MET

NEW YORK, August 17, 2026--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that it has declared the following preferred stock dividends: Quarterly dividend of $0.31471411 per share on the company’s floating rate noncumulative preferred stock, Series A, with a liquidation preference of $25 per share (NYSE: MET PRA). Semi-annual dividend of $29.375 per share on the company’s 5.875% fixed-to floating rate non-cumulative preferred stock, Series D, with a liquidation preference of $1,000 per share. Quarterly dividend of $351.5625 per share on the company’s 5.625% noncumulative preferred stock, Series E, with a liquidation preference of $25,000 per share, represented by depositary shares each representing 1/1,000th interest in a share of the preferred stock, holders of which will receive $0.3515625 per depositary share (NYSE: MET PRE). Quarterly dividend of $296.875 per share on the company’s 4.75% noncumulative preferred stock, Series F, with a liquidation preference of $25,000 per share, represented by depositary shares each representing 1/1,000th interest in a share of the preferred stock, holders of which will receive $0.296875 per depositary share (NYSE: MET PRF). The above dividends will be payable September 15, 2026, to shareholders of record as of August 31, 2026. About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com. Forward-Looking Statements The forward-looking statements in this news release, using words such as "will," are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260817042610/en/ Contacts For Media:Steve [email protected] For Investors:John [email protected]

MetLife’s second quarter results were marked by broad-based earnings growth, with market participants rewarding the company’s performance as shares rose notably after the announcement. Management attributed the positive momentum to strong underwriting across all segments, increased international sales, and disciplined expense controls. CEO Michel Khalaf pointed to the impact of MetLife’s “New Frontier strategy,” which leverages recurring revenue streams and a diverse global portfolio, emphasizing, “We reported adjusted earnings of approximately $1.6 billion or $2.43 per share.” The quarter also benefited from favorable mortality experience in the Group Benefits segment and continued investment in technology to drive productivity. Is now the time to buy MET? Find out in our full research report (it’s free). Revenue: $19.08 billion vs analyst estimates of $19.5 billion (6.4% year-on-year growth, 2.2% miss) Adjusted EPS: $2.43 vs analyst estimates of $2.29 (6.2% beat) Market Capitalization: $61.51 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Ryan Krueger (KBW) asked about inorganic growth, especially in asset management and group businesses. CEO Michel Khalaf reaffirmed disciplined M&A, with focus on complementary capabilities, not transformational deals. Pablo Singzon (JPMorgan) pressed for details on mortality experience outside of Group Life. Head of U.S. Business Ramy Tadros explained improvements are stronger in working-age populations, with retiree segments performing in line with expectations. Suneet Kamath (Jefferies) sought clarity on the pension risk transfer (PRT) market outlook. Tadros acknowledged first-half softness but pointed to a strong second-half pipeline and stated, “the macro picture is extremely positive.” Tom Gallagher (Evercore) inquired about potential Latin American M&A. Khalaf declined to comment on market speculation but emphasized disciplined capital deployment and satisfaction with current LatAm growth. Wilma Burdis (Raymond James) asked about private equity allocations. CFO John McCallion explained the gradual reduction is due to higher interest rates and that distributions are expected to outpace new investments over time. In the next few quarters, the StockStory team will monitor (1) the pace of international sales, especially in Asia and Latin America, (2) MetLife’s ability to maintain its direct expense ratio amid ongoing technology investments and acquisitions, and (3) trends in pension risk transfer and asset management flows. We will also watch for any normalization in mortality experience and variability in investment income, which could influence both near-term results and management’s capital deployment strategy. MetLife currently trades at $96.82, in line with $96.26 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 9:00 a.m. ET President and Chief Executive Officer - Michel Khalaf Chief Financial Officer and Head of MetLife Investment Management - John McCallion Treasurer and Head of Investor Relations - John Hall Operator: Ladies and gentlemen, thank you for standing by. Welcome to the MetLife Second Quarter 2026 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to risk factors discussed in MetLife's SEC filings. With that, I will now turn the call over to John Hall, Treasurer and Head of Investor Relations. John Hall: Thank you, operator, and good morning, everyone. We appreciate you joining MetLife's Second Quarter 2026 Call. Before we begin, I direct your attention to the information on non-GAAP measures on the Investor Relations section of metlife.com in our earnings release, in our quarterly financial supplement and in our earnings call and investor presentations, which you should review. On the call today are Michel Khalaf, President and Chief Executive Officer; and John McCallion, Chief Financial Officer and Head of MetLife Investment Management. Also available to participate in the discussion are other members of senior management. This morning, John McCallion will speak to the earnings call presentation we released last night. The deck is available on our website. An appendix to the deck features disclosures, GAAP reconciliations and other information, which you should also review. After prepared remarks, we will have a Q&A session, which will end promptly at the top of the hour. As a reminder, please limit yourself to 1 question and 1 follow-up. Now to Michel. Michel Khalaf: Thank you, John, and good morning, everyone. This was an outstanding quarter and another clear demonstration of how our New Frontier strategy is working as intended and how repeatable our model is built on a powerful recurring revenue base and the flexibility to invest where we see the most compelling global risk-adjusted opportunities. At the heart of our New Frontier strategy are 2 complementary earnings engines that contribute roughly equally One is capital light, where businesses like Group Benefits, Latin America, EMEA and Asset Management generate attractive fee and underwriting income with strong cash generation. The other is capital driven, where our retirement and spread-based businesses leverage our origination, investment and risk management capabilities to put our balance sheet to work at attractive risk-adjusted returns. Importantly, the 2 engines reinforce one another. Our capital-driven businesses originate assets that are managed by MetLife Investment Management, supporting the growth of our asset management platform and expanding our capital-light earnings over time. Together, they create a company that's more balanced, more resilient and better positioned to perform through different market environments. And that's exactly what we saw this quarter. Adjusted earnings increased in every business segment compared with a year ago. Underwriting performance was strong. Volume growth was broad-based, and we continue to fund promising growth opportunities while returning excess capital to shareholders. This is New Frontier in action, leveraging our scale, market-leading businesses and strategic diversification to generate durable growth and attractive returns across a range of economic conditions. Turning to second quarter results. We reported adjusted earnings of approximately $1.6 billion or $2.43 per share. Adjusted earnings increased 15% from the prior year period. Adjusted earnings per share increased 20%, faster than earnings growth, reflecting our measured and consistent approach to capital management. Adjusted premiums, fees and other revenues, excluding pension risk transfers, increased 5% year-over-year. Sales rose 7%, led by strong growth across our international businesses. Variable investment income totaled $231 million pretax and was higher than the prior year period. Adjusted return on equity was 17% at the top end of our 15% to 17% annual target range for the second quarter in a row and well above our cost of capital. Our direct expense ratio, which is a product of both revenues and expenses, was 12.1%, in line with our full year target. We achieved this despite approximately 50 basis points of impact from the addition of PineBridge Investments, a fee-based business with a structurally higher expense profile. Even as we integrate that business, we remain on target through rigorous expense management and productivity gains from AI and other technologies. To that point, AI is becoming a structural advantage for MetLife and our scale sets us apart. The sheer volume of new policies, service interactions and claims we handle every day gives us more places to apply AI and more data to make it smarter. Over time, we expect that to be a meaningful and durable tailwind to both growth and productivity while creating an even more seamless experience for our customers. Critically, we carefully monitor our AI-related investments and expenses, including model usage and token costs. They're held to the same return standards we have for any other investments we make or expenses we have. And the gains we're achieving in growth, productivity and customer service, which is evident in our direct expense ratio, far exceed the costs. And above all, governance and risk oversight remains central to how we deploy AI, consistent with the trust our customers place in MetLife. Turning to the performance of our business segments, starting with Group, starting with Group Benefits. The segment generated adjusted earnings of $503 million, up 25% year-over-year. Life underwriting was particularly favorable. The Group Life mortality ratio was 79%, reflecting continued improvement in mortality among the working age population. Adjusted PFOs increased 1%. Excluding participating contracts, adjusted PFOs rose 4%. Year-to-date sales are up 9% with regional business advancing 11% led by the under-1,000 employee market. We saw double-digit sales gains year-to-date in disability and voluntary products with particular strength in A&H. These results demonstrate the quality of this flagship franchise. Our scale, broad product set and long-standing customer relationships