--- title: "MetLife | 8-K: FY2026 Q2 Revenue: USD 19.15 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/295018208.md" datetime: "2026-08-05T21:20:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295018208.md) - [en](https://longbridge.com/en/news/295018208.md) - [zh-HK](https://longbridge.com/zh-HK/news/295018208.md) --- # MetLife | 8-K: FY2026 Q2 Revenue: USD 19.15 B Revenue: As of FY2026 Q2, the actual value is USD 19.15 B. EPS: As of FY2026 Q2, the actual value is USD 1.09, missing the estimate of USD 2.1338. EBIT: As of FY2026 Q2, the actual value is USD 1.327 B. #### Overall Financial Performance MetLife, Inc. announced strong business momentum under its New Frontier strategy for the second quarter of 2026. Total revenues were $19,154 million for the three months ended June 30, 2026, an increase from $17,340 million in Q2 2025. Total expenses rose to $18,119 million in Q2 2026 from $16,360 million in Q2 2025. Income before provision for income tax was $1,035 million in Q2 2026, up from $980 million in Q2 2025. #### Net Income and Adjusted Earnings Net income increased 1% to $705 million. Net income attributable to MetLife, Inc. increased to $736 million in Q2 2026 from $729 million in Q2 2025. Net income available to common shareholders was $705 million in Q2 2026, compared to $698 million in Q2 2025. Adjusted earnings increased 15% to $1.6 billion. Adjusted earnings available to common shareholders for Q2 2026 were $1,573 million, an increase from $1,362 million in Q2 2025. Adjusted earnings available to common shareholders, excluding total notable items, were $1,573 million in Q2 2026, up from $1,362 million in Q2 2025. Adjusted earnings per share rose 20% to $2.43. #### Premiums, Fees and Other Revenues (PFOs) Premiums, fees and other revenues (PFOs) increased 7% to $13.7 billion. PFOs reached $13,652 million in Q2 2026, compared to $12,748 million in Q2 2025. Adjusted PFOs, excluding pension risk transfers (PRT), increased 5% to $13.0 billion, with widespread growth across every operating segment. Adjusted premiums, fees and other revenues were $13,524 million in Q2 2026, up from $12,719 million in Q2 2025. #### Net Investment Income Net investment income was up 18% to $6.7 billion. Adjusted net investment income was $5.6 billion, up 7%. Adjusted net investment income for Q2 2026 was $5,551 million, compared to $5,202 million in Q2 2025. Net investment losses were - $428 million, compared to - $273 million in the prior-year quarter. Net derivative losses were - $772 million, compared to - $796 million in the prior-year quarter. #### Expenses and Ratios Other expenses were $3,914 million in Q2 2026, up from $3,309 million in Q2 2025. Adjusted other expenses were $3,658 million in Q2 2026, compared to $3,236 million in Q2 2025. The expense ratio was 21.7% in Q2 2026, compared to 19.8% in Q2 2025. The adjusted expense ratio was 20.0% in Q2 2026, compared to 19.3% in Q2 2025. The adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT, was 20.8% in Q2 2026, up from 19.8% in Q2 2025. The direct expense ratio, excluding total notable items related to direct expenses and PRT, was 12.1%, compared to 11.7% in the prior-year quarter. #### Book Value and Shareholder Returns Book value per share (BVPS) was up 8% to $38.59. Book value per common share increased to $38.59 as of June 30, 2026, from $35.79 as of June 30, 2025. Adjusted BVPS increased 3% to $57.71. Adjusted book value per common share rose to $57.71 as of June 30, 2026, from $56.23 as of June 30, 2025. MetLife, Inc. returned over $1.1 billion to shareholders through share repurchases and common stock dividends. Share repurchases for the three months ended June 30, 2026, were approximately $700 million. Year-to-date repurchases totaled approximately $1.7 billion, including $225 million in July 2026. Common stock dividends of approximately $400 million were paid for the three months ended June 30, 2026. On August 5, 2026, MetLife, Inc.’s Board of Directors approved a new $3.0 billion authorization to repurchase its