Equity (Tables)

3 Months Ended

Mar. 31, 2023

Preferred stock authorized, issued and outstanding was as follows at both March 31, 2023 and December 31, 2022:


Series	Shares Authorized	Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A	27,600,000	24,000,000
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	160,827,800	—
Total	200,000,000	25,572,200

Dividends Declared

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


	Three Months Ended March 31,
	2023				2022
Series	Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	0.361	$	9	$	0.250	$	6
D	$	29.375	15		$	29.375	15
E	$	351.563	11		$	351.563	11
F	$	296.875	12		$	296.875	12
G	$	19.250	19		$	19.250	19
Total			$	66			$	63

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		March 31, 2023
	(In millions)
May 4, 2022	$	3,000	$	425

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:


	Three Months Ended March 31, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets		Unrealized Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	(22,646)	$	1,557	$	6,115	$	107	$	(6,377)	$	(1,377)	$	(22,621)
OCI before reclassifications	7,583		387		(4,369)		100		282		(4)		3,979
Deferred income tax benefit (expense)	(1,728)		(97)		1,002		(21)		(24)		1		(867)
AOCI before reclassifications, net of income tax	(16,791)		1,847		2,748		186		(6,119)		(1,380)		(19,509)
Amounts reclassified from AOCI	566		(132)		—		—		—		30		464
Deferred income tax benefit (expense)	(129)		33		—		—		—		(6)		(102)
Amounts reclassified from AOCI, net of income tax	437		(99)		—		—		—		24		362

Balance, end of period	$	(16,354)	$	1,748	$	2,748	$	186	$	(6,119)	$	(1,356)	$	(19,147)

	Three Months Ended March 31, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets		Unrealized Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance, beginning of period	$	20,919	$	1,629	$	(18,559)	$	279	$	(5,121)	$	(1,598)	$	(2,451)
OCI before reclassifications	(21,450)		(312)		11,869		(107)		(394)		3		(10,391)
Deferred income tax benefit (expense)	4,934		55		(2,611)		23		(20)		(1)		2,380
AOCI before reclassifications, net of income tax	4,403		1,372		(9,301)		195		(5,535)		(1,596)		(10,462)
Amounts reclassified from AOCI	321		112		—		—		—		24		457
Deferred income tax benefit (expense)	(75)		(20)		—		—		—		(3)		(98)
Amounts reclassified from AOCI, net of income tax	246		92		—		—		—		21		359
Sale of subsidiary, net of income tax	(30)		—		53		—		38		(2)		59
Balance, end of period	$	4,619	$	1,464	$	(9,248)	$	195	$	(5,497)	$	(1,577)	$	(10,044)

For information on offsets to investments related to policyholder liabilities, 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:


	Three Months Ended March 31,
	2023		2022
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)	$	(611)	$	(350)	Net investment gains (losses)
Net unrealized investment gains (losses)	2		2		Net investment income
Net unrealized investment gains (losses)	43		27		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(566)		(321)
Income tax (expense) benefit	129		75
Net unrealized investment gains (losses), net of income tax	(437)		(246)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	14		15		Net investment income
Interest rate derivatives	5		18		Net investment gains (losses)
Interest rate derivatives	—		1		Other expenses
Foreign currency exchange rate derivatives	1		2		Net investment income
Foreign currency exchange rate derivatives	111		(148)		Net investment gains (losses)

Foreign currency exchange rate derivatives	1		—		Other expenses

Gains (losses) on cash flow hedges, before income tax	132		(112)
Income tax (expense) benefit	(33)		20
Gains (losses) on cash flow hedges, net of income tax	99		(92)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(33)		(27)
Amortization of prior service (costs) credit	3		3
Amortization of defined benefit plan items, before income tax	(30)		(24)
Income tax (expense) benefit	6		3
Amortization of defined benefit plan items, net of income tax	(24)		(21)
Total reclassifications, net of income tax	$	(362)	$	(359)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 15.

Unrealized Gain (Loss) on Investments

The components of net unrealized investment gains (losses), included in AOCI, were as follows:


	March 31, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	(21,083)	$	(29,262)
Derivatives	2,231		1,976
Other	543		549
Subtotal	(18,309)		(26,737)
Amounts allocated from:
Policyholder liabilities	79		120
Deferred income tax benefit (expense)	3,624		5,545
Net unrealized investment gains (losses)	(14,606)		(21,072)
Net unrealized investment gains (losses) attributable to noncontrolling interests	—		(17)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(14,606)	$	(21,089)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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