METLIFE INC
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
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Item 2. Results of Operations
Results of Operations
In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees. See Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Strategic Reorganization and the Company’s segments and Corporate & Other.
Reinsurance Transactions
In 2025, the Company entered into a number of reinsurance agreements. See Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on these reinsurance transactions.
Key Financial Highlights
Net income available to MetLife, Inc.’s common shareholders was $1.1 billion for the three months ended March 31, 2026, compared to $879 million for the three months ended March 31, 2025.
Adjusted earnings available to common shareholders was $1.6 billion for the three months ended March 31, 2026, compared to $1.3 billion for the three months ended March 31, 2025.
Consolidated Results
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Revenues | ||
| Premiums | $12,120 | $11,723 |
| Universal life and investment-type product policy fees | 1,343 | 1,229 |
| Net investment income | 5,355 | 4,885 |
| Other revenues | 852 | 687 |
| Net investment gains (losses) | (670) | (387) |
| Net derivative gains (losses) | 74 | 432 |
| Total revenues | 19,074 | 18,569 |
| Expenses | ||
| Policyholder benefits and claims and policyholder dividends | 11,988 | 11,950 |
| Policyholder liability remeasurement (gains) losses | (13) | (31) |
| Market risk benefit remeasurement (gains) losses | 120 | 299 |
| Interest credited to policyholder account balances | 1,674 | 1,647 |
| Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired | 568 | 519 |
| Interest expense on debt | 265 | 258 |
| Other expenses, net of capitalization of deferred policy acquisition costs | 2,965 | 2,573 |
| Total expenses | 17,567 | 17,215 |
| Income (loss) before provision for income tax | 1,507 | 1,354 |
| Provision for income tax expense (benefit) | 345 | 404 |
| Net income (loss) | 1,162 | 950 |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (23) | 5 |
| Net income (loss) attributable to MetLife, Inc. | 1,185 | 945 |
| Less: Preferred stock dividends | 45 | 66 |
| Net income (loss) available to MetLife, Inc.’s common shareholders | $1,140 | $879 |
Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $261 million primarily due to the following:
Net Investment Gains (Losses)(1) - Unfavorable change of $283 million ($224 million, net of income tax):
Losses on foreign currency transactions in the current period compared to gains in the prior period
Higher impairments on real estate investments
Higher losses on sales of private equity investments
Lower losses on sales of fixed maturity securities
Net Derivative Gains (Losses)(2) - Unfavorable change of $358 million ($283 million, net of income tax)(3):
The U.S. dollar strengthened against the Japanese yen in the current period compared to weakened in the prior period - unfavorable impact on the estimated fair value of sell-U.S. dollar currency forwards
Long-term swap rates increased in the current period compared to decreased in the prior period - unfavorable impact on the estimated fair value of receiver forwards and swaps
Certain key equity indexes increased more significantly in the current period than in the prior period - unfavorable impact on the estimated fair value of short futures
Changes in the estimated fair value of the underlying assets - favorable impact on the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements
Market Risk Benefit Remeasurement (Gains) Losses(4) - Favorable change of $179 million ($141 million, net of income tax):
U.S. long-term interest rates increased in the current period compared to decreased in the prior period
Adjusted Earnings Available to Common Shareholders(5) - Favorable change of $237 million. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Taxes - Favorable change in effective tax rate - 23% in the current period compared to 30% in the prior period:
Current period effective tax rate on income before provision for income tax was 23% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates
U.S. state and local taxes
Partially offset by tax benefits from:
Non-taxable investment income
Low income housing and other tax credits, partially offset by the impact of tax equity investments
Prior period effective tax rate on income before provision for income tax was 30% compared to the U.S. statutory rate of 21% primarily due to tax charges from:
Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates
Non-deductible losses
Tax rate change in Japan
Partially offset by tax benefits from:
Non-taxable investment income
Low income housing and other tax credits, partially offset by the impact of tax equity investments
Corporate tax deduction for stock compensation
(1)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.
(2)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.
(3)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.
(4)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.
(5)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings available to common shareholders and related measures.
