Net investment income was USD 5.4 billion, up 10%, primarily due to higher variable investment income and asset growth. Adjusted net investment income was USD 5.5 billion, up 5%, mainly driven by higher variable investment income.
Net investment losses were USD 670 million, or USD 529 million after tax, reflecting normal trading activity and a stable credit environment. Net derivative gains amounted to USD 74 million, or USD 58 million after tax, driven by higher interest rates.
Net income was USD 1.1 billion reflecting higher adjusted earnings, partially offset by certain investment-related items. On a per-share basis, net income increased 36% to USD 1.74.
Adjusted earnings were USD 1.6 billion, up 18% on a reported basis and 15% on a constant currency basis. On a per-share basis, adjusted earnings were USD 2.42, up 23%. Direct expense ratio, excluding total notable items related to direct expenses and PRT, was 11.9%, compared to 12.0% in the prior-year quarter.
“MetLife delivered exceptional performance in the first quarter, with adjusted earnings per share up 23% and widespread top-line growth”, commented Michel Khalaf, President and Chief Executive Officer. “Our strong start to 2026 reflects how we're accelerating progress in year two of New Frontier, supported by disciplined execution across the enterprise, and deliberate capital deployment that balances investment in our businesses with returning capital to shareholders”, the CEO said.
“We remain confident in delivering against the ambitious financial targets we laid out under New Frontier. By keeping customers at the center, we will continue to drive responsible growth and create long-term shareholder value that consistently compounds over time”, Michel Khalaf added.
The full report can be found here.
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