set us apart and position us well to meet the evolving needs of employers and employees, while delivering responsible growth over time. Moving to Retirement and Income Solutions, or RIS, we reported adjusted earnings of $377 million, up 2% from a year ago. Adjusted PFOs, excluding pension risk transfers, increased 19%, driven primarily by U.K. longevity reinsurance and structured settlement sales. The long-term retirement opportunity remains compelling. Aging populations are increasing demand for retirement income and risk transfer solutions. And MetLife has the origination capabilities, investment expertise and product breadth to serve that demand across key global markets. Our portfolio spans risk transfer, pensions, annuities, stable value and other global risk solutions. This breadth affords Metlife the capacity to be selective in deploying capital, choosing to pursue only the highest returning risk-adjusted opportunities. Turning now to Asia. Adjusted earnings of $420 million increased 21% on a reported basis and 25% on a constant currency basis. Sales advanced 17% on a constant currency basis, reflecting strong performance across markets, particularly in Korea, where we continue to see momentum. And Japan countered a solid year ago sales quarter for life and annuities with almost 90% A&H growth on a constant currency basis following a newly launched medical product. And the roughly even mix of U.S. dollars and yen product sales points to the balanced growth we're delivering, not reliant on any single product or currency. And with favorable demographics, deep distribution and continued product innovation, we see meaningful opportunities ahead. In Latin America, adjusted earnings of $268 million represented a quarterly record and an increase of 15% and 4% on a constant currency basis. Adjusted PFOs increased 6% on a constant currency basis, reflecting robust growth and solid persistency across the region. Sales rose 9% on the same basis. Latin America continues to demonstrate the value of our leading market positions, multipronged distribution and ability to serve a growing need for protection, health and retirement solutions. Turning to EMEA. Adjusted earnings of $108 million increased 8% or 11% on a constant currency basis. Adjusted PFOs grew 12% on a constant currency basis, supported by sales and renewal activity across the region. Sales increased 15%, reflecting sustained and broad-based growth. Now shifting to MetLife Investment Management, or MIM. The segment generated adjusted earnings of $57 million, up 6%. Growth reflected the contribution from integrating PineBridge Investments and expense management. Other revenues increased 34% and total assets under management reached approximately $748 billion. Our second quarter performance illustrates the advantage of diversification. Different businesses contribute in different ways, but together, they each benefit from the scale and capabilities of the broader MetLife enterprise. Shifting to cash and capital, MetLife continues to operate from a position of financial strength. During the quarter, we repurchased approximately $700 million of common shares. Year-to-date through July, we have returned over $2.4 billion to MetLife shareholders through a combination of stock buybacks and common dividends. Last night, we announced a new $3 billion share repurchase authorization, reflecting our confidence in MetLife's capital generation and long-term outlook. And we ended the quarter with $3.4 billion of cash and liquid assets at our holding companies, firmly within our $3 billion to $4 billion target buffer. Our approach to capital deployment and allocation remains consistent. Our first priority is to fund responsible organic growth where MetLife has structural advantages and opportunities to earn attractive risk-adjusted returns. We will pursue inorganic investments when they add strategic capabilities, meet our financial criteria and create value. Beyond those opportunities, we return excess capital to shareholders over time. We are also using reinsurance and third-party capital to support additional retirement origination while creating assets for MIM to manage. This enables us to pursue customer demand in a more capital-efficient manner and extend the value of our platform across the enterprise. Most importantly, growth is translating into tangible shareholder value. Disciplined strategic capital deployment fuels future earnings and strong recurring free cash flow enables us to invest in our businesses and also return capital consistently. In closing, this was an excellent quarter that once again demonstrated the investment case for MetLife under New Frontier. Our complementary earnings engines, capital-light and capital-driven are working together as intended. They create a more balanced and durable earnings profile, along with a stronger foundation for long-term value creation. We are pleased with our progress. We have confidence in the strengths we have built over time, the momentum across our businesses and our ability to execute through a range of environments. New Frontier is the right strategy for MetLife, and we are moving forward with speed and purpose. With that, I'll turn it over to John to walk through the results in more detail. John McCallion: Thank you, Michel, and good morning, everyone. This quarter is another strong demonstration of MetLife's earnings power and the strength of our business model. We generated broad-based growth across the enterprise, delivered excellent underwriting results, maintained disciplined expense management and continue to deploy capital prudently. So I'll start on Page 3 of the earnings call presentation and walk through the key drivers of the second quarter performance. It was an excellent quarter, and the combination of growth, returns and execution enabled us to meet or exceed our key financial commitments once again. Adjusted EPS grew 20%, while adjusted ROE reached 17% at the top end of our 15% to 17% target range. Our direct expense ratio was 12.1% and keeping us on track to beat our 12.1% 2026 annual target. Net income totaled $705 million or $1.09 per share, while adjusted earnings were $1.6 billion or $2.43 per share. The difference between net income and adjusted earnings was primarily driven by mark-to-market accounting on our derivatives and net investment losses. Overall, our outlook on credit remains stable, and our hedging program continues to perform as expected. Moving to Page 4. Adjusted earnings increased 15% year-over-year or 14% on a constant currency basis. Growth was balanced across the enterprise, driven by favorable underwriting margins, strong volume growth across all segments and higher investment margins, partially offset by less favorable expense margins. Adjusted earnings per share were up 20% and 19% on a constant currency basis, with strong earnings growth supported by disciplined capital management. Now moving to the businesses. Group Benefits had an outstanding quarter, generating adjusted earnings of $503 million, up 25% year-over-year, driven by favorable underwriting margins and volume growth. The Group Life mortality ratio was 79% for the quarter, better than our 2026 target range of 83% to 88%, reflecting continued favorable mortality trends among the working age population. The non-medical health interest-adjusted benefit ratio was 73.9% within our annual target range of 70% to 75% and a 190 basis point improvement sequentially, consistent with our seasonal utilization patterns. Growth remains healthy across the franchise. Sales were up 9% year-to-date and adjusted PFOs increased 1% and up 4%, excluding participating contracts, reflecting growth in both national accounts and regional business. Turning to RIS. Adjusted earnings were $377 million, up 2% year-over-year, driven by favorable recurring interest margins and volume growth, partially offset by lower variable investment income. Total investment spread was 97 basis points in the second quarter, below our guidance range of 100 to 120 basis points, driven by weaker private equity returns within VII. While core spread, excluding VII, was 100 basis points, up 5 basis points sequentially, reflecting the benefit of asset deployment along with improved real estate equity income. RIS continues to benefit from the strength of its origination platform. RIS adjusted PFOs, excluding pension risk transfers, were up 19%, driven by strong growth in U.K. longevity reinsurance and structured settlements. Retained liability exposures grew 3% year-over-year at the low end of our 2026 outlook range, consistent with our expectation that growth would build over the year. Importantly, even with a lighter PRT market in the first half of 2026, the team has continued to advance other sources of growth across the platform. U.K. FundedRe is a strong example. It underscores our ability to leverage existing capabilities, develop new solutions and create attractive growth opportunities even when certain markets become more limited. Asia adjusted earnings were $420 million, up 21% and 25% on a constant currency basis. Results reflect strength across the business, supported by favorable equity markets, higher variable investment income and continued volume growth. Asia's key top line growth metrics continued their strong momentum in Q2. General account assets under management at amortized costs were up 6% on a constant currency basis. Sales rose 17% on a constant currency basis, fueled by equity market tailwinds in Korea plus traction from recent product launches. In Japan, sales increased 2% year-over-year against a strong prior year comparison and 13% sequentially. Taken together, these results reinforce our confidence in Asia's long-term growth trajectory and the strength of our franchise across the region. Latin America delivered adjusted earnings of $268 million, up 15% year-over-year or 4% on a constant currency basis. Results were driven by strong volume growth as well as favorable market factors, including an elevated encaje return of 5.6% in the second quarter and lower taxes. This was partially offset by the impact of the Mexico VAT change. Top line momentum remained strong with sales up 9% on a constant currency basis and adjusted PFOs up 16% or 6% on a constant currency basis. Growth was broad-based across the region, led by Brazil, Mexico and Chile. And we continue to see attractive growth opportunities across the region, supported by strong distribution capabilities, favorable product demand and the increasing reach of our MetLife Accelerator platform. EMEA delivered adjusted earnings of $108 