XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Equity 13. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both June 30, 2023 and December 31, 2022:
SeriesShares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G1,000,000 1,000,000 
Series A Junior Participating Preferred Stock10,000,000 — 
Not designated160,827,800 — 
Total200,000,000 25,572,200 
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.375 $9 $0.256 $6 $0.736 $18 $0.506 $12 
D$— — $— — $29.375 15 $29.375 15 
E$351.563 11 $351.563 11 $703.126 22 $703.126 22 
F$296.875 12 $296.875 12 $593.750 24 $593.750 24 
G$— — $— — $19.250 19 $19.250 19 
Total$32 $29 $98 $92 
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Authorization Remaining at
Announcement DateAuthorization AmountJune 30, 2023
(In millions)
May 25, 2023$1,000 $1,000 
May 3, 2023$3,000 $2,754 
May 4, 2022$3,000 $— 
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), 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.
For the six months ended June 30, 2023 and 2022, MetLife, Inc. repurchased 23,665,630 shares and 30,939,541 shares of its common stock, respectively, through open market purchases for $1.5 billion and $2.0 billion, respectively. The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. Neither the authorization remaining, nor the amount repurchased, at June 30, 2023 reflects the $13 million of applicable excise tax payable in connection with such repurchases. The $13 million of excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased, and a corresponding liability for the excise tax payable was recorded in other liabilities.
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, 2020 – December 31, 2022 performance period was 156.3%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,174,602 Performance Shares and 154,904 Performance Units associated with that performance period that vested on December 31, 2022. As a result, in the first quarter of 2023, MetLife, Inc. issued 1,835,903 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 242,115 Performance Units (less withholding for taxes and other items, as applicable).
Dividend Restrictions
Insurance Operations
For the six months ended June 30, 2023, American Life Insurance Company paid a dividend of $942 million to MetLife, Inc., for which regulatory approval was obtained as required.
See Note 16 of the Notes to Consolidated Financial Statements included in the 2022 Annual Report for additional information on dividend restrictions.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
June 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets		Deferred
Gains (Losses)
on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(16,354)$1,748 $2,748 $186 $(6,119)$(1,356)$(19,147)
OCI before reclassifications(3,173)(468)1,471 (99)(102)(1)(2,372)
Deferred income tax benefit (expense)739 114 (300)21 (61)— 513 
AOCI before reclassifications, net of income tax(18,788)1,394 3,919 108 (6,282)(1,357)(21,006)
Amounts reclassified from AOCI1,040 (269)— — — 30 801 
Deferred income tax benefit (expense)(231)54 — — — (4)(181)
Amounts reclassified from AOCI, net of income tax809 (215)— — — 26 620 
Balance, end of period$(17,979)$1,179 $3,919 $108 $(6,282)$(1,331)$(20,386)
Three Months
Ended
June 30, 2022
Unrealized
Investment Gains
(Losses), Net of
Related Offsets		Deferred
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$4,619 $1,464 $(9,248)$195 $(5,497)$(1,577)$(10,044)
OCI before reclassifications(22,365)(154)11,738 (2)(1,105)3 (11,885)
Deferred income tax benefit (expense)5,062 40 (2,608)— (67)— 2,427 
AOCI before reclassifications, net of income tax(12,684)1,350 (118)193 (6,669)(1,574)(19,502)
Amounts reclassified from AOCI682 629 — — — 23 1,334 
Deferred income tax benefit (expense)(155)(132)— — — (4)(291)
Amounts reclassified from AOCI, net of income tax527 497 — — — 19 1,043 
Sale of subsidiaries, net of income tax21 — (18)— 350 — 353 
Balance, end of period$(12,136)$1,847 $(136)$193 $(6,319)$(1,555)$(18,106)
Six Months
Ended
June 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets		Deferred
