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MetLife’s 23% EPS Growth Meets Japan Regulatory Noise!

MetLife, Inc. reported solid financial results for the first quarter of 2026, reflecting continued execution of its New Frontier strategy focused on diversified businesses, disciplined capital allocation, and technology-driven efficiency. The company delivered adjusted earnings of $1.6 billion, representing an 18% increase year-over-year, with adjusted earnings per share rising by 23%. Adjusted premiums, fees, and other revenues grew 10%, driven by broad-based volume growth across its business segments and geographies. The adjusted return on equity was 17%, at the upper end of its 15% to 17% target range, supported by steady capital management. MetLife also improved its expense discipline with a direct expense ratio of 11.9%, despite integrating PineBridge, an acquisition with a typically higher cost profile. Segment-wise, Group Benefits posted adjusted earnings of $439 million, up 19%, benefitting from favorable mortality trends among the working-age population and a mild flu season.