METLIFE INC
For the period ended Jun 30, 2026. Filed Aug 6, 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.
Jun 30, 2026 · Filed Aug 6, 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 $705 million and $1.8 billion for the three months and six months ended June 30, 2026, respectively, compared to $698 million and $1.6 billion for the three months and six months ended June 30, 2025, respectively.
Adjusted earnings available to common shareholders was $1.6 billion and $3.2 billion for the three months and six months ended June 30, 2026, respectively, compared to $1.4 billion and $2.7 billion for the three months and six months ended June 30, 2025, respectively.
Consolidated Results
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Revenues | ||||
| Premiums | $11,435 | $10,810 | $23,555 | $22,533 |
| Universal life and investment-type product policy fees | 1,372 | 1,259 | 2,715 | 2,488 |
| Net investment income | 6,702 | 5,661 | 12,057 | 10,546 |
| Other revenues | 845 | 679 | 1,697 | 1,366 |
| Net investment gains (losses) | (428) | (273) | (1,098) | (660) |
| Net derivative gains (losses) | (772) | (796) | (698) | (364) |
| Total revenues | 19,154 | 17,340 | 38,228 | 35,909 |
| Expenses | ||||
| Policyholder benefits and claims and policyholder dividends | 11,460 | 10,913 | 23,448 | 22,863 |
| Policyholder liability remeasurement (gains) losses | 18 | 5 | 5 | (26) |
| Market risk benefit remeasurement (gains) losses | (270) | (277) | (150) | 22 |
| Interest credited to policyholder account balances | 3,067 | 2,400 | 4,741 | 4,047 |
| Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired | 588 | 528 | 1,156 | 1,047 |
| Interest expense on debt | 292 | 269 | 557 | 527 |
| Other expenses, net of capitalization of deferred policy acquisition costs | 2,964 | 2,522 | 5,929 | 5,095 |
| Total expenses | 18,119 | 16,360 | 35,686 | 33,575 |
| Income (loss) before provision for income tax | 1,035 | 980 | 2,542 | 2,334 |
| Provision for income tax expense (benefit) | 256 | 245 | 601 | 649 |
| Net income (loss) | 779 | 735 | 1,941 | 1,685 |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 43 | 6 | 20 | 11 |
| Net income (loss) attributable to MetLife, Inc. | 736 | 729 | 1,921 | 1,674 |
| Less: Preferred stock dividends | 31 | 31 | 76 | 97 |
| Net income (loss) available to MetLife, Inc.’s common shareholders | $705 | $698 | $1,845 | $1,577 |
Net income (loss) available to MetLife, Inc.’s common shareholders increased $7 million primarily due to higher adjusted earnings available to common shareholders, largely offset by an unfavorable change in net investment gains (losses).
Adjusted earnings available to common shareholders(1) increased. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Net investment gains (losses)(2) decreased net income (loss) available to MetLife, Inc.’s common shareholders due to (i) higher losses on sales of fixed maturity securities and subsidiaries; (ii) higher mark-to-market losses on fair value option (“FVO”) securities; and (iii) lower mark-to-market gains on equity securities, partially offset by lower increases to the ACL on mortgage loans.
Net income (loss) available to MetLife, Inc.’s common shareholders increased $268 million primarily due to higher adjusted earnings available to common shareholders, a favorable change in market risk benefit remeasurement (gains) losses, and a lower effective tax rate, largely offset by unfavorable changes in net investment gains (losses) and net derivative gains (losses).
Adjusted earnings available to common shareholders(1) increased. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Market risk benefit remeasurement (gains) losses(3) contributed to the increase in net income (loss) available to MetLife, Inc.’s common shareholders due to U.S. long-term interest rates increasing in the current period compared to decreasing in the prior period and certain key equity indexes increasing more significantly in the current period than in the prior period, partially offset by ceded reinsurance.
Taxes contributed to the increase in net income (loss) available to MetLife, Inc.’s common shareholders due to a favorable change in the effective tax rate to 24% in the current period compared to 28% in the prior period. The current period effective tax rate on income before provision for income tax was 24% compared to the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates; (ii) U.S. state and local taxes; (iii) the pending disposition of MetLife Ukraine; and (iv) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments.
