MetLife Q3 2026 earnings review

Record adjusted EPS of $2.78 rose 17% and edged past consensus.

MetLife · Q3 2026 · Published Nov 5, 2026 · By DeepCell AI · Sources

MetLife Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · MetLife (MET) Q3 2026 earnings review

Record adjusted EPS of $2.78 rose 17% and edged past consensus

  1. 1.Adjusted EPS of $2.78 beat the $2.75 Investing.com consensus
  2. 2.Excluding notable items, adjusted EPS rose 22% to $2.85
  3. 3.Total revenues of $20.5B were 3.1% above consensus
  4. 4.Adjusted PFOs excluding PRT rose 8%; VII rose to $720M
  5. 5.Capital returned was $1.0B, including $650M of buybacks
  6. 6.Shares rose 1.0% in pre-market on Nov 5 from the $102.95 Nov 4 close

Note: PFOs is premiums, fees and other revenues; PRT is pension risk transfers; VII is variable investment income. Pre-market price is not a close. Consensus is from Investing.com and TheFly; no LSEG figure was found.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; Investing.com consensus, Nov 4, 2026; TheFly consensus, Nov 4, 2026; Nasdaq.com prices, Nov 3–4, 2026

2

2 · Executive summary

Adjusted EPS beat consensus by 1.1% and revenue by 3.1%

Q3 2026 results vs. consensus (Investing.com; TheFly, Nov 4, 2026)

MetricActualConsensusVarianceResult
Total revenues (Investing.com)$20,522M$19,910M+$612M / +3.1%Beat
Adjusted EPS (Investing.com)$2.78$2.75+$0.03 / +1.1%Beat
Total revenues (TheFly)$20,522M$19,970M+$552M / +2.8%Beat
Adjusted EPS (TheFly)$2.78$2.77+$0.01 / +0.4%Beat

Share price, Nov 3–5, 2026 (Nasdaq.com)

MetLife (NYSE)Nov 3 closeNov 4 closeNov 5 pre-marketPre-market move
MET$100.67$102.95$104.00+1.0%

Pre-market price at 7:53 AM ET / 7:53 PM ICT, Nov 5 (Yahoo Finance): pre-market, not a close. Move is versus the Nov 4 close.

Note: Total revenues include $698M of derivative gains. GAAP diluted EPS was $3.67.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; Investing.com, Nov 4, 2026; TheFly, Nov 4, 2026; Nasdaq.com prices

3

3 · Q3 results vs. consensus

Adjusted ROE of 19.6% ran well above the 15% to 17% target, a strong year

2026 targets vs. Q3 2026 (earnings call presentation, Nov 4, 2026)

MetricQ3 20262026 targetStatus
Direct expense ratio11.9%12.1%On track to beat
Adjusted ROE, ex notable items19.6%15% to 17%On track to exceed
Adjusted EPS growth, ex notables+21.8%Double digitsWell above

Other outlook items

MetricOutlook
Variable investment income, pre-taxAbout $1.6B for FY 2026; $400M a quarter
Holding company cash buffer$3.0B to $4.0B
Share repurchases in October 2026$265M

Note: ROE is return on equity. MetLife gave no numeric Q4 guidance. No Q4 consensus was found, so the outlook is not scored.Source: MetLife Form 8-K Ex. 99.4, Nov 4, 2026; MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

4

4 · 2026 targets and outlook

Adjusted earnings rose 12% to $1,780M, a record quarter

  1. Every segment grew revenueAdjusted PFOs rose 12%, or 8% excluding PRT.
  2. Investment income helpedPre-tax VII rose to $720M from $483M a year ago.
  3. GAAP profit nearly tripledNet income to common was $2,351M, against $818M a year ago.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Total revenues$17,361M$20,522M18.2%
Adjusted PFOs$12,461M$13,919M11.7%
Adjusted earnings$1,584M$1,780M12.4%
Adjusted EPS$2.37$2.7817.3%
Net income to common$818M$2,351M187.4%

Note: PFOs is premiums, fees and other revenues; PRT is pension risk transfers; VII is variable investment income. Adjusted earnings exclude investment and derivative gains and losses, as MetLife defines them.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; MetLife Form 8-K Ex. 99.4, Nov 4, 2026; analysis of company data

5

5 · Q3 key financials

Latin America earnings rose 45% and Group Benefits 15%, the main gains

Adjusted earnings by segment

$M unless noted, Q3 2025 vs. Q3 2026

SegmentQ3 2025Q3 2026YoY
Group Benefits$456M$523M+14.7%
RIS$441M$413M-6.3%
Asia$540M$602M+11.5%
Latin America$148M$215M+45.3%
EMEA$87M$108M+24.1%
MetLife Investment Management$58M$63M+8.6%
Corporate & Other($146M)($144M)n.m.
Total$1,584M$1,780M+12.4%
Excluding notable items, RIS earnings rose 12%The annual actuarial review cut RIS by $65M.

