MetLife Announces 3Q 2026 Results
METLIFE INC (MET) filed an SEC Form 8-K — Results of Operations and Financial Condition. Page 1 of 25 Exhibit 99.1 For Immediate Release | Global Communications | MetLife, Inc. MetLife Announces 3Q 2026 Results Record company performance, and top-line growth in every business segment. Earnings Per Share 3Q 2026 Net Income $3.67 Adjusted Earnings $2.78 Return on Equit
How this was made
The 30-second read
Why it matters
The earnings beat may trigger short covering and buying interest, especially from dividend‑focused investors.
Market read
MET's strong earnings could lift the broader insurance sector and contribute to a modest rise in the S&P 500 financials component.
What to watch
Book value per share fell 22%, indicating potential balance‑sheet concerns despite earnings beat.
MetLife Announces 3Q 2026 Results Record company performance, and top-line growth in every business segment.
Adjusted earnings increased 12% to $1.8 billion, adjusted earnings per share excluding total notable items increased 22% to $2.85, and adjusted PFOs excluding PRT increased 8% to $13.5 billion, with growth in all six business segments.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Premiums, fees and other revenuesGAAP | $14.06B | – | 12% |
| Adjusted premiums, fees and other revenuesnon-GAAP | $13.92B | – | 12% |
| Adjusted premiums, fees and other revenues, excluding PRTnon-GAAP | $13.53B | – | 8% |
| Net investment incomeGAAP | $6.20B | – | 2% |
| Adjusted net investment incomenon-GAAP | $5.99B | – | 10% |
| Variable investment incomeother | $720M | – | 49% |
| Net investment gains (losses)GAAP | −$430M | – | – |
| Net derivative gains (losses)GAAP | $698M | – | – |
| Market risk benefit remeasurement gains (losses)GAAP | $320M | – | 22% |
| Total revenuesGAAP | $20.52B | – | – |
| Total adjusted revenuesnon-GAAP | $19.91B | – | – |
| Total expensesGAAP | $17.52B | – | – |
| Total adjusted expensesnon-GAAP | $17.52B | – | – |
| Net income (loss) available to MetLife, Inc.'s common shareholdersGAAP | $2.35B | – | 187% |
| Net income (loss) per shareGAAP | $3.67 | – | 201% |
| Adjusted earnings available to common shareholdersnon-GAAP | $1.78B | – | 12% |
| Adjusted earnings available to common shareholders per diluted common sharenon-GAAP | $2.78 | – | 17% |
| Adjusted earnings available to common shareholders, excluding total notable itemsnon-GAAP | $1.83B | – | 17% |
| Adjusted earnings available to common shareholders, excluding total notable items, per diluted common sharenon-GAAP | $2.85 | – | 22% |
| Expense ratioother | 21.3% | – | – |
| Direct expense ratio, excluding total notable items related to direct expenses and PRTnon-GAAP | 11.9% | – | – |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRTnon-GAAP | 20.2% | – | – |
| Book value per common shareGAAP | $30.73 | – | (22)% |
| Adjusted book value per common sharenon-GAAP | $59.41 | – | 5% |
| Return on MetLife, Inc.'s common stockholders' equityGAAP | 42.7% | – | – |
| Adjusted return on MetLife, Inc.'s adjusted common stockholders' equitynon-GAAP | 19.2% | – | – |
| Adjusted return on MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable itemsnon-GAAP | 19.6% | – | – |
| Nine months net income (loss) available to MetLife, Inc.'s common shareholdersGAAP | $4.20B | – | – |
| Nine months adjusted earnings available to common shareholdersnon-GAAP | $4.94B | – | – |
| Nine months adjusted earnings available to common shareholders per diluted common sharenon-GAAP | $7.63 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Group BenefitsAdjusted earnings were primarily driven by favorable underwriting. Adjusted PFOs excluding participating contracts reflected growth in core and voluntary products. | Adjusted PFOs $6,513 million | – | 3% |
| Retirement and Income Solutions (RIS)Adjusted PFOs excluding PRT increased 33%, mainly driven by higher sales of post-retirement benefits and U.K. longevity reinsurance. Adjusted earnings reflected notable items from the annual actuarial assumption review. | Adjusted PFOs $2,018 million | – | 66% |
| AsiaAdjusted earnings excluding notable items were driven by higher VII, strong equity markets and volume growth, partially offset by less favorable underwriting. | Adjusted PFOs $1,739 million | – | 1% |
| Latin AmericaAdjusted PFO growth was due to strong growth across the region. Excluding notable items, volume growth was largely offset by lower encaje returns. | Adjusted PFOs $2,023 million | – | 22% |
| Europe, the Middle East and Africa (EMEA)Adjusted earnings excluding notable items were driven by broad-based volume growth, while adjusted PFOs reflected strong sales momentum and solid renewal activity across the region. | Adjusted PFOs $832 million | – | 14% |
| MetLife Investment Management (MIM)Adjusted earnings reflected business growth, including the addition of PineBridge Investments. | Other revenues $319 million | – | 34% |
| Corporate & OtherAdjusted loss was $(144) million, compared to an adjusted loss of $(146) million. | Adjusted premiums, fees and other revenues $475 million | – | – |
2026 outlook
- NoteOn track to deliver against free cash flow ratio and direct expense ratio targets for the year.
