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Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows at both December 31, 2024 and 2023:
SeriesShares AuthorizedShares Issued and Outstanding
Series A preferred stock
27,600,000 24,000,000 
Series D preferred stock
500,000 500,000 
Series E preferred stock
32,200 32,200 
Series F preferred stock40,000 40,000 
Series G preferred stock1,000,000 1,000,000 
Series A Junior Participating Preferred Stock
10,000,000 — 
Not designated
160,827,800 — 
Total200,000,000 25,572,200 
Components of compensation expense related to stock based compensation
Compensation Expense Related to Stock-Based Compensation
The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards and excludes the insignificant compensation expense related to the 2015 Director Stock Plan. Those components were:
Years Ended December 31,
202420232022
(In millions)
Stock Options and Unit Options
$7 $7 $7 
Performance Shares and Performance Units (1)
87 98 108 
Restricted Stock Units and Restricted Units
74 66 69 
Total compensation expense
$168 $171 $184 
Income tax benefit
$35 $36 $39 
__________________
(1)The Company may further adjust the number of Performance Shares and Performance Units it expects to vest, and the related compensation expense, if management changes its estimate of the most likely final performance factor.
Total unrecognized compensation expense related to stock based compensation and the expected weighted average period over which the expenses will be recognized
The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at:
December 31, 2024
ExpenseWeighted Average
Period
(In millions)(Years)
Stock Options
$2 1.79
Performance Shares
$25 1.69
Restricted Stock Units
$35 1.94
Activity related to Stock Options
Stock Option Activity
A summary of the activity related to Stock Options was as follows:
Shares
Under
Option		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value (1)
(Years)(In millions)
Outstanding at January 1, 20243,500,006 $52.04 5.21$53 
Granted
384,796 $69.16 
Exercised
(855,101)$46.23 
Expired (2)
(12,033)$45.15 
Forfeited (3)
(23,297)$69.97 
Outstanding at December 31, 20242,994,371 $55.79 5.51$78 
Vested and expected to vest at December 31, 20242,987,964 $55.76 5.50$78 
Exercisable at December 31, 20242,247,683 $51.07 4.52$69 
__________________
(1)The intrinsic value of each Stock Option is the closing price on a particular date less the exercise price of the Stock Option, so long as the difference is greater than zero. The aggregate intrinsic value of all outstanding Stock Options is computed using the closing Share price on December 31, 2024 of $81.88 and December 31, 2023 of $66.13, as applicable.
(2)Expired options were exercisable, but unexercised, as of their expiration date.
(3)Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.
The following table presents a summary of Stock Option exercise activity:
Years Ended December 31,
202420232022
(In millions)
Total intrinsic value of stock options exercised
$25 $6 $40 
Cash received from exercise of stock options
$40 $11 $48 
Income tax benefit realized from stock options exercised
$5 $1 $8 
Weighted average assumptions used to determine the fair value of Stock Options issued
The following table presents the weighted average assumptions, with the exception of risk-free rate (which is expressed as a range), that the model uses to determine the fair value of unexercised Stock Options:
Years Ended December 31,
202420232022
Dividend yield
3.01%2.79%2.78%
Risk-free rate of return
5.03% - 4.22%
5.02% - 3.47%
1.17% - 1.97%
Expected volatility
26.36%25.73%26.67%
Exercise multiple
1.451.451.45
Post-vesting termination rate
3.33%3.47%3.58%
Contractual term (years)
101010
Expected life (years)
666
Weighted average exercise price of stock options granted
$69.16$71.73$68.96
Weighted average fair value of stock options granted
$17.13$17.56$15.18
Performance Share and Restricted Stock Unit Activity
Performance Share and Restricted Stock Unit Activity
The following table presents a summary of Performance Share and Restricted Stock Unit activity:
Performance SharesRestricted Stock Units
SharesWeighted
Average
Fair Value (1)		UnitsWeighted
Average
Fair Value (1)
Outstanding at January 1, 2024
2,913,498 $59.65 1,849,617 $61.68 
Granted1,007,673 $62.87 1,014,399 $63.44 
Forfeited (2)(118,051)$63.73 (144,583)$63.42 
Payable (3)(1,048,303)$51.37 (907,842)$59.29 
Outstanding at December 31, 2024
2,754,817 $63.80 1,811,591 $63.72 
Vested and expected to vest at December 31, 2024
2,717,853 $63.80 1,779,539 $63.72 
__________________
(1)Values for awards outstanding at January 1, 2024, represent weighted average number of awards multiplied by their fair value per Share at December 31, 2023. Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2024. Fair value of Performance Shares and Restricted Stock Units on December 31, 2024 was equal to Grant Date fair value.
