What drove MetLife's strong first-quarter 2026 earnings growth?

Adjusted earnings rose 18% to $1.6 billion, with adjusted EPS up 23% to $2.42. The main drivers were higher variable investment income from private equity returns (up 58% to $518M), volume growth across segments, and favorable life underwriting in Group Benefits and RIS. Asia and EMEA posted the fastest segment growth.

Is the variable investment income boost sustainable?

It is partly uncertain. The $518 million in Q1 is a large contributor and is being tracked against a full-year 2026 guidance of about $1.6 billion pre-tax. Private equity returns are volatile by nature, so quarterly results may not repeat, and investors should watch whether later quarters keep pace with that guidance.

How much capital did MetLife return to shareholders, and what is its capital position?

MetLife returned over $1.1 billion in Q1 via about $750 million of share repurchases and about $370 million of common dividends, with another roughly $200 million of repurchases in April. Holding company cash and liquid assets were $3.9 billion, at the top of the target range. The 2025 combined NAIC RBC ratio of 379% is above the 360% target, though U.S. statutory adjusted capital is expected to fall about 5% to $16.2 billion.

Were there any notable weak spots in the quarter?

Yes. GAAP results were hurt by $670 million in net investment losses and a $120 million market risk benefit remeasurement loss. Latin America adjusted earnings rose only 5% reported and fell 9% in constant currency, reflecting the Mexico value-added tax change and other tax items. Corporate & Other losses also widened to $177 million from $129 million.

What does the filing mean for how the results should be interpreted?

The earnings release and financial supplement are furnished under Item 2.02 rather than filed, so they are not subject to the same liability as filed content. Many headline figures are non-GAAP adjusted measures that exclude market volatility and asymmetrical accounting, so investors should review the reconciliations to GAAP net income in the supplement before comparing with peers.

METLIFE INC 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.

MetLife (MET) reported strong first-quarter 2026 results, with adjusted earnings per share up 23% to $2.42^a and net income up 30% to $1.1 billion, or $1.74 per share.

Adjusted earnings rose 18% to $1.6 billion^b, driven by higher variable investment income (up 58% to $518 million on private equity returns), volume growth, and favorable life underwriting. Premiums, fees and other revenues grew 5% to $14.3 billion, and adjusted PFOs excluding pension risk transfers (PRT) rose 10% to $13.3 billion, with growth in every segment. Adjusted ROE was 17.0% and GAAP ROE 18.2%, and book value per share rose 8% to $37.92 while adjusted book value per share rose 4% to $57.41.

Capital deployment remained active: MetLife returned over $1.1 billion^c to shareholders in the quarter through about $750 million of buybacks and roughly $370 million of common dividends, with a further roughly $200 million of repurchases in April 2026. Holding company cash and liquid assets ended the quarter at $3.9 billion, at the top of the target range. The 2025 combined NAIC RBC ratio was 379%, above the 360% target, while U.S. statutory adjusted capital fell about 5% to an expected $16.2 billion.

Management said the results reflect progress in year two of the New Frontier plan, and the company reported a direct expense ratio of 11.9% against a 12.1% full-year target. Investors should note several watch items. Quality of earnings is supported by private equity returns, which are inherently volatile, and variable investment income of $518 million^d is tracking toward the ~$1.6 billion full-year 2026 guidance.

Net investment losses of $670 million and a $120 million market risk benefit remeasurement loss weighed on GAAP net income, and Latin America adjusted earnings fell 9% on a constant currency basis due to the Mexico value-added tax change. The filing states that the earnings release and financial supplement are furnished rather than filed, and it includes a standard forward-looking statements disclaimer.

02—Key points

Key Highlights

Adjusted EPS rose 23% to $2.42 versus $1.96 a year earlier, and GAAP net income per share rose 36% to $1.74.
Adjusted earnings grew 18% to $1.6 billion, led by Asia (+31% to $487M), Group Benefits (+19% to $439M), and EMEA (+33% to $110M), while Latin America rose only 5% reported and fell 9% in constant currency.
Variable investment income surged 58% to $518 million on strong private equity returns, which is a sizable share of the ~$1.6 billion pre-tax full-year 2026 guidance but is inherently volatile.
Adjusted ROE of 17.0% and GAAP ROE of 18.2%; book value per share rose 8% to $37.92 and adjusted book value per share rose 4% to $57.41.
Premiums, fees and other revenues rose 5% to $14.3 billion, and adjusted PFOs excluding PRT rose 10% to $13.3 billion, with growth across all segments.
Returned over $1.1 billion to shareholders in Q1 (about $750M buybacks and $370M dividends), with roughly $200M more repurchased in April 2026; holding company liquidity of $3.9 billion is at the top of the target range.
Net investment losses of $670 million and a $120 million market risk benefit remeasurement loss pressured GAAP results, while the direct expense ratio improved to 11.9% (ahead of the 12.1% target).

03—Questions

Frequently Asked Questions

What drove MetLife's strong first-quarter 2026 earnings growth?
Adjusted earnings rose 18% to $1.6 billion, with adjusted EPS up 23% to $2.42. The main drivers were higher variable investment income from private equity returns (up 58% to $518M), volume growth across segments, and favorable life underwriting in Group Benefits and RIS. Asia and EMEA posted the fastest segment growth.
Is the variable investment income boost sustainable?
It is partly uncertain. The $518 million in Q1 is a large contributor and is being tracked against a full-year 2026 guidance of about $1.6 billion pre-tax. Private equity returns are volatile by nature, so quarterly results may not repeat, and investors should watch whether later quarters keep pace with that guidance.
How much capital did MetLife return to shareholders, and what is its capital position?
MetLife returned over $1.1 billion in Q1 via about $750 million of share repurchases and about $370 million of common dividends, with another roughly $200 million of repurchases in April. Holding company cash and liquid assets were $3.9 billion, at the top of the target range. The 2025 combined NAIC RBC ratio of 379% is above the 360% target, though U.S. statutory adjusted capital is expected to fall about 5% to $16.2 billion.
Were there any notable weak spots in the quarter?
Yes. GAAP results were hurt by $670 million in net investment losses and a $120 million market risk benefit remeasurement loss. Latin America adjusted earnings rose only 5% reported and fell 9% in constant currency, reflecting the Mexico value-added tax change and other tax items. Corporate & Other losses also widened to $177 million from $129 million.
What does the filing mean for how the results should be interpreted?
The earnings release and financial supplement are furnished under Item 2.02 rather than filed, so they are not subject to the same liability as filed content. Many headline figures are non-GAAP adjusted measures that exclude market volatility and asymmetrical accounting, so investors should review the reconciliations to GAAP net income in the supplement before comparing with peers.

04—Continue

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