MetLife reported second-quarter 2026 net income of $705m, up 1% from a year earlier, while adjusted earnings rose 15% to $1.6bn on the back of favourable underwriting performance and volume growth. Adjusted earnings per share increased 20% to $2.43, while premiums, fees and other revenues (PFOs) climbed 7% to $13.7bn. Excluding pension risk transfers (PRT), adjusted PFOs rose 5% to $13.0bn, reflecting broad-based growth across all operating segments.
The insurer said net investment income increased 18% to $6.7bn, while book value per share rose 8% to $38.59 and adjusted book value per share increased 3% to $57.71. During the quarter, MetLife returned more than $1.1bn to shareholders through share repurchases and common stock dividends. Holding company cash and liquid assets stood at $3.4bn at quarter-end, within the company's target range, while adjusted return on equity remained at 17% for the second consecutive quarter.
Performance improved across MetLife's major business segments. Group Benefits posted adjusted earnings of $503m, up 25%, while Retirement and Income Solutions reported adjusted earnings of $377m, a 2% increase. The Asia business recorded adjusted earnings of $420m, up 21%, while Latin America and Europe, the Middle East and Africa (EMEA) delivered growth of 15% and 8%, respectively, to $268m and $108m. MetLife Investment Management also reported a 6% increase in adjusted earnings to $57m.