10-QPeriod: Q2 FY2026

METLIFE INC Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 6, 2026For Securities:METMET-PEMET-PFMET-PA

Summary

MetLife, Inc. reported solid financial results for the six months ended June 30, 2026. Net income available to common shareholders increased to $1.845 billion from $1.674 billion in the same period last year, driven by a significant rise in adjusted earnings, which grew to $3.159 billion from $2.711 billion. The company's strategic reorganization, completed in late 2025, appears to be yielding positive results, with the newly formed MetLife Investment Management (MIM) segment contributing to growth, boosted by the acquisition of PineBridge Investments. Despite a challenging macroeconomic environment marked by interest rate volatility and inflation, MetLife demonstrated resilience across its various segments, including Group Benefits, Retirement and Income Solutions (RIS), Asia, Latin America, and EMEA. The company's investment portfolio remains a key driver of its performance, with net investment income showing a robust increase. MetLife's strong capital management and liquidity position were maintained, evidenced by substantial cash and invested assets, and the company continued its commitment to shareholder returns through common stock repurchases and preferred dividends. The company's outlook remains cautiously optimistic, with ongoing efforts to navigate market complexities and capitalize on growth opportunities.

Key Highlights

  • 1Net income available to MetLife, Inc.’s common shareholders increased to $1.845 billion for the six months ended June 30, 2026, up from $1.674 billion in the prior year period.
  • 2Adjusted earnings available to common shareholders rose to $3.159 billion for the six months ended June 30, 2026, compared to $2.711 billion for the same period in 2025, reflecting strong operational performance.
  • 3Net investment income increased to $12.057 billion for the six months ended June 30, 2026, up from $10.546 billion in the prior year, indicating effective management of the investment portfolio.
  • 4Total assets grew to $759.372 billion as of June 30, 2026, from $745.166 billion as of December 31, 2025, showing an expansion of the company's balance sheet.
  • 5The company repurchased approximately 18.8 million shares of common stock for $1.5 billion during the six months ended June 30, 2026, demonstrating a commitment to shareholder returns.
  • 6MetLife completed the acquisition of PineBridge Investments in late 2025, which is expected to bolster its asset management capabilities and contribute to growth.
  • 7The company's capital and liquidity positions remain strong, with $18.8 billion in short-term liquidity and $182.7 billion in liquid assets as of June 30, 2026.

Frequently Asked Questions

For the six months ended June 30, 2026, MetLife reported a net income available to common shareholders of $1.845 billion, an increase from $1.674 billion in the same period of 2025. Adjusted earnings available to common shareholders also showed significant growth, rising to $3.159 billion from $2.711 billion in the prior year.

The increase in net investment income to $12.057 billion for the first half of 2026 was primarily driven by higher recurring investment income (due to positive flows from pension risk transfers, funding agreement issuances, higher real estate investment income, and improved yields on fixed income securities), higher variable investment income (from private equity funds and bond prepayment fees), and favorable market factors across segments. These positive drivers were partially offset by impacts from reinsurance transactions and higher interest credited expenses.

The strategic reorganization completed in late 2025, which established MetLife Investment Management (MIM) as a reportable segment, appears to be contributing positively. The acquisition of PineBridge Investments in late 2025 specifically boosted the MIM segment's revenues and adjusted earnings, reflecting growth in Institutional Client Assets Under Management.

MetLife maintained a strong capital and liquidity position. As of June 30, 2026, the company reported $18.8 billion in short-term liquidity (cash and cash equivalents and short-term investments) and $182.7 billion in liquid assets (which include short-term liquidity plus publicly traded securities).