v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity
13. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both June 30, 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 June 30,
Six Months Ended June 30,
2026202520262025
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)(In millions, except per share data)
A$0.312 $7 $0.351 $8 $0.627 $14 $0.706 $17 
D$— — $— — $29.375 15 $29.375 15 
E$351.563 12 $351.563 11 $703.126 23 $703.126 22 
F$296.875 12 $296.875 12 $593.750 24 $593.750 24 
G (1)
$— — $— — $— — $19.250 19 
Total$31 $31 $76 $97 
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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 AmountAuthorization Remaining at
June 30, 2026 (1)
(In millions)
April 30, 2025$3,000 $622 
May 1, 2024$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 June 30, 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 six months ended June 30, 2026 and 2025, MetLife, Inc. repurchased 18,790,334 shares and 23,515,546 shares of its common stock, respectively, through open market purchases for $1.5 billion and $1.9 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.
See Note 20 for information on a common stock repurchase authorization subsequent to June 30, 2026.
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 the performance period that ended 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
June 30, 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$(19,380)$(1,015)$9,001 $(56)$(6,403)$(1,374)$(19,227)
OCI before reclassifications626 (518)281 (30)37 (1)395 
Deferred income tax benefit (expense)(48)109 (218)6 (2)— (153)
AOCI before reclassifications, net of income tax(18,802)(1,424)9,064 (80)(6,368)(1,375)(18,985)
Amounts reclassified from AOCI161 131 — — — 22 314 
Deferred income tax benefit (expense)(36)(32)— — — (4)(72)
Amounts reclassified from AOCI, net of income tax125 99 — — — 18 242 
Balance, end of period$(18,677)$(1,325)$9,064 $(80)$(6,368)$(1,357)$(18,743)
Three Months
Ended
June 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$(17,329)$179 $5,334 $(31)$(6,985)$(1,416)$(20,248)
OCI before reclassifications908 (1,028)884 (42)640 (9)1,353 
Deferred income tax benefit (expense)(142)256 (342)9 31 2 (186)
AOCI before reclassifications, net of income tax(16,563)(593)5,876 (64)(6,314)(1,423)(19,081)
Amounts reclassified from AOCI100 (1,102)— — — 22 (980)
Deferred income tax benefit (expense)(21)229 — — — (6)202 
Amounts reclassified from AOCI, net of income tax79 (873)— — — 16 (778)
Balance, end of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
Six Months
Ended
June 30, 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(4,472)(19)3,003 22 (80)(1)(1,547)
Deferred income tax benefit (expense)1,116 (10)(810)(5)(25)— 266 
AOCI before reclassifications, net of income tax(18,970)(1,617)9,064 (80)(6,368)(1,394)(19,365)
Amounts reclassified from AOCI387 377 — — — 46 810 
Deferred income tax benefit (expense)(94)(85)— — — (9)(188)
Amounts reclassified from AOCI, net of income tax 293 292 — — — 37 622 
Balance, end of period$(18,677)$(1,325)$9,064 $(80)$(6,368)$(1,357)$(18,743)
Six Months
Ended
June 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 reclassifications3,112 (811)932 9 780 (7)4,015 
Deferred income tax benefit (expense)(530)151 (441)(2)76 2 (744)
AOCI before reclassifications, net of income tax(16,750)(290)5,876 (64)(6,314)(1,447)(18,989)
Amounts reclassified from AOCI341 (1,481)— — — 53 (1,087)
Deferred income tax benefit (expense)(75)305 — — — (13)217 
Amounts reclassified from AOCI, net of income tax266 (1,176)— — — 40 (870)
Balance, end of period$(16,484)$(1,466)$5,876 $(64)$(6,314)$(1,407)$(19,859)
__________________
(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
June 30,		Six Months
Ended
June 30,
2026202520262025
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Unrealized investment gains (losses):
Unrealized investment gains (losses)$(223)$(97)$(443)$(382)Net investment gains (losses)
Unrealized investment gains (losses)— (8)(1)(8)Net investment income
Unrealized investment gains (losses)62 5 57 49 Net derivative gains (losses)
Unrealized investment gains (losses), before income tax(161)(100)(387)(341)
Income tax (expense) benefit
36 21 94 75 
Unrealized investment gains (losses), net of income tax(125)(79)(293)(266)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
1 6 2 23 Net investment income
Interest rate derivatives
(16)9 (15)9 Net investment gains (losses)
Foreign currency exchange rate derivatives
— 1 1 3 Net investment income
Foreign currency exchange rate derivatives
(116)1,086 (365)1,446 Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(131)1,102 (377)1,481 
Income tax (expense) benefit
32 (229)85 (305)
Gains (losses) on cash flow hedges, net of income tax
(99)873 (292)1,176 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(24)(25)(51)(59)
Amortization of prior service (costs) credit
2 3 5 6 
Amortization of defined benefit plan items, before income tax
(22)(22)(46)(53)
Income tax (expense) benefit
4 6 9 13 
Amortization of defined benefit plan items, net of income tax
(18)(16)(37)(40)
Total reclassifications, net of income tax
$(242)$778 $(622)$870 
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(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 15.