MetLife, Inc. Q3 2026 Earnings Recap

MetLife shares fell 3.1% after the earnings release, despite record adjusted EPS, as the quarter’s 22% EPS growth was meaningfully supported by $720 million of variable investment income, including stronger private-equity returns. That reliance on market-sensitive gains—and weaker conditions in Chile—may have tempered the reception to management’s upbeat framing.

Key Takeaways

• Adjusted EPS excluding notable items was $2.85, up 22% year over year; adjusted earnings were $1.8 billion. The quarter included $720 million of pretax variable investment income, with private-equity returns above 4% versus 3% a year ago.
• Adjusted ROE excluding notable items was 19.6%, above the company’s 15%–17% full-year target range; adjusted book value per share rose 5% to $59.41.
• Group Benefits adjusted earnings excluding notable items rose 14% to $523 million. Life underwriting was favorable, and adjusted PFOs increased 5%, excluding participating contracts.
• RIS adjusted earnings excluding notable items increased 12% to $478 million, while adjusted PFOs excluding pension risk transfers rose 33%. U.S. PRT activity has been lighter this year, though management characterized it as a timing issue.
• Regional performance was mixed: Asia earnings rose 21% on a constant-currency basis, while Latin America’s result was affected by Chilean market conditions and a negative encaje return.