MetLife says third-quarter investment income tops $600 million

The insurer's full-year 2026 guidance for the same measure is about $1.6 billion pre-tax, with results due November 4

MetLife said preliminary variable investment income for the quarter ended September 30, 2026, was at least $600 million pre-tax. The company called the figure estimated and unaudited, with financial closing for the quarter still underway. Full quarterly results are due November 4.

The disclosure follows a pattern MetLife has used before earnings in recent quarters. For the quarter ended June 30, 2026, it estimated variable investment income of $220 million to $270 million. For the quarter ended March 31, 2026, it put the figure at $475 million to $525 million. For the quarter ended December 31, 2025, it estimated $385 million to $435 million, against a quarterly target of $425 million implied by its then full-year 2025 guidance of about $1.7 billion.

MetLife's full-year 2026 guidance for variable investment income is about $1.6 billion pre-tax, the same figure attached to each of the earlier quarterly disclosures this year. The at-least-$600-million figure for the third quarter alone covers roughly 38% of that annual target, more than the roughly 25% a evenly spread year would produce. That puts the insurer ahead of the pace its own guidance implies heading into the November report, a modestly encouraging signal even though management has flagged the numbers as preliminary and unaudited.

After MetLife's fourth-quarter 2025 results, which included adjusted earnings per share of $2.58 against analyst expectations of $2.34 alongside a revenue shortfall, Evercore ISI cut its price target on the stock to $95 from $97 while keeping an 'In Line' rating.