Note: RIS is Retirement and Income Solutions. EMEA is Europe, the Middle East and Africa. n.m. is not meaningful for a loss.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

6

6 · Adjusted earnings by segment

Latin America and Group Benefits each added about $67M to adjusted earnings

Adjusted earnings bridge by segment

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,584M$M · Group Benefits: $67M$M · RIS: -$28M$M · Asia: $62M$M · Latin America: $67M$M · Other: $28M$M · Q3 2026: $1,780MQ3 2025GroupBenefitsRISAsiaLatinAmericaOtherQ3 2026$1,400M$1,500M$1,600M$1,700M$1,800M$1,850M$1,584M$67M-$28M$62M$67M$28M$1,780M
RIS was the only drag, down $28M

Note: RIS is Retirement and Income Solutions. Other is EMEA, MetLife Investment Management and Corporate & Other. Totals are reported.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

7

7 · Adjusted earnings bridge

RIS adjusted PFOs rose 66% on pension risk transfers, the biggest gain

Adjusted PFOs by segment

$M unless noted, Q3 2025 vs. Q3 2026

SegmentQ3 2025Q3 2026YoY
Group Benefits$6,306M$6,513M+3.3%
RIS$1,214M$2,018M+66.2%
Asia$1,717M$1,739M+1.3%
Latin America$1,663M$2,023M+21.6%
EMEA$727M$832M+14.4%
Corporate & Other$596M$475M-20.3%
Total adjusted PFOs$12,461M$13,919M+11.7%
PRT was $394M of RIS adjusted PFOs

Note: PFOs is premiums, fees and other revenues; RIS is Retirement and Income Solutions. MetLife Investment Management other revenues ($319M) are in the total.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

8

8 · Adjusted PFOs by segment

Derivative gains of $698M lifted GAAP net income above adjusted earnings

Net income to common to adjusted earnings

$M, Q3 2026

$M · Net income: $2,351M$M · Investments: $430M$M · Derivatives: -$698M$M · Risk benefits: -$320M$M · Other: $17M$M · Adjusted: $1,780MNet incomeInvestmentsDerivativesRiskbenefitsOtherAdjusted$0M$1,000M$2,000M$3,000M$2,351M$430M-$698M-$320M$17M$1,780M
Investment losses of $430M are added back

Note: Other is other adjustments, tax on the adjustments and noncontrolling interests.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

9

9 · Net income to adjusted

The direct expense ratio rose 30 bps to 11.9%, still under target

Expense ratios

%, Q3 2025 vs. Q3 2026

Expense ratio · Q3 2025: 21.7%Expense ratio · Q3 2026: 21.3%Direct expense ratio · Q3 2025: 11.6%Direct expense ratio · Q3 2026: 11.9%Adjusted expense ratio · Q3 2025: 19.8%Adjusted expense ratio · Q3 2026: 20.2%Q3 2025Q3 20260%10%20%30%21.7%21.3%11.6%11.9%19.8%20.2%
The reported expense ratio fell to 21.3%

Note: PRT is pension risk transfers. Direct and adjusted expense ratios exclude notable items and PRT. The 2026 direct target is 12.1%.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; MetLife Form 8-K Ex. 99.4, Nov 4, 2026; analysis of company data

10

10 · Expense ratios

Adjusted ROE excluding notable items rose 290 bps to 19.6%

Return on equity, GAAP and adjusted

%, Q3 2025 vs. Q3 2026

GAAP ROE · Q3 2025: 13.1%GAAP ROE · Q3 2026: 42.7%Adjusted ROE · Q3 2025: 16.9%Adjusted ROE · Q3 2026: 19.2%Adjusted, ex notable items · Q3 2025: 16.7%Adjusted, ex notable items · Q3 2026: 19.6%Q3 2025Q3 20260%10%20%30%40%50%13.1%42.7%16.9%19.2%16.7%19.6%
GAAP ROE of 42.7% was lifted by derivative gains

Note: Adjusted ROE uses adjusted common equity, which excludes unrealized investment losses.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

11

11 · Return on equity

12 · Variable investment income

Adjusted book value per share rose 5% to $59.41, a solid gain

Book value and capital

$M unless noted

$M unless notedSep 30, 2025Sep 30, 2026
Book value per share$39.52$30.73
Adjusted book value per share$56.57$59.41
Common stockholders equity$26,114M$19,396M
Adjusted common equity$37,373M$37,492M
Shares outstanding (M)660.7631.1
Holding company cash$3.4B
Q3 buybacks were $650M; dividends were $380M

Note: Book value per share fell on unrealized investment losses, which adjusted book value excludes.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; MetLife Form 8-K Ex. 99.4, Nov 4, 2026; analysis of company data

