> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# MetLife Adjusted Earnings Per Share Hit $2.85, Up 22%, As Investment Income Surges
- URL: https://www.bullished.co/metlife-adjusted-earnings-per-share-hit-2-85-up-22-as-investment-income-surges-6714944d/
- Published: 2026-11-04T21:38:04.000Z
- Updated: 2026-11-04T21:38:04.000Z
- Description: Net income reached $2.4 billion, but book value per share fell 22% to $30.73 as unrealized investment losses grew.
- Author: Matteo Parrino
- Tags: Earnings, MET, Industry: Financials

MetLife, the insurer that sells life, dental and disability coverage, annuities and asset management, earned [$2.85 a share](https://www.businesswire.com/news/home/20261104856533/en/MetLife-Announces-3Q-2026-Results?ref=bullished.co) on an adjusted basis in the third quarter, up 22% and excluding notable items. The company calls it the highest-ever quarter for adjusted earnings per share, with revenue up in all six segments.

## Investment income does the lifting

Adjusted earnings rose 12% to [$1.8 billion](https://www.sec.gov/Archives/edgar/data/0001099219/000109921926000058/ex991earningsreleasetables.htm?ref=bullished.co), or $2.78 a share, up 17% including a $46 million hit from notable items. The company credited higher variable investment income, broad volume growth and favorable underwriting. Variable investment income, which sits inside net investment income, climbed 49% to $720 million.

CEO Michel Khalaf said MetLife delivered "the highest quarterly adjusted earnings per share in MetLife’s history," adding: "We are firing on all cylinders in year two of New Frontier."

Net income rose [187%](https://www.businesswire.com/news/home/20261104856533/en/MetLife-Announces-3Q-2026-Results?ref=bullished.co) to $2.4 billion, or $3.67 a share. Net derivative gains of $698 million before tax, against a $929 million loss a year earlier, helped; the company tied them to higher U.S. interest rates. Premiums, fees and other revenues rose 12% to $14.1 billion, and 8% to $13.5 billion excluding pension risk transfers.

## Book value falls 22% on unrealized losses

Book value per share dropped 22% to $30.73, from $39.52 a year earlier. Adjusted book value per share, which strips out most unrealized investment swings, rose 5% to $59.41.

Common stockholders' equity was $19.4 billion, down from $26.1 billion. Unrealized investment losses, net of offsets and tax, reached $30.7 billion at September 30, against $14.7 billion a year earlier.

## Segments and capital returned

Group Benefits adjusted earnings rose 15% to $523 million. Retirement and Income Solutions fell 6% to $413 million, but rose 12% excluding notable items. Asia rose 11% to $602 million, Latin America 45% to $215 million, EMEA 24% to $108 million and MetLife Investment Management 9% to $63 million.

MetLife returned about $1 billion to shareholders: $650 million of buybacks and $380 million of dividends. Holding company cash and liquid assets stood at $3.4 billion.

MetLife holds its earnings call Thursday from 9 a.m. to 10 a.m. ET.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — METLIFE INC (MET)](https://www.sec.gov/Archives/edgar/data/0001099219/000109921926000058/met-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex991earningsreleasetables.htm — METLIFE INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001099219/000109921926000058/ex991earningsreleasetables.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex992qfs8kdoc.htm — METLIFE INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001099219/000109921926000058/ex992qfs8kdoc.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex993totalaum.htm — METLIFE INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001099219/000109921926000058/ex993totalaum.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex994earningscallpresent.htm — METLIFE INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001099219/000109921926000058/ex994earningscallpresent.htm?ref=bullished.co) — SEC EDGAR
- [MetLife Announces 3Q 2026 Results](https://www.businesswire.com/news/home/20261104856533/en/MetLife-Announces-3Q-2026-Results?ref=bullished.co) — businesswire.com