MetlifeMET

10-Q · 6 aug 2026 · for the period to 30 jun 2026

accession 0001099219-26-000050

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Adjusted earnings available to common shareholders was $1.6 billion and $3.2 billion for the three months and six months ended June 30, 2026, respectively, compared to $1.4 billion and $2.7 billion for the three months and six months ended June 30, 2025, respectively.Higher recurring investment income reflected positive flows from pension risk transfer transactions and funding agreement issuances, higher income on real estate investments, and higher yields on fixed income securities.Variable investment income increased due to higher returns on private equity funds and higher income on bond prepayment fees.Volume growth contributed to the increase in adjusted earnings available to common shareholders primarily driven by higher average invested assets, primarily in the Asia and Latin America segments.

service annuitygets paid again without selling again

holdsread 8 sep 2026

02MIM represents a fee-based capital-light business layered on top of MetLife's insurance general account. By charging market-rate fees internally and growing third-party AUM via PineBridge, MetLife monetizes its investment platform twice—once through spread income on owned assets, again through advisory fees on third-party capital. This diversifies revenue toward lower-capital, more scalable asset management income.

distribution densityis already on the route the customer buys through

holdsread 8 sep 2026

03Group Benefits adjusted earnings increased reflecting favorable mortality results, as well as a favorable change resulting from refinements to certain insurance liabilities.Mortality results improved in the current period due to lower claims incidence and severity in the life business, while morbidity results benefited from favorable claims experience in the disability business and favorable rate actions within the dental business.Business growth in the Group Benefits segment was driven by growth in voluntary products.

switching costsis wired into how the customer already works

holdsread 8 sep 2026

04At June 30, 2026, MetLife holding companies had $3.4 billion in liquid assets.On August 5, 2026, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases.For the six months ended June 30, 2026, MetLife, Inc. paid dividends on its common stock of $755 million.

capital disciplinea reason to hold, not a barrier

holdsread 8 sep 2026

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