The prior period effective tax rate on income before provision for income tax was 28% compared to the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates; and (ii) non-deductible losses, partially offset by tax benefits from (i) non-taxable investment income; (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments; and (iii) the corporate tax deduction for stock compensation.
Net investment gains (losses)(2) decreased net income (loss) available to MetLife, Inc.’s common shareholders due to (i) higher losses on sales of fixed maturity securities and private equity investments; (ii) losses on foreign currency transactions in the current period compared to gains in the prior period; and (iii) higher impairments on real estate investments, partially offset by lower increases to the ACL on mortgage loans.
Net derivative gains (losses)(4,5) decreased net income (loss) available to MetLife, Inc.’s common shareholders due to (i) the U.S. dollar strengthening against the Japanese yen in the current period compared to weakening in the prior period, which had an unfavorable impact on the estimated fair value of sell-U.S. dollar currency forwards; (ii) long-term swap rates increasing in the current period compared to either decreasing or increasing less significantly in the prior period, which had an unfavorable impact on the estimated fair value of receiver forwards and swaps; and (iii) certain key equity indexes increasing more significantly in the current period than in the prior period, which had an unfavorable impact on the estimated fair value of short futures, partially offset by changes in the estimated fair value of the underlying assets, which had a favorable impact on the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements.
(1)See “— Non-GAAP and Other Financial Disclosures” for information regarding adjusted earnings available to common shareholders and related measures.
(2)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.
(3)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.
(4)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.
(5)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.
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 June 30, 2026
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $470 | $190 | $48 | $137 | $70 | $39 | $(249) | $705 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 31 | 31 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | 26 | 2 | 14 | — | 1 | 43 | ||||||||
| Net income (loss) | 470 | 190 | 74 | 139 | 84 | 39 | (217) | 779 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (35) | (263) | (116) | 29 | (13) | (19) | (11) | (428) | ||||||||
| Net derivative gains (losses) | 5 | (96) | (459) | 60 | (16) | — | (266) | (772) | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | 24 | 24 | ||||||||
| Net investment income | (11) | 265 | 343 | (52) | 602 | 3 | 1 | 1,151 | ||||||||
| Other revenues | — | 31 | — | 23 | — | 14 | 36 | 104 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | 18 | 87 | (162) | — | — | 15 | (42) | ||||||||
| Policyholder liability remeasurement (gains) losses | — | 1 | — | — | — | — | — | 1 | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 31 | 19 | — | 8 | — | 212 | 270 | ||||||||
| Interest credited to policyholder account balances (“PABs”) | — | (55) | (346) | (71) | (589) | — | (27) | (1,088) | ||||||||
| Capitalization of deferred policy acquisition costs (“DAC”) | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, value of business acquired (“VOBA”) and negative VOBA | — | (1) | — | — | — | — | (3) | (4) | ||||||||
| Interest expense on debt | — | — | — | — | — | (3) | (16) | (19) | ||||||||
| Other expenses | — | (167) | — | — | (1) | (19) | (69) | (256) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 8 | 49 | 126 | 44 | (15) | 6 | 16 | 234 | ||||||||
| Adjusted earnings | $503 | $377 | $420 | $268 | $108 | $57 | $(129) | $1,604 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 31 | 31 | ||||||||
| Adjusted earnings available to common shareholders | $503 | $377 | $420 | $268 | $108 | $57 | $(160) | $1,573 | ||||||||
| Premiums, fees and other revenues | $6,512 | $1,800 | $1,698 | $1,922 | $806 | $331 | $583 | $13,652 | ||||||||
| Less: adjustments to premiums, fees and other revenues | — | 31 | — | 23 | — | 14 | 60 | 128 | ||||||||
| Adjusted premiums, fees and other revenues | $6,512 | $1,769 | $1,698 | $1,899 | $806 | $317 | $523 | $13,524 | ||||||||
Three Months Ended June 30, 2025
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $366 | $113 | $335 | $202 | $96 | $63 | $(477) | $698 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 31 | 31 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | 2 | 1 | — | 3 | 6 | ||||||||
