METLIFE INC
For the period ended Sep 30, 2026. Filed Nov 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.
Sep 30, 2026 · Filed Nov 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 (loss) available to MetLife, Inc.’s common shareholders was $2.4 billion and $4.2 billion for the three months and nine months ended September 30, 2026, respectively, compared to $818 million and $2.4 billion for the three months and nine months ended September 30, 2025, respectively.
Adjusted earnings available to common shareholders was $1.8 billion and $4.9 billion for the three months and nine months ended September 30, 2026, respectively, compared to $1.6 billion and $4.3 billion for the three months and nine months ended September 30, 2025, respectively.
Consolidated Results
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Revenues | ||||
| Premiums | $11,818 | $10,555 | $35,373 | $33,088 |
| Universal life and investment-type product policy fees | 1,385 | 1,247 | 4,100 | 3,735 |
| Net investment income | 6,198 | 6,089 | 18,255 | 16,635 |
| Other revenues | 853 | 724 | 2,550 | 2,090 |
| Net investment gains (losses) | (430) | (325) | (1,528) | (985) |
| Net derivative gains (losses) | 698 | (929) | — | (1,293) |
| Total revenues | 20,522 | 17,361 | 58,750 | 53,270 |
| Expenses | ||||
| Policyholder benefits and claims and policyholder dividends | 11,610 | 10,503 | 35,058 | 33,366 |
| Policyholder liability remeasurement (gains) losses | 138 | (159) | 143 | (185) |
| Market risk benefit remeasurement (gains) losses | (320) | (263) | (470) | (241) |
| Interest credited to policyholder account balances | 2,201 | 2,561 | 6,942 | 6,608 |
| Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired | 612 | 522 | 1,768 | 1,569 |
| Interest expense on debt | 291 | 271 | 848 | 798 |
| Other expenses, net of capitalization of deferred policy acquisition costs | 2,990 | 2,716 | 8,919 | 7,811 |
| Total expenses | 17,522 | 16,151 | 53,208 | 49,726 |
| Income (loss) before provision for income tax | 3,000 | 1,210 | 5,542 | 3,544 |
| Provision for income tax expense (benefit) | 588 | 308 | 1,189 | 957 |
| Net income (loss) | 2,412 | 902 | 4,353 | 2,587 |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 15 | 6 | 35 | 17 |
| Net income (loss) attributable to MetLife, Inc. | 2,397 | 896 | 4,318 | 2,570 |
| Less: Preferred stock dividends | 46 | 66 | 122 | 163 |
| Preferred stock redemption premium | — | 12 | — | 12 |
| Net income (loss) available to MetLife, Inc.’s common shareholders | $2,351 | $818 | $4,196 | $2,395 |
Net income (loss) available to MetLife, Inc.’s common shareholders increased $1.5 billion primarily due to a favorable change in net derivative gains (losses) and higher adjusted earnings available to common shareholders, partially offset by the impact of the actuarial assumption review.
Net derivative gains (losses)(1,2) increased net income (loss) available to MetLife, Inc.’s common shareholders primarily due to a change in the estimated fair value of the underlying assets, favorably impacting the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements. In addition, certain key equity indexes increased less in the current period compared to the prior period, favorably impacting the estimated fair value of short futures and total rate of return swaps.
