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MetLife Announces 1Q 2026 Results

May 06, 2026

MetLife Announces 1Q 2026 Results

  • Net income increased 30%1 to $1.1 billion, or $1.74 per share.
  • Adjusted earnings increased 18% to $1.6 billion, driven by higher variable investment income, volume growth and favorable underwriting.
  • Adjusted earnings per share increased 23% to $2.42.
  • Premiums, fees and other revenues (PFOs) increased 5% to $14.3 billion.
  • Adjusted PFOs, excluding pension risk transfers (PRT), increased 10% to $13.3 billion, with growth in all segments.
  • Net investment income up 10% to $5.4 billion.
  • Variable investment income up 58% to $518 million, driven by higher private equity returns.
  • Book value per share (BVPS) up 8% to $37.92, adjusted BVPS up 4% to $57.41.
  • Returned over $1.1 billion to shareholders via share repurchases and common stock dividends.
  • Holding company cash and liquid assets totaled $3.9 billion at quarter end, at top of target range.
  • Group Benefits adjusted earnings up 19% to $439 million primarily due to favorable life underwriting and volume growth.
  • Retirement and Income Solutions adjusted earnings up 11% to $451 million.
  • Asia adjusted earnings up 31% to $487 million.
  • Latin America adjusted earnings up 5% to $229 million.
  • EMEA adjusted earnings up 33% to $110 million.
  • MetLife Investment Management adjusted earnings up 68% to $47 million.
     
 

Earnings
Per Share
 

1Q 2026
 
Net Income $ 1.74
 
Adjusted
Earnings		 $ 2.42
 
 
     
 

Return
on Equity (ROE)
 

1Q 2026
 
ROE 18.2%
 
Adjusted
ROE		 17.0%
 
 

 

Comment from Michel Khalaf, President and Chief Executive Officer:
MetLife delivered exceptional performance in the first quarter, with adjusted earnings per share up 23 percent and widespread top-line growth.
Our strong start to 2026 reflects how we're accelerating progress in year two of New Frontier, supported by disciplined execution across the enterprise, and deliberate capital deployment that balances investment in our businesses with returning capital to shareholders.
We remain confident in delivering against the ambitious financial targets we laid out under New Frontier. By keeping customers at the center, we will continue to drive responsible growth and create long-term shareholder value that consistently compounds over time.