v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity
13. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both March 31, 2026 and December 31, 2025:
SeriesShares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 
Series A Junior Participating Preferred Stock10,000,000 — 
Not designated161,827,800 — 
Total200,000,000 24,572,200 
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended March 31,
20262025
SeriesPer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.315 $7 $0.355 $9 
D$29.375 15 $29.375 15 
E$351.563 11 $351.563 11 
F$296.875 12 $296.875 12 
G (1)
$— — $19.250 19 
Total$45 $66 
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(1)Dividends were paid through the dividend payment date of September 15, 2025, when all outstanding shares of MetLife, Inc.’s 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G were redeemed.
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
March 31, 2026 (1)
(In millions)
April 30, 2025$3,000 $1,317 
May 1, 2024$3,000 $— 
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(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 March 31, 2026 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 three months ended March 31, 2026 and 2025, MetLife, Inc. repurchased 10,121,118 shares and 16,969,026 shares of its common stock, respectively, through open market purchases for $755 million and $1.4 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. Beginning January 1, 2025, MetLife, Inc. grants awards under the MetLife, Inc. 2025 Stock and Incentive Compensation Plan (successor to the 2015 Stock Plan).
Performance Shares and Performance Units granted in 2023 were among the outstanding awards on the expiration date of the 2015 Stock Plan, which were settled in the first quarter of 2026. 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 the date the Board of Directors approves the performance factor. The performance factor for the January 1, 2023 – December 31, 2025 performance period was 57.50%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 906,696 Performance Shares and 107,041 Performance Units associated with that performance period that vested on December 31, 2025. As a result, in the first quarter of 2026, MetLife, Inc. issued 521,350 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 61,549 Performance Units (less withholding for taxes and other items, as applicable).
AOCI
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
March 31, 2026
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$(15,614)$(1,588)$6,871 $(97)$(6,263)$(1,393)$(18,084)
OCI before reclassifications(5,098)499 2,722 52 (117)— (1,942)
Deferred income tax benefit (expense)1,164 (119)(592)(11)(23)— 419 
AOCI before reclassifications, net of income tax(19,548)(1,208)9,001 (56)(6,403)(1,393)(19,607)
Amounts reclassified from AOCI226 246 — — — 24 496 
Deferred income tax benefit (expense)(58)(53)— — — (5)(116)
Amounts reclassified from AOCI, net of income tax 168 193 — — — 19 380 
Balance, end of period$(19,380)$(1,015)$9,001 $(56)$(6,403)$(1,374)$(19,227)
Three Months
Ended
March 31, 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 reclassifications2,204 217 48 51 140 2 2,662 
Deferred income tax benefit (expense)(388)(105)(99)(11)45 — (558)
AOCI before reclassifications, net of income tax(17,516)482 5,334 (31)(6,985)(1,440)(20,156)
Amounts reclassified from AOCI241 (379)— — — 31 (107)
Deferred income tax benefit (expense)(54)76 — — — (7)15 
Amounts reclassified from AOCI, net of income tax187 (303)— — — 24 (92)
Balance, end of period$(17,329)$179 $5,334 $(31)$(6,985)$(1,416)$(20,248)
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(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
March 31,
20262025
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)$(220)$(285)Net investment gains (losses)
Unrealized investment gains (losses)(1)— Net investment income
Unrealized investment gains (losses)(5)44 Net derivative gains (losses)
Unrealized investment gains (losses), before income tax(226)(241)
Income tax (expense) benefit
58 54 
Unrealized investment gains (losses), net of income tax(168)(187)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
1 17 Net investment income
Interest rate derivatives
1 — Net investment gains (losses)
Foreign currency exchange rate derivatives
1 2 Net investment income
Foreign currency exchange rate derivatives
(249)360 Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(246)379 
Income tax (expense) benefit
53 (76)
Gains (losses) on cash flow hedges, net of income tax
(193)303 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(27)(34)
Amortization of prior service (costs) credit
3 3 
Amortization of defined benefit plan items, before income tax
(24)(31)
Income tax (expense) benefit
5 7 
Amortization of defined benefit plan items, net of income tax
(19)(24)
Total reclassifications, net of income tax
$(380)$92 
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(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 15.