Adjusted earnings available to common shareholders(3) increased. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
Actuarial assumption review decreased net income (loss) available to MetLife, Inc.’s common shareholders:
| Three Months Ended September 30, · Variance | |||
|---|---|---|---|
| Assumptions · 2026 · 2025 | |||
| (In millions, net of income tax) | |||
| Economic | $7 | $(24) | $31 |
| Mortality | (63) | (9) | (54) |
| Morbidity | 34 | (20) | 54 |
| Policyholder behavior | (118) | 38 | (156) |
| Operational | 54 | 117 | (63) |
| Total | $(86) | $102 | $(188) |
The actuarial assumption review resulted in a loss of $86 million and a gain of $102 million for the three months ended September 30, 2026 and 2025, respectively. Of the $86 million loss, a loss of $76 million was recognized in adjusted earnings available to common shareholders. Of the $102 million gain, a gain of $89 million was recognized in adjusted earnings available to common shareholders. The $188 million decrease was primarily driven by (i) updates to policyholder behavior assumptions in the long-term care business in Corporate & Other related to refinements to the lapse assumption, (ii) updates to operational assumptions in Corporate & Other related to future premium rate increases for the long-term care business, and (iii) less favorable mortality experience in the pension risk transfer and structured settlements businesses in the RIS segment, partially offset by favorable mortality experience in the life business in the Asia segment. These decreases were partially offset by favorable morbidity experience in the long-term care business in Corporate & Other, partially offset by unfavorable morbidity experience in the accident & health business in the Asia segment.
Net income (loss) available to MetLife, Inc.’s common shareholders increased $1.8 billion primarily due to a favorable change in net derivative gains (losses) and higher adjusted earnings available to common shareholders, partially offset by the impact of the actuarial assumption review.
Net derivative gains (losses)(1,2) increased net income (loss) available to MetLife, Inc.’s common shareholders primarily due to a change in the estimated fair value of the underlying assets, favorably impacting the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements.
Adjusted earnings available to common shareholders(3) increased. See “— Consolidated Results — Adjusted Earnings Available to Common Shareholders.”
For the results of the actuarial assumption review, see “— Three Months Ended September 30, 2026 Compared with the Three Months Ended September 30, 2025.”
(1)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.
(2)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.
(3)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 September 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 | $573 | $870 | $961 | $138 | $128 | $39 | $(358) | $2,351 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 46 | 46 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | — | — | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | 1 | 1 | 13 | — | — | 15 | ||||||||
| Net income (loss) | 573 | 870 | 962 | 139 | 141 | 39 | (312) | 2,412 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (9) | (290) | 83 | (25) | 2 | (27) | (164) | (430) | ||||||||
| Net derivative gains (losses) | 85 | 806 | 218 | (114) | 3 | — | (300) | 698 | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | 18 | 18 | ||||||||
| Net investment income | (13) | 183 | (71) | 22 | 91 | 4 | (6) | 210 | ||||||||
| Other revenues | — | 47 | — | 28 | — | 12 | 32 | 119 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | 18 | 72 | 1 | — | — | 15 | 106 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | (16) | — | — | — | — | — | (16) | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 65 | 9 | — | 2 | — | 244 | 320 | ||||||||
| Interest credited to policyholder account balances (“PABs”) | — | (61) | 29 | (18) | (58) | — | (23) | (131) | ||||||||
| 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 | — | — | — | — | — | (4) | (15) | (19) | ||||||||
| Other expenses | — | (172) | — | (2) | (1) | (17) | (62) | (254) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | (13) | (122) | 20 | 32 | (6) | 8 | 50 | (31) | ||||||||
