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Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity
15. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both June 30, 2025 and December 31, 2024:
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 June 30,
Six Months Ended June 30,
2025202420252024
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
(In millions, except per share data)
A$0.351 $8 $0.430 $10 $0.706 $17 $0.850 $20 
D$— — $— — $29.375 15 $29.375 15 
E$351.563 11 $351.563 12 $703.126 22 $703.126 23 
F$296.875 12 $296.875 12 $593.750 24 $593.750 24 
G$— — $— — $19.250 19 $19.250 19 
Total$31 $34 $97 $101 
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
June 30, 2025 (1)
(In millions)
April 30, 2025$3,000 $3,000 
May 1, 2024$3,000 $4 
May 25, 2023$1,000 $— 
May 3, 2023$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 June 30, 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 six months ended June 30, 2025 and 2024, MetLife, Inc. repurchased 23,515,546 shares and 28,872,993 shares of its common stock, respectively, through open market purchases for $1.9 billion and $2.0 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
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
June 30, 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, beginning of period$(17,329)$179 $5,334 $(31)$(6,985)$(1,416)$(20,248)
OCI before reclassifications908 (1,028)884 (42)640 (9)1,353 
Deferred income tax benefit (expense)(142)256 (342)9 31 2 (186)
AOCI before reclassifications, net of income tax(16,563)(593)5,876 (64)(6,314)(1,423)(19,081)
Amounts reclassified from AOCI100 (1,102)— — — 22 (980)
Deferred income tax benefit (expense)(21)229 — — — (6)202 
Amounts reclassified from AOCI, net of income tax79 (873)— — — 16 (778)
Balance, end of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
Three Months
Ended
June 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$(16,813)$202 $4,773 $(47)$(6,465)$(1,421)$(19,771)
OCI before reclassifications(3,373)(160)2,373 (33)(268)(2)(1,463)
Deferred income tax benefit (expense)810 128 (540)7 (52)1 354 
AOCI before reclassifications, net of income tax(19,376)170 6,606 (73)(6,785)(1,422)(20,880)
Amounts reclassified from AOCI248 3 — — — 32 283 
Deferred income tax benefit (expense)(59)(74)— — — (6)(139)
Amounts reclassified from AOCI, net of income tax189 (71)— — — 26 144 
Balance, end of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
Six Months
Ended
June 30, 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 reclassifications3,112 (811)932 9 780 (7)4,015 
Deferred income tax benefit (expense)(530)151 (441)(2)76 2 (744)
AOCI before reclassifications, net of income tax(16,750)(290)5,876 (64)(6,314)(1,447)(18,989)
Amounts reclassified from AOCI341 (1,481)— — — 53 (1,087)
Deferred income tax benefit (expense)(75)305 — — — (13)217 
Amounts reclassified from AOCI, net of income tax 266 (1,176)— — — 40 (870)
Balance, end of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
Six Months
Ended
June 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)$(19,242)
OCI before reclassifications(6,492)(501)5,084 (127)(485)(4)(2,525)
Deferred income tax benefit (expense)1,509 204 (1,136)27 (142)1 463 
AOCI before reclassifications, net of income tax(19,489)(114)6,606 (73)(6,785)(1,449)(21,304)
Amounts reclassified from AOCI393 360 — — — 64 817 
Deferred income tax benefit (expense)(91)(147)— — — (11)(249)
Amounts reclassified from AOCI, net of income tax302 213 — — — 53 568 
Balance, end of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
__________________
(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
June 30,		Six Months
Ended
June 30,
2025202420252024
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)$(97)$(250)$(382)$(409)Net investment gains (losses)
Unrealized investment gains (losses)(8)1 (8)— Net investment income
Unrealized investment gains (losses)5 1 49 16 Net derivative gains (losses)
Unrealized investment gains (losses), before income tax(100)(248)(341)(393)
Income tax (expense) benefit
21 59 75 91 
Unrealized investment gains (losses), net of income tax(79)(189)(266)(302)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
6 5 23 13 Net investment income
Interest rate derivatives
9 (3)9 (1)Net investment gains (losses)
Foreign currency exchange rate derivatives
1 2 3 3 Net investment income
Foreign currency exchange rate derivatives
1,086 (8)1,446 (376)Net investment gains (losses)
Credit derivatives— 1 — 1 Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
1,102 (3)1,481 (360)
Income tax (expense) benefit
(229)74 (305)147 
Gains (losses) on cash flow hedges, net of income tax
873 71 1,176 (213)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(25)(34)(59)(69)
Amortization of prior service (costs) credit
3 2 6 5 
Amortization of defined benefit plan items, before income tax
(22)(32)(53)(64)
Income tax (expense) benefit
6 6 13 11 
Amortization of defined benefit plan items, net of income tax
(16)(26)(40)(53)
Total reclassifications, net of income tax
$778 $(144)$870 $(568)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 17.