Reconciliations of net income (loss) available to MetLife, Inc.’s common shareholders to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues
Three Months Ended March 31, 2026
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $418 | $580 | $2 | $238 | $110 | $30 | $(238) | $1,140 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 45 | 45 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | 2 | (27) | — | 2 | (23) | ||||||||
| Net income (loss) | 418 | 580 | 2 | 240 | 83 | 30 | (191) | 1,162 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (36) | (137) | (283) | (38) | (10) | (18) | (148) | (670) | ||||||||
| Net derivative gains (losses) | 22 | 271 | (440) | 46 | 3 | — | 172 | 74 | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | 25 | 25 | ||||||||
| Net investment income | (13) | 210 | (169) | (20) | (184) | — | 32 | (144) | ||||||||
| Other revenues | — | 36 | — | 20 | — | 14 | 37 | 107 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | 17 | 74 | 2 | — | — | 16 | 109 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | 1 | — | — | — | — | — | 1 | ||||||||
| Market risk benefit remeasurement gains (losses) | — | (18) | (1) | — | 1 | — | (102) | (120) | ||||||||
| Interest credited to policyholder account balances (“PABs”) | — | (48) | 149 | 9 | 158 | — | (23) | 245 | ||||||||
| Capitalization of deferred policy acquisition costs (“DAC”) | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, value of business acquired (“VOBA”) and negative VOBA | — | — | — | — | — | — | (3) | (3) | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | — | (169) | — | 1 | — | (19) | (76) | (263) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 6 | (34) | 185 | (9) | 5 | 6 | 11 | 170 | ||||||||
| Adjusted earnings | $439 | $451 | $487 | $229 | $110 | $47 | $(132) | $1,631 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 45 | 45 | ||||||||
| Adjusted earnings available to common shareholders | $439 | $451 | $487 | $229 | $110 | $47 | $(177) | $1,586 | ||||||||
| Premiums, fees and other revenues | $6,539 | $2,426 | $1,738 | $1,917 | $797 | $328 | $570 | $14,315 | ||||||||
| Less: adjustments to premiums, fees and other revenues | — | 36 | — | 20 | — | 14 | 62 | 132 | ||||||||
| Adjusted premiums, fees and other revenues | $6,539 | $2,390 | $1,738 | $1,897 | $797 | $314 | $508 | $14,183 | ||||||||
Three Months Ended March 31, 2025
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $291 | $109 | $489 | $228 | $75 | $(1) | $(312) | $879 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 66 | 66 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | 2 | 1 | — | 2 | 5 | ||||||||
| Net income (loss) | 291 | 109 | 489 | 230 | 76 | (1) | (244) | 950 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (27) | (213) | 34 | 3 | (3) | (35) | (146) | (387) | ||||||||
| Net derivative gains (losses) | (58) | (59) | 170 | 158 | (11) | — | 232 | 432 | ||||||||
| Premiums | 4 | — | — | — | — | — | — | 4 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (14) | 2 | (137) | (42) | (96) | — | (41) | (328) | ||||||||
| Other revenues | — | (19) | — | — | — | — | 40 | 21 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (1) | (24) | 44 | (67) | — | — | 16 | (32) | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | (29) | (1) | — | 1 | — | (270) | (299) | ||||||||
| Interest credited to PABs | — | — | 142 | (41) | 96 | — | (27) | 170 | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (3) | (35) | — | 2 | (1) | (4) | (28) | (69) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 20 | 80 | (135) | (2) | 7 | 10 | 43 | 23 | ||||||||
| Adjusted earnings | $370 | $406 | $372 | $219 | $83 | $28 | $(63) | $1,415 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 66 | 66 | ||||||||
| Adjusted earnings available to common shareholders | $370 | $406 | $372 | $219 | $83 | $28 | $(129) | $1,349 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $370 | $406 | $372 | $251 | $86 | $28 | $(129) | $1,384 | ||||||||
| Premiums, fees and other revenues | $6,434 | $2,438 | $1,681 | $1,513 | $668 | $218 | $687 | $13,639 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 4 | (19) | — | — | — | — | 40 | 25 | ||||||||
| Adjusted premiums, fees and other revenues | $6,430 | $2,457 | $1,681 | $1,513 | $668 | $218 | $647 | $13,614 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $6,430 | $2,457 | $1,662 | $1,704 | $695 | $218 | $647 | $13,813 | ||||||||
(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Consolidated Results — Adjusted Earnings Available to Common Shareholders
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $569 million, or 4%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $370 million, or 3%, compared to the prior period, primarily due to strong sales and solid persistency in the Latin America segment, growth in both voluntary and core products in the Group Benefits segment, growth across the region in the EMEA segment, and the PineBridge acquisition that was completed in December 2025 in the MIM segment, partially offset by a decline in Corporate & Other from business run-off.