| Adjusted earnings | $523 | $413 | $602 | $215 | $108 | $63 | $(98) | $1,826 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 46 | 46 | ||||||||
| Adjusted earnings available to common shareholders | $523 | $413 | $602 | $215 | $108 | $63 | $(144) | $1,780 | ||||||||
| Premiums, fees and other revenues | $6,513 | $2,065 | $1,739 | $2,051 | $832 | $331 | $525 | $14,056 | ||||||||
| Less: adjustments to premiums, fees and other revenues | — | 47 | — | 28 | — | 12 | 50 | 137 | ||||||||
| Adjusted premiums, fees and other revenues | $6,513 | $2,018 | $1,739 | $2,023 | $832 | $319 | $475 | $13,919 | ||||||||
Three Months Ended September 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 | $396 | $203 | $297 | $112 | $65 | $(1) | $(254) | $818 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 66 | 66 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | 12 | 12 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | 2 | 2 | — | 2 | 6 | ||||||||
| Net income (loss) | 396 | 203 | 297 | 114 | 67 | (1) | (174) | 902 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (57) | (198) | (82) | 41 | (13) | (75) | 59 | (325) | ||||||||
| Net derivative gains (losses) | (3) | (216) | (393) | (64) | (17) | — | (236) | (929) | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (15) | 189 | 279 | 25 | 308 | — | (137) | 649 | ||||||||
| Other revenues | 2 | 13 | — | 12 | — | — | 38 | 65 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (1) | 38 | 49 | (2) | — | — | 16 | 100 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | (2) | — | — | — | — | — | (2) | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 33 | 26 | — | 14 | — | 190 | 263 | ||||||||
| Interest credited to PABs | — | (31) | (223) | (57) | (312) | — | (23) | (646) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (3) | (126) | — | 1 | (1) | (4) | (13) | (146) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 17 | 62 | 101 | 10 | 1 | 20 | 12 | 223 | ||||||||
| Adjusted earnings | $456 | $441 | $540 | $148 | $87 | $58 | $(80) | $1,650 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 66 | 66 | ||||||||
| Adjusted earnings available to common shareholders | $456 | $441 | $540 | $148 | $87 | $58 | $(146) | $1,584 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $456 | $441 | $526 | $165 | $82 | $58 | $(146) | $1,582 | ||||||||
| Premiums, fees and other revenues | $6,308 | $1,227 | $1,717 | $1,675 | $727 | $238 | $634 | $12,526 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 2 | 13 | — | 12 | — | — | 38 | 65 | ||||||||
| Adjusted premiums, fees and other revenues | $6,306 | $1,214 | $1,717 | $1,663 | $727 | $238 | $596 | $12,461 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $6,306 | $1,214 | $1,655 | $1,769 | $711 | $238 | $596 | $12,489 | ||||||||
(1)Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.
Nine Months Ended September 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 | $1,461 | $1,640 | $1,011 | $513 | $308 | $108 | $(845) | $4,196 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 122 | 122 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | — | — | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | 27 | 5 | — | — | 3 | 35 | ||||||||
| Net income (loss) | 1,461 | 1,640 | 1,038 | 518 | 308 | 108 | (720) | 4,353 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (80) | (690) | (316) | (34) | (21) | (64) | (323) | (1,528) | ||||||||
| Net derivative gains (losses) | 112 | 981 | (681) | (8) | (10) | — | (394) | — | ||||||||
| Premiums | — | — | — | — | — | — | — | — | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | 67 | 67 | ||||||||
| Net investment income | (37) | 658 | 103 | (50) | 509 | 7 | 27 | 1,217 | ||||||||
| Other revenues | — | 114 | — | 71 | — | 40 | 105 | 330 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | — | 53 | 233 | (159) | — | — | 46 | 173 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | (14) | — | — | — | — | — | (14) | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 78 | 27 | — | 11 | — | 354 | 470 | ||||||||
| Interest credited to PABs | — | (164) | (168) | (80) | (489) | — | (73) | (974) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | (2) | — | — | — | — | (9) | (11) | ||||||||
| Interest expense on debt | — | — | — | — | — | (7) | (31) | (38) | ||||||||
