MetLife (MET) Q2 2026 earnings summary

Executive summary

• Adjusted earnings reached $1.6 billion, up 15% year-over-year, with EPS up 20% to $2.43 per share; net income was $705 million ($1.09 per share).

• All business segments posted higher adjusted earnings, reflecting broad-based growth, strong underwriting, and volume gains.

• The New Frontier strategy and PineBridge acquisition contributed to balanced, resilient earnings and expanded asset management capabilities.

• Significant capital returned to shareholders, including $700 million in Q2 repurchases, over $1.1 billion returned in the quarter, and a new $3 billion buyback authorization.

• Net investment income increased to $6.7 billion, supporting growth across all segments.

Financial highlights

• Adjusted premiums, fees, and other revenues rose 5–7% year-over-year, reaching $13.5–$13.7 billion; sales increased 7%.

• Net income was $705 million ($1.09 per share); adjusted ROE was 17%, at the top end of the 15%-17% target.

• Variable investment income was $231 million pre-tax, higher than the prior year but below target due to lower private equity returns.

• Direct expense ratio was 12.1%, in line with the annual target despite acquisition impacts.

• Book value per share rose 8% to $38.59; adjusted book value per share up 3% to $57.71.

Outlook and guidance

• Expect continued broad-based growth, disciplined capital deployment, and expense management.

• Private equity returns anticipated to strengthen in Q3, supported by IPO activity and higher public market valuations.

• MIM full-year adjusted earnings expected within $240M-$280M guidance, likely toward the low end.

• Group mortality and expense ratios expected to normalize gradually over several years.

• Management remains confident in generating attractive returns and maintaining financial strength.