Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Stock by Class

Preferred stock authorized, issued and outstanding was as follows:

	December 31, 2021		December 31, 2020
Series	Shares Authorized	Shares Issued and Outstanding	Shares Authorized	Shares Issued and Outstanding
Series A preferred stock	27,600,000	24,000,000	27,600,000	24,000,000
Series C preferred stock (1)	—	—	1,500,000	500,000
Series D preferred stock	500,000	500,000	500,000	500,000
Series E preferred stock	32,200	32,200	32,200	32,200
Series F preferred stock	40,000	40,000	40,000	40,000
Series G preferred stock	1,000,000	1,000,000	1,000,000	1,000,000
Series A Junior Participating Preferred Stock	10,000,000	—	10,000,000	—
Not designated	160,827,800	—	159,327,800	—
Total	200,000,000	25,572,200	200,000,000	26,072,200

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(1)As discussed below, on June 15, 2021, MetLife, Inc. redeemed and canceled 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”).

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,
	2021		2020		2019
	(In millions)
Stock Options and Unit Options	$	9	$	6	$	7
Performance Shares and Performance Units (1)	98		63		89
Restricted Stock Units and Restricted Units	66		58		54
Total compensation expense	$	173	$	127	$	150
Income tax benefit	$	36	$	27	$	32

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(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, 2021
	Expense		Weighted Average Period
	(In millions)		(Years)
Stock Options	$	3	1.83
Performance Shares	$	28	1.70
Restricted Stock Units	$	36	1.73

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, 2021	7,042,441	$	40.25	3.95	$	47
Granted	477,416	$	57.43
Exercised	(3,150,217)	$	37.69
Expired (2)	(75,804)	$	40.63
Forfeited (3)	(25,745)	$	46.28
Outstanding at December 31, 2021	4,268,091	$	44.02	5.03	$	79
Vested and expected to vest at December 31, 2021	4,256,858	$	43.99	5.02	$	79
Exercisable at December 31, 2021	3,293,523	$	41.72	4.03	$	68

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(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, 2021 of $62.49 and December 31, 2020 of $46.95, 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,
	2021		2020		2019
	(In millions)
Total intrinsic value of stock options exercised	$	60	$	29	$	60
Cash received from exercise of stock options	$	119	$	89	$	125
Income tax benefit realized from stock options exercised	$	13	$	6	$	13

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,
	2021	2020	2019
Dividend yield	3.20%	3.70%	3.76%
Risk-free rate of return	0.08% - 2.48%	1.30% - 1.57%	2.52% - 3.32%
Expected volatility	29.72%	25.55%	30.27%
Exercise multiple	1.44	1.44	1.43
Post-vesting termination rate	3.58%	3.79%	3.86%
Contractual term (years)	10	10	10
Expected life (years)	7	7	6
Weighted average exercise price of stock options granted	$57.43	$47.58	$44.65
Weighted average fair value of stock options granted	$12.76	$9.02	$10.36

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, 2021	4,101,854	$	40.61	2,788,150	$	40.51
Granted	1,175,558	$	51.37	1,159,193	$	51.37
Forfeited (2)	(162,746)	$	43.05	(179,288)	$	44.38
Payable (3)	(1,266,651)	$	40.83	(1,317,009)	$	40.45
Outstanding at December 31, 2021	3,848,015	$	43.74	2,451,046	$	45.39
Vested and expected to vest at December 31, 2021	3,793,017	$	43.65	2,409,077	$	45.36

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(1)Values for awards outstanding at January 1, 2021, represent weighted average number of awards multiplied by their fair value per Share at December 31, 2020. Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2021. Fair value of Performance Shares and Restricted Stock Units on December 31, 2021 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, 2021	378,434	515,235	605,447
Granted	—	141,110	261,257
Exercised	(224,681)	—	—
Expired (1)	(28,767)	—	—
Forfeited (2)	—	(37,145)	(60,473)
Paid	—	(170,214)	(291,675)
Outstanding at December 31, 2021	124,986	448,986	514,556
Vested and expected to vest at December 31, 2021	124,668	436,452	501,530

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(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 net income (loss) was as follows:

		Years Ended December 31,
Company	State of Domicile	2021		2020		2019
		(In millions)
Metropolitan Life Insurance Company	New York	$	3,513	$	3,392	$	3,859
American Life Insurance Company	Delaware	$	48	$	980	$	1,386
Metropolitan Property and Casualty Insurance Company (1)	Rhode Island	N/A		$	336	$	245
Metropolitan Tower Life Insurance Company	Nebraska	$	185	$	(237)	$	(13)
Other	Various	$	76	$	84	$	12

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(1)See Note 3 for information on the Company’s business dispositions.

Statutory capital and surplus was as follows at:

	December 31,
Company	2021		2020
	(In millions)
Metropolitan Life Insurance Company	$	11,804	$	11,312
American Life Insurance Company	$	5,584	$	4,419
Metropolitan Property and Casualty Insurance Company (1)	N/A		$	2,249
Metropolitan Tower Life Insurance Company	$	1,638	$	1,387
Other	$	193	$	186

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(1)See Note 3 for information on the Company’s business dispositions.