Gains (Losses)
on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(22,646)$1,557 $6,115 $107 $(6,377)$(1,377)$(22,621)
OCI before reclassifications4,410 (81)(2,898)1 180 (5)1,607 
Deferred income tax benefit (expense)(989)17 702 — (85)1 (354)
AOCI before reclassifications, net of income tax(19,225)1,493 3,919 108 (6,282)(1,381)(21,368)
Amounts reclassified from AOCI1,606 (401)— — — 60 1,265 
Deferred income tax benefit (expense)(360)87 — — — (10)(283)
Amounts reclassified from AOCI, net of income tax 1,246 (314)— — — 50 982 
Balance, end of period$(17,979)$1,179 $3,919 $108 $(6,282)$(1,331)$(20,386)
Six Months
Ended
June 30, 2022
Unrealized
Investment Gains
(Losses), Net of
Related Offsets		Deferred
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)$(2,451)
OCI before reclassifications(43,815)(466)23,607 (109)(1,499)6 (22,276)
Deferred income tax benefit (expense)9,996 95 (5,219)23 (87)(1)4,807 
AOCI before reclassifications, net of income tax(12,900)1,258 (171)193 (6,707)(1,593)(19,920)
Amounts reclassified from AOCI1,003 741 — — — 47 1,791 
Deferred income tax benefit (expense)(230)(152)— — — (7)(389)
Amounts reclassified from AOCI, net of income tax773 589 — — — 40 1,402 
Sale of subsidiaries, net of income tax(9)— 35 — 388 (2)412 
Balance, end of period$(12,136)$1,847 $(136)$193 $(6,319)$(1,555)$(18,106)
For information on offsets to investments related to policyholder liabilities, see “— Net Unrealized Investment Gains (Losses).”
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
 Ended
 June 30,		Six Months
Ended
June 30,
2023202220232022
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)
$(1,079)$(772)$(1,690)$(1,122)Net investment gains (losses)
Net unrealized investment gains (losses)
3 2 5 4 Net investment income
Net unrealized investment gains (losses)
36 88 79 115 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(1,040)(682)(1,606)(1,003)
Income tax (expense) benefit
231 155 360 230 
Net unrealized investment gains (losses), net of income tax
(809)(527)(1,246)(773)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
13 16 27 31 Net investment income
Interest rate derivatives
55 42 60 60 Net investment gains (losses)
Interest rate derivatives
— 1 — 2 Other expenses
Foreign currency exchange rate derivatives
1 1 2 3 Net investment income
Foreign currency exchange rate derivatives
200 (690)311 (838)Net investment gains (losses)
Foreign currency exchange rate derivatives— 1 1 1 Other expenses
Gains (losses) on cash flow hedges, before income tax
269 (629)401 (741)
Income tax (expense) benefit
(54)132 (87)152 
Gains (losses) on cash flow hedges, net of income tax
215 (497)314 (589)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(32)(26)(65)(53)
Amortization of prior service (costs) credit
2 3 5 6 
Amortization of defined benefit plan items, before income tax
(30)(23)(60)(47)
Income tax (expense) benefit
4 4 10 7 
Amortization of defined benefit plan items, net of income tax
(26)(19)(50)(40)
Total reclassifications, net of income tax
$(620)$(1,043)$(982)$(1,402)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 15.
Net Unrealized Investment Gains (Losses)
Unrealized investment gains (losses) on fixed maturity securities AFS, derivatives and other investments and the effect on policyholder liabilities that would result from the realization of the unrealized gains (losses) are included in net unrealized investment gains (losses) in AOCI.
The components of net unrealized investment gains (losses), included in AOCI, were as follows:
June 30, 2023December 31, 2022
(In millions)
Fixed maturity securities AFS$(23,150)$(29,262)
Derivatives1,494 1,976 
Other535 549 
Subtotal(21,121)(26,737)
Amounts allocated from:
Policyholder liabilities23 120 
Deferred income tax benefit (expense)4,300 5,545 
Net unrealized investment gains (losses)(16,798)(21,072)
Net unrealized investment gains (losses) attributable to noncontrolling interests(2)(17)
Net unrealized investment gains (losses) attributable to MetLife, Inc.$(16,800)$(21,089)