MetLife Q3 Net Income Triples to $2.4 Billion; Adjusted EPS Hits Record $2.85 Ex-Items
MetLife posted its highest quarterly adjusted EPS excluding notable items on broad volume growth, stronger underwriting and higher variable investment income.
The insurer reported net income of $2.351 billion, or $3.67 per share, for the third quarter of 2026, up 187% from $818 million, or $1.22, a year earlier, according to its earnings release filed with an 8-K Wednesday. Adjusted earnings rose 12% to $1.780 billion, or $2.78 per share. Excluding total notable items, adjusted earnings were $1.826 billion, or $2.85 per share, up 22%—the highest quarterly figure in MetLife’s history, the company said.
Premiums, fees and other revenues rose 12% to $14.056 billion. Adjusted PFOs excluding pension risk transfers rose 8% to $13.525 billion, with growth in all six business segments. Total revenues were $20.522 billion, versus $17.361 billion.
Capital and returns
Adjusted return on equity was 19.2%; excluding total notable items it was 19.6%. Book value per share fell 22% to $30.73, while adjusted book value per share rose 5% to $59.41. MetLife returned an estimated $1 billion to shareholders through buybacks and common dividends. Holding-company cash and liquid assets were $3.4 billion at quarter end.
President and CEO Michel Khalaf said the quarter showed the New Frontier strategy working in its second year, with revenue up in every segment and solid underwriting, volume growth and investment returns converting into free cash flow.
Net investment income of $6.198 billion edged up 2%, while derivative gains of $698 million flipped from $929 million of losses a year earlier and helped inflate the GAAP comparison. That is why adjusted earnings and the ex-notable-items EPS figure are the fairer year-over-year reads for MetLife owners.
Why it matters
MetLife’s headline GAAP jump is noisy—derivative and investment swings matter—but the record adjusted EPS ex-items and 8% PFO growth ex-PRT are the clean reads. For income-oriented retail investors, the capital-return run rate near $1 billion a quarter and adjusted ROE near 20% keep MetLife in the large-cap insurance compounder set.
By the numbers
- Net income: $2.351 billion, or $3.67 per share
- Adjusted earnings: $1.780 billion, or $2.78 per share
- Adjusted EPS ex-notable items: $2.85
- PFOs: $14.056 billion, up 12%
- Adjusted PFOs ex-PRT: $13.525 billion, up 8%
- Capital returned: an estimated $1 billion
Sources
- MetLife Form 8-K with third-quarter 2026 financial results, filed Nov. 4, 2026 (accession 0001099219-26-000058)
This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.
Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.