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Equity | 6 Months Ended
--- | ---
Jun. 30, 2022
Equity [Abstract] |
Equity | 9. Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows at both June 30, 2022 and December 31, 2021:
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 June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Series |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate
|  | (In millions, except per share data)
A |  | $ | 0.256 |  |  | $ | 6 |  |  | $ | 0.256 |  |  | $ | 6 |  |  | $ | 0.506 |  |  | $ | 12 |  |  | $ | 0.506 |  |  | $ | 12 |
C (1) |  | $ | — |  |  | — |  |  | $ | 9.606 |  |  | 5 |  |  | $ | — |  |  | — |  |  | $ | 19.085 |  |  | 10 |
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 |  |  | $ | 19.785 |  |  | 19 |
Total |  |  |  | $ | 29 |  |  |  |  | $ | 35 |  |  |  |  | $ | 92 |  |  |  |  | $ | 103 |
__________________ (1)Dividends were paid through the dividend payment date of June 15, 2021, when all outstanding shares of MetLife, Inc.’s 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C were redeemed and eliminated. See Note 16 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report. Common Stock MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
|  |  |  | Authorization Remaining at
Announcement Date |  | Authorization Amount |  | June 30, 2022
|  | (In millions)
May 4, 2022 |  | $ | 3,000 |  |  | $ | 2,475 |
August 4, 2021 |  | $ | 3,000 |  |  | $ | — |
December 11, 2020 |  | $ | 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 six months ended June 30, 2022 and 2021, MetLife, Inc. repurchased 30,939,541 shares and 36,170,428 shares of its common stock, respectively, through open market purchases for $2.0 billion and $2.1 billion, respectively. 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, 2019 – December 31, 2021 performance period was 141.3%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,485,512 Performance Shares and 156,090 Performance Units associated with that performance period that vested on December 31, 2021. As a result, in the first quarter of 2022, MetLife, Inc. issued 2,099,028 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 220,555 Performance Units (less withholding for taxes and other items, as applicable). Dividend Restrictions Insurance Operations For the six months ended June 30, 2022, American Life Insurance Company paid a dividend of $620 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 2021 Annual Report for additional 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 June 30, 2022
|  | Unrealized Investment Gains (Losses), Net of Related Offsets (1) |  | Unrealized Gains (Losses) on Derivatives |  | Foreign Currency Translation Adjustments |  | Defined Benefit Plans Adjustment |  | Total
|  | (In millions)
Balance, beginning of period |  | $ | 3,718 |  |  | $ | 1,464 |  |  | $ | (5,517) |  |  | $ | (1,577) |  |  | $ | (1,912) |
OCI before reclassifications |  | (20,082) |  |  | (154) |  |  | (1,126) |  |  | 3 |  |  | (21,359) |
Deferred income tax benefit (expense) |  | 4,512 |  |  | 40 |  |  | (66) |  |  | — |  |  | 4,486 |
AOCI before reclassifications, net of income tax |  | (11,852) |  |  | 1,350 |  |  | (6,709) |  |  | (1,574) |  |  | (18,785) |
Amounts reclassified from AOCI |  | 682 |  |  | 629 |  |  | — |  |  | 23 |  |  | 1,334 |
Deferred income tax benefit (expense) |  | (155) |  |  | (132) |  |  | — |  |  | (4) |  |  | (291) |
Amounts reclassified from AOCI, net of income tax |  | 527 |  |  | 497 |  |  | — |  |  | 19 |  |  | 1,043 |