million, up 8% year-over-year or 11% on a constant currency basis. Results were driven by strong volume growth, partially offset by higher expenses in the quarter. EMEA's top line remained strong with adjusted PFOs up 12%, supported by ongoing sales momentum and solid renewal activity across the region. Sales increased 15% on a constant currency basis, reflecting broad gains across markets and geographies. Importantly, as the business has continued to scale, we are seeing that growth translate into increasingly consistent and durable earnings power. Turning to MetLife Investment Management, or MIM. Adjusted earnings were $57 million, up 6%, driven by solid business growth and expense management. Momentum is building across the platform. And as integration benefits continue to emerge, we expect adjusted earnings to maintain their upward trajectory through the second half of the year. Total AUM increased $12 billion sequentially to $748 billion at June 30, including a notable $7 billion increase in institutional client AUM. This growth, combined with a 410 basis point improvement in operating margin during the quarter, positions MIM to deliver full year adjusted earnings within its guidance range of $240 million to $280 million, though likely toward the low end. We remain confident in the sustained success of this business and our 2027 guidance remains intact. Corporate & Other reported an adjusted loss of $160 million in the second quarter compared with a loss of $142 million a year ago. The year-over-year change primarily reflected foregone earnings from the prior year strategic reinsurance transactions and market-related employee costs. These impacts were partly offset by favorable life underwriting margins. And the company's effective tax rate on adjusted earnings in the quarter was 23%, below our 2026 guidance range of 24% to 26%. Now moving to Page 5. Pretax variable investment income was $231 million in the second quarter of 2026. Results were below the implied quarterly run rate, primarily reflecting lower private equity returns with an average return of 0.8% and real estate and other funds average returns of 1.1%. As a reminder, private equity and real estate and other funds are reported on a 1-quarter lag and accounted for on a mark-to-market basis. Looking ahead, we expect stronger private equity returns in the third quarter, particularly from our venture capital investments, supported by elevated IPO activity and higher public market valuations. On Page 6, we show post-tax VII by segment and Corporate & Other for the past 5 quarters. The majority of our VII assets are concentrated in Asia and RIS and Corporate & Other, consistent with the long duration nature of these obligations. While VII can vary from quarter-to-quarter, we manage the business for normalized returns over time and remain comfortable with our full year outlook. Now turning to expenses on Page 7. Our direct expense ratio was 12.1% in Q2 of '26. This compares with 11.7% for both the full year 2025 and the second quarter of last year. Strong PFO growth and continued expense discipline enabled us to absorb the previously disclosed roughly 50 basis point impact from the PineBridge acquisition. We manage expenses on a full year basis and we remain confident in our ability to beat our 2026 target of 12.1%. Our consistent execution continues to be a MetLife differentiator, reinforcing the durability of our earnings and our ability to invest in growth, while delivering on our financial commitments. Moving to Slide 8. MetLife continues to operate from a position of strong capital and robust liquidity. As of June 30, cash and liquid assets at the holding companies totaled $3.4 billion within our $3 billion to $4 billion target cash buffer. In the second quarter, we returned approximately $1.1 billion to shareholders, including approximately $700 million of share repurchases. We also repurchased approximately $225 million of additional shares in July. These actions underscore the confidence in MetLife's earnings power, the strength of our balance sheet and our ability to generate durable free cash flow over time. For our U.S. companies, we estimate total statutory adjusted capital on an NAIC basis of approximately $16.4 billion as of June 30, 2026, up 1% from March 31, 2026. Finally, in Japan, we now expect our initial economic solvency ratio or ESR to be at the top end of a 170% to 190% range for the fiscal year ended March 31, 2026, up from our prior expectation of middle of the range. While results will vary year-to-year, we are comfortable managing ESR anywhere within this range. In summary, MetLife delivered an excellent second quarter. We generated strong and broad-based growth, produced attractive returns, maintained disciplined expense management and continued to deploy capital from a position of strength. Just as importantly, these results were driven by performance across the enterprise, demonstrating the quality, resilience and diversification of our earnings. As we move forward, we remain focused on executing our New Frontier strategy, delivering on our commitments and creating long-term value for our shareholders. And with that, I'll turn the call back to the operator for your questions. Operator: We will now begin the question-and-answer session. [Operator Instructions] Your first question comes from the line of Ryan Krueger with KBW. Ryan Krueger: My first question was on inorganic opportunities. You mentioned that in the prepared remarks if it adds value and strategic fit. I guess maybe just could you give an update on what areas of the company at this point in time based on your business portfolio would be potential areas you'd be interested in adding to if something comes about? Michel Khalaf: Sure. Ryan, thanks for the question. It's Michel. So first, what I will say is that nothing has really changed for us in terms of our M&A philosophy and approach. We've always viewed M&A as a strategic capability. And to your direct question, I've talked in the past about 2 areas where potentially, we would be likely to consider M&A. And those are asset management and group. Let me start with group. I would say that whereas we don't see any gaps in terms of our product set, which is the widest in the industry, our capabilities. We've invested heavily, as you know, in technology as well, and that's really sort of helping us further drive our competitive advantage. So whereas, we don't see any gaps there, we're always in conversation with our customers, try to understand if there are things that are of interest to them that we might want to consider. You've seen us over the last few years add pet insurance, for example, vision. More recently, we've added an identity theft product to our offering. So we're always open to considering new capabilities or solutions if that makes sense. Although, as I said, we don't see any gaps in terms of our offering. The more likely area I would say is asset management, and you saw us do the PineBridge Investments deal late last year. And again, here, I would sort of emphasize that we'd be looking at adjacencies or a complementary capabilities as opposed to anything transformational. We have a good path to growing organically this business, but we would be open to complementing that with inorganic complementary opportunities. And elsewhere, I would say, we're going to remain opportunistic outside of these 2 areas. I would also point out that we have a history of being very disciplined with capital deployment and M&A. And we have a high bar to clear to ensure that we create long-term value for our shareholders. Ryan Krueger: And then I had a question on Group Life. It's been -- mortality has been favorable for both MetLife and the industry for the last couple of years now. Do you think if this continues, there'll be any need to pass through some of these -- this favorability to customers through pricing actions? Or do you see it as -- if the mortality remains favorable, you can continue to maintain price? Ramy Tadros: Ryan, it's Ramy here. Maybe let me just spend a minute to talk about the quarter, and then I'll get to your question on pricing. We've been seeing favorability in mortality for a couple of quarters -- or a number of quarters right now. Now this quarter, in particular, we saw about 2 points of favorability that came from a combination of prior period development as well as below expectations in terms of severity of claims. So think about those 2 points as being -- we expect those to normalize as we go forward. And there's early evidence of that, if you look at our July numbers. So I just want to make sure you look at this quarter in perspective and expect moderation for the rest of the year. Now to your question, if I think about the overall results, and I think about the go-forward trend here, should we see this favorability continue in mortality? You would think that our margins here are going to gradually normalize over time. But I would emphasize the gradual nature of this. This is a business that has a renewal cycle between 3 to 5 years in our life book. So any normalization would unfold over a number of years here versus a quarter or a '27 type impact. Operator: Your next question comes from the line of Pablo Singzon with JPMorgan. Pablo Singzon: First question I had is, I noted that you mentioned working age mortality is a driver of good Group Life results. Can you talk about mortality experience for other blocks of business you have? So I'm thinking about individual life and Corporate & Other and PRT and RIS. I think those are older age customers, but any sort of perspective there would be appreciated. John Hall: Pablo, we're having a lot of interference on your question. Could you try to repeat it or see what's causing the impact? Pablo Singzon: Yes. Sorry about that. Is it better? John Hall: Yes. Pablo Singzon: I noted -- Yes. All right. I now speak a little more slowly. So I noted that you mentioned working age mortality is a driver of good Group Life results. Can you talk about the mortality experience for the other blocks of business you have. So I'm thinking about individual life and Corporate and then PRT and RIS. I think those are older age customers and maybe the experience is different, but any perspective there would be appreciated. Ramy Tadros: Pablo, it's Ramy here. We're still hard to hear, but I think you're asking about mortality beyond the group business and in particular, how that's playing out in RIS. I would say, think about the RIS population as being sitting largely older population, retiree population and the improvements we're seeing