| Other expenses | — | (508) | — | (1) | (2) | (55) | (207) | (773) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 1 | (107) | 331 | 67 | (16) | 20 | 77 | 373 | ||||||||
| Adjusted earnings | $1,465 | $1,241 | $1,509 | $712 | $326 | $167 | $(359) | $5,061 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 122 | 122 | ||||||||
| Adjusted earnings available to common shareholders | $1,465 | $1,241 | $1,509 | $712 | $326 | $167 | $(481) | $4,939 | ||||||||
| Premiums, fees and other revenues | $19,564 | $6,291 | $5,175 | $5,890 | $2,435 | $990 | $1,678 | $42,023 | ||||||||
| Less: adjustments to premiums, fees and other revenues | — | 114 | — | 71 | — | 40 | 172 | 397 | ||||||||
| Adjusted premiums, fees and other revenues | $19,564 | $6,177 | $5,175 | $5,819 | $2,435 | $950 | $1,506 | $41,626 | ||||||||
Nine Months Ended September 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 | $1,053 | $425 | $1,121 | $542 | $236 | $61 | $(1,043) | $2,395 | ||||||||
| Add: Preferred stock dividends | — | — | — | — | — | — | 163 | 163 | ||||||||
| Add: Preferred stock redemption premium | — | — | — | — | — | — | 12 | 12 | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | — | — | 6 | 4 | — | 7 | 17 | ||||||||
| Net income (loss) | 1,053 | 425 | 1,121 | 548 | 240 | 61 | (861) | 2,587 | ||||||||
| Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Net investment gains (losses) | (88) | (611) | 21 | 42 | (13) | (93) | (243) | (985) | ||||||||
| Net derivative gains (losses) | (88) | (414) | (395) | 112 | (43) | — | (465) | (1,293) | ||||||||
| Premiums | 7 | — | — | — | — | — | — | 7 | ||||||||
| Universal life and investment-type product policy fees | — | — | — | — | — | — | — | — | ||||||||
| Net investment income | (44) | 204 | 337 | (4) | 483 | — | (196) | 780 | ||||||||
| Other revenues | 2 | (27) | — | 20 | — | — | 117 | 112 | ||||||||
| Expenses: | ||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | (1) | 18 | 133 | (91) | — | — | 49 | 108 | ||||||||
| Policyholder liability remeasurement (gains) losses | — | (2) | — | — | — | — | — | (2) | ||||||||
| Market risk benefit remeasurement gains (losses) | — | 58 | 39 | — | 14 | — | 130 | 241 | ||||||||
| Interest credited to PABs | — | (30) | (264) | (151) | (472) | — | (75) | (992) | ||||||||
| Capitalization of DAC | — | — | — | — | — | — | — | — | ||||||||
| Amortization of DAC, VOBA and negative VOBA | — | — | — | — | — | — | — | — | ||||||||
| Interest expense on debt | — | — | — | — | — | — | — | — | ||||||||
| Other expenses | (8) | (198) | — | 6 | (2) | (12) | (74) | (288) | ||||||||
| Goodwill impairment | — | — | — | — | — | — | — | — | ||||||||
| Provision for income tax (expense) benefit | 46 | 210 | (8) | 14 | 3 | 26 | 150 | 441 | ||||||||
| Adjusted earnings | $1,227 | $1,217 | $1,258 | $600 | $270 | $140 | $(254) | $4,458 | ||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | 163 | 163 | ||||||||
| Adjusted earnings available to common shareholders | $1,227 | $1,217 | $1,258 | $600 | $270 | $140 | $(417) | $4,295 | ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis (1) | $1,227 | $1,217 | $1,235 | $674 | $265 | $140 | $(417) | $4,341 | ||||||||
| Premiums, fees and other revenues | $19,191 | $5,026 | $5,097 | $4,830 | $2,114 | $693 | $1,962 | $38,913 | ||||||||
| Less: adjustments to premiums, fees and other revenues | 9 | (27) | — | 20 | — | — | 117 | 119 | ||||||||
| Adjusted premiums, fees and other revenues | $19,182 | $5,053 | $5,097 | $4,810 | $2,114 | $693 | $1,845 | $38,794 | ||||||||
| Adjusted premiums, fees and other revenues on a constant currency basis (1) | $19,182 | $5,053 | $4,920 | $5,262 | $2,123 | $693 | $1,845 | $39,078 | ||||||||
(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 September 30, 2026 increased $1.5 billion, or 12%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $1.4 billion, or 11%, compared to the prior period due to contributions from all segments. The RIS segment benefited from higher premiums from its United Kingdom (“U.K.”) funded reinsurance, U.K. longevity reinsurance, and benefit funding solutions businesses. The Latin America and EMEA segments experienced increases in adjusted premiums, fees and other revenues across their respective regions. Higher premiums in the Group Benefits segment were driven by growth from both core and voluntary products. In the Asia segment, higher premiums were primarily driven by life products in Korea. 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 MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Group Benefits | $523 | $456 | $1,465 | $1,227 |
