Terms

Series

4.75% Non-Cumulative Preferred Stock, Series F

Liquidation Preference

$25.00

Coupon Rate

4.75%

Rate Type

Fixed

Annual Dividend

$1.19

Payment Frequency

Quarterly

Cumulative

No

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

March 15, 2025

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Indebtedness And Other Non-Equity Claims On Metlife, Inc., Long-Term Debt, Junior Subordinated Debt Securities, Collateral Financing Arrangements; Pari Passu With: Floating Rate Non-Cumulative Preferred Stock, Series A, 5.250% Fixed-To-Floating Rate Non-Cumulative Preferred Stock, Series C, 5.875% Non-Cumulative Preferred Stock, Series D, 5.625% Non-Cumulative Preferred Stock, Series E; Senior To: Metlife, Inc. Common Stock, Series A Junior Participating Preferred Stock, Any Other Junior Stock

Regulatory (Basel III) Call

Yes

Tax Classification

Qualified Dividend

Qualifies for QDI

Yes

Qualifies for DRD

Yes

Depositary Share Fraction

0.001

Shares Offered

40,000,000

Prospectus Summary

MetLife, Inc. is offering 40,000,000 Depositary Shares (NYSE: MET PRF), each representing a 1/1,000th interest in a share of its 4.75% Non-Cumulative Preferred Stock, Series F, with a $25 liquidation preference per Depositary Share. The stock pays a fixed annual dividend of 4.75% ($1.1875 per Depositary Share, or ~$0.297 quarterly), callable at par on or after March 15, 2025. Critically, dividends are non-cumulative: if the board does not declare a dividend for any quarter, that payment is permanently lost—holders have no future claim to it. The Series F Preferred Stock sits above MetLife's common stock and junior stock in the capital stack but is subordinate to all of MetLife's debt obligations (~$17.7 billion as of September 30, 2019), including junior subordinated debentures. As a holding company issue, MetLife, Inc. depends on dividends upstream from regulated insurance subsidiaries, adding structural subordination risk. A regulatory capital call provision allows MetLife to redeem the preferred in whole before March 15, 2025 within 90 days of a 'regulatory capital event'—meaning if the preferred loses its Tier 1 capital treatment under applicable capital guidelines—at $25 per Depositary Share. This is a meaningful risk for insurance holding companies subject to evolving capital regulations. At the $25 offering price, the effective yield is 4.75%. Dividends are expected to qualify for the 20% maximum qualified dividend income (QDI) rate for non-corporate U.S. holders (plus potential 3.8% net investment income tax) and for the 50% dividends-received deduction (DRD) for corporate holders. Dividends are paid quarterly on March 15, June 15, September 15, and December 15, with a record date set as the 15th calendar day prior to each payment date. The dividend stopper blocks payments on common and junior stock whenever the Series F preferred has not received its full latest-period dividend, but outstanding subordinated debenture covenants can themselves block preferred dividends if MetLife's financial tests are not met or interest on those instruments is deferred.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If MetLife has not paid full dividends on the Series F Preferred Stock (and parity preferred) for the latest completed dividend period, it cannot declare or pay dividends on, or repurchase, common stock or any other junior stock. Additionally, certain outstanding junior subordinated debt indentures prohibit MetLife from paying dividends on any capital stock (including this preferred) if specified financial/capital tests are not met or if interest on those subordinated securities is being deferred.

Other Preferreds from MetLife Inc

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 60 (Average)