664,608 shares of its common stock, respectively, through open market purchases for $999 million and $500 million, respectively.

Stock-Based Compensation Plans

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, 2018 – December 31, 2020 performance period was 110.8%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,266,651 Performance Shares and 170,214 Performance Units associated with that performance period that vested on December 31, 2020. As a result, in the first quarter of 2021, MetLife, Inc. issued 1,403,449 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 188,597 Performance 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 March 31, 2021
	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	$	22,217	$	1,513	$	(3,795)	$	(1,863)	$	18,072
OCI before reclassifications	(7,978)		(1,442)		(753)		3		(10,170)
Deferred income tax benefit (expense)	1,946		310		(34)		—		2,222
AOCI before reclassifications, net of income tax	16,185		381		(4,582)		(1,860)		10,124
Amounts reclassified from AOCI	30		174		—		14		218
Deferred income tax benefit (expense)	(7)		(37)		—		(2)		(46)
Amounts reclassified from AOCI, net of income tax	23		137		—		12		172
Sale of subsidiary, net of income tax (2)	(14)		—		115		—		101
Balance, end of period	$	16,194	$	518	$	(4,467)	$	(1,848)	$	10,397

	Three Months Ended March 31, 2020
	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	$	18,283	$	1,698	$	(4,927)	$	(2,002)	$	13,052
OCI before reclassifications	(3,619)		3,687		(674)		—		(606)
Deferred income tax benefit (expense)	927		(810)		(26)		—		91
AOCI before reclassifications, net of income tax	15,591		4,575		(5,627)		(2,002)		12,537
Amounts reclassified from AOCI	(187)		438		—		21		272
Deferred income tax benefit (expense)	48		(96)		—		(4)		(52)
Amounts reclassified from AOCI, net of income tax	(139)		342		—		17		220

Balance, end of period	$	15,452	$	4,917	$	(5,627)	$	(1,985)	$	12,757

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(1)See Note 6 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI.

(2)See Note 3 for further information on the sale of MetLife Russia.

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


	Three Months Ended March 31,
	2021		2020
AOCI Components	Amounts Reclassified from AOCI				Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(49)	$	204	Net investment gains (losses)
Net unrealized investment gains (losses)	(5)		(11)		Net investment income
Net unrealized investment gains (losses)	24		(6)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(30)		187
Income tax (expense) benefit	7		(48)
Net unrealized investment gains (losses), net of income tax	(23)		139
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	12		6		Net investment income
Interest rate derivatives	29		6		Net investment gains (losses)
Interest rate derivatives	1		1		Other expenses
Foreign currency exchange rate derivatives	3		—		Net investment income
Foreign currency exchange rate derivatives	(219)		(451)		Net investment gains (losses)


Gains (losses) on cash flow hedges, before income tax	(174)		(438)
Income tax (expense) benefit	37		96
Gains (losses) on cash flow hedges, net of income tax	(137)		(342)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(18)		(26)
Amortization of prior service (costs) credit	4		5
Amortization of defined benefit plan items, before income tax	(14)		(21)
Income tax (expense) benefit	2		4
Amortization of defined benefit plan items, net of income tax	(12)		(17)
Total reclassifications, net of income tax	$	(172)	$	(220)

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(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 12.