in that population are very much in line with what we have baked into our expectations and reserves. And therefore, I think about the underwriting results in RIS emerging largely in line with our expectations there. I would note that if you look at the overall population data, the improvements in the working age populations have been a lot faster than the improvements in the above 65 population. So that dynamic is different between those 2 populations. And also the dynamic for us in terms of our results is how we're pricing and reserving. And RIS is very much performing in line with our pricing and reserving expectations. John McCallion: I'll just -- I was just going to add something, Pablo. I think overall, just as we see, and obviously, there's been quite a bit of multiple years of just change in mortality, we would argue, in general, that we've moved back to the trend line that we were on pre-COVID, right? But as Ramy said, we're seeing that drop more materially in the working age, less so in the retiree and older population. So overall, there's an improvement. I think it varies by different age groups. But overall, we generally see us being back to the trend line of pre-COVID. Operator: Your next question comes from the line of Suneet Kamath with Jefferies. Suneet Kamath: Okay. Hopefully, there's no interference on my end. So I wanted to go to the PRT market. A couple of companies so far this earnings season have been a little cautious about full year 2026 results relative to last year. So I was just curious if you're seeing the same thing. And what do you think is holding back the market and what needs to happen to see better growth ahead? Ramy Tadros: Look, we're -- when you think about this market, and especially the part of the market where we are focused on, which is the jumbo market, it's always going to be lumpy. So I wouldn't try to overread into activity in any 1 quarter or even over a year, frankly. So think about our performance here. We're coming off a record year in '25. We sold close to $14 billion of PRTs that year with $12 billion coming in the fourth quarter. So that just to emphasize the lumpiness of the activity here. The first half of the year has been lighter, particularly from the jumbo space. But we are seeing a stronger pipeline in the second half of the year. And so we see more opportunities emerging for Q3 and Q4. And we're going to always be disciplined in terms of how we price this business and focus on generating attractive risk-adjusted returns. But I would say, when you look at PRT, you always have to look at the macro picture and the macro picture is extremely positive. You've got $3 trillion of defined benefit pension assets with solid funding levels and a very compelling industrial logic for those corporates to offload that risk. And we are a leading player in that market, and we will be a beneficiary of that. And the other point I would make with respect to PRT is the same trends that are playing out in the U.S. markets are also playing out in the U.K. market. And to Michel's point, we are diversified, and we're able to find other pockets of growth, and that's exactly what we've done so far this year. We've written more than $1 billion of U.K. funded reinsurance year-to-date. Think of that as PRT, but in the form of reinsurance, and that's been done at attractive returns. And that's contributing to our growth here. So net-net, if you look at all of RIS, we're pretty confident that we're going to be within our retained balance growth of 3% to 5% for the full year, reflecting just the power of the franchise and the product portfolio that we have. Suneet Kamath: Okay. That's helpful. And then I wanted to pivot to Japan. It just seems like there's a lot going on there with the bank's [indiscernible] issue, yen and rate volatility. So there's a lot for the industry to deal with. But your sales seem to be steadily growing. So I was just hoping to better understand what's different about your model. And does some of this, call it, turmoil that's going on in Japan give you the opportunity to lean in a little bit more? Lyndon Oliver: Suneet, it's Lyndon here. So look, we're really pleased with the sales performance that we've seen all across Asia, not just in Japan. And if we look at second quarter, sales were up 17%. And year-to-date, sales are up 19% year-over-year. So strong performance across all our franchises. And really, what's driving it is we've seen really a sustained momentum this year, a payoff from a lot of actions we've taken. We have the scale and the diversification that we have in our distribution in pretty much all the markets, but particularly true in markets like Japan and Korea. We've got product innovation. You have strong product development, both in U.S. dollar as well as local currency products. In U.S. dollar, we're the first to market in those. And we really have strong execution excellence across all the markets. So it's the combination of all these 3 drivers that are really driving our success in Japan. But not just there, across all the markets, and you can see the results all across Asia. There's been some volatility in the market. We've seen some yen volatility of late. But for the most part, we see customers kind of holding off when there's a lot of volatility. But our sales through June have been strong. And if we go into July, that momentum is continuing. So we're really in a good position because of all these key drivers in the market. And I think that has really been the key to our success in the Asia story. Operator: Your next question comes from the line of Tom Gallagher with Evercore. Thomas Gallagher: Michel, just wanted to come back to the M&A question for a minute. I heard your answer is asset management and group -- adjacent businesses in group. On the remain opportunistic comment, though, I think there's some emerging market properties that we heard yesterday are going to become available for sale. With Latin America, I think you've done 2 very successful deals in Latin America in the past. Would that be an interest if those opportunities present themselves? Michel Khalaf: Yes. Tom, thanks for the question. We don't comment on market speculation, and we're not going to start now. Look, like I said, nothing has changed in terms of how we think about M&A here. We're always in the flow. There's hardly a deal that comes to market that doesn't come across Adora Whitaker's desk. So we have obviously good visibility in terms of what's happening. But I would emphasize that we are very, very disciplined when it comes to M&A. And like I said, there's a high bar to clear here, and we compare M&A to other potential uses of capital as well. So that's what I would say. With regards to LatAm, I would just add that we're really, really pleased with our business in LatAm. I think Eric and his team have done really an outstanding job and continue to do so. And you can see from our results that LatAm is very much on a path to generate $1 billion in earnings this year, which, by the way, is roughly double from pre-pandemic levels, and this is being fueled by sustained growth there. And whereas we're seeing growth across the region, our business in Brazil has been the fastest-growing life insurer in that market in that country for several years now and is now contributing about 20% of overall LatAm sales. So really pleased with the momentum there as well. So that's what I can offer. Thomas Gallagher: Okay. My follow-up is just kind of an interest rate portfolio repositioning type question. So interest rates are meaningfully higher in both Japan and the U.S. Have you either begun or considered any portfolio repositioning within either business? Or even mechanically, could we see base spreads go higher just given where rates are when you think about maturing assets and new money in either of those regions? John McCallion: Tom, it's John. I'd say, broadly speaking, first of all, we think about ALM and risk management. And obviously, when we have the opportunity to reinvest, we leverage the collective power of all of our differentiated capabilities when it comes to investment capabilities. And so I would just say like everything is on the margin, when it comes to things like that. There's no free lunch with just changing the portfolio. If I take RIS, we've talked about spreads being fairly stable. Part of that has to do with the diversification of the product mix that was referenced earlier. In Japan, we have a real balanced portfolio between U.S. and yen now. So I just think those things are -- there's no quick change that would ever occur. But over time, higher rates, as we talked about before, are -- do provide kind of positive momentum. Operator: Your next question comes from the line of Wilma Burdis with Raymond James. Wilma Jackson Burdis: Could you just give your latest thinking on private equity? We saw that you trimmed the position a little bit in the last quarter. And it seems like it's been -- you've been trimming a little bit over the last several quarters. Is that how you see it? And could you talk about the rationale there? John McCallion: Wilma, it's John. I think we've referenced this before that -- and this has been kind of a multiyear journey for us, but the fact that we are in a, I guess, relatively higher rate environment than where we were, let's say, several, several years ago, we've talked about the fact that over time, we would probably see a slightly lower allocation to PE, albeit we're still investing, but the runoff is probably faster than the contributions. And so -- and then you referenced in the first quarter, we did -- we were opportunistic. We saw an opportunity to do a sale, but also have the opportunity to continue to manage those funds for third parties and raise some additional capital around that. So I think all in all, the direction of travel is a modest decline over time on PE, but that doesn't mean we're going to continue to invest in the space. It's just that the -- given the seasoned portfolio we have and the diversification we have, we would expect distributions to outpace contributions. Wilma Jackson Burdis: Okay. And then as group PFO growth around 4%, I realize that's better than the industry, but is that where you want to be in the current environment? Or do you have plans to accelerate it more towards the 7%? What does the current market look like for that? And what are the growth options? Ramy Tadros: Thank you, Wilma. It's Ramy here. I would say just the headline here for group from a top line perspective is we're seeing really good momentum. And all the underlying indicators