| RIS | 413 | 441 | 1,241 | 1,217 |
| Asia | 602 | 540 | 1,509 | 1,258 |
| Latin America | 215 | 148 | 712 | 600 |
| EMEA | 108 | 87 | 326 | 270 |
| MIM | 63 | 58 | 167 | 140 |
| Corporate & Other | (144) | (146) | (481) | (417) |
| Adjusted earnings available to common shareholders | $1,780 | $1,584 | $4,939 | $4,295 |
| Adjusted earnings available to common shareholders on a constant currency basis | $1,780 | $1,582 | $4,939 | $4,341 |
| Adjusted premiums, fees and other revenues | $13,919 | $12,461 | $41,626 | $38,794 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $13,919 | $12,489 | $41,626 | $39,078 |
Adjusted earnings available to common shareholders increased $196 million on a reported basis primarily due to favorable market factors, volume growth and favorable underwriting and other insurance adjustments, partially offset by higher expenses and notable items.
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, and 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”)), partially offset by lower returns on fair value option (“FVO”) securities and lower average invested assets in Corporate & Other. Variable investment income increased due to higher returns on private equity and real estate funds. Higher interest credited expenses were primarily driven by the RIS and Asia segments.
Volume growth contributed to the increase in adjusted earnings available to common shareholders primarily driven by business growth in the non-U.S. segments and higher average invested assets, primarily in the Asia and Latin America segments, partially offset by higher interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings available to common shareholders primarily reflecting favorable mortality and morbidity results in the Group Benefits segment. This was partially offset by an unfavorable change resulting from refinements to certain insurance liabilities in both periods.
Expenses decreased adjusted earnings available to common shareholders primarily due to higher direct expenses, including employee-related costs.
Notable items related to actuarial assumption review and other insurance adjustments, and tax adjustments decreased adjusted earnings by $64 million on a reported basis:
| Three MonthsEndedSeptember 30, · Variance | |||
|---|---|---|---|
| 2026 · 2025 | |||
| (In millions) | |||
| Group Benefits | $— | $(2) | $2 |
| RIS | (65) | 13 | (78) |
| Asia | 52 | 70 | (18) |
| Latin America | (14) | (75) | 61 |
| EMEA | (6) | (1) | (5) |
| Corporate & Other | (13) | 13 | (26) |
| Total | $(46) | $18 | $(64) |
Adjusted earnings available to common shareholders increased $644 million on a reported basis primarily due to favorable market factors, volume growth and favorable underwriting and other insurance adjustments, partially offset by higher expenses, strategic reinsurance transactions and notable items.
Market factors contributed to the increase in adjusted earnings available to common shareholders primarily from recurring and variable investment income, partially offset by higher interest credited expenses. 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, lower average invested assets in Corporate & Other and lower returns on FVO securities. Variable investment income increased due to higher returns on private equity funds and higher income on bond prepayment fees. Higher interest credited expenses were primarily driven by the Asia and RIS segments.
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 and Latin America segments.
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.
Expenses decreased adjusted earnings available to common shareholders primarily due to higher direct expenses, including employee-related costs, and higher legal costs.
Strategic reinsurance transactions that closed in December 2025 decreased adjusted earnings available to common shareholders in Corporate & Other.
For the results of the notable items, see “— Three Months Ended September 30, 2026 Compared with the Three Months Ended September 30, 2025.”