| Net income (loss) | 366 | 113 | 335 | 204 | 97 | 63 | (443) | 735 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (4) | (200) | 69 | (2) | 3 | 17 | (156) | (273) | ||||||||
| Net derivative gains (losses) | (27) | (139) | (172) | 18 | (15) | — | (461) | (796) | ||||||||
| Premiums | 3 | — | — | — | — | — | — | 3 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (15) | 13 | 195 | 13 | 271 | — | (18) | 459 | ||||||||
| Other revenues | — | (21) | — | 8 | — | — | 39 | 26 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 1 | 4 | 40 | (22) | — | — | 17 | 40 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 54 | 14 | — | (1) | — | 210 | 277 | ||||||||
| Interest credited to PABs | — | 1 | (183) | (53) | (256) | — | (25) | (516) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (2) | (37) | — | 3 | — | (4) | (33) | (73) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 9 | 68 | 26 | 6 | (5) | (4) | 95 | 195 | ||||||||
| Adjusted earnings | $401 | $370 | $346 | $233 | $100 | $54 | $(111) | $1,393 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 31 | 31 | ||||||||
| Adjusted earnings available to common shareholders | $401 | $370 | $346 | $233 | $100 | $54 | $(142) | $1,362 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $401 | $370 | $337 | $258 | $97 | $54 | $(142) | $1,375 | ||||||||
| Premiums, fees and other revenues | $6,449 | $1,361 | $1,699 | $1,642 | $719 | $237 | $641 | $12,748 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 3 | (21) | — | 8 | — | — | 39 | 29 | ||||||||
| Adjusted premiums, fees and other revenues | $6,446 | $1,382 | $1,699 | $1,634 | $719 | $237 | $602 | $12,719 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $6,446 | $1,382 | $1,603 | $1,789 | $717 | $237 | $602 | $12,776 | ||||||||
(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Six Months Ended June 30, 2026
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $888 | $770 | $50 | $375 | $180 | $69 | $(487) | $1,845 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 76 | 76 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | 26 | 4 | (13) | — | 3 | 20 | ||||||||
| Net income (loss) | 888 | 770 | 76 | 379 | 167 | 69 | (408) | 1,941 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (71) | (400) | (399) | (9) | (23) | (37) | (159) | (1,098) | ||||||||
| Net derivative gains (losses) | 27 | 175 | (899) | 106 | (13) | — | (94) | (698) | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | 49 | 49 | ||||||||
| Net investment income | (24) | 475 | 174 | (72) | 418 | 3 | 33 | 1,007 | ||||||||
| Other revenues | — | 67 | — | 43 | — | 28 | 73 | 211 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | 35 | 161 | (160) | — | — | 31 | 67 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | 2 | — | — | — | — | — | 2 | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 13 | 18 | — | 9 | — | 110 | 150 | ||||||||
| Interest credited to PABs | — | (103) | (197) | (62) | (431) | — | (50) | (843) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | (1) | — | — | — | — | (6) | (7) | ||||||||
| Interest expense on debt | — | — | — | — | — | (3) | (16) | (19) | ||||||||
| Other expenses | — | (336) | — | 1 | (1) | (38) | (145) | (519) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 14 | 15 | 311 | 35 | (10) | 12 | 27 | 404 | ||||||||
| Adjusted earnings | $942 | $828 | $907 | $497 | $218 | $104 | $(261) | $3,235 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 76 | 76 | ||||||||
| Adjusted earnings available to common shareholders | $942 | $828 | $907 | $497 | $218 | $104 | $(337) | $3,159 | ||||||||
| Premiums, fees and other revenues | $13,051 | $4,226 | $3,436 | $3,839 | $1,603 | $659 | $1,153 | $27,967 | ||||||||
| Less: adjustments to premiums, fees and other revenues | — | 67 | — | 43 | — | 28 | 122 | 260 | ||||||||
| Adjusted premiums, fees and other revenues | $13,051 | $4,159 | $3,436 | $3,796 | $1,603 | $631 | $1,031 | $27,707 | ||||||||
Six Months Ended June 30, 2025
| Group Benefits · RIS · Asia · Latin America · EMEA · MIM · Corporate & Other · Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | ||||||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $657 | $222 | $824 | $430 | $171 | $62 | $(789) | $1,577 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 97 | 97 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | 4 | 2 | — | 5 | 11 | ||||||||
| Net income (loss) | 657 | 222 | 824 | 434 | 173 | 62 | (687) | 1,685 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (31) | (413) | 103 | 1 | — | (18) | (302) | (660) | ||||||||
| Net derivative gains (losses) | (85) | (198) | (2) | 176 | (26) | — | (229) | (364) | ||||||||
| Premiums | 7 | — | — | — | — | — | — | 7 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (29) | 15 | 58 | (29) | 175 | — | (59) | 131 | ||||||||