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Group Benefits | $439 | $370 |
| RIS | 451 | 406 |
| Asia | 487 | 372 |
| Latin America | 229 | 219 |
| EMEA | 110 | 83 |
| MIM | 47 | 28 |
| Corporate & Other | (177) | (129) |
| Adjusted earnings available to common shareholders | $1,586 | $1,349 |
| Adjusted earnings available to common shareholders on a constant currency basis | $1,586 | $1,384 |
| Adjusted premiums, fees and other revenues | $14,183 | $13,614 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $14,183 | $13,813 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings Available to Common Shareholders - Increased $237 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings available to common shareholders by $35 million, primarily in the Latin America segment
Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million, primarily as a result of reinsurance transactions in Corporate & Other that closed in December 2025
Market Factors - Increased adjusted earnings available to common shareholders by $102 million:
Variable investment income increased- higher returns on private equity funds, partially offset by lower returns on real estate funds
Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products in the Asia segment, partially offset by lower average interest crediting rates on investment-type products in the Latin America segment
Volume Growth - Increased adjusted earnings available to common shareholders by $70 million:
Higher average invested assets, primarily in the Asia and Latin America segments
Higher sales and business growth in the EMEA, Asia and Group Benefits segments
Increase in interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment
Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $40 million:
Favorable mortality results, primarily in the Group Benefits segment
Unfavorable change from refinements to certain insurance liabilities in both periods
Unfavorable morbidity results, primarily in the Group Benefits segment
Segment Results and Corporate & Other
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $109 million, or 2%, compared to the prior period, primarily driven by growth in both voluntary and core products, partially offset by a decrease in premiums related to our participating contracts, which can fluctuate with claims experience.
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted earnings | $439 | $370 |
| Adjusted premiums, fees and other revenues | $6,539 | $6,430 |
Adjusted Earnings - Increased $69 million primarily due to the following business drivers:
Volume Growth - Increased adjusted earnings by $15 million:
Growth in both voluntary and core products
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $42 million:
Favorable mortality - primarily due to favorable prior period development, as well as lower claims incidence and severity in the life business in the current period
Unfavorable morbidity - primarily due to higher claims incidence and severity in the disability business and unfavorable prior period development in the accident & health business, partially offset by favorable rate actions within the dental business
Unfavorable change from refinements to certain insurance liabilities in the prior period
Expenses - Increased adjusted earnings by $15 million:
Higher commissions and direct expenses, partially offset by lower legal plan utilization, were more than offset by a corresponding increase in adjusted premiums, fees and other revenues
Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 decreased $67 million, or 3%, compared to the prior period. The decrease was primarily due to lower premiums from our pension risk transfer business, substantially offset by growth in our United Kingdom (“U.K.”) funded reinsurance, U.K. longevity reinsurance, postretirement benefit, and structured settlement businesses. Changes in premiums were largely offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted earnings | $451 | $406 |
| Adjusted premiums, fees and other revenues | $2,390 | $2,457 |
Adjusted Earnings- Increased $45 million primarily due to the following business drivers:
Market Factors- Increased adjusted earnings by $34 million:
Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds
Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities and higher income on real estate investments, partially offset by the impact from a reinsurance transaction
Interest credited expenses increased - growth in certain insurance products and investment-type products, partially offset by the impact from a reinsurance transaction and lower average interest crediting rates on investment-type products
Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $11 million:
Favorable mortality - mainly in pension risk transfer and benefit funding solutions businesses
Asia
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $57 million, or 3%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $76 million, or 5%, compared to the prior period, as increases in premiums in life products in Korea and Australia, and higher fee income from Japan’s yen-denominated life and foreign currency annuity products, were partially offset by lower fee income from Japan’s foreign currency-denominated life products.