Sale of subsidiary, net of income tax (2) |  | 21 |  |  | — |  |  | 349 |  |  | — |  |  | 370 |
Balance, end of period |  | $ | (11,304) |  |  | $ | 1,847 |  |  | $ | (6,360) |  |  | $ | (1,555) |  |  | $ | (17,372) |
|  | Three Months Ended June 30, 2021
|  | Unrealized Investment Gains (Losses), Net of Related Offsets (1) |  | Unrealized Gains (Losses) on Derivatives |  | Foreign Currency Translation Adjustments |  | Defined Benefit Plans Adjustment |  | Total
|  | (In millions)
Balance, beginning of period |  | $ | 16,194 |  |  | $ | 518 |  |  | $ | (4,467) |  |  | $ | (1,848) |  |  | $ | 10,397 |
OCI before reclassifications |  | 2,099 |  |  | 828 |  |  | 6 |  |  | 1 |  |  | 2,934 |
Deferred income tax benefit (expense) |  | (570) |  |  | (169) |  |  | (2) |  |  | (1) |  |  | (742) |
AOCI before reclassifications, net of income tax |  | 17,723 |  |  | 1,177 |  |  | (4,463) |  |  | (1,848) |  |  | 12,589 |
Amounts reclassified from AOCI |  | (15) |  |  | (131) |  |  | — |  |  | 17 |  |  | (129) |
Deferred income tax benefit (expense) |  | 3 |  |  | 27 |  |  | — |  |  | (5) |  |  | 25 |
Amounts reclassified from AOCI, net of income tax |  | (12) |  |  | (104) |  |  | — |  |  | 12 |  |  | (104) |
Sale of subsidiary, net of income tax |  | (176) |  |  | — |  |  | — |  |  | — |  |  | (176) |
Balance, end of period |  | $ | 17,535 |  |  | $ | 1,073 |  |  | $ | (4,463) |  |  | $ | (1,836) |  |  | $ | 12,309 |
|  | Six Months Ended June 30, 2022
|  | Unrealized Investment Gains (Losses), Net of Related Offsets (1) |  | Unrealized Gains (Losses) on Derivatives |  | Foreign Currency Translation Adjustments |  | Defined Benefit Plans Adjustment |  | Total
|  | (In millions)
Balance, beginning of period |  | $ | 16,042 |  |  | $ | 1,629 |  |  | $ | (5,154) |  |  | $ | (1,598) |  |  | $ | 10,919 |
OCI before reclassifications |  | (36,455) |  |  | (466) |  |  | (1,508) |  |  | 6 |  |  | (38,423) |
Deferred income tax benefit (expense) |  | 8,345 |  |  | 95 |  |  | (85) |  |  | (1) |  |  | 8,354 |
AOCI before reclassifications, net of income tax |  | (12,068) |  |  | 1,258 |  |  | (6,747) |  |  | (1,593) |  |  | (19,150) |
Amounts reclassified from AOCI |  | 1,003 |  |  | 741 |  |  | — |  |  | 47 |  |  | 1,791 |
Deferred income tax benefit (expense) |  | (230) |  |  | (152) |  |  | — |  |  | (7) |  |  | (389) |
Amounts reclassified from AOCI, net of income tax |  | 773 |  |  | 589 |  |  | — |  |  | 40 |  |  | 1,402 |
Sale of subsidiaries, net of income tax (2) |  | (9) |  |  | — |  |  | 387 |  |  | (2) |  |  | 376 |
Balance, end of period |  | $ | (11,304) |  |  | $ | 1,847 |  |  | $ | (6,360) |  |  | $ | (1,555) |  |  | $ | (17,372) |
|  | Six Months Ended June 30, 2021
|  | Unrealized Investment Gains (Losses), Net of Related Offsets (1) |  | Unrealized Gains (Losses) on Derivatives |  | Foreign Currency Translation Adjustments |  | Defined Benefit Plans Adjustment |  | Total
|  | (In millions)
Balance, beginning of period |  | $ | 22,217 |  |  | $ | 1,513 |  |  | $ | (3,795) |  |  | $ | (1,863) |  |  | $ | 18,072 |
OCI before reclassifications |  | (5,879) |  |  | (614) |  |  | (747) |  |  | 4 |  |  | (7,236) |
Deferred income tax benefit (expense) |  | 1,376 |  |  | 141 |  |  | (36) |  |  | (1) |  |  | 1,480 |
AOCI before reclassifications, net of income tax |  | 17,714 |  |  | 1,040 |  |  | (4,578) |  |  | (1,860) |  |  | 12,316 |
Amounts reclassified from AOCI |  | 15 |  |  | 43 |  |  | — |  |  | 31 |  |  | 89 |
