Exhibit 99.1
For Immediate Release | Global Communications | MetLife, Inc.
Earnings
Per Share
3Q 2026
Net
Income $3.67
Adjusted
Earnings
$2.78
Return
on Equity (ROE)
3Q 2026
ROE
42.7%
Adjusted
ROE
19.2%
Net income increased 187%1 to $2.4 billion, or
$3.67 per share.
Adjusted earnings increased 12% to $1.8 billion, driven by higher variable investment income, broad-based volume growth and favorable underwriting.
Adjusted earnings per share up 22% to $2.85, excluding total notable items - highest-ever quarter for MetLife.
Comment from Michel Khalaf, President and Chief Executive Officer:
We delivered the highest quarterly adjusted earnings per share in MetLife's history in the third quarter, demonstrating the strength of our New Frontier strategy and discipline of our execution.
Revenue rose in every business segment, and solid underwriting, volume growth and higher investment returns lifted earnings. We're turning that into strong free cash flow, reinvesting for responsible growth and returning capital to shareholders.
We are firing on all cylinders in year two of New Frontier, and we remain confident in our strategy and its ability to drive repeatable results.
Adjusted return on equity of 19.6%, excluding total notable items.
Premiums, fees and other revenues (PFOs) increased 12% to $14.1 billion.
Adjusted PFOs, excluding pension risk transfers (PRT), increased 8% to $13.5 billion - with growth in all six business segments.
Book value per share (BVPS) down 22% to
$30.73. Adjusted BVPS up 5% to $59.41.
Returned approximately $1 billion to shareholders via share repurchases and common stock dividends.
Holding company cash and liquid assets totaled
$3.4 billion at quarter end, within our target range.
On track to deliver against free cash flow ratio and direct expense ratio2 targets for the year.
1In this news release, all comparisons of results for the third quarter of 2026 are with the third quarter of 2025, unless otherwise noted. All year-to-date comparisons are to the first three quarters of 2025. 2Direct expense ratio, excluding total notable items related to direct expenses and PRT.
Third Quarter 2026 Summary($ in millions, except per share data)
Three Months Ended September 30,
2026 2025 Change
Premiums, fees and other revenues
$ 14,056
$ 12,526
12%
Net investment income
6,198
6,089
2%
Net investment gains (losses)
(430)
(325)
Net derivative gains (losses)
698
(929)
Total revenues
$ 20,522
$ 17,361
Adjusted premiums, fees and other revenues
$ 13,919
$ 12,461
12%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)
$ 13,525
$ 12,471
8%
Market risk benefit remeasurement gains (losses) Net income (loss)
$ 320
$ 2,351
$ 263
$ 818
22%
187%
Net income (loss) per share
$ 3.67
$ 1.22
201%
Adjusted earnings
$ 1,780
$ 1,584
12%
Adjusted earnings per share
$ 2.78
$ 2.37
17%
Adjusted earnings, excluding total notable items
$ 1,826
$ 1,566
17%
Adjusted earnings, excluding total notable items per share
$ 2.85
$ 2.34
22%
Book value per share
$ 30.73
$ 39.52
(22)%
Adjusted book value per share
$ 59.41
$ 56.57
5%
Expense ratio
21.3%
21.7%
Direct expense ratio, excluding total notable items related to direct
11.9%
11.6%
expenses and PRT
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
20.2%
19.8%
ROE
42.7%
13.1%
Adjusted ROE
19.2%
16.9%
Adjusted ROE, excluding total notable items
19.6%
16.7%
Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in "Non-GAAP and Other Financial Disclosures" below and in the tables that accompany this news release.
Supplemental slides for the third quarter of 2026, titled "3Q26 Earnings Call Presentation," are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Supplemental information about MetLife's diversified global investment portfolio is contained in the "3Q26 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website.
Total Company DiscussionPremiums, fees and other revenues were $14.1 billion, up 12 percent compared with the prior-year quarter. Adjusted premiums, fees and other revenues, excluding PRT, were
$13.5 billion, up 8 percent.
Net investment income was $6.2 billion, up 2 percent, due to higher variable investment income (VII) and asset growth, partially offset by declines in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $6.0 billion, up 10 percent, reflecting higher VII, asset growth, and investing in a higher-rate environment.
Net investment losses were $340 million after tax, reflecting normal trading activity and a stable credit environment.
Net derivative gains amounted to $551 million after tax, driven by gains on embedded derivatives associated with ceded reinsurance, as a result of higher U.S. interest rates.
Net income was $2.4 billion, driven by net derivative gains and higher adjusted earnings. On a per-share basis, net income increased 201 percent to $3.67.
Adjusted earnings were $1.8 billion, up 12 percent on a reported basis and 13 percent on a constant currency basis, driven by higher VII, broad-based volume growth, and favorable underwriting. On a per-share basis, adjusted earnings were $2.78, up 17 percent.
