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Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows at both December 31, 2022 and 2021:
SeriesShares AuthorizedShares Issued and Outstanding
Series A preferred stock
27,600,000 24,000,000 
Series D preferred stock
500,000 500,000 
Series E preferred stock
32,200 32,200 
Series F preferred stock40,000 40,000 
Series G preferred stock1,000,000 1,000,000 
Series A Junior Participating Preferred Stock
10,000,000 — 
Not designated
160,827,800 — 
Total
200,000,000 25,572,200 
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,
202220212020
(In millions)
Stock Options and Unit Options
$7 $9 $6 
Performance Shares and Performance Units (1)
108 98 63 
Restricted Stock Units and Restricted Units
69 66 58 
Total compensation expense
$184 $173 $127 
Income tax benefit
$39 $36 $27 
__________________
(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, 2022
ExpenseWeighted Average
Period
(In millions)(Years)
Stock Options
$3 1.78
Performance Shares
$29 1.68
Restricted Stock Units
$32 1.83
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, 20224,268,091 $44.02 5.03$79 
Granted
402,976 $68.96 
Exercised
(1,259,933)$37.79 
Expired (2)
(6,424)$33.35 
Forfeited (3)
(18,669)$60.07 
Outstanding at December 31, 20223,386,041 $49.24 5.58$78 
Vested and expected to vest at December 31, 20223,376,464 $49.20 5.57$78 
Exercisable at December 31, 20222,533,864 $45.25 4.61$69 
__________________
(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, 2022 of $72.37 and December 31, 2021 of $62.49, 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,
202220212020
(In millions)
Total intrinsic value of stock options exercised
$40 $60 $29 
Cash received from exercise of stock options
$48 $119 $89 
Income tax benefit realized from stock options exercised
$8 $13 $6 
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,
202220212020
Dividend yield
2.78%3.20%3.70%
Risk-free rate of return
1.17% - 1.97%
0.08% - 2.48%
1.30% - 1.57%
Expected volatility
26.67%29.72%25.55%
Exercise multiple
1.451.441.44
Post-vesting termination rate
3.58%3.58%3.79%
Contractual term (years)
101010
Expected life (years)
677
Weighted average exercise price of stock options granted
$68.96$57.43$47.58
Weighted average fair value of stock options granted
$15.18$12.76$9.02
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 SharesRestricted Stock Units
SharesWeighted
Average
Fair Value (1)		UnitsWeighted
Average
Fair Value (1)
Outstanding at January 1, 20223,848,015 $43.74 2,451,046 $45.39 
Granted978,422 $62.83 893,161 $62.60 
Forfeited (2)(130,371)$51.20 (127,184)$52.97 
Payable (3)(1,489,328)$39.38 (1,217,059)$43.71 
Outstanding at December 31, 20223,206,738 $51.26 1,999,964 $53.62 
Vested and expected to vest at December 31, 20223,161,138 $51.15 1,967,910 $53.56 
__________________
(1)Values for awards outstanding at January 1, 2022, represent weighted average number of awards multiplied by their fair value per Share at December 31, 2021. Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2022. Fair value of Performance Shares and Restricted Stock Units on December 31, 2022 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.
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, 2022124,986 448,986 514,556 
Granted
13,192 115,057 216,980 
Exercised
(23,800)— — 
Expired (1)
(59,647)— — 
Forfeited (2)
— (15,223)(30,580)
Paid
— (156,900)(259,401)
Outstanding at December 31, 202254,731 391,920 441,555 
Vested and expected to vest at December 31, 202254,359 382,702 431,164 
__________________
(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,
CompanyState of Domicile202220212020
(In millions)
Metropolitan Life Insurance Company
New York$2,737 $3,513 $3,392 
American Life Insurance Company
Delaware$824 $48 $980 
Metropolitan Property and Casualty Insurance Company (1)Rhode IslandN/AN/A$336 
Metropolitan Tower Life Insurance Company
Nebraska$232 $185 $(237)
Other
Various$91 $76 $84 
__________________
(1)See Note 3 for information on the Company’s business dispositions.
Statutory capital and surplus was as follows at:
December 31,
Company20222021
(In millions)
Metropolitan Life Insurance Company
$10,869 $11,804 
American Life Insurance Company
$5,040 $5,584 
Metropolitan Tower Life Insurance Company
$1,896 $1,638 
Other
$209 $193 
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:
202320222021
CompanyPermitted Without
Approval (1)		Paid (2)Paid (2)
(In millions)
Metropolitan Life Insurance Company$2,471 $3,539 $3,393 
American Life Insurance Company$499 $1,289 $1,135 
Metropolitan Property and Casualty Insurance CompanyN/AN/A$35 (3)
Metropolitan Tower Life Insurance Company$189 $— $— 
__________________
(1)Reflects dividend amounts that may be paid by the end of 2023 without prior regulatory approval.
(2)Reflects all amounts paid, including those where regulatory approval was obtained as required.
