MetLife (MET) Q1 2026 earnings summary

Executive summary

• Adjusted earnings rose 18% year-over-year to $1.6 billion ($2.42 per share), with EPS up 23%, driven by broad-based growth, disciplined capital management, and the PineBridge acquisition.

• Net income available to common shareholders increased to $1.1 billion ($1.74 per share), up from $879 million, reflecting higher adjusted earnings and favorable market risk benefit remeasurement.

• All operating business segments posted higher adjusted earnings, with strong top-line growth across regions and products.

• The New Frontier strategy focuses on accelerating execution, delivering on ambitious financial commitments, and expanding in high-growth international markets.

• Over $1.1 billion was returned to shareholders through share repurchases and dividends, with a 4.4% dividend increase.

Financial highlights

• Net income was $1.1 billion ($1.74 per share); adjusted EPS was $2.42, up 23% year-over-year.

• Total revenues for Q1 2026 were $19.1 billion, up from $18.6 billion; net investment income increased to $5.4 billion, with variable investment income up 58% to $518 million.

• Adjusted book value per share was $57.41, up from $55.01 in Q1 2025.

• Direct expense ratio improved to 11.9%, better than the 12.1% full-year target.

• Cash and liquid assets at holding companies totaled $3.9 billion at quarter end.

Outlook and guidance

• Confident in delivering on full-year and long-term financial commitments under the New Frontier strategy, targeting double-digit adjusted EPS growth, 15–17% adjusted ROE, and over $25 billion in free cash flow for 2024–2029.

• RIS full-year adjusted earnings expected to remain within the $1.6 billion–$1.8 billion range.

• Core spreads in RIS expected to remain stable or slightly improve in Q2, with total spreads tracking to full-year guidance.

• EMEA earnings expected to trend toward the upper end of the $90 million–$100 million quarterly run rate.

• Management continues to monitor global economic and market volatility, including inflation, interest rates, and geopolitical risks.