MetLife (MET) Q3 2026 Earnings Review: business growth and investment income lift profit

Q3 2026 earnings recap

MetLife grew adjusted earnings 12% as higher investment income, business expansion and favorable insurance results supported profit, while growth across all six businesses strengthened its recurring revenue base.

• Adjusted profit per share of $2.78 edged past the $2.77 forecast, and adjusted revenue of $19.91 billion slightly exceeded the roughly $19.86 billion estimate.
• Adjusted premiums, fees and other revenue excluding pension risk transfers rose 8%, showing growth beyond large retirement transactions that can make quarterly sales uneven.
• Variable investment income rose 49% to $720 million, while market-related derivative gains also helped reported profit reach $3.67 per share, making both recurring growth and investment swings important to future earnings.
• Management said annual cash-generation and expense targets remain on track after returning about $1 billion through buybacks and dividends, with holding-company cash of $3.4 billion within its target range.
• The November 4 close valued shares at about 13.4 times trailing reported profit, a measure that includes market-related gains and losses rather than only steady insurance earnings.
• Shares gained 2.2% before results and closed above their 20-day and 50-day averages, with the next regular close testing whether the move above recent highs can hold.

Watch management’s November 5 discussion of recurring business growth and investment returns, because weaker markets, insurance claims or changes in actuarial assumptions could offset operating progress.