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Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity
16. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows:
September 30, 2025December 31, 2024
SeriesShares
Authorized		Shares Issued and
Outstanding		Shares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 40,000 40,000 
3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G
1,000,000 — 1,000,000 1,000,000 
Series A Junior Participating Preferred Stock10,000,000 — 10,000,000 — 
Not designated160,827,800 — 160,827,800 — 
Total200,000,000 24,572,200 200,000,000 25,572,200 
In September 2025, MetLife, Inc. delivered a notice of redemption to the holders of its 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, liquidation preference of $1,000 per share (“Series G preferred stock”), pursuant to which it would redeem 1,000,000 shares of Series G preferred stock at a redemption price of $1,000 per share. All outstanding shares of Series G preferred stock were redeemed on the dividend payment date of September 15, 2025 for an aggregate redemption price of $1.0 billion in cash. In connection with the redemption, MetLife, Inc. recognized a preferred stock redemption premium of $12 million (calculated as the difference between the carrying value of the Series G preferred stock and the total amount paid by MetLife, Inc. to the holders of the Series G preferred stock in connection with the redemption), which was recorded as a reduction of retained earnings at September 30, 2025.
In October 2025, MetLife, Inc. filed a Certificate of Elimination (the “Certificate of Elimination”) of Series G preferred stock with the Secretary of State of the State of Delaware to eliminate all references to the Series G preferred stock in MetLife, Inc.’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), including the related Certificate of Designations. As a result of the filing of the Certificate of Elimination, MetLife, Inc.’s Certificate of Incorporation was amended to eliminate all references therein to the Series G preferred stock, and the shares that were designated to such series were returned to the status of authorized but unissued shares of preferred stock, par value $0.01 per share, of MetLife, Inc., without designation as to series. The Certificate of Elimination does not affect the total number of authorized shares of capital stock of MetLife, Inc. or the total number of authorized shares of preferred stock.
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,
2025202420252024
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
(In millions, except per share data)
A$0.353 $8 $0.417 $10 $1.059 $25 $1.267 $30 
D$29.375 14 $29.375 14 $58.750 29 $58.750 29 
E$351.563 12 $351.563 11 $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$66 $67 $163 $168 
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
September 30, 2025 (1)
(In millions)
April 30, 2025$3,000 $2,502 
May 1, 2024$3,000 $— 
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 September 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 nine months ended September 30, 2025 and 2024, MetLife, Inc. repurchased 29,852,023 shares and 39,373,496 shares of its common stock, respectively, through open market purchases for $2.4 billion and $2.8 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.
Dividend Restrictions
Insurance Operations
For the nine months ended September 30, 2025, Metropolitan Tower Life Insurance Company paid a dividend of $760 million to MetLife, Inc., for which regulatory approval was obtained as required.
See Note 19 of the Notes to Consolidated Financial Statements included in the 2024 Annual Report for additional information on dividend restrictions.
AOCI
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
September 30, 2025
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument-
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
OCI before reclassifications2,352 149 (65)(24)154 (1)2,565 
Deferred income tax benefit (expense)(585)(42)217 5 (55)— (460)
AOCI before reclassifications, net of income tax(14,717)(1,359)6,028 (83)(6,215)(1,408)(17,754)
Amounts reclassified from AOCI62 154 — — — 22 238 
Deferred income tax benefit (expense)(12)(34)— — — (4)(50)
Amounts reclassified from AOCI, net of income tax50 120 — — — 18 188 
Balance, end of period$(14,667)$(1,239)$6,028 $(83)$(6,215)$(1,390)$(17,566)
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 reclassifications9,942 125 (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 AOCI121 (607)— — — 32 (454)
Deferred income tax benefit (expense)(33)192 — — — (9)150 
Amounts reclassified from AOCI, net of income tax88 (415)— — — 23 (304)
Balance, end of period$(11,239)$(292)$2,004 $4 $(6,346)$(1,371)$(17,240)
Nine Months
Ended
September 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 reclassifications5,464 (662)867 (15)934 (8)6,580 
Deferred income tax benefit (expense)(1,115)109 (224)3 21 2 (1,204)
AOCI before reclassifications, net of income tax(14,983)(183)6,028 (83)(6,215)(1,448)(16,884)
Amounts reclassified from AOCI403 (1,327)— — — 75 (849)
Deferred income tax benefit (expense)(87)271 — — — (17)167 
Amounts reclassified from AOCI, net of income tax 316 (1,056)— — — 58 (682)
Balance, end of period$(14,667)$(1,239)$6,028 $(83)$(6,215)$(1,390)$(17,566)
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)$(19,242)
OCI before reclassifications3,450 (376)(807)(28)(136)(1)2,102 
Deferred income tax benefit (expense)(573)103 153 5 (52)— (364)
AOCI before reclassifications, net of income tax(11,629)(90)2,004 4 (6,346)(1,447)(17,504)
Amounts reclassified from AOCI514 (247)— — — 96 363 
Deferred income tax benefit (expense)(124)45 — — — (20)(99)
Amounts reclassified from AOCI, net of income tax390 (202)— — — 76 264 
Balance, end of period$(11,239)$(292)$2,004 $4 $(6,346)$(1,371)$(17,240)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
September 30,		Nine Months
Ended
September 30,
2025202420252024
AOCI Components
Amounts Reclassified from AOCI
Consolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)$(73)$(122)$(455)$(531)Net investment gains (losses)
Unrealized investment gains (losses)(1)— (9)— Net investment income
Unrealized investment gains (losses)12 1 61 17 Net derivative gains (losses)
Unrealized investment gains (losses), before income tax(62)(121)(403)(514)
Income tax (expense) benefit
12 33 87 124 
Unrealized investment gains (losses), net of income tax(50)(88)(316)(390)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
4 5 27 18 Net investment income
Interest rate derivatives
(27)(1)(18)(2)Net investment gains (losses)
Foreign currency exchange rate derivatives
1 1 4 4 Net investment income
Foreign currency exchange rate derivatives
(133)602 1,313 226 Net investment gains (losses)
Credit derivatives1 — 1 1 Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(154)607 1,327 247 
Income tax (expense) benefit
34 (192)(271)(45)
Gains (losses) on cash flow hedges, net of income tax
(120)415 1,056 202 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(25)(35)(84)(104)
Amortization of prior service (costs) credit
3 3 9 8 
Amortization of defined benefit plan items, before income tax
(22)(32)(75)(96)
Income tax (expense) benefit
4 9 17 20 
Amortization of defined benefit plan items, net of income tax
(18)(23)(58)(76)
Total reclassifications, net of income tax
$(188)$304 $682 $(264)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 18.