Segment Results and Corporate & Other
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2026 increased $207 million, or 3%, compared to the prior period, primarily driven by growth in both core and voluntary products, partially offset by a decrease in premiums related to our participating contracts, which can fluctuate with claims experience.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $523 | $456 | $1,465 | $1,227 |
| Adjusted premiums, fees and other revenues | $6,513 | $6,306 | $19,564 | $19,182 |
Adjusted earnings increased $67 million primarily driven by favorable underwriting and other insurance adjustments and volume growth, partially offset by higher expenses.
Underwriting and other insurance adjustments contributed $81 million to the increase in adjusted earnings. Mortality results improved in the current period due to lower claims incidence and severity in the life business. In addition, morbidity results benefited from favorable claims experience in the disability business, as well as favorable claims experience and rate actions within the dental business.
Volume growth in both core and voluntary products contributed to the increase in adjusted earnings.
Expenses decreased adjusted earnings by $32 million due to higher commissions and direct expenses, partially offset by an increase in premiums, fees and other revenues.
Adjusted earnings increased $238 million primarily driven by favorable underwriting and other insurance adjustments and volume growth, partially offset by higher expenses.
Underwriting and other insurance adjustments contributed $214 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. Morbidity experience was flat as favorable claims experience and rate actions within the dental business were offset by unfavorable prior period development in accident & health.
Volume growth in both core and voluntary products contributed to the increase in adjusted earnings.
Expenses decreased adjusted earnings due to higher commissions and variable expenses, partially offset by an increase in premiums, fees and other revenues.
Retirement & Income Solutions
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2026 increased $804 million, or 66%, compared to the prior period. The increase was primarily due to higher premiums from our U.K. funded reinsurance, U.K. longevity reinsurance, and benefit funding solutions businesses. Changes in premiums were more than offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $413 | $441 | $1,241 | $1,217 |
| Adjusted premiums, fees and other revenues | $2,018 | $1,214 | $6,177 | $5,053 |
Adjusted earnings decreased $28 million primarily driven by notable items, largely offset by favorable market factors.
Notable items decreased adjusted earnings by $78 million. The current period includes an unfavorable impact of $65 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.
Market factors increased adjusted earnings by $49 million driven by higher recurring investment income and variable investment income, largely offset by higher interest credited expenses. Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, as well as higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings). Higher variable investment income was driven by higher returns on real estate funds and private equity funds. The increase in interest credited expenses was primarily due to growth in certain insurance products and investment-type products, and higher average interest crediting rates on certain insurance products.
Adjusted earnings increased $24 million primarily driven by favorable market factors, largely offset by notable items.
Market factors contributed $100 million to the increase in adjusted earnings, primarily driven by higher recurring investment income and variable investment income, largely 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 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, partially offset by lower returns on mortgage loan funds. The increase in interest credited expenses was primarily due to growth in certain insurance products and investment-type products, as well as higher interest crediting rates on certain insurance products, partially offset by the impact from a reinsurance transaction and lower average interest crediting rates on investment-type products.
Notable items decreased adjusted earnings by $78 million. The current period includes an unfavorable impact of $65 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.
Asia
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2026 increased $22 million, or 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $84 million, or 5%, compared to the prior period, as increases in premiums in life products in Korea, and higher fee income from Japan’s yen-denominated life and foreign currency annuity products were partially offset by lower premiums from Japan’s accident & health products.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $602 | $540 | $1,509 | $1,258 |
| Adjusted earnings on a constant currency basis | $602 | $526 | $1,509 | $1,235 |
| Adjusted premiums, fees and other revenues | $1,739 | $1,717 | $5,175 | $5,097 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $1,739 | $1,655 | $5,175 | $4,920 |
Discussions below are presented in order of magnitude. 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 $62 million on a reported basis primarily driven by favorable market factors and volume growth, partially offset by unfavorable underwriting and other insurance adjustments and notable items.
Market factors contributed $128 million to the increase in adjusted earnings driven by higher variable investment income and 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 and real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings). 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.
Underwriting and other insurance adjustments decreased adjusted earnings by $30 million driven by an unfavorable change from refinements to certain insurance liabilities and unfavorable claims experience, partially offset by higher surrender charges in Japan.
