MetLife, Inc.
MET · NYSE
Next quarter
Reports Nov 4, 2026.
Consensus is $2.55 EPS for Sep 2026 across 8 estimates, ranging $2.39 to $2.64.
MET Jun 2026
- 5.65%
- +3.83%
- $2.30
- $2.43
- —
- $724.00M
Reported results
- $724.00M
- $1.60B
- 221.55%
- $736.00M
- $1.09
Highlights
- Adjusted earnings: Adjusted earnings available to common shareholders were $1.573B, or $2.43 per diluted share, up from $1.362B and $2.02 a year ago and ahead of the $2.30 consensus by 5.65%.
- Underlying profitability: Adjusted earnings before tax were $2.094B, up 14% year over year but down 2% from $2.146B in the first quarter; adjusted earnings per share was broadly stable sequentially at $2.43 versus $2.42.
- Segment drivers: Group Benefits led the quarter with adjusted pretax earnings of $636M, up from $508M a year ago, while Asia contributed $590M versus $489M and Latin America $351M versus $317M.
- Revenue mix: Adjusted premiums, fees and other revenues were $13.524B, up 6% year over year; adjusted net investment income was $5.551B, up 7%, including $518M of variable investment income versus $195M.
- GAAP volatility: GAAP net income attributable to MetLife was $1.185B and diluted EPS was $1.09, reflecting a $670M net investment loss, partly offset by a $74M net derivative gain.
- Expense pressure: Adjusted other expenses rose to $3.658B from $3.236B, pushing the adjusted expense ratio to 20.8% excluding notable items and pension risk transfer effects, versus 19.8% a year earlier.
- Capital return: MetLife repurchased 8.7 million common shares in the quarter, reducing period-end shares outstanding to 637.8 million from 646.0 million at March 31 and 666.8 million a year earlier.
- Balance sheet: Adjusted book value per common share increased to $57.71 from $57.41 sequentially and $56.23 a year earlier; adjusted return on common equity was 17.0%, versus 14.6% in the prior-year quarter.
Analysis
MetLife's second quarter was a solid underlying earnings print, with adjusted EPS of $2.43 beating the $2.30 consensus by 5.65%. Adjusted earnings available to common shareholders rose 16% year over year to $1.573B, while adjusted pretax earnings increased 14% to $2.094B. Sequentially, however, the result was broadly flat: adjusted EPS edged up from $2.42, while adjusted pretax earnings declined from $2.146B. The supplied quarter history also shows operating income of $1.60B versus $1.39B a year ago and $1.63B in the prior quarter.
The quarter was defined by stronger operating contributions from Group Benefits and Asia, supported by growth in adjusted premiums, fees and other revenues and higher investment income. Group Benefits pretax earnings rose 25% year over year to $636M, and Asia increased 21% to $590M. The main offset was expense growth: adjusted other expenses increased 13% to $3.658B and the adjusted expense ratio worsened to 20.8%. GAAP results were much noisier than underlying earnings, with $1.185B of net income attributable to MetLife and $1.09 of diluted EPS versus $729M and $1.03 a year earlier, as investment and derivative marks moved sharply.
Adjusted earnings
Underlying earnings improved meaningfully year over year but softened modestly from the first quarter. No notable items affected adjusted earnings in the quarter, making the $2.43 adjusted EPS figure directly comparable with the $2.02 prior-year result and $2.42 first-quarter result.
- Earnings growth: Adjusted earnings available to common shareholders increased 16% year over year to $1.573B from $1.362B, while adjusted pretax earnings rose 14% to $2.094B from $1.833B.
- Sequential trend: Adjusted pretax earnings fell 2% from $2.146B in the first quarter, even as adjusted EPS increased slightly from $2.42, helped by continued share repurchases.
- Profitability: Adjusted return on common equity was 17.0%, unchanged from the first quarter and up from 14.6% in the second quarter of 2025.
Segment performance
Group Benefits and Asia were the principal sources of year-over-year growth, while every operating segment except Corporate & Other posted higher adjusted pretax earnings than a year earlier.
- Group Benefits: Adjusted pretax earnings increased to $636M from $508M a year earlier and $555M in the first quarter, making it the quarter's largest positive contributor.
- Asia: Earnings rose to $590M from $489M a year earlier but declined from $689M sequentially.
- Latin America: Adjusted pretax earnings increased to $351M from $317M a year earlier and $330M in the first quarter.
- RIS and EMEA: RIS was broadly stable at $463M versus $460M a year earlier, while EMEA rose to $133M from $128M.
- Corporate & Other: The loss widened to $155M from $141M a year earlier and $86M in the first quarter, partially offsetting operating gains elsewhere.
Revenue and expenses
Revenue growth was accompanied by higher investment income, but the cost base grew faster than the core premiums, fees and other revenue line. Variable investment income also provided a larger contribution than in the prior-year period.
- Core revenue: Adjusted premiums, fees and other revenues increased 6% year over year to $13.524B from $12.719B. On a constant-currency basis, the figure was $14.162B.
- Investment income: Adjusted net investment income rose to $5.551B from $5.202B, with variable investment income increasing to $518M from $195M.
- Costs: Adjusted other expenses increased to $3.658B from $3.236B. Excluding notable items and pension risk transfer effects, the adjusted expense ratio rose to 20.8% from 19.8%.
- Direct expenses: Direct expenses were $1.580B, versus $1.445B a year earlier; the direct expense ratio excluding relevant notable items and pension risk transfer effects increased to 12.1% from 11.7%.
GAAP results
GAAP earnings benefited from more favorable derivative marks but remained materially different from the underlying result because of investment-market volatility. Net income attributable to MetLife was $1.185B, compared with $729M a year earlier and $1.140B in the first quarter.
- GAAP earnings: Net income was $1.162B and net income attributable to MetLife was $1.185B, producing $1.09 of diluted EPS versus $1.03 a year earlier and $1.74 in the first quarter.
- Investment marks: Net investment losses were $670M versus losses of $273M a year earlier, while net derivative results shifted to a $74M gain from a $796M loss.
- Balance-sheet remeasurement: Market risk benefit remeasurement generated a $120M expense, compared with a $277M gain in the prior-year quarter.
Capital and balance sheet
MetLife continued to reduce its share count while modestly increasing adjusted book value per share. The quarter-end balance sheet also reflected growth in total investments and separate-account assets.
- Repurchases: The company repurchased 8.7 million shares in the quarter, leaving 637.8 million shares outstanding at June 30 versus 646.0 million at March 31 and 666.8 million a year earlier.
- Book value: Adjusted book value per common share rose to $57.71 from $57.41 sequentially and $56.23 a year earlier.
- Investments: Total investments increased to $482.563B from $473.112B at March 31 and $456.691B a year earlier.
- Separate accounts: Separate-account assets reached $156.850B, up from $147.686B sequentially and $143.175B a year earlier.
