One of the world's largest life insurers, MetLife sells group life, dental, disability, and other workplace benefits to U.S. employers, plus retirement and asset-management products for institutions worldwide. It grew from an 1863 firm that insured Civil War soldiers before reopening in 1868 as Metropolitan Life. Fun fact: cartoon dog Snoopy served as its friendly mascot for decades.
MetLife Q2 2026 adjusted earnings rose 15% to $1.6B on improved Group Benefits mortality and higher investment income.
Underwriting turned favorable in , reversing a drag from the prior year. rose 10.5% to $19.2B and reached $1.6B, driven by lower life claims severity and higher recurring investment income, though was flat at $736M as derivative losses offset the operating gain. The core insurance engine strengthened, but swings continue to obscure the bottom line.
Key takeaways
available to common shareholders rose 15% to $1.6B, driven by favorable underwriting, higher market factors, and volume growth across segments.
increased $102M to $503M, primarily from improved mortality results as life claims incidence and severity declined.
Consolidated adjusted premiums, fees and other revenues grew 6% to $13.5B, with (RIS) up 28% on higher U.K. funded and longevity premiums.
Section summaries
Management's Discussion and Analysis
Q2 2026 adjusted earnings rose 15% to $1.6B on favorable underwriting, higher investment income, and volume growth across segments.
⌄
available to common shareholders increased to $1.6B in Q2 2026 from $1.4B in Q2 2025, driven by favorable underwriting, higher market factors, and volume growth.
Net investment income rose to $6.7B from $5.7B a year earlier, reflecting higher recurring income from pension risk transfer flows and higher yields on fixed income securities.
available to common shareholders was $736M, up 1.0% , as a $228M after-tax unfavorable change in net derivative gains from equity market movements offset the increase in .
adjusted loss widened to -$160M, pressured by higher legal, corporate, and employee-related expenses and the impact of strategic transactions.
What changed
The unfavorable underwriting that drove a 16% decline in Q2 2025 reversed: adjusted earnings in the rose $102M to $503M on improved mortality.
The $10.0B variable annuity agreement with Talcott Resolution, flagged for closure in H2 2025, was not mentioned as closed in this filing.
Chariot Re, the life and annuity venture with General Atlantic expected to launch in the first half of 2025, was again absent from the filing.
The Q1 2026 watch item on net derivative results materialized: an unfavorable swing in net derivative gains from equity market movements reduced , keeping it essentially flat despite the 15% rise in .
What to watch
Closure status of the $10.0B variable annuity agreement with Talcott Resolution and its effect on and reserves.
Q3 2026 net derivative result as equity market and interest rate moves may reverse the Q2 2026 unfavorable swing.
Launch of Chariot Re and the size of liabilities ceded, after another quarter without mention.
underwriting trend in Q3 2026 to confirm whether the Q2 mortality improvement is sustained.
rose $102M to $503M, primarily due to improved from lower claims incidence and severity in the life business.
Consolidated adjusted premiums, fees and other revenues grew 6% to $13.5B, with RIS up 28% on higher U.K. funded and longevity premiums.
Net investment income increased to $6.7B from $5.7B, reflecting higher recurring income from flows and higher yields on fixed income securities.
adjusted loss widened to -$160M, pressured by higher legal, corporate, and employee-related expenses and the impact of strategic transactions.
The company maintained strong liquidity with $18.8B in short-term liquidity and $182.7B in liquid assets, and issued $1.0B in in February 2026.
Quantitative and Qualitative Disclosures About Market Risk
We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates…
⌄
We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets. We have exposure to such market risks through our insurance operations and investment activities. We use a variety of strategies to manage these risks, including the use of derivatives. A description of our market risk exposures may be found under “Quantitative and Qualitative Disclosures About Market Risk” included in the 2025 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2025 Annual Report.
147
Table of Contents
Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2025 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2025 Annual Report.
⌄
Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2025 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2025 Annual Report.