| Other revenues | — | (40) | — | 8 | — | — | 79 | 47 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | (20) | 84 | (89) | — | — | 33 | 8 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | — | — | — | — | — | — | — | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 25 | 13 | — | — | — | (60) | (22) | ||||||||
| Interest credited to PABs | — | 1 | (41) | (94) | (160) | — | (52) | (346) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (5) | (72) | — | 5 | (1) | (8) | (61) | (142) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 29 | 148 | (109) | 4 | 2 | 6 | 138 | 218 | ||||||||
| Adjusted earnings | $771 | $776 | $718 | $452 | $183 | $82 | $(174) | $2,808 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 97 | 97 | ||||||||
| Adjusted earnings available to common shareholders | $771 | $776 | $718 | $452 | $183 | $82 | $(271) | $2,711 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $771 | $776 | $709 | $509 | $183 | $82 | $(271) | $2,759 | ||||||||
| Premiums, fees and other revenues | $12,883 | $3,799 | $3,380 | $3,155 | $1,387 | $455 | $1,328 | $26,387 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 7 | (40) | — | 8 | — | — | 79 | 54 | ||||||||
| Adjusted premiums, fees and other revenues | $12,876 | $3,839 | $3,380 | $3,147 | $1,387 | $455 | $1,249 | $26,333 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $12,876 | $3,839 | $3,265 | $3,493 | $1,412 | $455 | $1,249 | $26,589 | ||||||||
(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 June 30, 2026 increased $805 million, or 6%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $748 million, or 6%, compared to the prior period due to contributions from all segments. In the RIS segment, higher premiums from our United Kingdom (“U.K.”) funded reinsurance, U.K. longevity reinsurance, and structured settlements businesses were partially offset by lower premiums from our pension risk transfer business. The Latin America and EMEA segments experienced increases in adjusted premiums, fees and other revenues across their respective regions while higher premiums in life products in Korea and growth in voluntary products were the primary drivers for the Asia and Group Benefits segments, respectively. The PineBridge acquisition in December 2025 drove the increase in other revenues in the MIM segment. The segment increases were partially offset by a decline in Corporate & Other from business run-off.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Group Benefits | $503 | $401 | $942 | $771 |
| RIS | 377 | 370 | 828 | 776 |
| Asia | 420 | 346 | 907 | 718 |
| Latin America | 268 | 233 | 497 | 452 |
| EMEA | 108 | 100 | 218 | 183 |
| MIM | 57 | 54 | 104 | 82 |
| Corporate & Other | (160) | (142) | (337) | (271) |
| Adjusted earnings available to common shareholders | $1,573 | $1,362 | $3,159 | $2,711 |
| Adjusted earnings available to common shareholders on a constant currency basis | $1,573 | $1,375 | $3,159 | $2,759 |
| Adjusted premiums, fees and other revenues | $13,524 | $12,719 | $27,707 | $26,333 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $13,524 | $12,776 | $27,707 | $26,589 |
Adjusted earnings available to common shareholders increased $211 million on a reported basis primarily due to favorable underwriting and other insurance adjustments, higher market factors and volume growth, partially offset by higher expenses.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings available to common shareholders primarily reflecting favorable mortality results in the Group Benefits segment, as well as a favorable change resulting from refinements to certain insurance liabilities in both periods.
Market factors contributed to the increase in adjusted earnings available to common shareholders primarily driven by higher recurring investment income and variable investment income, partially offset by higher interest credited expenses. Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, higher income on real estate investments (which includes the impact of the fourth quarter 2025 change to the definition of adjusted earnings to exclude depreciation of wholly-owned real estate and real estate joint ventures (“REJVs”)), and higher yields on fixed income securities, partially offset by the impact from a reinsurance transaction in the RIS segment and lower average invested assets in Corporate & Other. Variable investment income increased due to higher income on bond prepayment fees, partially offset by lower returns on mortgage loan funds. Higher interest credited expenses were due to higher average interest crediting rates on investment-type and certain insurance products in the Asia segment.
