MetLife (MET) Q3 adj. EPS $2.85 vs $2.80 est.

MetLife reported third-quarter 2026 adjusted earnings per share of $2.85, topping the $2.80 consensus estimate, as net income jumped 187% to $2.4 billion, or $3.67 per share. Adjusted earnings rose 12% to $1.8 billion on higher variable investment income, broad-based volume growth and favorable underwriting, while premiums, fees and other revenues increased 12% to $14.1 billion and adjusted PFOs excluding pension risk transfers rose 8% to $13.5 billion across all six business segments. The insurer posted a 42.7% ROE and 19.2% adjusted ROE, returned roughly $1 billion to shareholders through buybacks and dividends, and held $3.4 billion in holding company cash and liquid assets. Book value per share fell 22% to $30.73, though adjusted BVPS rose 5% to $59.41. CEO Michel Khalaf credited the company's New Frontier strategy and said MetLife remains on track to meet full-year free cash flow ratio and direct expense ratio targets. Investors will watch whether the record quarterly adjusted EPS and segment-wide revenue growth translate into sustained free cash flow and capital returns through year-end.