Deferred income tax benefit (expense) |  | (4) |  |  | (10) |  |  | — |  |  | (7) |  |  | (21) |
Amounts reclassified from AOCI, net of income tax |  | 11 |  |  | 33 |  |  | — |  |  | 24 |  |  | 68 |
Sale of subsidiaries, net of income tax |  | (190) |  |  | — |  |  | 115 |  |  | — |  |  | (75) |
Balance, end of period |  | $ | 17,535 |  |  | $ | 1,073 |  |  | $ | (4,463) |  |  | $ | (1,836) |  |  | $ | 12,309 |
__________________ (1)See Note 6 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI. (2)S ee Note 3 for information on the Company’s business dispositions. Information regarding amounts reclassified out of each component of AOCI was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
AOCI Components |  | Amounts Reclassified from AOCI |  | Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
|  | (In millions) |  |
Net unrealized investment gains (losses): |  |  |  |  |  |  |  |  |  |
Net unrealized investment gains (losses) |  | $ | (772) |  |  | $ | (6) |  |  | $ | (1,122) |  |  | $ | (55) |  |  | Net investment gains (losses)
Net unrealized investment gains (losses) |  | 2 |  |  | (4) |  |  | 4 |  |  | (9) |  |  | Net investment income
Net unrealized investment gains (losses) |  | 88 |  |  | 25 |  |  | 115 |  |  | 49 |  |  | Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax |  | (682) |  |  | 15 |  |  | (1,003) |  |  | (15) |  |  |
Income tax (expense) benefit |  | 155 |  |  | (3) |  |  | 230 |  |  | 4 |  |  |
Net unrealized investment gains (losses), net of income tax |  | (527) |  |  | 12 |  |  | (773) |  |  | (11) |  |  |
Unrealized gains (losses) on derivatives - cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | 16 |  |  | 15 |  |  | 31 |  |  | 27 |  |  | Net investment income
Interest rate derivatives |  | 42 |  |  | 19 |  |  | 60 |  |  | 48 |  |  | Net investment gains (losses)
Interest rate derivatives |  | 1 |  |  | — |  |  | 2 |  |  | 1 |  |  | Other expenses
Foreign currency exchange rate derivatives |  | 1 |  |  | 1 |  |  | 3 |  |  | 4 |  |  | Net investment income
Foreign currency exchange rate derivatives |  | (690) |  |  | 95 |  |  | (838) |  |  | (124) |  |  | Net investment gains (losses)
Foreign currency exchange rate derivatives |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | Other expenses
Gains (losses) on cash flow hedges, before income tax |  | (629) |  |  | 131 |  |  | (741) |  |  | (43) |  |  |
Income tax (expense) benefit |  | 132 |  |  | (27) |  |  | 152 |  |  | 10 |  |  |
Gains (losses) on cash flow hedges, net of income tax |  | (497) |  |  | 104 |  |  | (589) |  |  | (33) |  |  |
Defined benefit plans adjustment: (1) |  |  |  |  |  |  |  |  |  |
Amortization of net actuarial gains (losses) |  | (26) |  |  | (35) |  |  | (53) |  |  | (53) |  |  |
Amortization of prior service (costs) credit |  | 3 |  |  | 18 |  |  | 6 |  |  | 22 |  |  |
Amortization of defined benefit plan items, before income tax |  | (23) |  |  | (17) |  |  | (47) |  |  | (31) |  |  |
Income tax (expense) benefit |  | 4 |  |  | 5 |  |  | 7 |  |  | 7 |  |  |
Amortization of defined benefit plan items, net of income tax |  | (19) |  |  | (12) |  |  | (40) |  |  | (24) |  |  |
Total reclassifications, net of income tax |  | $ | (1,043) |  |  | $ | 104 |  |  | $ | (1,402) |  |  | $ | (68) |  |  |
__________________ (1)These AOCI components are included in the computation of net periodic benefit costs. See Note 11.

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