MetLife reported a 187% increase in net income to $2.4bn, or $3.67 per share, for the third quarter of 2026. Adjusted earnings rose 12% to $1.8bn, driven by higher variable investment income, broad-based volume growth and favourable underwriting. Adjusted earnings per share increased 22% to $2.85, excluding notable items, marking the highest quarterly figure in the company's history. Adjusted return on equity stood at 19.6%, excluding notable items.
Premiums, fees and other revenues increased 12% to $14.1bn, while adjusted premiums, fees and other revenues, excluding pension risk transfers, rose 8% to $13.5bn, with growth across all six business segments. Book value per share declined 22% to $30.73, while adjusted book value per share increased 5% to $59.41. MetLife returned approximately $1bn to shareholders through share repurchases and common stock dividends. Its holding company cash and liquid assets totalled $3.4bn at the end of the quarter, within its target range. The company also remained on track to meet its full-year free cash flow ratio and direct expense ratio targets.
MetLife President and CEO Michel Khalaf said the record quarterly adjusted earnings per share demonstrated the strength of the company's New Frontier strategy and disciplined execution. He added that revenue growth across all business segments, supported by solid underwriting, higher volumes and investment returns, had strengthened earnings. Khalaf said the company was converting its performance into strong free cash flow, reinvesting for responsible growth and returning capital to shareholders, adding that MetLife remained confident in its strategy as it entered its second year.