common stock. Weighted average common shares outstanding - diluted decreased to 646.9 million in Q2 2026 from 675.0 million in Q2 2025. Common shares outstanding at the end of the period were 637.8 million as of June 30, 2026, down from 666.8 million as of June 30, 2025. #### Profitability Ratios Adjusted return on equity was 17% for the second consecutive quarter, at the top of the company’s range. Return on MetLife, Inc.’s common stockholders’ equity was 11.5% for Q2 2026, a slight decrease from 11.7% in Q2 2025. Adjusted return on MetLife, Inc.’s adjusted common stockholders’ equity remained at 17.0% for both Q2 2026 and Q2 2025. Adjusted return on MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items, was 17.0% for Q2 2026, compared to 14.6% for Q2 2025. #### Liquidity and Capital Holding company cash and liquid assets totaled $3.4 billion at quarter end, remaining within the target range. Cash and liquid assets at MetLife, Inc. and other holding companies totaled $3.9 billion in Q2 2026, within the $3.0 to $4.0 billion cash buffer target. The total U.S. statutory adjusted capital is expected to be approximately $16.4 billion at June 30, 2026, up 1% from $16.2 billion at March 31, 2026.Total assets as of June 30, 2026, were $759,372 million, an increase from $702,470 million as of June 30, 2025. Total liabilities were $731,411 million as of June 30, 2026, up from $674,543 million as of June 30, 2025. Total equity was $27,741 million as of June 30, 2026, compared to $27,927 million as of June 30, 2025. #### Segment Performance (Adjusted Earnings) - **Group Benefits**: Adjusted earnings were $503 million, up 25%, reflecting favorable underwriting and volume growth. Adjusted earnings available to common shareholders were $503 million for the three months ended June 30, 2026, up from $401 million in the prior year period. Adjusted PFOs were $6.5 billion, up 1%. Adjusted premiums, fees and other revenues for Q2 2026 were $6,512 million, an increase from $6,446 million in Q2 2025. Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 4%. Sales were up 9% year-to-date. The mortality ratio for Group Life was 79.0% in Q2 2026, down from 83.0% in Q2 2025. The interest adjusted benefit ratio for Group Non-Medical Health was 73.9% in Q2 2026, compared to 74.8% in Q2 2025. - **Retirement and Income Solutions (RIS)**: Adjusted earnings were $377 million, up 2%, driven by favorable recurring interest margins and volume growth. Adjusted earnings available to common shareholders were $377 million for the three months ended June 30, 2026, a decrease from $370 million in the prior year period. Adjusted PFOs were $1.8 billion. Total adjusted revenues were $3,988 million in Q2 2026, compared to $3,548 million in Q2 2025. Adjusted premiums, fees and other revenues were $1,769 million in Q2 2026, compared to $1,382 million in Q2 2025. Adjusted PFOs, excluding PRT, were $1.3 billion, up 19%. Total retained liability exposure grew 3%. The annualized general account spread was 0.97% in Q2 2026, a decrease from 0.98% in Q2 2025. - **Asia**: Adjusted earnings were $420 million, up 21% (25% on a constant currency basis), driven by stronger equity markets, higher variable investment income, and volume growth. Adjusted earnings available to common shareholders were $420 million for the three months ended June 30, 2026, a decrease from $346 million in the prior year period. Adjusted PFOs were $1.7 billion, essentially flat (up 6% on a constant currency basis). Adjusted premiums, fees and other revenues were $1,698 million in Q2 2026, compared to $1,699 million in Q2 2025. Asia general account assets under management (at amortized cost) were $141.2 billion, up 6% on a constant currency basis. Sales were $794 million, up 17% on a constant currency basis. Sales on a constant currency basis for Japan Life were $151 million in Q2 2026, down from $155 million in Q2 2025. Asia General Account Assets Under Management (AUM) at amortized cost increased to $141,211 million as of June 30, 2026, from $139,158 million