Metlife Inc
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+ FollowMarket Cap$64.45B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Record profitability + strong broad-based growth (good/surprising)
- Q3 adjusted earnings: $1.8B / $2.78 EPS, +17% (ex-notable items), and $2.85 adjusted EPS, +22% YoY.
- Highest adjusted EPS quarter ever; CEO emphasized growth breadth: no single business drove results.
- Variable investment income (VII): $720M pretax (private equity/VC returns >4%, vs 3% a year ago) was a major contributor but “did not define” the quarter.
Expense discipline despite acquisition + AI productivity tailwind (good)
- Direct expense ratio: 11.9% (vs 11.6% prior year; on track to beat 12.1% full-year target).
- Management expects AI/technology-driven productivity to offset higher costs from PineBridge absorption (noted as structurally higher expense).
- Note: Stock comp/incentive-related items were discussed as a modest headwind (investor question: ~1–2 points impact on expense ratio).
Segment performance highlights + underwriting trends (good, with some watch items)
- Group Benefits: adjusted earnings $523M, +14% YoY; group life mortality ratio 79.5% (below target range 83–88%). Non-medical health ratio 72.3% (within 70–75%).
- RIS (Retirement & Income Solutions): adjusted earnings $478M, +12%; total investment spread 130 bps (above guidance 100–120 bps) supported by VII.
- Asia: adjusted earnings $550M, +21% constant currency, driven by VII + favorable markets; sales down -6% constant currency in Q3 but +10% YTD.
- Latin America: adjusted earnings $229M; impacted by weaker encaje (negative -3% vs positive +6% prior year), but top-line momentum remains strong (PFOs +14% constant currency, sales +6%).
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$213.87
108.4% upside
Current Fair Value
108.4% upsideUndervalued by 108.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $64.45 Billion |
|---|---|
| Enterprise Value | $66.34 Billion |
| Annual dividend | $2.35 |
| Dividend yield | 2.39% |
| Earnings per Share | $4.8 |
| Beta | 0.77 |
| Outstanding Shares | 635,000,000 |
Return
| Return on Equity | 22.76% |
|---|---|
| Return on Assets | 0.68% |
| Return on Invested Capital | 1.29% |
Valuation & Multiples
| P/E Ratio | 12.73 |
|---|---|
| PEG | 7.6 |
| Price to Sales | 0.79 |
| Price to Book Ratio | 2.93 |
| Enterprise Value to Revenue | 0.8 |
| Enterprise Value to EBIT | 9.28 |
| Enterprise Value to Net Income | 13 |
| Total Debt to Enterprise | 0.33 |
| Debt to Equity | 0.98 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$2.78
Est. $2.77Revenue
$20.52 B
Est. $19.86 BNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$2.62
Consensus analyst estimateRevenue Estimate
$20.68 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.18, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.1802▲ 7.52% |
|---|---|
| Total Calls | 238,346▼ 92.60% |
| Total Puts | 281,300▼ 92.10% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 12.78%▼ 62.24% |
|---|---|
| Total Invested | $7.83B▼ 81.07% |
| Investors Holding | 843▼ 674.00% |
About Metlife Inc
46,500 employees
CEO: Michel Khalaf
MetLife, Inc., through its subsidiaries and affiliates ('MetLife'), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institution...