📈 Price History

Ratio Health

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About

MetLife, Inc., a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding MET

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	14.7K	$1.0M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 5 quarters analysed

Q2 2025

Mixed

Confident in growth strategy and New Frontier execution (e.g., 'all-weather performance', 'clear momentum') but cautious on Q2 results not reflecting full earnings power due to lower VII and underwriting headwinds (e.g., 'less favorable underwriting within normal fluctuations', 'earnings power was not fully evident').

Q3 2025

Confident Specific

Management used strong language like 'outperformance', 'record quarter', 'stellar sales growth', and 'well ahead of schedule'. They provided specific metrics (e.g., adjusted EPS up 21%, non-medical health ratio improved 230 bps sequentially) and affirmed their 400 bps combined improvement target for H2. The tone was upbeat and data-rich, with no defensiveness.

Q4 2025

Confident Specific

Management uses strong positive language: 'strong quarterly adjusted earnings', 'highest single EPS quarter', 'excellent first year', 'well ahead of schedule', 'robust top-line growth'. They repeatedly emphasize meeting or beating financial commitments with specific numbers.

Q1 2026

Confident Specific

Management used phrases like 'excellent quarter', 'strong start to the year', and 'full earnings power'. They provided specific metrics (18% adj. earnings growth, 23% adj. EPS growth, 10% PFO growth) and highlighted broad-based, repeatable performance, indicating strong conviction in the business trajectory.

Q2 2026 latest

Confident Specific

Management repeatedly used superlatives like 'outstanding quarter,' 'excellent,' and 'strong demonstration' while citing concrete metrics (adjusted EPS +20%, ROE 17%, Group Benefits earnings +25%, Asia earnings +25% constant currency). They confidently reaffirmed or beat full-year targets (expense ratio 12.1%, MIM guidance $240-280M) and highlighted 'New Frontier in action' as evidence of repeatable model.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management delivered broad-based earnings beats across all segments, with EPS growth of 20% and record/catch-up results in Latin America and Asia. The new $3B buyback and continued discipline on expenses support the capital-return story. However, watch for normalization in Group Life mortality after two points of favorability, an expected low-end MIM result, and continued softness in the jumbo PRT pipeline—all flagged as reasons for moderation in H2. The core spread stabilised at 100 bps and the Japan ESR upgrade are positive, but investors should focus on whether the H2 PRT pipeline converts and whether private equity returns recover as management expects.

AI-generated concall tone analysis · Updated 2026-08-14 · Not investment advice

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🎙 Management Tone Confident Specific ↑ Improving 5 quarters Full tone analysis in Intelligence →

Good quarter Investor Presentation One-Pager? Q2 2026

Premiums, Fees & Other Revenues

$13.7B

+7% YoY

Adjusted Earnings

$1.6B

+15% YoY

Direct Expense Ratio

12.1%

+0.4pp YoY

Net Income

$705M

+1% YoY

What Went Right

Group Benefits adjusted earnings up 25% to $503M on strong underwriting and volume growth
Asia sales rose 17% constant currency and adjusted earnings were up 25% constant currency
Latin America delivered a record quarter with adjusted earnings of $268M, up 15%

What to Watch

RIS total investment spread was 97 bps, below the 100-120 bps guidance, due to weaker private equity returns
PRT market was lighter in the first half, especially jumbo deals, though pipeline is stronger in H2
Direct expense ratio worsened to 12.1% from 11.7%, reflecting about 50 bps of PineBridge impact

Management Guidance

MIM full-year 2026 adjusted earnings guidance remains $240M-$280M, likely toward the low end
2027 MIM guidance remains intact
Risk insurance and solutions expects retained balance growth of 3%-5% for the full year
Full-year direct expense ratio target of 12.1% is expected to be beaten
Japan ESR for FY ended March 2026 now expected at top end of 170%-190% range

Investor Lens

The thesis is stronger after this quarter. Every segment grew adjusted earnings, with balanced contributions from capital-light and capital-driven engines, and adjusted EPS rose 20% to $2.43. The 17% adjusted ROE is at the top end of the target range, and capital management remains disciplined with a new $3B buyback. Risks remain around private equity volatility and mortality normalisation, but diversification and expense control underpin confidence.

From investor presentation · AI-generated analysis · Not investment advice

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📈 STRONG Excellent quarter: EPS up 20%, all segments grew earnings

Revenue

Adjusted premiums, fees and other revenues rose 5% to $13.0B excluding pension risk transfers, or 7% to $13.7B on a reported basis. Growth was broad-based across all segments, led by international businesses and RIS.

Profitability

Adjusted earnings increased 15% to $1.6B, with adjusted EPS up 20% to $2.43. Net income was $705M or $1.09 per share, up 1% from $698M.

Margins

The direct expense ratio was 12.1% versus 11.7% in the prior year, including roughly 50 bps of drag from the PineBridge acquisition. Management remains confident in beating the 12.1% full-year target through expense discipline and AI productivity gains.

Balance Sheet

Holding company cash and liquid assets stood at $3.4B, within the $3B-$4B target. MetLife returned over $2.4B to shareholders year-to-date through July and announced a new $3B share repurchase authorization.

Key Risks

Management flagged lighter PRT activity in the first half, weak private equity returns pressuring VII and investment spread, and a one-time mortality benefit of about two points that is not expected to repeat. Yen volatility caused customers to hold off in Japan, though July momentum continued.

Outlook

For the full year, MetLife expects to beat its 12.1% direct expense ratio target and deliver RIS retained balance growth of 3%-5%. MIM earnings are guided to $240M-$280M, likely toward the low end, with 2027 guidance reaffirmed.

Generated by AI · Q2 2026 results · Not investment advice

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Adjusted earnings rose 15% year-over-year to $1.6B, with EPS up 20% and all segments posting growth. Strong underwriting, disciplined expense management, and robust capital returns drove results, while investments in technology and AI supported productivity gains.

Q1 2026 Q1 2026 2026-05-07

Adjusted earnings rose 18% year-over-year to $1.6 billion, with all segments posting growth and strong capital management. The quarter featured robust sales across regions, disciplined expense control, and continued execution of the New Frontier strategy, supporting a positive outlook.

Q4 2025 Q4 2025 2026-02-05

Delivered record adjusted EPS and strong growth across all major segments in 2025, driven by robust international sales, strategic acquisitions, and disciplined capital management. On track to meet 5-year financial commitments, with positive 2026 guidance for earnings and returns.

Q3 2025 Q3 2025 2025-11-06

Third-quarter adjusted earnings rose 21% year-over-year, driven by strong investment income, disciplined expense management, and robust segment growth in Asia, RIS, and group benefits. Capital deployment and risk management remain key strengths.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 adjusted earnings were $1.4B, down year-over-year due to less favorable underwriting and investment margins, but strong sales and disciplined expense management drove momentum across segments. Strategic transactions and robust capital returns supported growth, with Asia, Latin America, and EMEA showing notable performance.

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Investment Risk:
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