XML 31 R21.htm IDEA: XBRL DOCUMENT v3.23.3
Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Equity 14. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both September 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 September 30,Nine Months Ended September 30,
2023202220232022
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.419 $9 $0.256 $6 $1.155 $27 $0.762 $18 
D$29.375 14 $29.375 14 $58.750 29 $58.750 29 
E$351.563 12 $351.563 12 $1,054.689 34 $1,054.689 34 
F$296.875 12 $296.875 12 $890.625 36 $890.625 36 
G$19.250 20 $19.250 20 $38.500 39 $38.500 39 
Total$67 $64 $165 $156 
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Authorization Remaining at
Announcement DateAuthorization AmountSeptember 30, 2023
(In millions)
May 25, 2023$1,000 $1,000 
May 3, 2023$3,000 $1,961 
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 nine months ended September 30, 2023 and 2022, MetLife, Inc. repurchased 36,602,858 shares and 41,267,149 shares of its common stock, respectively, through open market purchases for $2.2 billion and $2.7 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 September 30, 2023 reflects the $22 million of applicable excise tax payable in connection with such repurchases. The $22 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 nine months ended September 30, 2023, American Life Insurance Company paid a dividend of $942 million to MetLife, Inc., for which regulatory approval was obtained as required.
See Note 16 of the Notes to Consolidated Financial Statements included in the 2022 Annual Report for information on dividend restrictions.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
September 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets		Deferred
Gains (Losses)
on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(17,979)$1,179 $3,919 $108 $(6,282)$(1,331)$(20,386)
OCI before reclassifications(12,599)(1,004)8,223 (142)(348)(1)(5,871)
Deferred income tax benefit (expense)2,871 232 (1,897)30 (9)— 1,227 
AOCI before reclassifications, net of income tax(27,707)407 10,245 (4)(6,639)(1,332)(25,030)
Amounts reclassified from AOCI710 271 — — — 30 1,011 
Deferred income tax benefit (expense)(172)(57)— — — (6)(235)
Amounts reclassified from AOCI, net of income tax538 214 — — — 24 776 
Balance, end of period$(27,169)$621 $10,245 $(4)$(6,639)$(1,308)$(24,254)
Three Months
Ended
September 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$(12,136)$1,847 $(136)$193 $(6,319)$(1,555)$(18,106)
OCI before reclassifications(16,612)975 9,973 (26)(785)1 (6,474)
Deferred income tax benefit (expense)3,798 (211)(2,225)7 (20)— 1,349 
AOCI before reclassifications, net of income tax(24,950)2,611 7,612 174 (7,124)(1,554)(23,231)
Amounts reclassified from AOCI343 566 — — — 23 932 
Deferred income tax benefit (expense)(77)(145)— — — (5)(227)
Amounts reclassified from AOCI, net of income tax266 421 — — — 18 705 
Balance, end of period$(24,684)$3,032 $7,612 $174 $(7,124)$(1,536)$(22,526)
Nine Months
Ended
September 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets		Deferred
Gains (Losses)
on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains (Losses)Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(22,646)$1,557 $6,115 $107 $(6,377)$(1,377)$(22,621)
OCI before reclassifications(8,189)(1,085)5,325 (141)(168)(6)(4,264)
Deferred income tax benefit (expense)1,882 249 (1,195)30 (94)1 873 
AOCI before reclassifications, net of income tax(28,953)721 10,245 (4)(6,639)(1,382)(26,012)
Amounts reclassified from AOCI2,316 (130)— — — 90 2,276 
Deferred income tax benefit (expense)(532)30 — — — (16)(518)
Amounts reclassified from AOCI, net of income tax 1,784 (100)— — — 74 1,758 
Balance, end of period$(27,169)$621 $10,245 $(4)$(6,639)$(1,308)$(24,254)
Nine Months
Ended
September 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)$(2,451)
OCI before reclassifications(60,427)509 33,580 (135)(2,284)7 (28,750)
Deferred income tax benefit (expense)13,794 (116)(7,444)30 (107)(1)6,156 
AOCI before reclassifications, net of income tax(25,714)2,022 7,577 174 (7,512)(1,592)(25,045)
Amounts reclassified from AOCI1,346 1,307 — — — 70 2,723 
Deferred income tax benefit (expense)(307)(297)— — — (12)(616)
Amounts reclassified from AOCI, net of income tax1,039 1,010 — — — 58 2,107 
Sale of subsidiaries, net of income tax(9)— 35 — 388 (2)412 
Balance, end of period$(24,684)$3,032 $7,612 $174 $(7,124)$(1,536)$(22,526)
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
 September 30,		Nine Months
Ended
September 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)
$(730)$(336)$(2,420)$(1,458)Net investment gains (losses)
Net unrealized investment gains (losses)
1 — 6 4 Net investment income
Net unrealized investment gains (losses)
19 (7)98 108 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(710)(343)(2,316)(1,346)
Income tax (expense) benefit
172 77 532 307 
Net unrealized investment gains (losses), net of income tax
(538)(266)(1,784)(1,039)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
11 15 38 46 Net investment income
Interest rate derivatives
17 (16)77 44 Net investment gains (losses)
Interest rate derivatives
— 1 — 3 Other expenses
Foreign currency exchange rate derivatives
1 1 3 4 Net investment income
Foreign currency exchange rate derivatives
(301)(567)10 (1,405)Net investment gains (losses)
Foreign currency exchange rate derivatives1 — 2 1 Other expenses
Gains (losses) on cash flow hedges, before income tax
(271)(566)130 (1,307)
Income tax (expense) benefit
57 145 (30)297 
Gains (losses) on cash flow hedges, net of income tax
(214)(421)100 (1,010)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(33)(25)(98)(78)
Amortization of prior service (costs) credit
3 2 8 8 
Amortization of defined benefit plan items, before income tax
(30)(23)(90)(70)
Income tax (expense) benefit
6 5 16 12 
Amortization of defined benefit plan items, net of income tax
(24)(18)(74)(58)
Total reclassifications, net of income tax
$(776)$(705)$(1,758)$(2,107)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.
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:
September 30, 2023December 31, 2022
(In millions)
Fixed maturity securities AFS$(35,155)$(29,262)
Derivatives761 1,976 
Other584 549 
Subtotal(33,810)(26,737)
Amounts allocated from:
Policyholder liabilities90 120 
Deferred income tax benefit (expense)7,174 5,545 
Net unrealized investment gains (losses)(26,546)(21,072)
Net unrealized investment gains (losses) attributable to noncontrolling interests(2)(17)
Net unrealized investment gains (losses) attributable to MetLife, Inc.$(26,548)$(21,089)