as of June 30, 2025. - **Latin America**: Adjusted earnings were $268 million, up 15% (4% on a constant currency basis), driven by volume growth and favorable market factors. Adjusted earnings available to common shareholders were $268 million for the three months ended June 30, 2026, an increase from $233 million in the prior year period. Adjusted PFOs were $1.9 billion, up 16% (6% on a constant currency basis). Adjusted premiums, fees and other revenues were $1,899 million in Q2 2026, compared to $1,634 million in Q2 2025. Sales were $456 million, up 9% on a constant currency basis. Sales on a constant currency basis for Mexico were $188 million in Q2 2026, up from $174 million in Q2 2025. - **Europe, the Middle East and Africa (EMEA)**: Adjusted earnings were $108 million, up 8% (11% on a constant currency basis), driven by strong volume growth. Adjusted earnings available to common shareholders were $108 million for the three months ended June 30, 2026, up from $100 million in the prior year period. Adjusted PFOs were $806 million, up 12% on both a reported and constant currency basis. Adjusted premiums, fees and other revenues were $900 million in Q2 2026, compared to $858 million in Q2 2025. Sales were $346 million, up 15% on a constant currency basis. Sales on a constant currency basis were $238 million in Q2 2026, an increase from $179 million in Q2 2025. - **MetLife Investment Management (MIM)**: Adjusted earnings were $57 million, up 6%, driven by business growth and expense management. Adjusted earnings available to common shareholders were $57 million for the three months ended June 30, 2026, an increase from $54 million in the prior year period. Other revenues were $317 million, up 34%, primarily reflecting an acquisition and business growth. Total assets under management were $748.1 billion, up 20%. Assets Under Management were $634,809 million as of June 30, 2026, up from $615,572 million as of June 30, 2025. - **Corporate & Other**: Reported an adjusted loss of - $160 million, compared to an adjusted loss of - $142 million in the prior-year quarter. Adjusted earnings available to common shareholders were - $160 million for the three months ended June 30, 2026, compared to - $142 million in the prior year period. This segment includes preferred stock dividends of $31 million for Q2 2026 and Q2 2025. #### Variable Investment Income (VII) Pre-tax Variable Investment Income was $231 million in Q2 2026, which was below the quarterly target of $400 million due to lower private equity returns but in-line with preliminary disclosures. Post-tax VII totaled $183 million in Q2 2026. #### Commercial Mortgage Loans (CML) Portfolio MetLife, Inc.’s CML portfolio decreased by 24% from $52.1 billion at year-end 2023 to $39.6 billion as of June 30, 2026. The office CML segment decreased by 25% from $19.7 billion at year-end 2023 to $14.7 billion as of June 30, 2026. The portfolio maintains a 69% average Loan-to-Value (LTV) Ratio and a 2.1x average Debt Service Coverage Ratio (DSCR). #### Outlook / Guidance MetLife, Inc. is on track to beat its annual direct expense ratio target of 12.1%. The company’s 17.0% Adjusted Return on Equity is at the top end of its 15-17% target range, and Adjusted EPS growth is well above the double-digit target. The Japan Economic Solvency Ratio is expected to be at the top of its 170% to 190% target range for the fiscal year ended March 31, 2026. ### Related Stocks - [MET.US](https://longbridge.com/en/quote/MET.US.md) ## Related News & Research - [MetLife Stock: Analyst Estimates & Ratings](https://longbridge.com/en/news/295233538.md) - [Pacer Advisors Inc. Lowers Stock Holdings in MetLife, Inc. $MET](https://longbridge.com/en/news/295296842.md) - [MetLife launches $3 billion share buyback authorization](https://longbridge.com/en/news/295021916.md) - [MetLife Earnings: What To Look For From MET](https://longbridge.com/en/news/294764331.md) - [MetLife CFO posts Q2 2026 financial update video on company website](https://longbridge.com/en/news/295019863.md)