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Equity
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Stockholders' Equity Note Disclosure 10. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
June 30, 2021December 31, 2020
SeriesShares
Authorized		Shares Issued and OutstandingShares
Authorized		Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 27,600,000 24,000,000 
5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (1)— — 1,500,000 500,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 40,000 40,000 
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G1,000,000 1,000,000 1,000,000 1,000,000 
Series A Junior Participating Preferred Stock10,000,000 — 10,000,000 — 
Not designated160,827,800 — 159,327,800 — 
Total200,000,000 25,572,200 200,000,000 26,072,200 
__________________
(1)On May 17, 2021, the outstanding 500,000 shares of MetLife, Inc.’s 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (the “Series C preferred stock”) were irrevocably called for redemption, and on June 15, 2021, MetLife, Inc. redeemed and canceled the shares.
In May 2021, MetLife, Inc. delivered a notice of redemption to the holders of the Series C preferred stock pursuant to which it would redeem the remaining 500,000 shares of Series C preferred stock at a redemption price of $1,000 per share. In connection with the redemption, MetLife, Inc. recognized a preferred stock redemption premium of $6 million (calculated as the difference between the carrying value of the Series C preferred stock and the total amount paid by MetLife, Inc. to the holders of the Series C preferred stock in connection with the redemption), which was recorded as a reduction of retained earnings at June 30, 2021. All outstanding shares of Series C preferred stock were redeemed on the dividend payment date of June 15, 2021 for an aggregate redemption price of $500 million in cash.
In June 2021, MetLife, Inc. filed a Certificate of Elimination (the “Certificate of Elimination”) of Series C preferred stock with the Secretary of State of the State of Delaware to eliminate all references to the Series C preferred stock in MetLife, Inc.’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), including the related Certificate of Designations. As a result of the filing of the Certificate of Elimination, MetLife, Inc.’s Certificate of Incorporation was amended to eliminate all references therein to the Series C preferred stock, and the shares that were designated to such series were returned to the status of authorized but unissued shares of preferred stock, par value $0.01 per share, of MetLife, Inc., without designation as to series. The Certificate of Elimination does not affect the total number of authorized shares of capital stock of MetLife, Inc. or the total number of authorized shares of preferred stock.
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Month Ended June 30,Six Months Ended June 30,
2021202020212020
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In million, except per share data)
A$0.256 $6 $0.253 $6 $0.506 $12 $0.506 $12 
C$9.606 5 $26.250 39 $19.085 10 $26.250 39 
D$— — $— — $29.375 15 $29.375 15 
E$351.563 12 $351.563 12 $703.126 23 $703.126 23 
F$296.875 12 $494.792 20 $593.750 24 $494.792 20 
G$— — $— — $19.785 19 $— — 
Total$35 $77 $103 $109 
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Authorization Remaining at
Announcement DateAuthorization AmountJune 30, 2021
(In millions)
December 11, 2020$3,000 $723 
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.
See Note 16 for information on a subsequent common stock repurchase authorization.
For the six months ended June 30, 2021 and 2020, MetLife, Inc. repurchased 36,170,428 shares and 10,664,608 shares of its common stock, respectively, through open market purchases for $2.1 billion 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).
Dividend Restrictions
Insurance Operations
For the six months ended June 30, 2021, American Life Insurance Company paid a dividend of $600 million to MetLife, Inc., for which regulatory approval was obtained as required.
Additionally, for the six months ended June 30, 2021, Metropolitan Property and Casualty Insurance Company paid a non-cash dividend of $35 million consisting of the stock of a subsidiary to MetLife, Inc., for which regulatory approval was obtained as required. See Note 3 on the disposition of MetLife P&C.
See Note 16 of the Notes to Consolidated Financial Statements included in the 2020 Annual Report for additional information on dividend restrictions.