Capital returns
- Returned approximately $1 billion to shareholders via share repurchases and common stock dividends.
- There were share repurchases of $650 million for the three months ended September 30, 2026.
- Year to date, there were share repurchases of $2.4 billion, including $265 million of share repurchases in October 2026.
- Common stock dividends of $380 million were paid for the three months ended September 30, 2026.
What drove it
- Adjusted earnings increased 12% driven by higher variable investment income, broad-based volume growth and favorable underwriting.
- Adjusted PFOs excluding PRT increased 8% to $13.5 billion, with growth in all six business segments.
- Adjusted net investment income increased 10%, reflecting higher VII, asset growth, and investing in a higher-rate environment.
- Net derivative gains were driven by gains on embedded derivatives associated with ceded reinsurance as a result of higher U.S. interest rates.
- MIM adjusted earnings reflected business growth, including the addition of PineBridge Investments.
Concerns
- RIS adjusted earnings decreased 6%, reflecting the impact of notable items from the annual actuarial assumption review.
- Latin America adjusted earnings excluding notable items decreased 5% on a constant currency basis, as volume growth was largely offset by lower encaje returns.
- Asia sales were $728 million, down 6% on a constant currency basis against a strong prior-year quarter.
- Direct expense ratio, excluding total notable items related to direct expenses and PRT, was 11.9%, compared to 11.6% in the prior-year quarter.
- Book value per common share was $30.73, down 22% from $39.52.
What to watch
- Delivery against the 2026 free cash flow ratio and direct expense ratio targets.
- Whether higher variable investment income, strong equity markets and higher U.S. interest rates continue to support adjusted earnings.
- RIS volume trends in post-retirement benefits and U.K. longevity reinsurance.
- Asia sales performance after a 6% constant-currency decline in the quarter.
- Latin America encaje returns and their effect on adjusted earnings excluding notable items.
Balance sheet and cash flow
- Holding Companies Cash & Liquid Assets $3.4 billion at September 30, 2026.
- Total MetLife, Inc.'s stockholders' equity $22,226 million at September 30, 2026.
- MetLife, Inc.'s common stockholders' equity $19,396 million at September 30, 2026.
- Total MetLife, Inc.'s adjusted common stockholders' equity $37,492 million at September 30, 2026.
- Total U.S. statutory adjusted capital is expected to be approximately $17.0 billion at September 30, 2026, up 3% from $16.4 billion at June 30, 2026.
- The Japan Economic Solvency Ratio is 192% for the fiscal year ended March 31, 2026, as filed.
Analysis
MetLife reported a strong third quarter, with premiums, fees and other revenues increasing 12% to $14,056 million and adjusted premiums, fees and other revenues excluding PRT increasing 8% to $13,525 million. The company stated that revenue rose in every business segment. Total revenues were $20,522 million, compared with $17,361 million in the prior-year quarter, while total adjusted revenues were $19,907 million, compared with $17,901 million. The difference reflects the quarter's investment, derivative and other adjustments included in the GAAP-to-adjusted reconciliation.
