MetLife Inc (MET) (Q3 2026) Earnings Call Highlights: Record Adjusted EPS of $2.85

MetLife reported Q3 earnings, with variable investment income of $1.5B for the first nine months, on track to exceed its $1.6B full-year guidance. Group Benefits and Retirement adjusted earnings rose 14% and 12% respectively. International operations saw mixed results, with Asia up 21% and Latin America down 5%. The company repurchased $650M in shares in Q3 and is on track to meet its full-year targets.

Chesnara agreed to acquire MetLife UK's closed-book life insurance business for £1.7bn in assets, subject to regulatory approval. The deal is expected to generate £90m in lifetime cashflows, with £45m added to Own Funds and Contractual Service Margin. Chesnara aims to strengthen its UK business and future cash generation. Analysts note the deal boosts long-term capital generation without significantly impacting Chesnara's acquisition firepower.

Chesnara acquired MetLife UK's closed-book business, including 18,000 policies and £1.7bn in assets. The deal is expected to boost Chesnara's own funds and contractual service margin by £45m, with £90m in lifetime cashflows, half within five years. MetLife UK closed to new business in 2017.

Chesnara plc (CSN.L) agreed to buy MetLife's (MET) closed-book UK life insurance unit, MetLife UK Limited, for an undisclosed sum. The deal, expected to close in early 2027, will add 18,000 policies and £1.7 billion in assets. Chesnara anticipates £45 million boost to Own Funds and Contractual Service Margin, with £90 million in lifetime cash flows, half within five years. Shares rose 1.15%.

MetLife (MET) reported Q3 2026 adjusted earnings of $1.8B ($2.85 EPS), up 17% YoY. Adjusted EPS ex-items rose 22%, with ROE at 19.6%. Growth was driven by Group Benefits, Retirement & Income Solutions, and Asia. The company repurchased $650M in shares, bringing YTD capital return to $3.5B.

MetLife reported Q3 2026 adjusted EPS of $2.85, a record, with group benefits segment earnings up 15% YoY to $523M. Sales rose 12% YoY, with strong underwriting results. Net income surged 187% to $2.4B, but this was largely due to derivative accounting. Adjusted ROE was 19.6%, and adjusted book value per share increased 5% to $59.41.