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Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Stock by Class | 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 |
Dividends Declared | 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 |
Class of Treasury 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.
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:
|  | 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.
Reclassification out of Accumulated Other Comprehensive Income (Loss) | 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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