Volume growth contributed to the increase in adjusted earnings available to common shareholders primarily driven by higher average invested assets, primarily in the Asia and Latin America segments and business growth in the EMEA and Asia segments, partially offset by higher interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment.
Expenses decreased adjusted earnings available to common shareholders primarily due to higher legal costs, corporate-related expenses and employee-related expenses in Corporate & Other, as well as higher expenses in the EMEA segment.
Adjusted earnings available to common shareholders increased $448 million on a reported basis primarily due to higher market factors, favorable underwriting and other insurance adjustments and volume growth.
Market factors contributed to the increase in adjusted earnings available to common shareholders primarily from higher variable investment income and recurring investment income, partially offset by higher interest credited expenses. Variable investment income increased due to higher returns on private equity funds and higher income on bond prepayment fees, partially offset by lower returns on real estate funds and mortgage loan funds. Recurring investment income increased due to positive flows from pension risk transfer transactions and funding agreement issuances, higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings) and higher yields on fixed income securities, partially offset by the impact from a reinsurance transaction in the RIS segment and lower average invested assets in Corporate & Other. Higher interest credited expenses were primarily due to higher average interest crediting rates on investment-type and certain insurance products in the Asia segment.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings available to common shareholders primarily due to favorable mortality results, particularly in the Group Benefits segment.
Volume growth contributed to the increase in adjusted earnings available to common shareholders primarily due to higher average invested assets, primarily in the Asia and Latin America segments, and business growth in the EMEA, Asia and Group Benefits segments, partially offset by an increase in interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment.
Segment Results and Corporate & Other
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $66 million, or 1%, compared to the prior period, primarily driven by growth in voluntary products, largely offset by a decrease in premiums related to our participating contracts, which can fluctuate with claims experience.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $503 | $401 | $942 | $771 |
| Adjusted premiums, fees and other revenues | $6,512 | $6,446 | $13,051 | $12,876 |
Adjusted earnings increased $102 million predominantly driven by favorable underwriting and other insurance adjustments.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings. Mortality results improved in the current period due to lower claims incidence and severity in the life business, while morbidity results benefited from favorable claims experience in the disability business and favorable rate actions within the dental business.
Adjusted earnings increased $171 million primarily driven by favorable underwriting and other insurance adjustments and volume growth.
Underwriting and other insurance adjustments contributed $133 million to the increase in adjusted earnings. Mortality results improved in the current period, driven by lower claims incidence and severity in the life business. These favorable results were partially offset by unfavorable morbidity experience across products, although this impact was mitigated by favorable rate actions within the dental business.
Volume growth in both voluntary and core products contributed to the increase in adjusted earnings.
Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $387 million, or 28%, compared to the prior period. The increase was primarily due to higher premiums from our U.K. funded reinsurance, U.K. longevity reinsurance, and structured settlements businesses, partially offset by lower premiums from our pension risk transfer business. Changes in premiums were more than offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $377 | $370 | $828 | $776 |
| Adjusted premiums, fees and other revenues | $1,769 | $1,382 | $4,159 | $3,839 |
Adjusted earnings increased $7 million primarily due to market factors, partially offset by higher expenses.
Market factors contributed to the increase in adjusted earnings driven by higher recurring investment income, largely offset by higher interest credited expenses and lower variable investment income. Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities, and higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings), partially offset by the impact from a reinsurance transaction. The increase in interest credited expenses was primarily due to 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. Lower variable investment income was driven by lower returns on private equity funds and mortgage loan funds, largely offset by higher income on bond prepayment fees.
Expenses decreased adjusted earnings primarily due to higher variable costs driven by growth, partially offset by lower direct expenses.
Adjusted earnings increased $52 million predominantly due to market factors.
Market factors contributed to the increase in adjusted earnings driven by higher recurring investment income and variable investment income, partially offset by higher interest credited expenses. Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities and mortgage loans, and higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings), partially offset by the impact from a reinsurance transaction. Variable investment income also increased, driven by higher income on bond prepayment fees and higher returns on private equity funds, largely offset by lower returns on real estate funds and mortgage loan funds. The increase in interest credited expenses was primarily due to 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.
