Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Stock by Class

Preferred stock authorized, issued and outstanding was as follows at both June 30, 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 June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(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

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		June 30, 2023
	(In millions)
May 25, 2023	$	1,000	$	1,000
May 3, 2023	$	3,000	$	2,754
May 4, 2022	$	3,000	$	—

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 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 AOCI	1,040		(269)		—		—		—		30		801
Deferred income tax benefit (expense)	(231)		54		—		—		—		(4)		(181)
Amounts reclassified from AOCI, net of income tax	809		(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 AOCI	682		629		—		—		—		23		1,334
Deferred income tax benefit (expense)	(155)		(132)		—		—		—		(4)		(291)
Amounts reclassified from AOCI, net of income tax	527		497		—		—		—		19		1,043
Sale of subsidiaries, net of income tax	21		—		(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 reclassifications	4,410		(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 AOCI	1,606		(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 AOCI	1,003		741		—		—		—		47		1,791
Deferred income tax benefit (expense)	(230)		(152)		—		—		—		(7)		(389)
Amounts reclassified from AOCI, net of income tax	773		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).”

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Three Months  Ended  June 30,				Six Months Ended June 30,
	2023		2022		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)	$	(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.

Unrealized Gain (Loss) on Investments

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

	June 30, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	(23,150)	$	(29,262)
Derivatives	1,494		1,976
Other	535		549
Subtotal	(21,121)		(26,737)
Amounts allocated from:
Policyholder liabilities	23		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)