VALUATION HIGHLIGHTS

1. U.S. Segment constitutes 53% of the Trefis price estimate for MetLife's stock.
2. Asia Segment constitutes 31% of the Trefis price estimate for MetLife's stock.
3. Latin America Segment constitutes 12% of the Trefis price estimate for MetLife's stock.

WHAT HAS CHANGED?

Latest Earnings: Q1 2026

MetLife reported total revenues of $19.07 billion for Q1 2026, representing a 2.7% increase year-over-year. Net income rose 30% to $1.14 billion, translating to a diluted EPS from continuing operations of $1.74, up 36% compared to $1.28 in Q1 2025. Adjusted earnings per share climbed 23% to $2.42, beating market expectations due to a 10% increase in net investment income to $5.36 billion, strong variable investment income from private equity, and favorable volume growth and life underwriting across its core segments.

Note: MetLife's FY'25 ended on December 31, 2025. Q1 FY'26 ended on March 31, 2026.

PineBridge Integration Accelerates MIM Growth

MetLife Investment Management completed the strategic integration of its PineBridge acquisition, leading to a massive 68% year-over-year increase in adjusted earnings to $47 million for the division. While institutional assets under management dipped slightly due to broader equity market declines at the end of the quarter, the acquisition structurally elevates MetLife's asset-light, fee-based revenue platform and deepens its global alternative investment capabilities.

POTENTIAL UPSIDE & DOWNSIDE TO TREFIS PRICE

Below are key drivers of MetLife's value that present opportunities for upside or downside to the current Trefis price estimate:

U.S. Business

• Group Benefits Premiums: Group Benefits remain a primary driver, influenced by employment levels and wage growth. MetLife's group life mortality ratio improved significantly to 80.1% in Q1 2026, well below its long-term target range, presenting notable margin upside if underwriting trends persist.
• Retirement and Income Solutions Spreads: Net investment spreads in this segment are highly sensitive to fluctuating interest rates. Persistently high interest rates allowed fixed income reinvestment rates to stay strong, providing potential upside to yield assumptions over the Trefis model horizon.

For additional details, select a division from the interactive Trefis split for MetLife at the top of the page.

BUSINESS SUMMARY

MetLife is a leading global provider of insurance, annuities, employee benefits, and asset management services, operating across the United States, Japan, Latin America, Asia, Europe, and the Middle East.

SOURCES OF VALUE

The U.S. Business segment represents MetLife's largest and most consistent source of value due to its extensive corporate partnerships and market scale.

Market Dominance in Group Benefits

MetLife maintains an unparalleled installed base in the U.S. group insurance market, providing dental, disability, and life insurance to millions of employees across thousands of corporations, creating a highly stable stream of premium revenues.

Robust Institutional Asset Management

The company possesses a world-class institutional investment platform that successfully manages hundreds of billions of dollars, generating strong investment spreads that shield its core operations from localized market volatility.

KEY TRENDS

Elevated Interest Rate Environment

The prolonged landscape of higher interest rates allows life insurers like MetLife to reinvest maturing bonds into higher-yielding fixed-income instruments, structurally improving long-term margins and supporting legacy product liabilities.

Accelerated Capital Deployment Strategy

MetLife continues to prioritize shareholder returns, returning approximately $1.1 billion in Q1 2026 through $750 million in share repurchases and $370 million in common stock dividends alongside a 4.4% boost to its quarterly dividend.