8-K

METLIFE, INC.

Date: March 13, 2025

/s/ John Hall

Executive Vice President and Treasurer

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): March 11, 2025

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware
(State or Other Jurisdiction of Incorporation)
1-15787		13-4075851
(Commission File Number)		(IRS Employer Identification No.)


200 Park Avenue, New York, New York		10166-0188
(Address of Principal Executive Offices)		(Zip Code)

212-578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	MET	New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01	MET PRA	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E	MET PRE	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F	MET PRF	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On March 13, 2025, MetLife, Inc. (the “Company”) issued $1,000,000,000 aggregate principal amount of its 6.350% Fixed-to-Fixed Reset Rate Subordinated Debentures due 2055 (the “Debentures”). The Debentures were issued pursuant to the Indenture, dated as of June 21, 2005 (incorporated by reference to Exhibit 4.41(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010), between the Company and The Bank of New York Mellon Trust Company, N.A., (as successor in interest to J.P. Morgan Trust Company, National Association), as trustee (the “Trustee”), as supplemented by the Thirteenth Supplemental Indenture, dated as of March 13, 2025, with respect to the Debentures (attached hereto as Exhibit 4.2 and incorporated herein by reference).

The Debentures were offered and sold pursuant to the shelf registration statement on Form S-3 (File No. 333-268442), filed with the U.S. Securities and Exchange Commission (the “Commission”) on November 17, 2022, and a prospectus supplement related to the Debentures dated March 11, 2025 (filed with the Commission pursuant to Rule 424(b)(2) under the Securities Act of 1933).

Item 8.01.

Other Events

Debentures Issuance

On March 11, 2025, the Company entered into (i) an underwriting agreement (attached hereto as Exhibit 1.1 and incorporated herein by reference) and (ii) a pricing agreement (attached hereto as Exhibit 1.2 and incorporated herein by reference) (the “Pricing Agreement”) relating to the sale of the Debentures, each among the Company and BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and TD Securities (USA) LLC, as representatives of the several underwriters named in Schedule I to the Pricing Agreement.

Copies of the opinion letters of Willkie Farr & Gallagher LLP, relating to (i) the validity of the Debentures and (ii) certain U.S. Federal income tax matters in connection with the Debentures, are attached as Exhibits 5.1 and 8.1 hereto, respectively.

Change to Covered Debt under the Replacement Capital Covenants

The Company (i) previously issued the 10.750% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “2069 JSDs”) and the 9.250% Fixed-to-Floating Rate Junior Subordinated Debentures due 2068 (the “2068 JSDs”), (ii) has obligations under the Financing Agreement relating to the 7.875% Fixed-to-Floating-Rate Exchangeable Surplus Trust Securities of MetLife Capital Trust IV (the “2067 X-SURPs”) exchangeable into the 7.875% Fixed-to-Floating Rate Junior Subordinated Debentures due 2067 of the Company (the “2067 JSDs”) and (iii) entered into the Replacement Capital Covenant, dated July 8, 2009, in connection with the 2069 JSDs, the Replacement Capital Covenant, dated April 8, 2008, in connection with the 2068 JSDs, and the Replacement Capital Covenant, dated December 12, 2007, in connection with the 2067 X-SURPs and the 2067 JSDs (each, a “Replacement Capital Covenant,” and together, the “Replacement Capital Covenants”). The Replacement Capital Covenants run in favor of and are for the benefit of the holders (or beneficial owners holding through a participant in a clearing agency) of the “covered debt.”

Pursuant to the terms of the Replacement Capital Covenants and subject to compliance therewith, the Debentures, as of their issuance on March 13, 2025, are “covered debt” under each Replacement Capital Covenant and the “initial covered debt,” which consisted of the Company’s 5.70% Senior Notes due 2035 (CUSIP: 59156RAM0), is no longer “covered debt” under the Replacement Capital Covenants.

The Replacement Capital Covenants, in the forms they were executed, are filed hereto as Exhibits 4.4, 4.5 and 4.6, and are incorporated by reference herein. The Replacement Capital Covenants have now been terminated as described below.

Termination of the Replacement Capital Covenants

The holders of the Debentures, as the holders of the “covered debt” under the Replacement Capital Covenants, have irrevocably consented to the termination of the Replacement Capital Covenants through the Termination of Replacement Capital Covenants, dated March 13, 2025 (the “Termination of Replacement Capital Covenants”).

The Termination of the Replacement Capital Covenants is filed hereto as Exhibit 4.7 and is incorporated by reference herein.

Item 9.01

Financial Statements and Exhibits.


Exhibit No.		Description of Exhibit

1.1		Underwriting Agreement, dated as of March 11, 2025, among the Company and BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and TD Securities (USA) LLC, as representatives of the several underwriters named therein.

1.2		Pricing Agreement, dated as of March 11, 2025, among the Company and BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and TD Securities (USA) LLC, as representatives of the several underwriters named therein.

4.1		Indenture, dated as of June 21, 2005 between the Company and the Trustee (incorporated by reference to Exhibit 4.41(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010).

4.2		Thirteenth Supplemental Indenture, dated as of March 13, 2025, between the Company and the Trustee.

4.3		Form of Debenture (included as Exhibit A to Exhibit 4.2 above).

4.4		Replacement Capital Covenant, dated July 8, 2009 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on July 8, 2009).

4.5		Replacement Capital Covenant, dated April 8, 2008 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on April 8, 2008).

4.6		Replacement Capital Covenant, dated December 12, 2007 (incorporated by reference to Exhibit 4.82 to the to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012).

4.7		Termination of Replacement Capital Covenants.

5.1		Opinion Letter of Willkie Farr & Gallagher LLP relating to the validity of the Debentures.

8.1		Tax Opinion of Willkie Farr & Gallagher relating to the Debentures.

23.1		Consent of Willkie Farr & Gallagher LLP (included in Exhibit 5.1 above).

23.2		Consent of Willkie Farr & Gallagher LLP (included in Exhibit 8.1 above).

101		Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).

104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SEC Form 8-K filed by MetLife Inc.