(3)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		Unrealized Gains
(Losses) on
Derivatives		Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance at December 31, 2019$18,283 $1,698 $(4,927)$(2,002)$13,052 
OCI before reclassifications
5,775 730 1,002 95 7,602 
Deferred income tax benefit (expense)
(1,349)(257)(36)(22)(1,664)
AOCI before reclassifications, net of income tax
22,709 2,171 (3,961)(1,929)18,990 
Amounts reclassified from AOCI
(357)(1,016)— 86 (1,287)
Deferred income tax benefit (expense)
83 358 — (20)421 
Amounts reclassified from AOCI, net of income tax
(274)(658)— 66 (866)
Sale of subsidiaries, net of income tax (1)(218)— 166 — (52)
Balance at December 31, 202022,217 1,513 (3,795)(1,863)18,072 
OCI before reclassifications
(7,829)(113)(1,567)237 (9,272)
Deferred income tax benefit (expense)
1,918 18 (53)(46)1,837 
AOCI before reclassifications, net of income tax
16,306 1,418 (5,415)(1,672)10,637 
Amounts reclassified from AOCI
(125)250 — 91 216 
Deferred income tax benefit (expense)
29 (39)— (17)(27)
Amounts reclassified from AOCI, net of income tax
(96)211 — 74 189 
Sale of subsidiaries, net of income tax (1)(168)— 261 — 93 
Balance at December 31, 202116,042 1,629 (5,154)(1,598)10,919 
OCI before reclassifications
(49,427)(583)(1,629)188 (51,451)
Deferred income tax benefit (expense)
11,304 89 (16)(39)11,338 
AOCI before reclassifications, net of income tax
(22,081)1,135 (6,799)(1,449)(29,194)
Amounts reclassified from AOCI
1,607 498 — 93 2,198 
Deferred income tax benefit (expense)
(368)(76)— (19)(463)
Amounts reclassified from AOCI, net of income tax
1,239 422 — 74 1,735 
Sale of subsidiaries, net of income tax (1)(9)— 387 (2)376 
Balance at December 31, 2022$(20,851)$1,557 $(6,412)$(1,377)$(27,083)
__________________
(1)See Note 3 for information on the Company’s business dispositions.
For information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI, see “— Net Unrealized Investment Gains (losses).”
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,
202220212020
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations Locations
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)
$(1,802)$72 $362 
Net investment gains (losses)
Net unrealized investment gains (losses)
7 (16)(24)
Net investment income
Net unrealized investment gains (losses)
188 69 19 
Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(1,607)125 357 
Income tax (expense) benefit
368 (29)(83)
Net unrealized investment gains (losses), net of income tax
(1,239)96 274 
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
59 56 36 
Net investment income
Interest rate derivatives
41 84 121 
Net investment gains (losses)
Interest rate derivatives
4 3 2 
Other expenses
Foreign currency exchange rate derivatives
6 8 4 
Net investment income
Foreign currency exchange rate derivatives
(609)(403)851 
Net investment gains (losses)
Foreign currency exchange rate derivatives
1 2 2 
Other expenses
Gains (losses) on cash flow hedges, before income tax
(498)(250)1,016 
Income tax (expense) benefit
76 39 (358)
Gains (losses) on cash flow hedges, net of income tax
(422)(211)658 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(104)(120)(105)
Amortization of prior service (costs) credit
11 29 19 
Amortization of defined benefit plan items, before income tax
(93)(91)(86)
Income tax (expense) benefit
19 17 20 
Amortization of defined benefit plan items, net of income tax
(74)(74)(66)
Total reclassifications, net of income tax
$(1,735)$(189)$866 
__________________
(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, 2022:
SeriesPer 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 DateAuthorization AmountDecember 31, 2022
(In millions)
May 4, 2022$3,000 $1,205 
August 4, 2021$3,000 $— 
December 11, 2020$3,000 $— 
Dividends Declared [Table Text Block] The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Years Ended December 31,
202220212020
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$1.033 $24 $1.015 $24 $1.015 $24 
C (1)$— — $19.085 10 $45.860 59 
D$58.750 29 $58.750 29 $58.750 30 
E$1,406.252 45 $1,406.252 45 $1,406.252 45 
F$1,187.500 48 $1,187.500 48 $1,088.542 44 
G$38.500 39 $39.035 39 $— — 
Total$185 $195 $202 
__________________
(1)Dividends were paid through the dividend payment date of June 15, 2021, when all outstanding shares of Series C preferred stock were redeemed and eliminated.
Unrealized Gain (Loss) on Investments [Table Text Block]
The components of net unrealized investment gains (losses), included in AOCI, were as follows:
Years Ended December 31,
202220212020
(In millions)
Fixed maturity securities AFS$(29,262)$29,461 $44,415 
Derivatives
1,976 2,061 1,924 
Other549 389 267 
Subtotal(26,737)31,911 46,606 
Amounts allocated from:
Policyholder liabilities (1)(1,487)(4,978)(10,797)
DAC, VOBA and DSI4,034 (3,208)(4,050)
Subtotal
2,547 (8,186)(14,847)
Deferred income tax benefit (expense)4,914 (6,031)(8,009)
Net unrealized investment gains (losses)(19,276)17,694 23,750 
Net unrealized investment gains (losses) attributable to noncontrolling interests
(18)(23)(20)
Net unrealized investment gains (losses) attributable to MetLife, Inc.$(19,294)$17,671 $23,730 
__________________
(1)Includes unearned revenue liabilities.