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Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Stock by Class

Preferred stock authorized, issued and outstanding was as follows:

						September 30, 2025												December 31, 2024
Series						Shares Authorized						Shares Issued and Outstanding						Shares Authorized						Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A						27,600,000						24,000,000						27,600,000						24,000,000
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D						500,000						500,000						500,000						500,000
5.625% Non-Cumulative Preferred Stock, Series E						32,200						32,200						32,200						32,200
4.75% Non-Cumulative Preferred Stock, Series F						40,000						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 Stock						10,000,000						—						10,000,000						—
Not designated						160,827,800						—						160,827,800						—
Total						200,000,000						24,572,200						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,
						2025												2024												2025												2024
Series						Per Share						Aggregate						Per Share						Aggregate						Per Share						Aggregate						Per Share						Aggregate
			(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

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, 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.

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, 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 reclassifications						2,352						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 AOCI						62						154						—						—						—						22						238
Deferred income tax benefit (expense)						(12)						(34)						—						—						—						(4)						(50)
Amounts reclassified from AOCI, net of income tax						50						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 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)

						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 reclassifications						5,464						(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 AOCI						403						(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 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)

__________________

(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,
						2025						2024						2025						2024
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 derivatives						1						—						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.

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