Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity

15. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows at both March 31, 2025 and December 31, 2024:

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

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:

		Three Months Ended March 31,
		2025				2024
Series		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A		$	0.355	$	9	$	0.420	$	10
D		$	29.375	15		$	29.375	15
E		$	351.563	11		$	351.563	11
F		$	296.875	12		$	296.875	12
G		$	19.250	19		$	19.250	19
Total				$	66			$	67

Common Stock

MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:

Announcement Date	Authorization Amount		Authorization Remaining at March 31, 2025 (1)
	(In millions)
May 1, 2024	$	3,000	$	514
May 25, 2023	$	1,000	$	—
May 3, 2023	$	3,000	$	—

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(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 March 31, 2025 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 three months ended March 31, 2025 and 2024, MetLife, Inc. repurchased 16,969,026 shares and 16,898,239 shares of its common stock, respectively, through open market purchases for $1.4 billion and $1.2 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.

See Note 21 for information on a subsequent common stock repurchase authorization.

Stock-Based Compensation Plans

Performance Shares and Performance Units

The MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”) expired on January 1, 2025. Although no further awards will be granted under this plan, all awards outstanding on the expiration date will continue until settlement, forfeiture, or cancellation.

Performance Shares and Performance Units granted in 2022 were among the outstanding awards on the expiration date of the 2015 Stock Plan, which were settled in the first quarter of 2025. Performance Shares are paid in shares of MetLife, Inc.’s common stock. 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, 2022 – December 31, 2024 performance period was 114.3%, which was determined within a possible range from 0% to

175%. This factor has been applied to the 873,665 Performance Shares and 102,582 Performance Units associated with that performance period that vested on December 31, 2024. As a result, in the first quarter of 2025, MetLife, Inc. issued 998,599 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 117,251 Performance Units (less withholding for taxes and other items, as applicable).

Beginning January 1, 2025, MetLife, Inc. grants awards under the MetLife, Inc. 2025 Stock and Incentive Compensation Plan (successor to the 2015 Stock Plan). The MetLife, Inc. 2025 Stock and Incentive Compensation Plan was approved by MetLife, Inc. common stockholders in 2024.

AOCI

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:

	Three Months Ended March 31, 2025
	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, 2024	$	(19,402)	$	370	$	6,529	$	(71)	$	(7,170)	$	(1,442)	$	(21,186)
Cumulative effects of change in accounting principles for equity method investees at January 1, 2025	70		—		(1,144)		—		—		—		(1,074)
OCI before reclassifications	2,204		217		48		51		140		2		2,662
Deferred income tax benefit (expense)	(388)		(105)		(99)		(11)		45		—		(558)
AOCI before reclassifications, net of income tax	(17,516)		482		5,334		(31)		(6,985)		(1,440)		(20,156)
Amounts reclassified from AOCI	241		(379)		—		—		—		31		(107)
Deferred income tax benefit (expense)	(54)		76		—		—		—		(7)		15
Amounts reclassified from AOCI, net of income tax	187		(303)		—		—		—		24		(92)
Balance, end of period	$	(17,329)	$	179	$	5,334	$	(31)	$	(6,985)	$	(1,416)	$	(20,248)
	Three Months Ended March 31, 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 reclassifications	(3,119)		(341)		2,711		(94)		(217)		(2)		(1,062)
Deferred income tax benefit (expense)	699		76		(596)		20		(90)		—		109
AOCI before reclassifications, net of income tax	(16,926)		(82)		4,773		(47)		(6,465)		(1,448)		(20,195)
Amounts reclassified from AOCI	145		357		—		—		—		32		534
Deferred income tax benefit (expense)	(32)		(73)		—		—		—		(5)		(110)
Amounts reclassified from AOCI, net of income tax	113		284		—		—		—		27		424
Balance, end of period	$	(16,813)	$	202	$	4,773	$	(47)	$	(6,465)	$	(1,421)	$	(19,771)

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(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 March 31,
	2025		2024
AOCI Components	Amounts Reclassified from AOCI				Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)	$	(285)	$	(159)	Net investment gains (losses)
Unrealized investment gains (losses)	—		(1)		Net investment income
Unrealized investment gains (losses)	44		15		Net derivative gains (losses)
Unrealized investment gains (losses), before income tax	(241)		(145)
Income tax (expense) benefit	54		32
Unrealized investment gains (losses), net of income tax	(187)		(113)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	17		8		Net investment income
Interest rate derivatives	—		2		Net investment gains (losses)
Foreign currency exchange rate derivatives	2		1		Net investment income
Foreign currency exchange rate derivatives	360		(368)		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	379		(357)
Income tax (expense) benefit	(76)		73
Gains (losses) on cash flow hedges, net of income tax	303		(284)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(34)		(35)
Amortization of prior service (costs) credit	3		3
Amortization of defined benefit plan items, before income tax	(31)		(32)
Income tax (expense) benefit	7		5
Amortization of defined benefit plan items, net of income tax	(24)		(27)
Total reclassifications, net of income tax	$	92	$	(424)

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(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 17.