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted earnings | $487 | $372 |
| Adjusted earnings on a constant currency basis | $487 | $372 |
| Adjusted premiums, fees and other revenues | $1,738 | $1,681 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,738 | $1,662 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $115 million on a reported basis, primarily due to the following business drivers:
Foreign Currency- No change to adjusted earnings
Market Factors -Increased adjusted earnings by $81 million:
Variable investment income increased - higher returns on private equity funds
Recurring investment income increased - higher yields on fixed income securities
Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products
Volume Growth-Increased adjusted earnings by $19 million:
Higher sales and business growth across the region, driven by higher fee income and higher positive net flows, which resulted in higher average invested assets
Increase in interest credited expenses on investment-type and certain insurance products
Expenses- Increased adjusted earnings by $12 million:
Lower direct expenses
Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $384 million, or 25%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $193 million, or 11%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted earnings | $229 | $219 |
| Adjusted earnings on a constant currency basis | $229 | $251 |
| Adjusted premiums, fees and other revenues | $1,897 | $1,513 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,897 | $1,704 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings - Increased $10 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $32 million
Mexican and Chilean peso strengthened against the U.S. dollar
Market Factors - Decreased adjusted earnings by $14 million:
Recurring investment income decreased - lower yields on fixed income securities and lower returns on our Chilean encaje within fair value option (“FVO”) securities, driven by a decrease in bond index returns
Other revenues decreased - settlement of foreign currency hedges
Interest credited expenses decreased - lower average interest crediting rates on investment-type products
Volume Growth - Increased adjusted earnings by $14 million:
Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets
Higher sales and higher average invested assets primarily in Mexico
Increase in interest credited expenses on investment-type and certain insurance products
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million:
Unfavorable impact related to higher value-added tax in Mexico
Favorable mortality - lower claim experience and higher fees primarily in Mexico
Expenses - Increased adjusted earnings by $5 million:
An increase in adjusted premiums, fees and other revenues combined with a favorable change in certain other expenses, primarily in Mexico and Brazil
Taxes - Decreased adjusted earnings by $15 million:
Income tax refund in Chile in the prior period
Tax adjustments in both periods - recurring tax item related to inflation primarily in Chile
EMEA
Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $129 million, or 19%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $102 million, or 15%, compared to the prior period primarily due to increases in our (i) accident & health, variable life and ordinary life businesses across the region, (ii) corporate solutions business in the U.K., the Gulf and Egypt, and (iii) credit life and pension businesses in Turkey and Romania.
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted earnings | $110 | $83 |
| Adjusted earnings on a constant currency basis | $110 | $86 |
| Adjusted premiums, fees and other revenues | $797 | $668 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $797 | $695 |
Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.
Adjusted Earnings- Increased $27 million on a reported basis, primarily due to the following business drivers:
Foreign Currency - Increased adjusted earnings by $3 million:
Euro and British pound strengthened against the U.S. dollar
Turkish lira weakened against the U.S. dollar
Market Factors - Increased adjusted earnings by $5 million:
Recurring investment income increased - higher yields on fixed income securities
Volume Growth - Increased adjusted earnings by $24 million:
Increase in sales and business growth:
Accident & health, variable life and ordinary life businesses across the region
Credit life and pension businesses in Turkey and Romania
Corporate solutions business in the Gulf and Egypt
Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million:
Unfavorable underwriting experience across the region
Favorable change from refinements to certain insurance liabilities in the current period
Expenses- Increased adjusted earnings by $2 million:
An increase in adjusted premiums, fees and other revenues exceeded the corresponding increase in expenses
MetLife Investment Management
Business Overview. Other revenues for the three months ended March 31, 2026 increased $96 million, or 44%, compared to the prior period, primarily as a result of the PineBridge acquisition that was completed in December 2025, which increased Institutional Client AUM. Organic business growth across public fixed income and private fixed income also contributed to the increase in Institutional Client revenues.
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted earnings | $47 | $28 |
| Other revenues by client segment: | ||
| Institutional Client | $172 | $77 |
| General Account | 142 | 141 |
| Other revenues | $314 | $218 |
Adjusted Earnings- Increased $19 million primarily due to the following business drivers:
Volume Growth
PineBridge acquisition that was completed in December 2025
Higher Institutional Client revenues - higher Institutional Client AUM from organic business growth across public fixed income and private fixed income
Operating Margin Expansion
Primarily due to expense management
| Three MonthsEndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted earnings available to common shareholders | $(177) | $(129) |
| Adjusted premiums, fees and other revenues | $508 | $647 |
Adjusted Earnings Available to Common Shareholders- Decreased $48 million primarily due to the following business drivers:
Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million as a result of reinsurance transactions that closed in December 2025
Market Factors - Decreased adjusted earnings available to common shareholders by $1 million:
Recurring investment income decreased - lower average invested assets due to business run-off, lower returns on FVO securities and lower yields on fixed income securities
Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds
Volume Growth - Decreased adjusted earnings available to common shareholders by $6 million:
Decline due to business run-off
Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $4 million:
Lower dividend expense due to business run-off
Substantially offset by:
Unfavorable claims experience in our long-term care business
Unfavorable reserve refinements in the current period
Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $5 million:
Subordinated debt securities issuances in March 2025 and February 2026
Senior note issuances in June 2025
Senior note repayments at maturity in March 2025 and November 2025
Decreased interest expense on surplus notes
Other Expenses - Decreased adjusted earnings available to common shareholders by $29 million:
Higher corporate-related and employee-related expenses
Lower expenses consistent with business run-off
Preferred Stock Dividends - Increased adjusted earnings available to common shareholders by $21 million:
Redemption of Series G preferred stock in September 2025
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.