Asia
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 were essentially flat compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $95 million, or 6%, compared to the prior period, as increases in premiums in life products in Korea, and higher fee income from Japan’s foreign currency annuity and yen-denominated life products were partially offset by lower premiums from Japan’s accident & health products.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $420 | $346 | $907 | $718 |
| Adjusted earnings on a constant currency basis | $420 | $337 | $907 | $709 |
| Adjusted premiums, fees and other revenues | $1,698 | $1,699 | $3,436 | $3,380 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,698 | $1,603 | $3,436 | $3,265 |
Adjusted earnings increased $74 million on a reported basis primarily driven by market factors and volume growth.
Market factors contributed $54 million to the increase in adjusted earnings driven by higher recurring investment income and variable investment income, partially offset by higher interest credited expenses. Higher recurring investment income was primarily due to higher yields on fixed income securities. Higher variable investment income was primarily due to higher returns on private equity funds. Higher interest credited expenses were primarily due to higher average interest crediting rates on investment-type and certain insurance products.
Volume growth contributed to the increase in adjusted earnings driven by business growth across the region, including higher fee income and higher positive net flows, which resulted in higher average invested assets. This increase was partially offset by higher interest credited expenses on investment-type and certain insurance products.
Adjusted earnings increased $189 million on a reported basis primarily driven by market factors and volume growth.
Market factors contributed $135 million to the increase in adjusted earnings driven by higher variable investment income and higher recurring investment income, partially offset by higher interest credited expenses. Higher variable investment income was primarily due to higher returns on private equity funds. Higher recurring investment income was primarily due to higher yields on fixed income securities. Higher interest credited expenses were primarily due to higher average interest crediting rates on investment-type and certain insurance products.
Volume growth contributed to the increase in adjusted earnings driven by business growth across the region, including higher fee income and higher positive net flows, which resulted in higher average invested assets. This increase was partially offset by higher interest credited expenses on investment-type and certain insurance products.
Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $265 million, or 16%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $110 million, or 6%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $268 | $233 | $497 | $452 |
| Adjusted earnings on a constant currency basis | $268 | $258 | $497 | $509 |
| Adjusted premiums, fees and other revenues | $1,899 | $1,634 | $3,796 | $3,147 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,899 | $1,789 | $3,796 | $3,493 |
Adjusted earnings increased $35 million on a reported basis primarily due to favorable foreign currency impacts, volume growth and tax-related items, partially offset by unfavorable underwriting and other insurance adjustments.
Foreign currency movements contributed $25 million to the increase in adjusted earnings as the Mexican and Chilean peso strengthened against the U.S. dollar.
Volume growth contributed to the increase in adjusted earnings driven by strong sales of single premium immediate annuities in Chile, which resulted in higher average invested assets, as well as higher sales and higher average invested assets primarily in Mexico. These increases were partially offset by higher interest credited expenses on investment-type and certain insurance products.
Taxes contributed to the increase in adjusted earnings due to tax adjustments in both periods, including a recurring tax item related to inflation, primarily in Chile, and adjustments related to the filing of tax returns in Mexico and Chile.
Underwriting and other insurance adjustments decreased adjusted earnings due to the unfavorable impact of higher value-added tax in Mexico.
Adjusted earnings increased $45 million on a reported basis primarily due to favorable foreign currency impacts and volume growth, partially offset by unfavorable underwriting and other insurance adjustments.
Foreign currency movements contributed $57 million to the increase in adjusted earnings as the Mexican and Chilean peso strengthened against the U.S. dollar.
Volume growth contributed to the increase in adjusted earnings driven by strong sales of single premium immediate annuities in Chile, which resulted in higher average invested assets, as well as higher sales and higher average invested assets primarily in Mexico. These increases were partially offset by higher interest credited expenses on investment-type and certain insurance products.
Underwriting and other insurance adjustments decreased adjusted earnings by $31 million due to the unfavorable impact of higher value-added tax in Mexico.
EMEA
Business Overview. Adjusted premiums, fees and other revenues for the three months ended June 30, 2026 increased $87 million, or 12%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $89 million, or 12%, compared to the prior period primarily due to strong sales and solid renewal activity across the region.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $108 | $100 | $218 | $183 |
| Adjusted earnings on a constant currency basis | $108 | $97 | $218 | $183 |
| Adjusted premiums, fees and other revenues | $806 | $719 | $1,603 | $1,387 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $806 | $717 | $1,603 | $1,412 |
Adjusted earnings increased $8 million on a reported basis primarily due to volume growth, partially offset by higher expenses.