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, 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
$16,194 $518 $(4,467)$(1,848)$10,397 
Other comprehensive income (loss) (“OCI”) before reclassifications2,099 828 6 1 2,934 
Deferred income tax benefit (expense)
(570)(169)(2)(1)(742)
AOCI before reclassifications, net of income tax
17,723 1,177 (4,463)(1,848)12,589 
Amounts reclassified from AOCI
(15)(131)— 17 (129)
Deferred income tax benefit (expense)
3 27 — (5)25 
Amounts reclassified from AOCI, net of income tax
(12)(104)— 12 (104)
Sale of subsidiary, net of income tax (2)
(176)— — — (176)
Balance, end of period
$17,535 $1,073 $(4,463)$(1,836)$12,309 
Three Months
Ended
June 30, 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
$15,452 $4,917 $(5,627)$(1,985)$12,757 
OCI before reclassifications
8,505 (639)243 — 8,109 
Deferred income tax benefit (expense)
(1,902)142 2 — (1,758)
AOCI before reclassifications, net of income tax
22,055 4,420 (5,382)(1,985)19,108 
Amounts reclassified from AOCI
(46)(340)— 22 (364)
Deferred income tax benefit (expense)
(2)74 — (5)67 
Amounts reclassified from AOCI, net of income tax
(48)(266)— 17 (297)
Sale of subsidiary, net of income tax(248)— — — (248)
Balance, end of period
$21,759 $4,154 $(5,382)$(1,968)$18,563 
Six Months
Ended
June 30, 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
(5,879)(614)(747)4 (7,236)
Deferred income tax benefit (expense)
1,376 141 (36)(1)1,480 
AOCI before reclassifications, net of income tax
17,714 1,040 (4,578)(1,860)12,316 
Amounts reclassified from AOCI
15 43 — 31 89 
Deferred income tax benefit (expense)
(4)(10)— (7)(21)
Amounts reclassified from AOCI, net of income tax
11 33 — 24 68 
Sale of subsidiaries, net of income tax (2)(190)— 115 — (75)
Balance, end of period
$17,535 $1,073 $(4,463)$(1,836)$12,309 
Six Months
Ended
June 30, 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
4,886 3,048 (431)— 7,503 
Deferred income tax benefit (expense)
(975)(668)(24)— (1,667)
AOCI before reclassifications, net of income tax
22,194 4,078 (5,382)(2,002)18,888 
Amounts reclassified from AOCI
(233)98 — 43 (92)
Deferred income tax benefit (expense)
46 (22)— (9)15 
Amounts reclassified from AOCI, net of income tax
(187)76 — 34 (77)
Sale of subsidiary, net of income tax(248)— — — (248)
Balance, end of period
$21,759 $4,154 $(5,382)$(1,968)$18,563 
__________________
(1)See Note 6 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI.
(2)See Note 3 for information on the Company’s business dispositions.
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
 Ended
 June 30,		Six Months
Ended
June 30,
2021202020212020
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)
$(6)$51 $(55)$255 Net investment gains (losses)
Net unrealized investment gains (losses)
(4)1 (9)(10)Net investment income
Net unrealized investment gains (losses)
25 (6)49 (12)Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
15 46 (15)233 
Income tax (expense) benefit
(3)2 4 (46)
Net unrealized investment gains (losses), net of income tax
12 48 (11)187 
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
15 9 27 15 Net investment income
Interest rate derivatives
19 42 48 48 Net investment gains (losses)
Interest rate derivatives
— — 1 1 Other expenses
Foreign currency exchange rate derivatives
1 1 4 1 Net investment income
Foreign currency exchange rate derivatives
95 287 (124)(164)Net investment gains (losses)
Foreign currency exchange rate derivatives1 1 1 1 Other expenses
Gains (losses) on cash flow hedges, before income tax
131 340 (43)(98)
Income tax (expense) benefit
(27)(74)10 22 
Gains (losses) on cash flow hedges, net of income tax
104 266 (33)(76)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(35)(26)(53)(52)
Amortization of prior service (costs) credit
18 4 22 9 
Amortization of defined benefit plan items, before income tax
(17)(22)(31)(43)
Income tax (expense) benefit
5 5 7 9 
Amortization of defined benefit plan items, net of income tax
(12)(17)(24)(34)
Total reclassifications, net of income tax
$104 $297 $(68)$77 
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 12.