13

13 · Book value and capital

Q3 VII of $720M was well above the $400M run rate, a high base

Indicator
What to watch
Implication
Latest reading
Variable investment income
Earnings volatility
Private equity returns
$720M pre-tax in Q3
Interest rates
Book value
Book value per share fell 22%
$30.73 at Sep 30
Mortality and claims
RIS and Group Benefits
Actuarial review cut RIS
($46M) notable items
Currency
Asia and Latin America
Constant-currency gaps
Latin America +45.3% YoY

Note: RIS is Retirement and Income Solutions. These are analytical watch points, not company targets.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; MetLife Form 8-K Ex. 99.4, Nov 4, 2026; analysis of company data

14

14 · Key risks to outlook

15 · Appendix: Segment detail

16 · Appendix: Profit detail

Appendix: revenue detail

ClaimEvidenceCalculation
Premiums rose$10,555M to $11,818MStatement of operations
Policy fees rose$1,247M to $1,385MStatement of operations
Net investment income rose$6,089M to $6,198MStatement of operations
PFOs rose$12,526M to $14,056M, +12.2%Premiums, fees, other
Adjusted PFOs ex PRT rose$12,471M to $13,525MExcludes PRT
Assets under management rose$632.6B to $723.4BEnd of quarter

PFOs is premiums, fees and other revenues; PRT is pension risk transfers. Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

17

17 · Appendix: Revenue detail

Appendix: capital return and share detail

ClaimEvidenceCalculation
Q3 share repurchases$650MEarnings release
Buybacks through October$2.4B, with $265M in OctoberYear to date
Diluted shares fell669.1M to 639.9M, -4.4%Weighted average
US statutory adjusted capitalAbout $17.0BSep 30, company estimate
Nine-month adjusted EPS rose$6.34 to $7.63, +20.3%9M 2026 vs. 9M 2025
Capital returned to adjusted earnings58%Buybacks and dividends

Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; MetLife Form 8-K Ex. 99.4, Nov 4, 2026; analysis of company data

18

18 · Appendix: Capital and shares

Appendix: income statement and adjusted earnings detail

Statement of operations, $M

$M unless notedQ3 2025Q3 2026
Total revenues$17,361M$20,522M
Total expenses$16,151M$17,522M
Income before tax$1,210M$3,000M
Provision for income tax$308M$588M
Net income$902M$2,412M
Net income to common$818M$2,351M

Net income to common to adjusted earnings, $M

$M unless notedQ3 2025Q3 2026
Net income to common$818M$2,351M
Investment gains (losses)($325M)($430M)
Derivative gains (losses)($929M)$698M
Market risk benefit gains$263M$320M
Other, tax and NCI, added($225M)$17M
Adjusted earnings$1,584M$1,780M

Note: Gains are subtracted and losses added back to reach adjusted earnings. NCI is noncontrolling interests.Source: MetLife Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

19

19 · Appendix: Income and bridge

Appendix: sources

  • Filing: MetLife Form 8-K, Nov 4, 2026 (accepted 4:22 PM ET) — https://www.sec.gov/Archives/edgar/data/1099219/000109921926000058/0001099219-26-000058-index.htm
  • Earnings release tables, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1099219/000109921926000058/ex991earningsreleasetables.htm
  • Earnings call presentation, Q3 2026 (Ex. 99.4) — https://www.sec.gov/Archives/edgar/data/1099219/000109921926000058/ex994earningscallpresent.htm
  • Q3 consensus: Investing.com, Nov 4, 2026, 4:41 PM ET — https://www.investing.com/news/earnings/metlife-earnings-beat-by-003-revenue-topped-estimates-5001493
  • Q3 consensus check: TheFly via TipRanks, Nov 4, 2026 — https://www.tipranks.com/news/the-fly/metlife-reports-q3-adjusted-eps-2-78-consensus-2-77-thefly-news
  • Share price: Nasdaq.com MET, Nov 3 and Nov 4 closes; Nov 5 pre-market at 7:53 AM ET / 7:53 PM ICT, Nov 5 — https://www.nasdaq.com/market-activity/stocks/met/after-hours
  • No LSEG consensus and no Q4 consensus were found. MetLife gave no numeric Q4 guidance.
  • Times are US Eastern. The pre-market price is not a close.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from MetLife's Form 8-K of November 4, 2026 (Exhibits 99.1 and 99.4). Consensus estimates (Investing.com, TheFly) and share prices (Nasdaq.com) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the quarters ended September 30, 2026 and 2025, in US dollars.

Forward-looking statements. Company targets, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted earnings, adjusted EPS, adjusted PFOs, adjusted ROE and adjusted book value follow MetLife's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by MetLife, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, including Nov 5 pre-market trading.

Built with DeepCell / deepcell.net

21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.

Share this review

Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.

Post on XShare on LinkedIn

More earnings reviews

All earnings reviews