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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:
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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Series |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate
| (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 Date |  | Authorization 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 reclassifications |  | 9,942 |  |  | 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 AOCI |  | 121 |  |  | (607) |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | (454) |
Deferred income tax benefit (expense) |  | (33) |  |  | 192 |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | 150 |
Amounts reclassified from AOCI, net of income tax |  | 88 |  |  | (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 AOCI |  | 710 |  |  | 271 |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 1,011 |
Deferred income tax benefit (expense) |  | (172) |  |  | (57) |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | (235) |
Amounts reclassified from AOCI, net of income tax |  | 538 |  |  | 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 reclassifications |  | 3,450 |  |  | (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 AOCI |  | 514 |  |  | (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 AOCI |  | 2,316 |  |  | (130) |  |  | — |  |  | — |  |  | — |  |  | 90 |  |  | 2,276 |
Deferred income tax benefit (expense) |  | (532) |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | (16) |  |  | (518) |
Amounts reclassified from AOCI, net of income tax |  | 1,784 |  |  | (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, |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
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) |  | $ | (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.

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