Junior Subordinated Debt Securities (Tables)

12 Months Ended

Dec. 31, 2021

Junior Subordinated Notes [Abstract]

Outstanding Junior Subordinated Debt Securities

Outstanding junior subordinated debt securities and exchangeable surplus trust securities which are exchangeable for junior subordinated debt securities prior to redemption or repayment, were as follows:

						December 31,
						2021						2020
Issuer	Issue Date	Interest Rate (1)	Scheduled Redemption Date	Interest Rate Subsequent to Scheduled Redemption Date (2)	Final Maturity	Face Value		Unamortized Discount and Issuance Costs		Carrying Value		Face Value		Unamortized Discount and Issuance Costs		Carrying Value
						(In millions)
MetLife, Inc.	December 2006	6.400%	December 2036	LIBOR + 2.205%	December 2066	$	1,250	$	(16)	$	1,234	$	1,250	$	(17)	$	1,233
MetLife Capital Trust IV (3)	December 2007	7.875%	December 2037	LIBOR + 3.960%	December 2067	700		(13)		687		700		(14)		686
MetLife, Inc.	April 2008	9.250%	April 2038	LIBOR + 5.540%	April 2068	750		(9)		741		750		(10)		740
MetLife, Inc.	July 2009	10.750%	August 2039	LIBOR + 7.548%	August 2069	500		(6)		494		500		(6)		494
Total						$	3,200	$	(44)	$	3,156	$	3,200	$	(47)	$	3,153

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(1)Prior to the scheduled redemption date, interest is payable semiannually in arrears.

(2)In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears. On March 5, 2021, the Intercontinental Exchange Benchmark Administration, the administrator of LIBOR, announced that it will cease the publication of three-month U.S. Dollar LIBOR at the end of June 2023. Existing contract fallback provisions, and whether, how, and when the Company develops and adopts alternative reference rates, will influence the effect of any changes to or discontinuation of LIBOR on the Company.

(3)MetLife Capital Trust IV is a VIE which is consolidated on the financial statements of the Company. The securities issued by this entity are exchangeable surplus trust securities, which are exchangeable for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date, mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities.