MetLife

MetLife sells group life, dental and disability insurance and other benefits through employers in the United States, retirement products such as pension risk transfers and annuities, and life, health and savings insurance in Asia, Latin America, Europe, the Middle East and Africa. MetLife Investment Management manages money for MetLife and for other institutions, with total assets under management of $723.4 billion at September 30, 2026, including PineBridge Investments, which it bought in Q4 2025. In Q3 2026, adjusted earnings were $602 million in Asia, $523 million in Group Benefits, $413 million in Retirement and Income Solutions, $215 million in Latin America, $108 million in EMEA and $63 million in MetLife Investment Management, and Corporate & Other had an adjusted loss of $144 million. MetLife was founded in 1868 and has operations in more than 40 markets.

Its shares trade on the New York Stock Exchange. The head office is in New York. Michel Khalaf is President and Chief Executive Officer.

MetLife trades above its intrinsic value because investors pay for its record adjusted earnings, a high return on equity and large share buybacks. In Q3 2026, adjusted EPS excluding total notable items rose 22% to $2.85, and the adjusted return on equity excluding total notable items was 19.6%. Part of this growth came from variable investment income, mainly from private equity funds, which rose 49% to $720 million and can fall fast.

For the shares to earn this price, three things must be true. Adjusted EPS must keep growing at a double-digit rate, the target of the New Frontier strategy, after a strong 2026. Variable investment income must stay high, and credit losses must stay low.

Buybacks must continue: MetLife had $3.0 billion of repurchase authorization left at September 30, 2026. The Q4 2026 report, expected in early February 2027, is the next test. Lower private equity returns or higher credit losses can make the premium hard to keep.

1. Nov 4, 2026Passed

   Q3 2026 results: adjusted EPS growthAdjusted EPS growth of 10% or more, excluding notable items, passes; lower adjusted EPS fails.Outcome: Adjusted EPS excluding total notable items rose 22% to $2.85.
2. Feb 4, 2027 · est.Pending

   Q4 2026 results and 2027 targets2026 adjusted EPS growth of 10% or more, excluding notable items, and an adjusted return on equity of 15% or more pass; a fall in adjusted earnings fails.
3. Q2 2027 · est.Pending

   Variable investment income and credit lossesVariable investment income near the 2026 level and low credit losses in the first half of 2027 pass; a large fall in investment income fails.

Every passed and failed checkpoint across all picks

• November 9, 2026MetLife amended and restated its credit agreement with its banks. The agreement gives up to $4,000 million of borrowings or letters of credit, which can increase to $5,500 million, and runs to November 7, 2031.
• November 4, 2026MetLife reported Q3 2026 results. Net income rose to $2.4 billion, or $3.67 per share, from $818 million. Adjusted earnings rose 12% to $1.8 billion, and adjusted EPS excluding total notable items rose 22% to $2.85, the highest in its history. Variable investment income rose 49% to $720 million. Book value per share fell 22% to $30.73, and adjusted book value per share rose 5% to $59.41. MetLife returned about $1 billion to shareholders.
• August 5, 2026MetLife reported Q2 2026 results. Adjusted EPS rose 20% to $2.43, and net income was $705 million. The board approved a new $3.0 billion authorization to repurchase common stock.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 8-KNew material agreement and New debt or financial obligationFiled November 10, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 6, 2026 · met-20260930
• 8-KEarnings release and Investor disclosureFiled November 4, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 24, 2026 · met-20260924
• 8-KOther company newsFiled August 17, 2026 · met-20260817
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · met-20260630
• 8-KEarnings release and Investor disclosureFiled August 5, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 29, 2026 · met-20260629
• 8-KShareholder vote resultsFiled June 22, 2026 · met-20260616
• 8-KOther company newsFiled May 15, 2026 · met-20260515

Every filing on SEC EDGAR (CIK 1099219)

• Variable investment income comes mainly from private equity and real estate funds. It rose 49% to $720 million in Q3 2026, and lower fund returns can cut adjusted earnings fast.
• MetLife holds large portfolios of bonds, mortgage loans and private credit. A recession can raise credit losses and lower investment income.
• Interest rates change investment income and book value. Unrealized investment losses lowered book value per share by 22% to $30.73 at September 30, 2026, and lower rates reduce the yield on new investments.
• Insurance results depend on actuarial assumptions about mortality, lapses and interest rates. The annual review in Q3 2026 lowered adjusted earnings by $46 million.
• Much of the earnings come from Asia and Latin America in yen, pesos and other currencies. A stronger U.S. dollar lowers reported earnings.

MetLife funds itself mainly with policyholder liabilities, shareholders' equity and debt. At September 30, 2026, long-term debt was $14,301 million, short-term debt $289 million and subordinated debt securities $5,145 million, including $1,000 million of 5.850% subordinated debentures due 2056 issued on February 26, 2026. Read more

Dividend yield

2.3% (last 12 months, at today’s price of $102.44)

Paid per share

$2.347 in the last 12 months (4 payments)

Current annual rate

$2.372 ($0.593 × 4 a year)

Payout ratio

48% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 3, 2026, $0.593 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 4.3% a year. From 2015 to 2025, the dividend grew by about 5.5% a year.

Source: company filings and market data, read on November 11, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.