Direct expense ratio, excluding total notable items related to direct expenses and PRT, was
11.9 percent, compared to 11.6 percent in the prior-year quarter, and on track for our yearly target.
THIRD QUARTER 2026 NOTABLE ITEMSAnnual Actuarial Assumption Review and Other Insurance Adjustments($ in millions)
Adjusted Earnings
Three Months Ended September 30, 2026
Notable Items
Group Benefits
RIS
Asia
Latin America
EMEA
MIM
Corporate &
Other
Total
Actuarial assumption review and other insurance adjustments
$0
$(65)
$52
$(14)
$(6)
$0
$(13)
$(46)
Total notable items
$0
$(65)
$52
$(14)
$(6)
$0
$(13)
$(46)
In the third quarter of 2026, MetLife performed its annual global actuarial assumption review. The actuarial assumption review and other insurance adjustments during the quarter reduced net income by $56 million and adjusted earnings by $46 million.
Adjusted Earnings by Segment SummaryThree Months Ended September 30, 2026
Segment
Change from prior-year period (on a reported basis)
Change from prior-year period (on a constant currency basis)
Group Benefits
15%
Retirement and Income Solutions (RIS)
(6)%
Asia
11%
14%
Latin America
45%
30%
Europe, the Middle East and Africa (EMEA)
24%
32%
MetLife Investment Management (MIM)
9%
Business Discussions GROUP BENEFITS($ in millions)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Change
Adjusted earnings
$523
$456
15%
Notable item(s)
$0
$(2)
Adjusted earnings ex. notables
$523
$458
14%
Adjusted PFOs
$6,513
$6,306
3%
Adjusted PFOs, excluding participating contracts
$5,083
$4,864
5%
Adjusted earnings were $523 million, up 15 percent.
Excluding notable items, adjusted earnings were $523 million, up 14 percent, primarily driven by favorable underwriting.
Adjusted PFOs were $6.5 billion.
Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 5 percent, reflecting growth in core and voluntary products.
Sales were up 12 percent year-to-date, with strong performance in both National Accounts and Regional Business.
RIS($ in millions)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Change
Adjusted earnings
$413
$441
(6)%
Notable item(s)
$(65)
$13
Adjusted earnings ex. notables
$478
$428
12%
Adjusted PFOs
$2,018
$1,214
66%
Adjusted PFOs, excluding PRT
$1,624
$1,224
33%
Adjusted earnings were $413 million, down 6 percent, reflecting the impact of notable items from the annual actuarial assumption review.
Excluding notable items, adjusted earnings were $478 million, up 12 percent, driven by higher VII and volume growth.
Adjusted PFOs were $2.0 billion.
Adjusted PFOs, excluding PRT, were $1.6 billion, up 33 percent, mainly driven by higher sales of post-retirement benefits and U.K. longevity reinsurance.
Total retained liability exposure grew 7 percent.
ASIA($ in millions)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Change
Constant currency change
Adjusted earnings
$602
$540
11%
14%
Notable item(s)
$52
$70
Adjusted earnings ex. notables
$550
$470
17%
21%
Adjusted PFOs
$1,739
$1,717
1%
5%
Asia general account assets under management (at amortized cost)
$144,969
$140,892
3%
4%
Adjusted earnings were $602 million, up 11 percent on a reported basis and up 14 percent on a constant currency basis, reflecting the impact of the annual actuarial assumption review and other insurance adjustments.
Excluding notable items, adjusted earnings were $550 million, up 17 percent on a reported basis and up 21 percent on a constant currency basis, driven by higher VII, strong equity markets and volume growth, partially offset by less favorable underwriting.
Adjusted PFOs were $1.7 billion, up 1 percent on a reported basis and up 5 percent on a
constant currency basis.
- Asia general account assets under management (at amortized cost) were
$145.0 billion, up 4 percent on a constant currency basis.
Sales were $728 million, down 6 percent on a constant currency basis against a strong prior-year quarter. Year-to-date sales were up 10 percent on a constant currency basis, led by Japan and Korea.
LATIN AMERICA($ in millions)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Change
Constant currency change
Adjusted earnings
$215
$148
45%
30%
Notable item(s)
$(14)
$(75)
Adjusted earnings ex. notables
$229
$223
3%
(5)%
Adjusted PFOs
$2,023
$1,663
22%
14%
Adjusted earnings were $215 million, up 45 percent on a reported basis and up 30 percent on a constant currency basis, reflecting the impact of the annual actuarial assumption review and other insurance adjustments, and the value-added tax charge in Mexico from the prior-year period.
Excluding notable items, adjusted earnings were $229 million, up 3 percent on a reported basis and down 5 percent on a constant currency basis, as volume growth was largely offset by lower encaje returns.
Adjusted PFOs were $2.0 billion, up 22 percent on a reported basis and up 14 percent on a
constant currency basis, due to strong growth across the region.