are positive. We talked about sales being up year-over-year. If you look at the below 1,000 segment, they're actually up year-over-year and well into the double digits. Our persistency is higher this year. In particular, we saw that in our dental block. Our rate actions, which also contributed to that PFO numbers are running in line with our expectations. We continue to see rising participation rates within the employee population and continued double-digit growth in the voluntary suite of products. So all really solid top line indicators. When it comes to the kind of 4% to 7% range, think of that as a multiyear number. In any given year, we could be at the low end, high end of the range. There's timing of sales. There is jumbo sales, the size of the cases we win and so on and so forth. So we're pleased with the growth, and we're pleased to be in the range. And we see really good momentum going forward here across all markets in this business. Operator: Your next question comes from the line of Joel Hurwitz with Dowling. Joel Hurwitz: Ramy, could you just provide some color on the nonmedical health experience in the quarter? How was dental and disability? And I guess, PFML has been an area of focus with others. How was that experience for you guys in the quarter? Ramy Tadros: Thanks, Joel. So maybe let me start with PFML. The dynamics we've experienced this quarter very much followed what we discussed on our Q1 earnings call. As you may recall, the PFML products have a claim pattern where you have higher upfront claims that tend to normalize after a few months of the introduction of that program. And this is very much playing out in this quarter, and we did see lower PFML submissions as that run-in effect, if you will, is behind us. And at the same time, as part of our BAU, when we need rate actions against this business, we are taking appropriate rate actions. And then staying with disability for a minute, if you step back and look at the overall disability results in the quarter, they have been favorable. We've seen incidents and recoveries to be in line with our expectations, and we've seen improvements from a year-over-year perspective. And I would say this is not an accident. This is very intentional given the investments we're making in the business, the investments we're making from a data analytics, AI perspective that are driving improved recoveries here, which is giving us positive results this quarter. And then maybe taking one last step back and look at the overall nonmedical health ratio. Dental is exhibiting the normal seasonality here, and that seasonality would point to a fact that the second half of the year would give us more favorable results and, therefore, more favorable nonmedical health ratio in aggregate compared to the first half of the year. I hope that helps. Joel Hurwitz: Okay. That was helpful. And then one on Asia. So you've been highlighting AUM growth as a metric to focus on, and that's been strong. But curious on PFO growth because that's been really strong for another quarter here. Any color on what's driving the reacceleration of PFO growth in Asia and the sustainability of that? Lyndon Oliver: Joel, it's Lyndon here. So look, we are an AUM business. We're primarily focused on the retirement space. So a lot of our business ends up in the AUM components. As far as PFOs grow, we sell some of the FAS 60 type business as well. That has been a growing part of our business. We're seeing it -- some of it come through in the yen space, and especially as the yen product starts to pick up and today, it represents over 50% of our sales. Michel mentioned that earlier. So we'll start seeing PFOs sort of continue to grow. But really, the bulk of our business continues to be AUM focused. So that is sort of the key driver behind our growth. Operator: Your next question comes from the line of Wes Carmichael with Wells Fargo. Wesley Carmichael: Just wanted to follow up on RIS, but base spread expanded 5 basis points sequentially, and I think that's probably a little bit better than expected headed into the quarter. So maybe as a follow-up on Tom's question, but with where rates are, fewer Fed cuts, the long-end higher, how are you thinking about base spreads trending in the back half of the year? John McCallion: Wes, this is John. Yes. As you call out, I mean, total spreads were 97 basis points, but that was a function of just a lower and weaker private equity returns that we referenced, but core spreads at 100 were at the top end, and we kind of created this new range of 95 to 100 previously. And we talked about asset deployment. We knew that was going to happen. We did see a little bit better improved real estate equity income in the quarter that is likely to probably seasonally reverse in the third quarter. So when we think about looking ahead, we still think the 95 to 100 even with the rate environment. And in a way, we're positioned fairly well regardless of what happens with the curve. We've been able to kind of put ourselves in a position where should the curve steepen or even stay flat, we still think that 95 to 100 is a good baseline. So if we had to kind of pick a point for the third quarter, it'd be more like the midpoint of the range at this point, just because of the seasonality of some of the real estate returns in 3Q. Wesley Carmichael: And just a follow-up on group mortality. So very favorable results year-to-date. I think if I heard your comments, and there's maybe a couple of points of normalization. Even if I include that in the third and fourth quarter and then you have maybe 2 or 3 points below the low end of your range. So any help on where you think that might come in for the back half of the year or the full year? Ramy Tadros: Yes. I mean, look, the ratio is always going to kind of fluctuate here. But I would say, the most pronounced seasonality in the group mortality ratio typically occurs in Q1, which is a function of the severity of the flu season. So if current kind of trends continue, think about those normalization items that I've mentioned coming back, and that would be a good best estimate here. But I would point you to the 2 points of normalization here that we've seen this quarter that we don't expect to repeat in the second half of the year. Operator: Our last question comes from the line of Tracy Benguigui with Wolfe Research. John Hall: All right. It looks like we've reached the end of our call. Thanks for participating, everybody, and have a great day. Thank you. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in MetLife, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and MetLife wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. MetLife (MET) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in MetLife, Inc.? Here are five stocks we like better. MetLife delivered strong second-quarter results, with adjusted earnings of approximately $1.6 billion, or $2.43 per share, up 15% year over year. Adjusted return on equity reached 17%, the top end of its annual target range, with every business segment reporting higher earnings. Group Benefits led segment growth, posting a 25% increase in adjusted earnings to $503 million, supported by favorable life underwriting and volume growth. Management cautioned that unusually favorable mortality trends are likely to normalize over the rest of the year. MetLife returned roughly $1.1 billion to shareholders in the quarter and authorized an additional $3 billion share-repurchase program. Management also said it remains on track to beat its full-year expense-ratio target, while asset-management earnings are expected to land near the low end of guidance. Can Trupanion Turn Pet Insurance Loyalty Into Real Earnings? MetLife (NYSE:MET) reported second-quarter 2026 adjusted earnings of approximately $1.6 billion, or $2.43 per share, up 15% from a year earlier. Adjusted earnings per share increased 20%, while adjusted return on equity reached 17%, the top end of the company’s 15% to 17% annual target range. President and Chief Executive Officer Michel Khalaf said the results reflected the execution of MetLife’s “New Frontier” strategy, which combines capital-light businesses such as Group Benefits, international operations and asset management with capital-driven retirement and spread-based operations. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The “Duck Stock” Keeps Quietly Making Money for Shareholders “Adjusted earnings increased in every business segment compared with a year ago,” Khalaf said, citing strong underwriting, broad volume growth and continued capital returns to shareholders. MetLife repurchased about $700 million of common shares during the quarter and returned more than $2.4 billion to shareholders through July through buybacks and common dividends. The company also announced a new $3 billion share repurchase authorization. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High These 3 Insurance Stocks Made New 52-Week Highs: Still Time to Buy? Holding-company cash and liquid assets totaled $3.4 billion at June 30, within MetLife’s stated target buffer of $3 billion to $4 billion. Chief Financial Officer and Head of MetLife Investment Management John McCallion said the company returned approximately $1.1 billion to shareholders in the second quarter, including the share repurchases, and bought an additional roughly $225 million of shares in July. The direct expense ratio was 12.1% in the quarter, compared with 11.7% in the year-ago quarter and for full-year 2025. The ratio included an approximately 50-basis-point impact from the addition of PineBridge Investments, which has a structurally higher expense profile. Management said it remains on track to beat its 12.1% full-year 2026 target through expense discipline and productivity initiatives. → No Hangover: Revisiting Microsoft One Week After Earnings Khalaf said artificial intelligence is becoming a structural advantage for the company because of the volume of policies, customer interactions and claims MetLife handles. He said the company monitors AI-related investment and usage costs under the same return standards applied to other investments and expenses. Group Benefits generated adjusted earnings of $503 million, up 25% year over year, supported by favorable life underwriting and volume growth. The group life mortality ratio was 79%, better than the company’s 2026 target range of 83% to 88%, reflecting improved mortality trends among the working-age population. Ramy Tadros, president of MetLife’s U.S. business, said the quarter included about two points of mortality favorability from prior-period