(2)Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.
(3)Includes both Shares paid and Deferred Shares.
Liability Award Unit Activity
Liability Award Activity
The following table presents a summary of Liability Awards activity:
Unit
Options
Performance
Units
Restricted
Units
Outstanding at January 1, 202439,152 339,541 389,491 
Granted
14,699 138,397 224,743 
Exercised
(9,202)— — 
Expired (1)
(3,911)— — 
Forfeited (2)
— (12,829)(19,812)
Paid
— (118,848)(195,472)
Outstanding at December 31, 202440,738 346,261 398,950 
Vested and expected to vest at December 31, 202440,173 338,603 390,822 
__________________
(1)Expired options were exercisable, but unexercised, as of their expiration date.
(2)Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards.
Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary
Statutory net income (loss) was as follows:
Years Ended December 31,
CompanyState of Domicile202420232022
(In millions)
MLIC
New York$2,457 $3,407 $2,737 
American Life
Delaware$365 $767 $824 
Metropolitan Tower Life Insurance Company (“MTL”)
Nebraska$361 $411 $232 
Other
Various$65 $53 $91 
Statutory capital and surplus was as follows at:
December 31,
Company20242023
(In millions)
MLIC
$9,787 $11,593 
American Life
$7,555 $8,272 
MTL
$2,247 $2,461 
Other
$347 $358 
Dividend Payment Restrictions
The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries without insurance regulatory approval and the actual dividends paid:
202520242023
CompanyPermitted Without
Approval (1)		Paid (2)Paid (2)
(In millions)
MLIC
$2,732 $3,476 $2,471 
American Life
$751 $1,485 $1,887 
MTL
$358 $373 $189 
__________________
(1)Reflects dividend amounts that may be paid by the end of 2025 without prior regulatory approval.
(2)Reflects all amounts paid, including those where regulatory approval was obtained as required.
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:
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 at December 31, 2021
$20,919 $1,629 $(18,559)$279 $(5,121)$(1,598)$(2,451)
OCI before reclassifications(58,093)(583)31,755 (219)(1,625)188 (28,577)
Deferred income tax benefit (expense)13,298 89 (7,116)47 (18)(39)6,261 
AOCI before reclassifications, net of income tax(23,876)1,135 6,080 107 (6,764)(1,449)(24,767)
Amounts reclassified from AOCI1,607 498 — — — 93 2,198 
Deferred income tax benefit (expense)(368)(76)— — — (19)(463)
Amounts reclassified from AOCI, net of income tax1,239 422 — — — 74 1,735 
Sale of subsidiaries, net of income tax (2)
(9)— 35 — 387 (2)411 
Balance at December 31, 2022
(22,646)1,557 6,115 107 (6,377)(1,377)(22,621)
OCI before reclassifications7,820 (1,106)(4,361)(102)296 (207)2,340 
Deferred income tax benefit (expense)(1,666)267 904 22 (77)45 (505)
AOCI before reclassifications, net of income tax(16,492)718 2,658 27 (6,158)(1,539)(20,786)
Amounts reclassified from AOCI2,523 (705)— — — 119 1,937 
Deferred income tax benefit (expense)(537)170 — — — (26)(393)
Amounts reclassified from AOCI, net of income tax1,986 (535)— — — 93 1,544 
Balance at December 31, 2023
(14,506)183 2,658 27 (6,158)(1,446)(19,242)
OCI before reclassifications(7,280)(549)4,997 (124)(858)(123)(3,937)
Deferred income tax benefit (expense)1,809 144 (1,126)26 (154)31 730 
AOCI before reclassifications, net of income tax(19,977)(222)6,529 (71)(7,170)(1,538)(22,449)
Amounts reclassified from AOCI752 760 — — — 128 1,640 
Deferred income tax benefit (expense)(177)(168)— — — (32)(377)
Amounts reclassified from AOCI, net of income tax575 592 — — — 96 1,263 
Balance at December 31, 2024
$(19,402)$370 $6,529 $(71)$(7,170)$(1,442)$(21,186)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.