Notable items decreased adjusted earnings by $18 million. The current period includes a favorable impact of $52 million driven by the actuarial assumption review and other insurance adjustments. The prior period includes a favorable impact of $70 million driven by the actuarial assumption review.
Discussions below are presented in order of magnitude. 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 $251 million on a reported basis primarily driven by favorable market factors and volume growth, partially offset by notable items.
Market factors contributed $263 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.
Notable items decreased adjusted earnings by $18 million. The current period includes a favorable impact of $52 million driven by the actuarial assumption review and other insurance adjustments. The prior period includes a favorable impact of $70 million driven by the actuarial assumption review.
Latin America
Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2026 increased $360 million, or 22%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $254 million, or 14%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $215 | $148 | $712 | $600 |
| Adjusted earnings on a constant currency basis | $215 | $165 | $712 | $674 |
| Adjusted premiums, fees and other revenues | $2,023 | $1,663 | $5,819 | $4,810 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $2,023 | $1,769 | $5,819 | $5,262 |
Discussions below are presented in order of magnitude. 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 $67 million on a reported basis primarily due to notable items and volume growth, partially offset by unfavorable market factors.
Notable items contributed $61 million to the increase in adjusted earnings. The current period includes unfavorable impacts of $14 million driven by the actuarial assumption review and other insurance adjustments. The prior period includes unfavorable impacts of $75 million, driven by the actuarial assumption review and tax adjustments related to the resolution of an industry-wide value-added tax matter in Mexico.
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 Brazil and Mexico. These increases were partially offset by higher interest credited expenses on investment-type and certain insurance products.
Market factors decreased adjusted earnings by $55 million primarily driven by lower recurring investment income and other revenues. Lower recurring investment income reflected lower returns on our Chilean encaje within FVO securities, driven by a decrease in bond index returns and lower yields on fixed income securities. Other revenues decreased due to the settlement of foreign currency hedges.
Discussions below are presented in order of magnitude. 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 $112 million on a reported basis primarily due to favorable foreign currency impacts, volume growth, and notable items, partially offset by unfavorable market factors and underwriting and other insurance adjustments.
Foreign currency movements contributed $74 million to the increase in adjusted earnings as the Mexican and Chilean pesos 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 Brazil and Mexico. These increases were partially offset by higher interest credited expenses on investment-type and certain insurance products.
Notable items contributed $61 million to the increase in adjusted earnings. The current period includes unfavorable impacts of $14 million driven by the actuarial assumption review and other insurance adjustments. The prior period includes unfavorable impacts of $75 million, driven by the actuarial assumption review and tax adjustments related to the resolution of an industry-wide value-added tax matter in Mexico.
Market factors decreased adjusted earnings by $68 million primarily driven by lower recurring investment income and other revenues, partially offset by lower interest credited expenses. Lower recurring investment income reflected lower yields on fixed income securities and lower returns on our Chilean encaje within FVO securities, driven by a decrease in bond index returns. Lower interest credited expenses were due to lower average interest crediting rates on investment-type and certain insurance products.
Underwriting and other insurance adjustments decreased adjusted earnings 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 September 30, 2026 increased $105 million, or 14%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $121 million, or 17%, compared to the prior period primarily due to strong sales and solid renewal activity across the region.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $108 | $87 | $326 | $270 |
| Adjusted earnings on a constant currency basis | $108 | $82 | $326 | $265 |
| Adjusted premiums, fees and other revenues | $832 | $727 | $2,435 | $2,114 |
| Adjusted premiums, fees and other revenues on a constant currency basis | $832 | $711 | $2,435 | $2,123 |
Discussions below are presented in order of magnitude. 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 $21 million on a reported basis primarily due to volume growth and favorable underwriting and other insurance adjustments, partially offset by higher expenses.