development and lower-than-expected claim severity. He said the company expects those factors to normalize during the remainder of the year, with early indications evident in July results. Tadros said any longer-term normalization of Group Life margins would occur gradually because the business has a three- to five-year renewal cycle. Year-to-date Group Benefits sales rose 9%, including an 11% increase in regional business. Adjusted premiums, fees and other revenues increased 4% excluding participating contracts. Non-Medical Health’s interest-adjusted benefit ratio was 73.9%, within its 70% to 75% annual target range and 190 basis points better sequentially. Tadros said paid family and medical leave claims followed the anticipated pattern of higher claims early in a program’s rollout before moderating. He also cited favorable disability results, driven by experience and investments in data analytics and AI intended to improve recoveries. Retirement & Income Solutions, or RIS, recorded adjusted earnings of $377 million, up 2% from the prior year. Adjusted premiums, fees and other revenues excluding pension risk transfers increased 19%, led by U.K. longevity reinsurance and structured settlement sales. RIS reported a total investment spread of 97 basis points, below management’s 100- to 120-basis-point guidance range because of weaker private-equity returns in variable investment income. Core spread excluding variable investment income was 100 basis points, up 5 basis points sequentially. McCallion said MetLife expects its core RIS spread to remain within a 95- to 100-basis-point range and estimated third-quarter results could be near the midpoint because of real estate income seasonality. Management described the U.S. pension risk transfer market as lighter in the first half, particularly for jumbo transactions, but said it sees a stronger opportunity pipeline for the second half. Tadros said MetLife sold nearly $14 billion of pension risk transfers in 2025, including $12 billion in the fourth quarter, illustrating the market’s uneven timing. He added that MetLife wrote more than $1 billion of U.K. funded reinsurance year to date. Asia adjusted earnings rose 21% on a reported basis and 25% on a constant-currency basis to $420 million. Sales increased 17% on a constant-currency basis, supported by Korea and product launches. In Japan, sales rose 2% from a strong year-earlier comparison and 13% sequentially, while accident and health sales grew nearly 90% on a constant-currency basis following a medical product launch. Latin America posted a quarterly record of $268 million in adjusted earnings, up 15% reported and 4% on a constant-currency basis. Sales rose 9% on the same basis, with growth led by Brazil, Mexico and Chile. EMEA adjusted earnings increased 8%, or 11% on a constant-currency basis, to $108 million, while sales rose 15% on a constant-currency basis. MetLife Investment Management, or MIM, generated adjusted earnings of $57 million, up 6%, as PineBridge integration and expense management contributed to results. Total assets under management rose $12 billion sequentially to approximately $748 billion at June 30, including a $7 billion increase in institutional client assets. McCallion said MIM remains positioned to deliver full-year adjusted earnings within its $240 million to $280 million guidance range, though likely near the low end. During the question-and-answer session, Khalaf said MetLife’s approach to acquisitions has not changed. He identified asset management and Group Benefits as the areas most likely to be considered for acquisitions, emphasizing complementary capabilities and adjacencies rather than transformational transactions. McCallion said MetLife expects its private-equity allocation to decline modestly over time as distributions from its seasoned portfolio outpace contributions, though the company will continue investing in the asset class. He said higher interest rates can provide positive momentum over time, but portfolio changes are incremental and governed by asset-liability management and risk considerations. MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage. In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MetLife Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

American International Group, Inc. AIG reported second-quarter 2026 adjusted earnings per share (EPS) of $2, which topped the Zacks Consensus Estimate of $1.89. The bottom line increased 10.5% year over year. Adjusted operating revenues advanced 3.9% year over year to $7.1 billion. However, the top line missed the consensus mark by 2.2%. The quarterly earnings were driven by improved underwriting results in the North America Commercial and Global Personal segments, supported by lower catastrophe losses. However, the upside was partly offset by lower investment income and elevated benefits, losses and expenses. American International Group, Inc. price-consensus-eps-surprise-chart | American International Group, Inc. Quote Net premiums written totaled $7.5 billion, reflecting 9% year-over-year growth, driven by organic expansion in selected businesses and contributions from recent strategic transactions. Total net investment income declined 23.1% year over year to $1.1 billion, but beat the consensus mark by 14.9%. The decrease was primarily due to changes in the fair value of its investments in Corebridge and equity securities. AIG also sold its remaining Corebridge stake for aggregate proceeds of about $710 million. Total benefits, losses and expenses amounted to $5.8 billion, up 4.9% year over year, mainly due to higher losses and loss adjustment expenses incurred. Adjusted return on equity improved 50 basis points year over year to 10.2%, reflecting enhanced profitability and capital efficiency. Underwriting income for the General Insurance segment rose 10% year over year to $686 million. This result significantly outperformed the Zacks Consensus Estimate by 9.1%. The segment’s combined ratio improved 30 basis points to 89%, reflecting significantly stronger underwriting performance compared with the prior-year quarter. The segment’s net premiums written increased 9% year over year to $3.1 billion in the second quarter. The uptick was driven by Retail Casualty and Financial Lines. Underwriting income grew 24% year over year to $372 million. This increase was mainly driven by lower catastrophe-related losses, lower operating expense and higher favorable prior-year development. The combined ratio improved 190 basis points to 84%, reflecting significantly stronger underwriting performance year over year. The segment reported net premiums written of $2.6 billion, up 11% year over year. The growth was mainly driven by Property and Marine. Underwriting income decreased 33% year over year to $200 million in the quarter and missed the Zacks Consensus Estimate by 35.8%. The combined ratio deteriorated 540 basis points to 91.3%. This was mainly due to higher catastrophe charges, rate pressure and a higher acquisition ratio. Net premiums written totaled $1.8 billion, which improved 7% year over year. The increase was mainly driven by growth in the High Net Worth and Accident and Health businesses. Underwriting income rose to $114 million compared to $25 million a year ago. The combined ratio improved 560 basis points to 92.9%. This was driven by a lower accident-year loss ratio, improved High Net Worth commission terms, reduced operating expenses and reduced catastrophe losses. Net investment income and other fell 58% year over year to $39 million. This was mainly due to lower parent liquidity and reduced dividends from Corebridge. Interest expense declined 2% to $99 million. Adjusted pre-tax loss widened 41% year over year to $142 million. AIG ended the second quarter with a cash balance of $1.5 billion compared with $1.3 billion at the end of 2025. Total assets were $163.5 billion, higher than $161.3 billion at the end of 2025. Long-term debt totaled $9 billion at the second-quarter end, which fell 0.7% from year-end 2025. Total shareholders’ equity fell to $40.6 billion from $41.1 billion at year-end 2025. Adjusted book value per share improved to $79.98 from $76.62 in the prior-year quarter. AIG returned capital to its shareholders through approximately $641 million in share repurchases and $263 million in dividends during the second quarter of 2026. The company announced a cash dividend of 50 cents per common share, to be paid on Sept. 30, 2026, to its shareholders of record as of Sept. 16. AIG currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader insurance space that have also reported their quarterly results: MetLife, Inc. MET, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed: MetLife reported second-quarter 2026 adjusted operating earnings per share (EPS) of $2.43, which beat the Zacks Consensus Estimate by 5.6%. The bottom line advanced 20% year over year. Adjusted operating revenues improved 6.4% year over year to $19.1 billion. MET’s second-quarter earnings benefited from improved net investment income, favorable underwriting results and solid business volume growth across segments. Growth in adjusted PFOs and strong performances in Group Benefits, Asia and EMEA also supported results. However, higher expenses and a wider-than-expected loss in the Corporate & Other unit partially offset the upside. Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American International Group, Inc. (AIG) : Free Stock Analysis Report The Hartford Insurance Group, Inc. (HIG) : Free Stock Analysis Report MetLife, Inc. (MET) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, MetLife (MET) reported revenue of $19.08 billion, up 6.4% over the same period last year. EPS came in at $2.43, compared to $2.02 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $19.34 billion, representing a surprise of -1.38%. The company delivered an EPS surprise of +5.65%, with the consensus EPS estimate being $2.30. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how MetLife performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Institutional Client AUM: $320.46 billion versus $346.62 billion estimated by three analysts on average. Total AUM: $748.13 billion compared to the $741.21 billion average estimate based on three analysts. METLIFE INVESTMENT MANAGEMENT(MIM)-GA AUM: $427.67 billion compared to the $394.59 billion average estimate based on three analysts. Adjusted Revenue- Corporate & other- Net investment income: $944 million versus the three-analyst average estimate of $974.37 million. The reported number represents a year-over-year change of +1309%. Adjusted Revenue- Corporate & other- Premiums: $596 million compared to the $637.33 million average estimate based on three analysts. The reported number represents a change of +7350% year over year. Adjusted Revenue- EMEA- Net investment income: $67 million versus the three-analyst average estimate of $67.41 million. The reported number represents a year-over-year change of +9.8%. Adjusted Revenue- Latin America- Net investment income: $587 million versus $440.74 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +31.9% change. Revenue- Premiums: $11.44 billion versus $11.97 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +5.8% change. Revenue- Other Revenues: $845 million compared to the $742.31 million average estimate based on four analysts. The reported number represents a change of +24.5% year over year. Revenue- Net investment income: $6.7 billion versus $5.5 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +18.4% change. Revenue- Universal life and investment-type product policy fees: $1.37 billion versus $1.32 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +9% change. Adjusted Revenue- Retirement & Income Solutions- Premiums: $1.59 billion versus $2.03 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +31.2% change. View all Key Company Metrics for MetLife here>>> Shares of MetLife have returned +4.9% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MetLife, Inc. (MET) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MetLife, Inc. MET reported second-quarter 2026 adjusted operating earnings per share (EPS) of $2.43, which beat the Zacks Consensus Estimate by 5.6%. The bottom line advanced 20% year over year. Adjusted operating revenues improved 6.4% year over year to $19.1 billion. The top line missed the consensus mark by 1.4%. MetLife’s second-quarter earnings benefited from improved net investment income, favorable underwriting results and solid business volume growth across segments. Growth in adjusted PFOs and strong performances in Group Benefits, Asia and EMEA also supported results. However, higher expenses and a wider-than-expected loss in the Corporate & Other unit partially offset the upside. MetLife, Inc. price-consensus-eps-surprise-chart | MetLife, Inc. Quote Adjusted PFOs, excluding pension risk transfer (PRT), were $13 billion. The metric rose 5% year over year. Adjusted net investment income grew 7% year over year to $5.6 billion on the back of growth in assets and investments in a higher-rate environment. Total expenses of $18.1 billion escalated 10.8% year over year due to increased policyholder benefits and claims, and other expenses, net of capitalization of DAC. Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT, deteriorated 100 basis points year over year to 20.8%. Net income of $705 million rose 1% year over year in the second quarter. Adjusted return on equity, excluding total notable items, improved 240 bps year over year to 17%. Group Benefits: The segment reported adjusted earnings of $503 million in the second quarter, reflecting a 25% year-over-year increase and beating the Zacks Consensus Estimate by 16.6%. The strong performance was driven by improved underwriting results and continued business volume growth. Adjusted PFOs rose 1% year over year to $6.5 billion. RIS: Adjusted earnings totaled $377 million, which rose 2% year over year but missed the consensus mark by 7.1%. Improved volumes growth and favorable recurring interest margins benefited the metric. Adjusted PFOs, excluding PRT, advanced 19% year over year to $1.3 billion. Asia: The unit recorded adjusted earnings of $420 million, which rose 21% year over year and beat the Zacks Consensus Estimate by 5.2%. The metric was supported by improved variable investment income, favorable equity markets and higher volume. Adjusted PFOs remained flat year over year to $1.7 billion in the quarter. Latin America: Adjusted earnings of $268 million increased 15% year over year on a reported basis and 4% year over year on a constant-currency basis. The metric topped the consensus estimate by 11.2%, driven by higher volume and favorable market factors. Adjusted PFOs were $1.9 billion, up 16% year over year on a reported basis and 6% on a constant-currency basis, driven by solid business growth and strong persistency across the region. EMEA: The segment recorded adjusted earnings of $108 million in the second quarter, which advanced 8% year over year and beat the Zacks Consensus Estimate by 15.3%. Strong volumes aided the metric. Adjusted PFOs rose 12% year over year to $806 million on the back of strong policy renewal across the region and solid sales momentum. MetLife Investment Management: The segment recorded adjusted earnings of $57 million, which advanced 6% year over year on the back of strong business growth and expense management. However, the metric missed the Zacks Consensus Estimate by 6.1%. Corporate & Other: The unit incurred an adjusted loss of $160 million, wider than the prior-year quarter’s loss of $142 million. It also came higher than the Zacks Consensus Estimate of adjusted loss of $150.5 million. MetLife exited the second quarter with cash and cash equivalents of $19.3 billion, down from $22 billion at the end of 2025. Total assets were $759.4 billion as of June 30, 2026, compared with $745.2 billion as of 2025-end. Long-term debt totaled $14.2 billion, lower than $14.5 billion at the end of 2025, while short-term debt amounted to $460 million. Total equity was $27.7 billion compared with $28.7 billion as of 2025-end. Book value per share increased 7.8% year over year to $38.59 as of June 30, 2026. MetLife bought back shares worth $700 million in the second quarter. It pursued additional repurchases of roughly $225 million in July 2026. Management paid common stock dividends of $400 million in the quarter under review. Management earlier expected a pre-tax variable investment income of around $1.6 billion for 2026. The expense ratio was earlier projected to be 12.1%. Corporate & Other adjusted losses were earlier projected to be between $500 million and $700 million. The effective tax rate was projected to be 24-26%. MetLife earlier expected adjusted PFOs in the Group Benefits business to rise in the range of 4-7% annually. Adjusted PFOs in the Latin America unit were earlier expected to witness high-single-digit growth on a constant-currency basis, while those in the EMEA unit were earlier guided to grow at a high-single-digit rate on a reported basis. MetLife still aims to achieve an adjusted return on equity in the range of 15-17%. The company also continues to expect to deliver double-digit adjusted EPS growth in the near term. MET currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader insurance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed: RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line also improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MetLife, Inc. (MET) : Free Stock Analysis Report The Hartford Insurance Group, Inc. (HIG) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the 15% adjusted earnings growth to the 'New Frontier' strategy, which balances capital-light fee businesses with capital-driven spread businesses. The Group Benefits segment outperformed due to favorable mortality trends among the working-age population, which management believes has returned to pre-pandemic trend lines. AI is being deployed as a structural advantage, with management noting that MetLife's scale provides a data density that makes AI models smarter and more effective for claims and service. Latin America achieved record quarterly earnings, driven by robust growth in Brazil and Mexico, effectively doubling its earnings contribution compared to pre-pandemic levels. The company maintains a selective approach to capital deployment, prioritizing organic growth in high-returning risk-adjusted opportunities over transformational M&A. Management highlighted the integration of PineBridge Investments as a key driver for MetLife Investment Management, despite its structurally higher expense profile. Management expects the direct expense ratio to beat the 12.1% annual target for 2026 through continued productivity gains and rigorous expense management. The Retirement and Income Solutions (RIS) segment is projected to remain within its 3% to 5% retained balance growth range, supported by a strong second-half pipeline in the jumbo PRT market. Variable investment income is expected to strengthen in the third quarter, specifically driven by anticipated higher private equity returns from venture capital and IPO activity. The company assumes a gradual normalization of Group Life margins over a 3-to-5-year renewal cycle, rather than an immediate pricing adjustment to reflect current mortality favorability. MetLife intends to continue its consistent capital return strategy, supported by a new $3 billion share repurchase authorization. The Mexico VAT change and higher expenses in EMEA served as modest headwinds to earnings growth during the quarter. Management flagged that while Group Life mortality was exceptionally low at 79%, approximately 2 points of this favorability were due to non-recurring prior period developments. The allocation to private equity is expected to see a modest decline over time as distributions outpace new contributions in the current higher-rate environment. Japan's Economic Solvency Ratio (ESR) is now expected at the top end of the 170% to 190% range, reflecting improved capital positioning. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management declined to comment on specific market speculation but reiterated that their primary M&A focus remains on asset management and group business adjacencies. They emphasized a high bar for acquisitions, comparing potential deals against the value of returning capital to shareholders. Management expects mortality to normalize toward the 83% to 88% target range in the second half of the year as one-time favorable developments subside. Any pricing adjustments would be gradual due to the multi-year nature of the renewal cycle, preventing sudden margin compression. The first half of 2026 was noted as 'lighter' for jumbo deals, but management cited a stronger pipeline for Q3 and Q4. The company is successfully pivoting to U.K. funded reinsurance to capture growth when the U.S. jumbo market is lumpy. Despite yen and rate volatility, management reported that sales momentum continued through July, supported by a balanced mix of U.S. dollar and local currency products. MetLife's first-to-market status in certain U.S. dollar products in Japan remains a key competitive differentiator.