(2)See Note 3 for information on the Company’s business dispositions.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Information regarding amounts reclassified out of each component of AOCI was as follows:
Years Ended December 31,
202420232022
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations Locations
(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)
$(784)$(2,620)$(1,802)
Net investment gains (losses)
Unrealized investment gains (losses)
2 8 7 
Net investment income
Unrealized investment gains (losses)
30 89 188 
Net derivative gains (losses)
Unrealized investment gains (losses), before income tax
(752)(2,523)(1,607)
Income tax (expense) benefit
177 537 368 
Unrealized investment gains (losses), net of income tax
(575)(1,986)(1,239)
Deferred gains (losses) on derivatives — cash flow hedges:
Interest rate derivatives
33 50 59 
Net investment income
Interest rate derivatives
(5)90 41 
Net investment gains (losses)
Interest rate derivatives
— — 4 
Other expenses
Foreign currency exchange rate derivatives
4 4 6 
Net investment income
Foreign currency exchange rate derivatives
(794)558 (609)
Net investment gains (losses)
Foreign currency exchange rate derivatives
1 2 1 
Other expenses
Credit derivatives
1 1 — 
Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(760)705 (498)
Income tax (expense) benefit
168 (170)76 
Gains (losses) on cash flow hedges, net of income tax
(592)535 (422)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(139)(130)(104)
Amortization of prior service (costs) credit
11 11 11 
Amortization of defined benefit plan items, before income tax
(128)(119)(93)
Income tax (expense) benefit
32 26 19 
Amortization of defined benefit plan items, net of income tax
(96)(93)(74)
Total reclassifications, net of income tax
$(1,263)$(1,544)$(1,735)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 21.
Preferred Stock Dividend Rates
The table below presents the dividend rates of MetLife, Inc.’s preferred stock outstanding at December 31, 2024:
SeriesPer Annum Dividend Rate
A
Three-month CME Term SOFR plus a spread adjustment of 0.26161% + 1.000%, with floor of 4.000%, payable quarterly in March, June, September and December
D
5.875% from issuance date to, but excluding, March 15, 2028, payable semiannually in March and September; three-month CME Term SOFR plus a spread adjustment of 0.26161% + 2.959% payable quarterly in March, June, September and December, thereafter
E
5.625% from issuance date, payable quarterly in March, June, September and December
F
4.750% from issuance date, payable quarterly in March, June, September and December
G
3.850% from issuance date, but excluding, September 15, 2025, payable semiannually in March and September; five-year treasury rate, reset every five years, + 3.576% payable semiannually in March and September, thereafter
Class of Treasury Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
December 31, 2024 (1)
(In millions)
May 1, 2024$3,000 $1,925 
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 December 31, 2024 does not reflect the applicable excise tax payable.
Dividends Declared [Table Text Block]
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Years Ended December 31,
202420232022
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$1.659 $39 $1.577 $37 $1.033 $24 
D$58.750 29 $58.750 29 $58.750 29 
E$1,406.252 45 $1,406.252 45 $1,406.252 45 
F$1,187.500 48 $1,187.500 48 $1,187.500 48 
G$38.500 39 $38.500 39 $38.500 39 
Total$200 $198 $185