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:

	2022		2021			2020
Company	Permitted Without Approval (1)		Paid (2)			Paid (2)
	(In millions)
Metropolitan Life Insurance Company	$	3,539	$	3,393		$	2,832
American Life Insurance Company	$	554	$	1,135		$	1,200	(3)
Metropolitan Property and Casualty Insurance Company	N/A		$	35	(4)	$	250
Metropolitan Tower Life Insurance Company	$	163	$	—		$	—

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(1)Reflects dividend amounts that may be paid by the end of 2022 without prior regulatory approval.

(2)Reflects all amounts paid, including those where regulatory approval was obtained as required.

(3)Includes a $341 million non-cash dividend.

(4)Consists of the stock of a subsidiary paid to MetLife, Inc. See Note 3 for information on the Company’s business dispositions.

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, 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		18		—		—		21
Balance at December 31, 2019	18,283		1,698		(4,927)		(2,002)		13,052
OCI before reclassifications	5,775		730		1,002		95		7,602
Deferred income tax benefit (expense)	(1,349)		(257)		(36)		(22)		(1,664)
AOCI before reclassifications, net of income tax	22,709		2,171		(3,961)		(1,929)		18,990
Amounts reclassified from AOCI	(357)		(1,016)		—		86		(1,287)
Deferred income tax benefit (expense)	83		358		—		(20)		421
Amounts reclassified from AOCI, net of income tax	(274)		(658)		—		66		(866)
Sale of subsidiaries, net of income tax (2)	(218)		—		166		—		(52)
Balance at December 31, 2020	22,217		1,513		(3,795)		(1,863)		18,072
OCI before reclassifications	(7,829)		(113)		(1,567)		237		(9,272)
Deferred income tax benefit (expense)	1,918		18		(53)		(46)		1,837
AOCI before reclassifications, net of income tax	16,306		1,418		(5,415)		(1,672)		10,637
Amounts reclassified from AOCI	(125)		250		—		91		216
Deferred income tax benefit (expense)	29		(39)		—		(17)		(27)
Amounts reclassified from AOCI, net of income tax	(96)		211		—		74		189
Sale of subsidiaries, net of income tax (2)	(168)		—		261		—		93
Balance at December 31, 2021	$	16,042	$	1,629	$	(5,154)	$	(1,598)	$	10,919

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(1)See Note 8 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.

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,
	2021		2020		2019
AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	72	$	362	$	270	Net investment gains (losses)
Net unrealized investment gains (losses)	(16)		(24)		(30)		Net investment income
Net unrealized investment gains (losses)	69		19		25		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	125		357		265
Income tax (expense) benefit	(29)		(83)		(61)
Net unrealized investment gains (losses), net of income tax	96		274		204
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	56		36		23		Net investment income
Interest rate derivatives	84		121		4		Net investment gains (losses)
Interest rate derivatives	3		2		2		Other expenses
Foreign currency exchange rate derivatives	8		4		(4)		Net investment income
Foreign currency exchange rate derivatives	(403)		851		240		Net investment gains (losses)
Foreign currency exchange rate derivatives	2		2		2		Other expenses
Credit derivatives	—		—		1		Net investment income
Gains (losses) on cash flow hedges, before income tax	(250)		1,016		268
Income tax (expense) benefit	39		(358)		27
Gains (losses) on cash flow hedges, net of income tax	(211)		658		295
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(120)		(105)		(145)
Amortization of prior service (costs) credit	29		19		27
Amortization of defined benefit plan items, before income tax	(91)		(86)		(118)
Income tax (expense) benefit	17		20		18
Amortization of defined benefit plan items, net of income tax	(74)		(66)		(100)
Total reclassifications, net of income tax	$	(189)	$	866	$	399

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

Preferred Stock Dividend Rates

The table below presents the dividend rates of MetLife, Inc.’s preferred stock outstanding at December 31, 2021:

Series	Per Annum Dividend Rate
A	Three-month LIBOR + 1.00%, with floor of 4.00%, payable quarterly in March, June, September and December
D	5.875% from issuance date to, but excluding, March 15, 2028, payable semiannually in March and September; three-month LIBOR + 2.959% payable quarterly in March, June, September and December, thereafter
E	5.625% from issuance date, payable quarterly in March, June, September and December
F	4.750% from issuance date, payable quarterly in March, June, September and December, commencing in June 2020
G	3.850% from issuance date, but excluding, September 15, 2025, payable semiannually in March and September commencing in March 2021; five year treasury rate, reset every five years, + 3.576% payable semiannually in March and September, thereafter

Class of Treasury Stock

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

			Authorization Remaining at
Announcement Date	Authorization Amount		December 31, 2021
	(In millions)
August 4, 2021	$	3,000	$	1,506
December 11, 2020	$	3,000	$	—
July 31, 2019	$	2,000	$	—

Dividends Declared [Table Text Block]

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows for the years ended December 31, 2021, 2020 and 2019:

	For the Years Ended December 31,
	2021				2020				2019
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	1.015	$	24	$	1.015	$	24	$	1.017	$	24
C (1)	$	19.085	10		$	45.860	59		$	52.500	79
D	$	58.750	29		$	58.750	30		$	58.750	30
E	$	1,406.252	45		$	1,406.252	45		$	1,406.252	45
F	$	1,187.500	48		$	1,088.542	44		$	—	—
G	$	39.035	39		$	—	—		$	—	—
Total			$	195			$	202			$	178

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(1)Dividends were paid through the dividend payment date of June 15, 2021, when all outstanding shares of Series C preferred stock were redeemed and eliminated.