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SEC filingMetLife reported Q1 2026 adjusted earnings of $1.6 billion, up 18% year-over-year, with adjusted EPS rising 23% to $2.42, driven by higher investment income and volume growth across segments.
MetLife's Q1 2026 results demonstrated robust performance across key metrics, with adjusted earnings rising 18% to $1.6 billion and adjusted EPS up 23% to $2.42, surpassing double-digit growth targets under the New Frontier plan. Growth was propelled by a 10% increase in net investment income to $5.4 billion, highlighted by 58% surge in variable investment income to $518 million from stronger private equity returns, and 5% higher premiums, fees and other revenues at $14.3 billion (10% excluding pension risk transfers). All reportable segments contributed positively: Group Benefits up 19% to $439 million on favorable life underwriting and volume; Asia up 31% to $487 million with 5% constant currency PFO growth and 7% AUM expansion; EMEA up 33% on volume; RIS up 11% despite PRT exclusion; Latin America up 5% despite tax headwinds; and MIM up 68% to $47 million post-PineBridge acquisition, with AUM at $736.3 billion. Expense efficiency improved with direct expense ratio at 11.9% (vs. 12.0% prior year), and adjusted BVPS rose 4% to $57.41. CEO Michel Khalaf emphasized disciplined execution balancing growth investments and $1.1 billion shareholder returns, with holding company liquidity at $3.9 billion atop target range. Adjusted ROE of 17% hit the upper end of 15-17% target, signaling confidence in compounding shareholder value amid stable credit and higher rates. No notable items impacted results, providing clean comparability.