MetLife reported first quarter 2026 total revenue of $19.1 billion and adjusted earnings per share of $2.42, which rose 23% year-over-year. The results were driven by strong growth in variable investment income and solid performance across all business segments, leading to an earnings beat despite a slight miss on revenue estimates.

Key Highlights

  • Variable investment income surged 58% to $518 million, exceeding investor expectations and driven primarily by higher private equity returns.
  • Adjusted premiums, fees, and other revenues, excluding pension risk transfers (PRT), grew 10% to $13.3 billion, with all segments contributing to growth.
  • The company returned over $1.1 billion to shareholders through common stock dividends and share repurchases during the quarter.
  • Adjusted earnings saw double-digit growth across most segments, with Asia up 31%, EMEA up 33%, and Group Benefits up 19%.