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MetLife reported record Q3 adjusted earnings per share: excluding notable items, earnings rose 22% year over year to $2.85, and adjusted return on equity was 19.6%, above its 15%–17% full-year target range.
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Investment gains materially boosted results. Pre-tax variable investment income was $720 million, well above the $400 million quarterly run rate; management expects a return to that run rate in Q4.
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Underlying businesses also grew: Group Benefits earnings increased 14% and Retirement and Income Solutions earnings rose 12%. MetLife returned roughly $3.5 billion to shareholders through buybacks and dividends year to date through Q3.
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MetLife (NYSE:MET) reported record quarterly adjusted earnings per share for the third quarter of 2026, as strong investment returns, favorable underwriting and growth across its businesses lifted results.
The insurer posted adjusted earnings of $1.8 billion, or $2.78 per share. Excluding $46 million of notable items, primarily related to its annual actuarial assumption review, adjusted earnings rose 17% from a year earlier to $1.8 billion, while adjusted earnings per share increased 22% to $2.85.
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Net income was $2.4 billion, or $3.67 per share. Chief Financial Officer John McCallion said net income exceeded adjusted earnings largely because of a non-economic accounting gain following a rise in interest rates during the quarter.
Chief Executive Officer Michel Khalaf said variable investment income contributed significantly to the quarter but that underwriting and volume growth were also strong. Adjusted return on equity, excluding notable items, was 19.6%, above the company’s full-year target range of 15% to 17%.
Investment income boosts results
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Pre-tax variable investment income totaled $720 million, well above MetLife’s implied quarterly guidance of $400 million. McCallion said average private equity returns were 4.2%, led by venture capital, amid strong initial public offering activity and public-market valuations.
Venture capital funds returned more than 8% in the quarter and represent about 25% of MetLife’s private equity portfolio, McCallion said. He added that the company had a higher level of both realizations and mark-to-market gains during the period, and that exposure to companies associated with artificial intelligence benefited results.