Volume growth contributed $24 million to the increase in adjusted earnings driven by increased sales and business growth across the region for the accident & health and life businesses, pension business in Romania and Turkey, as well as the employee benefits business in the U.K. and the Gulf.
Underwriting and other insurance adjustments contributed to the increase in adjusted earnings primarily due to a favorable change from refinements to certain insurance liabilities in both periods.
Expenses decreased adjusted earnings due to higher direct expenses, including employee-related costs and various other operating expenses, across the region.
Discussions below are presented in order of magnitude. 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 $56 million on a reported basis primarily due to volume growth and favorable market factors, partially offset by higher expenses.
Volume growth contributed $68 million to the increase in adjusted earnings driven by increased sales and business growth across the region for the accident & health and life businesses, pension business in Romania and Turkey, 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 September 30, 2026 increased $81 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 MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings | $63 | $58 | $167 | $140 |
| Other revenues by client segment: | ||||
| Institutional Client | $175 | $98 | $520 | $270 |
| General Account | 144 | 140 | 430 | 423 |
| Other revenues | $319 | $238 | $950 | $693 |
Adjusted earnings increased $5 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. This was partially offset by higher expenses driven by the PineBridge acquisition.
Adjusted earnings increased $27 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, partially offset by an increase in expenses. Higher expenses driven by the PineBridge acquisition were partially offset by savings generated through synergy initiatives.
| Three MonthsEndedSeptember 30, | Nine MonthsEndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Adjusted earnings available to common shareholders | $(144) | $(146) | $(481) | $(417) |
| Adjusted premiums, fees and other revenues | $475 | $596 | $1,506 | $1,845 |
Adjusted earnings available to common shareholders increased $2 million primarily due to favorable market factors and the redemption of preferred stock, substantially offset by strategic reinsurance transactions, notable items and higher expenses.
Market factors contributed $45 million to the increase in adjusted earnings available to common shareholders driven by higher variable investment income and recurring investment income. The increase in variable investment income was primarily due to higher returns on private equity funds, corporate debt funds and real estate funds, as well as higher income on bond prepayment fees. The increase in recurring investment income was driven by income from real estate investments (which includes the impact of the fourth quarter 2025 change to the definition of adjusted earnings), partially offset by lower average invested assets and lower yields on fixed income securities.
The redemption of Series G preferred stock in September 2025 resulted in lower preferred stock dividends, which contributed to the increase in adjusted earnings available to common shareholders.
Strategic reinsurance transactions that closed in December 2025 decreased adjusted earnings available to common shareholders.
Notable items decreased adjusted earnings available to common shareholders by $26 million. The current period includes an unfavorable impact of $13 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.
Other expenses decreased adjusted earnings available to common shareholders due to increased market-related employee costs.
Adjusted earnings available to common shareholders decreased $64 million primarily due to strategic reinsurance transactions, higher expenses and notable items, partially offset by favorable market factors and the redemption of preferred stock.
Strategic reinsurance transactions that closed in December 2025 decreased adjusted earnings available to common shareholders by $84 million.
Other expenses decreased adjusted earnings available to common shareholders due to higher market-related employee costs, corporate-related expenses and higher legal costs.
Notable items decreased adjusted earnings available to common shareholders by $26 million. The current period includes an unfavorable impact of $13 million driven by the actuarial assumption review. The prior period includes a favorable impact of $13 million driven by the actuarial assumption review.
Market factors increased adjusted earnings available to common shareholders by $66 million primarily due to higher variable investment income, lower interest credited expenses, and higher recurring investment income. The increase in variable investment income was primarily due to higher returns on private equity funds and corporate debt funds. Interest credited expenses decreased on long-duration products. Higher recurring investment income was driven by higher income on real estate investments (which includes the impact of the aforementioned fourth quarter 2025 change to the definition of adjusted earnings), substantially offset by lower average invested assets and lower yields on fixed income securities.
The redemption of Series G preferred stock in September 2025 resulted in lower preferred stock dividends, which increased adjusted earnings available to common shareholders.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.