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Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity
14. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both September 30, 2024 and December 31, 2023:
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,
2024202320242023
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.417 $10 $0.419 $9 $1.267 $30 $1.155 $27 
D$29.375 14 $29.375 14 $58.750 29 $58.750 29 
E$351.563 11 $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 $67 $168 $165 
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
September 30, 2024 (1)
(In millions)
May 1, 2024$3,000 $2,301 
May 25, 2023$1,000 $— 
May 3, 2023$3,000 $— 
May 4, 2022$3,000 $— 
__________________
(1)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. The authorization remaining at September 30, 2024 does not reflect the applicable excise tax payable.
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, 2024 and 2023, MetLife, Inc. repurchased 39,373,496 shares and 36,602,858 shares of its common stock, respectively, through open market purchases for $2.8 billion and $2.2 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.
Stock-Based Compensation Plans
Performance Shares and Performance Units
Final Performance Shares are paid in shares of MetLife, Inc.’s common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2021 – December 31, 2023 performance period was 147.5%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,048,303 Performance Shares and 118,848 Performance Units associated with that performance period that vested on December 31, 2023. As a result, in the first quarter of 2024, MetLife, Inc. issued 1,546,247 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 175,301 Performance Units (less withholding for taxes and other items, as applicable).
Dividend Restrictions
Insurance Operations
For the nine months ended September 30, 2024, American Life Insurance Company paid a dividend of $1.1 billion to MetLife, Inc., for which regulatory approval was obtained as required.
See Note 19 of the Notes to Consolidated Financial Statements included in the 2023 Annual Report for additional information on dividend restrictions.
AOCI
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
September 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
OCI before reclassifications9,942 125 (5,891)99 349 3 4,627 
Deferred income tax benefit (expense)(2,082)(101)1,289 (22)90 (1)(827)
AOCI before reclassifications, net of income tax(11,327)123 2,004 4 (6,346)(1,394)(16,936)
Amounts reclassified from AOCI121 (607)— — — 32 (454)
Deferred income tax benefit (expense)(33)192 — — — (9)150 
Amounts reclassified from AOCI, net of income tax88 (415)— — — 23 (304)
Balance, end of period$(11,239)$(292)$2,004 $4 $(6,346)$(1,371)$(17,240)
Three Months
Ended
September 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(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)
Nine Months
Ended
September 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(14,506)$183 $2,658 $27 $(6,158)$(1,446)$(19,242)
OCI before reclassifications3,450 (376)(807)(28)(136)(1)2,102 
Deferred income tax benefit (expense)(573)103 153 5 (52)— (364)
AOCI before reclassifications, net of income tax(11,629)(90)2,004 4 (6,346)(1,447)(17,504)
Amounts reclassified from AOCI514 (247)— — — 96 363 
Deferred income tax benefit (expense)(124)45 — — — (20)(99)
Amounts reclassified from AOCI, net of income tax 390 (202)— — — 76 264 
Balance, end of period$(11,239)$(292)$2,004 $4 $(6,346)$(1,371)$(17,240)
Nine Months
Ended
September 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(22,646)$1,557 $6,115 $107 $(6,377)$(1,377)$(22,621)
OCI before reclassifications(8,189)(1,085)5,325 (141)(168)(6)(4,264)
Deferred income tax benefit (expense)1,882 249 (1,195)30 (94)1 873 
AOCI before reclassifications, net of income tax(28,953)721 10,245 (4)(6,639)(1,382)(26,012)
Amounts reclassified from AOCI2,316 (130)— — — 90 2,276 
Deferred income tax benefit (expense)(532)30 — — — (16)(518)
Amounts reclassified from AOCI, net of income tax1,784 (100)— — — 74 1,758 
Balance, end of period$(27,169)$621 $10,245 $(4)$(6,639)$(1,308)$(24,254)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2024202320242023
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)
$(122)$(730)$(531)$(2,420)Net investment gains (losses)
Net unrealized investment gains (losses)
— 1 — 6 Net investment income
Net unrealized investment gains (losses)
1 19 17 98 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(121)(710)(514)(2,316)
Income tax (expense) benefit
33 172 124 532 
Net unrealized investment gains (losses), net of income tax
(88)(538)(390)(1,784)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
5 11 18 38 Net investment income
Interest rate derivatives
(1)17 (2)77 Net investment gains (losses)
Foreign currency exchange rate derivatives
1 1 4 3 Net investment income
Foreign currency exchange rate derivatives
602 (301)226 10 Net investment gains (losses)
Foreign currency exchange rate derivatives— 1 — 2 Other expenses
Credit derivatives— — 1 — Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
607 (271)247 130 
Income tax (expense) benefit
(192)57 (45)(30)
Gains (losses) on cash flow hedges, net of income tax
415 (214)202 100 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(35)(33)(104)(98)
Amortization of prior service (costs) credit
3 3 8 8 
Amortization of defined benefit plan items, before income tax
(32)(30)(96)(90)
Income tax (expense) benefit
9 6 20 16 
Amortization of defined benefit plan items, net of income tax
(23)(24)(76)(74)
Total reclassifications, net of income tax
$304 $(776)$(264)$(1,758)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.