Volume growth contributed to the increase in adjusted earnings driven by increased sales and business growth across the region for the accident & health and life businesses, as well as the employee benefits business in the U.K. and the Gulf.
Expenses decreased adjusted earnings due to higher direct expenses, including employee-related costs, as well as pension, postretirement and postemployment benefits costs and various other operating expenses, across the region.
Adjusted earnings increased $35 million on a reported basis primarily due to volume growth and favorable market factors, partially offset by higher expenses.
Volume growth contributed $44 million to the increase in adjusted earnings driven by increased sales and business growth across the region for the accident & health and life businesses, as well as the employee benefits business in the U.K. and the Gulf.
Market factors contributed to the increase in adjusted earnings driven by higher recurring investment income, primarily due to higher yields on fixed income securities.
Expenses decreased adjusted earnings due to higher direct expenses, including employee-related costs, as well as pension, postretirement and postemployment benefits costs and various other operating expenses, across the region.
MetLife Investment Management
Business Overview. Other revenues for the three months ended June 30, 2026 increased $80 million, or 34%, compared to the prior period, primarily as a result of the PineBridge acquisition 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 MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $57 | $54 | $104 | $82 |
| Other revenues by client segment: | ||||
| Institutional Client | $173 | $95 | $345 | $172 |
| General Account | 144 | 142 | 286 | 283 |
| Other revenues | $317 | $237 | $631 | $455 |
Adjusted earnings increased $3 million primarily driven by higher revenues from higher Institutional Client AUM as a result of the PineBridge acquisition and organic business growth across public fixed income and private fixed income. Higher expenses driven by the PineBridge acquisition were partially offset by savings generated through synergy initiatives.
Adjusted earnings increased $22 million primarily driven by higher revenues from higher Institutional Client AUM as a result of the PineBridge acquisition and organic business growth across public fixed income and private fixed income. Higher expenses driven by the PineBridge acquisition were partially offset by savings generated through synergy initiatives.
| Three MonthsEndedJune 30, | Six MonthsEndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings available to common shareholders | $(160) | $(142) | $(337) | $(271) |
| Adjusted premiums, fees and other revenues | $523 | $602 | $1,031 | $1,249 |
Adjusted earnings available to common shareholders decreased $18 million primarily due to higher expenses, and strategic reinsurance transactions, substantially offset by favorable underwriting and other insurance adjustments and higher market factors.
Other expenses decreased adjusted earnings available to common shareholders by $26 million driven by higher legal costs and increased corporate-related and employee-related expenses.
Strategic reinsurance transactions that closed in December 2025 decreased adjusted earnings available to common shareholders.
Underwriting and other insurance adjustments increased adjusted earnings available to common shareholders driven by favorable reserve refinements in the current period and lower dividend expense attributable to business run-off, partially offset by unfavorable claims experience in our long-term care business.
Market factors increased adjusted earnings available to common shareholders primarily due to higher recurring investment income driven by increased income from real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings), largely offset by lower average invested assets and lower yields on fixed income securities.
Adjusted earnings available to common shareholders decreased $66 million primarily due to higher expenses and strategic reinsurance transactions, partially offset by favorable underwriting and other insurance adjustments and higher market factors.
Other expenses decreased adjusted earnings available to common shareholders by $55 million driven by higher legal costs and increased corporate-related and employee-related expenses.
Strategic reinsurance transactions that closed in December 2025 decreased adjusted earnings available to common shareholders.
Underwriting and other insurance adjustments increased adjusted earnings available to common shareholders driven by lower dividend expense attributable to business run-off and favorable reserve refinements in the current period, partially offset by unfavorable claims experience in our long-term care business.
Market factors increased adjusted earnings available to common shareholders primarily due to higher variable investment income and lower interest credited expenses, partially offset by lower recurring investment income. Higher variable investment income was primarily due to higher returns on private equity funds, partially offset by lower returns on real estate funds. Interest credited expenses decreased on long duration products. Lower recurring investment income was the result of lower average invested assets and lower yields on fixed income securities and mortgage loans, partially offset by higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings).
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.