MET changes
Pick any two versions below to diff them.
- Price
- $102.44
- Discount category
- Far above intrinsic value
- Next earnings
- Feb 4, 2027
- Next earnings is estimate
- Yes
- Company name
- added: MetLife
- Sector
- added: Life insurance, employee benefits and asset management
- About
- added: 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.
- Thesis
- added: 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.
- Risks
- added: 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.
- Balance sheet
- added: 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. Total MetLife, Inc. stockholders' equity was $22,226 million, including $2,830 million of preferred stock. Book value per common share was $30.73, down 22% from a year earlier, mainly because of unrealized investment losses. Adjusted book value per common share was $59.41. Holding company cash and liquid assets were $3.4 billion, within the target range of MetLife. There were 631.1 million common shares, against 660.7 million a year earlier, and $3.0 billion of repurchase authorization was left. On November 9, 2026, MetLife renewed its $4,000 million credit agreement to November 7, 2031. For an insurer, net debt is not a useful measure, so this profile does not show debt figures. As of Sep 30, 2026.
- Checkpoints
- added: Nov 4, 2026: Q3 2026 results: adjusted EPS growth. Passed. Watch: Adjusted 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. Feb 4, 2027 (estimate): Q4 2026 results and 2027 targets. Pending. Watch: 2026 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. Q2 2027 (estimate): Variable investment income and credit losses. Pending. Watch: Variable investment income near the 2026 level and low credit losses in the first half of 2027 pass; a large fall in investment income fails.
- Recent events
- added: Nov 9, 2026: MetLife 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. Nov 4, 2026: MetLife 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. Aug 5, 2026: MetLife 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. May 6, 2026: MetLife reported Q1 2026 results. Adjusted EPS rose 23% to $2.42, and net income rose 30% to $1.1 billion. Variable investment income rose 58% to $518 million because of higher private equity returns. Feb 26, 2026: MetLife issued $1,000 million of 5.850% fixed-to-fixed reset rate subordinated debentures due 2056. Feb 4, 2026: MetLife reported 2025 results. Adjusted EPS excluding total notable items rose 10% to $8.89, and net income was $3.2 billion, or $4.71 per share. MetLife returned nearly $4.4 billion to shareholders in 2025.