NEW YORK, August 05, 2026--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that John McCallion, executive vice president and chief financial officer, and head of MetLife Investment Management, has provided a second quarter 2026 financial update video. The video can be viewed on the company's website at https://www.metlife.com/about-us/newsroom/#video. About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com. Forward-Looking Statements This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as "commitment," "confident," "continue," "delivering," "durable," "growth," "improving," "momentum," "outlook," and "target," and other words and terms of similar meaning, or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include: economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, changes in the value of assets under management, real estate, obligors and counterparties, government default or shutdown, currency exchange rates, derivatives, climate change, public health, terrorism and security; global capital and credit market adversity; credit facility inaccessibility; financial strength or credit ratings downgrades; unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks; statutory life insurance reserve financing costs or limited market capacity; legal, regulatory, and supervisory and enforcement policy changes; changes in tax rates, tax laws or interpretations; litigation and regulatory investigations; unsuccessful efforts to meet all sustainability standards or to enhance our sustainability; MetLife, Inc.’s inability to pay dividends and repurchase common stock; MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.; investment defaults, downgrades, or volatility; investment sales or lending difficulties; collateral or derivative-related payments; investment valuations, allowances or impairments changes; claims or other results that differ from our estimates, assumptions, or models; global political, legal, or operational risks; business competition; technological changes; catastrophes; climate changes or responses to it; deficiencies in our closed block; goodwill or other asset impairment, or deferred income tax asset allowance; impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired; product guarantee volatility, costs, and counterparty risks; risk management failures; insufficient protection from operational risks; failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures; accounting standards changes; excessive risk-taking; marketing and distribution difficulties; pension and other postretirement benefit assumption changes; inability to protect our intellectual property or avoid infringement claims; acquisition, integration, growth, disposition, or reorganization difficulties; Brighthouse Financial, Inc. separation risks; MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and legal- and corporate governance-related effects on business combinations. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805376457/en/ Contacts For Media: Steve [email protected] For Investors: John [email protected]

Strong business momentum continues under New Frontier strategy NEW YORK, August 05, 2026--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced its second quarter 2026 results. Second Quarter 2026 Summary Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in "Non-GAAP and Other Financial Disclosures" below and in the tables that accompany this news release. Supplemental slides for the second quarter of 2026, titled "2Q26 Earnings Call Presentation," are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Supplemental information about MetLife's diversified global investment portfolio is contained in the "2Q26 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website. Total Company Discussion Premiums, fees and other income were $13.7 billion, up 7 percent compared with the prior-year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers, were $13.0 billion, up 5 percent. Net investment income was $6.7 billion, up 18 percent, primarily due to increases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.6 billion, up 7 percent, reflecting asset growth and investing in a higher-rate environment. Net investment losses were $338 million after tax, reflecting normal trading activity and a stable credit environment. Net derivative losses amounted to $610 million after tax, driven by stronger equity markets, higher long-term interest rates, and strengthening of the U.S. dollar. Net income was $705 million, reflecting higher adjusted earnings, partially offset by certain investment-related items. On a per-share basis, net income increased 6 percent to $1.09. Adjusted earnings were $1.6 billion, up 15 percent on a reported basis and 14 percent on a constant currency basis, driven by favorable underwriting and broad-based volume growth. On a per-share basis, adjusted earnings were $2.43, up 20 percent. Direct expense ratio, excluding total notable items related to direct expenses and PRT, was 12.1 percent, compared to 11.7 percent in the prior-year quarter, and on track for our yearly target. Adjusted Earnings by Segment Summary Business Discussions GROUP BENEFITS Adjusted earnings were $503 million, up 25 percent, reflecting favorable underwriting and volume growth. Adjusted PFOs were $6.5 billion, up 1 percent. Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 4 percent, reflecting solid growth across both National Accounts and Regional Business. Sales were up 9 percent year-to-date. RIS Adjusted earnings were $377 million, up 2 percent, driven by favorable recurring interest margins and volume growth, partially offset by lower variable investment income (VII). Adjusted PFOs were $1.8 billion. Adjusted PFOs, excluding PRT, were $1.3 billion, up 19 percent, mainly driven by U.K. longevity reinsurance and structured settlement sales. Total retained liability exposure grew 3 percent, including 2 percent in retained general account liabilities. ASIA Adjusted earnings were $420 million, up 21 percent on a reported basis and up 25 percent on a constant currency basis, driven by stronger equity markets, higher VII, and volume growth. Adjusted PFOs were $1.7 billion, essentially flat on a reported basis, and up 6 percent on a constant currency basis. Asia general account assets under management (at amortized cost) were $141.2 billion, up 6 percent on a constant currency basis. Sales were $794 million, up 17 percent on a constant currency basis, driven by strong performance across the region. LATIN AMERICA Adjusted earnings were $268 million, up 15 percent on a reported basis and up 4 percent on a constant currency basis, driven by volume growth across the region, as well as favorable market factors, including encaje returns, and taxes, partially offset by the impact of the Mexico value-added tax change. Adjusted PFOs were $1.9 billion, up 16 percent on a reported basis and up 6 percent on a constant currency basis, due to strong growth and solid persistency across the region. Sales were $456 million, up 9 percent on a constant currency basis, primarily driven by strong growth in third-party distribution across the region, particularly in Brazil, powered by our Xcelerator platform. EMEA Adjusted earnings were $108 million, up 8 percent on a reported basis and up 11 percent on a constant currency basis, driven by strong volume growth, partially offset by higher expenses. Adjusted PFOs were $806 million, up 12 percent on both a reported and constant currency basis, with strong sales momentum and solid renewal activity across the region. Sales were $346 million, up 15 percent on a constant currency basis, reflecting continued broad-based growth. METLIFE INVESTMENT MANAGEMENT Adjusted earnings were $57 million, up 6 percent, driven by business growth and expense management. Other revenues were $317 million, up 34 percent, primarily reflecting the acquisition of PineBridge Investments and business growth. Total assets under management were $748.1 billion, up 20 percent. CORPORATE & OTHER Adjusted loss of $160 million, compared to an adjusted loss of $142 million. INVESTMENTS Adjusted net investment income was $5.6 billion, up 7 percent. VII increased 18 percent to $231 million. SECOND QUARTER 2026 NOTABLE ITEMS About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com. Conference Call MetLife will hold its second quarter 2026 earnings conference call on Thursday, August 6, 2026, from 9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https://events.q4inc.com/attendee/539596169. A replay of the webcast will be available at investor.metlife.com for seven days following the call. Non-GAAP and Other Financial Disclosures In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our investors’ understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss). Any financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period ("constant currency basis"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period’s earnings materials, which are available at MetLife’s Investor Relations webpage (https://investor.metlife.com). MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies: Adjusted earnings and related measures adjusted earnings; adjusted earnings available to common shareholders; adjusted earnings available to common shareholders, on a constant currency basis; adjusted earnings available to common shareholders, excluding total notable items; adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; adjusted earnings available to common shareholders per diluted common share; adjusted earnings available to common shareholders, on a constant currency basis per diluted common share; adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance. Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance. Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. "Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also includ...e the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Other adjustments are made in calculating adjusted earnings: Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures. Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities ("Unit-linked contract income" and "Unit-linked contract costs"). Net investment income and other expenses exclude Reinsurance activity (as defined below). Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities ("Consolidated collateralized financing entities"). Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners. Other revenues include fee revenue on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives. Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. "Reinsurance activity" relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above is calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses). Return on equity and related measures Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of accumulated other comprehensive income (loss) ("AOCI") and the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers), all net of income tax. Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers) and total notable items, all net of income tax. Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility. Expense ratio, direct expense ratio, adjusted expense ratio and related measures Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. Assets Under Management ("AUM") Total Assets Under Management ("Total AUM") is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below). MIM General Account AUM ("MIM GA AUM") is used by MetLife to describe the portion of GA AUM (as defined below) that MetLife Investment Management, LLC and certain of its affiliates ("MIM") manages or advises. General Account AUM ("GA AUM") is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans. Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. Asia General Account AUM ("Asia GA AUM") is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss. Other items The following additional information is relevant to an understanding of MetLife’s performance: Statistical sales information: Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. PRT includes U.K. funded reinsurance. Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals. "Third-party mortgage loan activity" relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short-term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block. MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. Forward-Looking Statements This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as "anticipate," "are confident," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "project," "should," "target," "will," "would," and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include: MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission. Corporate Information MetLife, Inc. encourage investors and others to frequently visit its website (www.metlife.com), including its Investor Relations web pages (https://investor.metlife.com). MetLife announces significant financial and other information to its investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact sheets, social media posts, including of its senior executives, and other documents and media. The information found on MetLife’s website, including MetLife’s Sustainability Report, is not incorporated by reference into this earnings release or in any other report or document MetLife submits to the U.S. Securities and Exchange Commission, and any references to its website are intended to be inactive textual references only. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805676092/en/ Contacts For Media: Steve LaMarca (646) 884-3840, [email protected] For Investors: John Hall (212) 578-7888, [email protected]