Q2 2026 MetLife Inc Earnings Call Transcript
Key Points
- Adjusted earnings increased 15% year-over-year, with EPS up 20%, driven by broad-based growth across all segments.
- Group Benefits delivered strong results with adjusted earnings up 25%, benefiting from favorable mortality and robust sales growth.
- Asia reported a 25% constant currency earnings increase, with sales up 17% and strong momentum in Korea and Japan.
- Latin America achieved a quarterly record in adjusted earnings, up 15% year-over-year, with solid top-line growth.
- MetLife returned over $2.4 billion to shareholders year-to-date and announced a new $3 billion share repurchase authorization.
- Total investment spread in RIS was 97 basis points, below the 100-120 basis points guidance, due to weaker private equity returns.
- Variable investment income was below the implied quarterly run rate, primarily due to lower private equity returns.
- The direct expense ratio increased to 12.1% from 11.7% last year, partly due to the PineBridge acquisition impact.
- Corporate & Other reported a wider adjusted loss of $160 million, reflecting foregone earnings from prior reinsurance transactions.
- Group Life mortality favorability is expected to normalize, with 2 points of benefit not expected to repeat in the second half.
Ladies and gentlemen, thank you for standing by. Welcome to the MetLife second quarter 2026 conference call. At this time, all participants are in a listen-only mode. (Operator Instructions). As a reminder, this conference is being recorded.
Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to risk factors discussed in MetLife's SEC filings.
With that, I will now turn the call over to John Hall, Treasurer and Head of Investor Relations.
Thank you, operator, and good morning, everyone. We appreciate you joining MetLife's second quarter 2026 call. Before we begin, I direct your attention to the information on non-GAAP measures on the Investor Relations section of metlife.com in our earnings release, in our quarterly financial supplement and in our earnings call and investor presentations, which you should review.
On the call today are Michel Khalaf, President and Chief Executive Officer; and John
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