GAAP earnings were aided materially by derivative results. Net income available to common shareholders increased 187% to $2,351 million and net income per share increased 201% to $3.67. Net derivative gains were $698 million, compared with losses of $(929) million in the prior-year quarter, driven by gains on embedded derivatives associated with ceded reinsurance as a result of higher U.S. interest rates. Adjusted earnings available to common shareholders increased 12% to $1,780 million, while adjusted earnings per diluted common share increased 17% to $2.78. Excluding total notable items, adjusted earnings per diluted common share increased 22% to $2.85.
Underlying operating drivers were broad-based volume growth, favorable underwriting and higher variable investment income. Adjusted net investment income increased 10% to $5,988 million, and VII increased 49% to $720 million. Group Benefits adjusted earnings increased 15%, Asia increased 11% on a reported basis, Latin America increased 45%, EMEA increased 24%, and MIM increased 9%. RIS was the principal exception, with adjusted earnings down 6% because of notable items from the annual actuarial assumption review, although adjusted earnings excluding notable items increased 12%.
Margins showed mixed movement. The GAAP expense ratio improved to 21.3% from 21.7%, but the direct expense ratio excluding total notable items related to direct expenses and PRT increased to 11.9% from 11.6%. The adjusted expense ratio excluding total notable items related to adjusted other expenses and PRT increased to 20.2% from 19.8%. MetLife said it remains on track for its yearly direct expense ratio target. Return metrics improved substantially, with ROE at 42.7%, adjusted ROE at 19.2%, and adjusted ROE excluding total notable items at 19.6%.
Capital deployment remained meaningful. MetLife returned approximately $1 billion to shareholders through repurchases and common dividends during the quarter, including $650 million of repurchases and $380 million of common dividends. Holding company cash and liquid assets were $3.4 billion at quarter end, within the company's target range. Book value per common share was $30.73, down 22%, while adjusted book value per common share was $59.41, up 5%, highlighting the effect of market-related equity adjustments excluded from adjusted book value. The company provided no quantitative 2026 earnings, revenue, expense or capital-return outlook, stating only that it is on track to meet its free cash flow ratio and direct expense ratio targets for the year.
Management, verbatim
We delivered the highest quarterly adjusted earnings per share in MetLife’s history in the third quarter, demonstrating the strength of our New Frontier strategy and discipline of our execution.
Michel Khalaf, President and Chief Executive Officer
Revenue rose in every business segment, and solid underwriting, volume growth and higher investment returns lifted earnings.
Michel Khalaf, President and Chief Executive Officer
We’re turning that into strong free cash flow, reinvesting for responsible growth and returning capital to shareholders.
Michel Khalaf, President and Chief Executive Officer
Not in the filing
stated, not guessed- Quantitative forward revenue guidance
- Quantitative forward gross margin guidance
- Quantitative forward operating expense guidance
- Quantitative forward tax-rate guidance
- Prior-release outlook for comparison
- GAAP operating income
- Gross margin
- Operating cash flow
- Free cash flow amount
- Debt balance
- Quantitative free cash flow ratio target
- Quantitative direct expense ratio target
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
MetLife filed a Form 8‑K on Nov 4, 2026, announcing its third‑quarter results, including record adjusted EPS and a $1 billion return to shareholders.
Ticker impact
MetLife reported its Q3 2026 earnings with net income up 187% YoY and adjusted EPS up 22%, a fresh primary disclosure via an 8‑K filing.
likely upward pressure as investors price in the earnings beat and higher cash returns.
The earnings surprise is material and disclosed for the first time; MetLife's large market cap and sizable profit jump make the move significant.
Market effects
Insurance sector may see broader positive sentiment as MetLife's results highlight strong underwriting and investment income.
U.S. financial markets could see modest gains in the financials index.
Limited to U.S. insurers; minimal global spillover.
Counterpoint
The rise in net income is driven largely by derivative gains; a reversion could occur if rates normalize.
Key entities
- companyMetLife, Inc.
U.S. insurer reporting Q3 2026 results.
