MetLife Announces 3Q 2026 Results

Record company performance, and top-line growth in every business segment.

NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced its third quarter 2026 results.

Third Quarter 2026 Summary

Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the third quarter of 2026, titled “3Q26 Earnings Call Presentation,” are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Supplemental information about MetLife's diversified global investment portfolio is contained in the "3Q26 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website.

Total Company Discussion

Premiums, fees and other revenues were $14.1 billion, up 12 percent compared with the prior-year quarter. Adjusted premiums, fees and other revenues, excluding PRT, were $13.5 billion, up 8 percent.

Net investment income was $6.2 billion, up 2 percent, due to higher variable investment income (VII) and asset growth, partially offset by declines in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $6.0 billion, up 10 percent, reflecting higher VII, asset growth, and investing in a higher-rate environment.

Net investment losses were $340 million after tax, reflecting normal trading activity and a stable credit environment.

Net derivative gains amounted to $551 million after tax, driven by gains on embedded derivatives associated with ceded reinsurance, as a result of higher U.S. interest rates.

Net income was $2.4 billion, driven by net derivative gains and higher adjusted earnings. On a per-share basis, net income increased 201 percent to $3.67.

Adjusted earnings were $1.8 billion, up 12 percent on a reported basis and 13 percent on a constant currency basis, driven by higher VII, broad-based volume growth, and favorable underwriting. On a per-share basis, adjusted earnings were $2.78, up 17 percent.

Direct expense ratio, excluding total notable items related to direct expenses and PRT, was 11.9 percent, compared to 11.6 percent in the prior-year quarter, and on track for our yearly target.

THIRD QUARTER 2026 NOTABLE ITEMS

Annual Actuarial Assumption Review and Other Insurance Adjustments

In the third quarter of 2026, MetLife performed its annual global actuarial assumption review. The actuarial assumption review and other insurance adjustments during the quarter reduced net income by $56 million and adjusted earnings by $46 million.

Adjusted Earnings by Segment Summary

Business Discussions

GROUP BENEFITS

• Adjusted earnings were $523 million, up 15 percent.
• Excluding notable items, adjusted earnings were $523 million, up 14 percent, primarily driven by favorable underwriting.
• Adjusted PFOs were $6.5 billion.
• Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 5 percent, reflecting growth in core and voluntary products.
• Sales were up 12 percent year-to-date, with strong performance in both National Accounts and Regional Business.

RIS

• Adjusted earnings were $413 million, down 6 percent, reflecting the impact of notable items from the annual actuarial assumption review.
• Excluding notable items, adjusted earnings were $478 million, up 12 percent, driven by higher VII and volume growth.
• Adjusted PFOs were $2.0 billion.
• Adjusted PFOs, excluding PRT, were $1.6 billion, up 33 percent, mainly driven by higher sales of post-retirement benefits and U.K. longevity reinsurance.
• Total retained liability exposure grew 7 percent.

ASIA

• Adjusted earnings were $602 million, up 11 percent on a reported basis and up 14 percent on a constant currency basis, reflecting the impact of the annual actuarial assumption review and other insurance adjustments.
• Excluding notable items, adjusted earnings were $550 million, up 17 percent on a reported basis and up 21 percent on a constant currency basis, driven by higher VII, strong equity markets and volume growth, partially offset by less favorable underwriting.
• Adjusted PFOs were $1.7 billion, up 1 percent on a reported basis and up 5 percent on a constant currency basis.
• Asia general account assets under management (at amortized cost) were $145.0 billion, up 4 percent on a constant currency basis.
• Sales were $728 million, down 6 percent on a constant currency basis against a strong prior-year quarter. Year-to-date sales were up 10 percent on a constant currency basis, led by Japan and Korea.

LATIN AMERICA

• Adjusted earnings were $215 million, up 45 percent on a reported basis and up 30 percent on a constant currency basis, reflecting the impact of the annual actuarial assumption review and other insurance adjustments, and the value-added tax charge in Mexico from the prior-year period.
• Excluding notable items, adjusted earnings were $229 million, up 3 percent on a reported basis and down 5 percent on a constant currency basis, as volume growth was largely offset by lower encaje returns.
• Adjusted PFOs were $2.0 billion, up 22 percent on a reported basis and up 14 percent on a constant currency basis, due to strong growth across the region.
• Sales were $501 million, up 6 percent on a constant currency basis, driven by solid performance in the region.

EMEA

• Adjusted earnings were $108 million, up 24 percent on a reported basis and up 32 percent on a constant currency basis.
• Excluding notable items, adjusted earnings were $114 million, up 30 percent on a reported basis and up 37 percent on a constant currency basis, driven by broad-based volume growth.
• Adjusted PFOs were $832 million, up 14 percent on a reported basis and up 17 percent on a constant currency basis, with strong sales momentum and solid renewal activity across the region.
• Sales were $331 million, up 16 percent on a constant currency basis.

METLIFE INVESTMENT MANAGEMENT

• Adjusted earnings were $63 million, up 9 percent, reflecting business growth, including the addition of PineBridge Investments.
• Other revenues were $319 million, up 34 percent.
• Total assets under management were $723.4 billion, up 14 percent.

CORPORATE & OTHER

• Adjusted loss of $144 million, compared to an adjusted loss of $146 million.

INVESTMENTS

• Adjusted net investment income was $6.0 billion, up 10 percent. VII increased 49 percent to $720 million.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com.

Conference Call

MetLife will hold its third quarter 2026 earnings conference call on Thursday, November 5, 2026, from 9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https://events.q4inc.com/attendee/435085807. A replay of the webcast will be available at investor.metlife.com for seven days following the call.

Non-GAAP and Other Financial Disclosures

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our investors’ understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss).

Any financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period’s earnings materials, which are available at MetLife’s Investor Relations webpage (https://investor.metlife.com).

MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:

Adjusted earnings and related measures

• adjusted earnings;
• adjusted earnings available to common shareholders;
• adjusted earnings available to common shareholders, on a constant currency basis;
• adjusted earnings available to common shareholders, excluding total notable items;
• adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;
• adjusted earnings available to common shareholders per diluted common share;
• adjusted earnings available to common shareholders, on a constant currency basis per diluted common share;
• adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; and
• adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.

Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:

• Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
• Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”).
• Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
• Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
• Policyholder liability remeasurement (gains) losses excludes asymmetrical accounting associated with in-force reinsurance.

For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com
For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com