MetLife Inc. (MET) official guidance

Based on preliminary results received to date, for the quarter ended September 30, 2026, the Company estimates that its variable investment income will be at least $600 million (pre-tax), which compares to full-year 2026 guidance of approximately $1.6 billion (pre-tax).

Based on preliminary results received to date, for the quarter ended September 30, 2026, the Company estimates that its variable investment income will be at least $600 million (pre-tax), which compares to full-year 2026 guidance of approximately $1.6 billion (pre-tax).

This growth, combined with a 410 basis point improvement in operating margin during the quarter, positions MIM to deliver full-year adjusted earnings within its guidance range of $240 million-$280 million.

Momentum is building across the platform, and as integration benefits continue to emerge, we expect adjusted earnings to maintain their upward trajectory through the second half of the year.

You can see from our results that LATAM is very much on a path to generate $1 billion in earnings this year, which by the way, is roughly double from pre-pandemic levels.

We manage expenses on a full-year basis and remain confident in our ability to beat our 2026 target of 12.1%.

The company's effective tax rate on adjusted earnings in the quarter was 23%, below our 2026 guidance range of 24%-26%.

The Group Life mortality ratio was 79% for the quarter, better than our 2026 target range of 83%-88%, reflecting continued favorable mortality trends among the working-age population.

The Non-Medical Health interest adjusted benefit ratio was 73.9%, within our annual target range of 70%-75%, and a 190 basis point improvement sequentially, consistent with our seasonal utilization patterns.

Dental is exhibiting the normal seasonality here, and that seasonality would point to a fact that the second half of the year will give us more favorable results and therefore more favorable Non-Medical health ratio in aggregate compared to the first half of the year.

Looking ahead, we expect stronger private equity returns in the third quarter, particularly from our venture capital investments, supported by elevated IPO activity and higher public market valuations.

Net net, if you look at all of RIS, we're pretty confident that we're going to be within our retained balance growth of 3%-5% for the full year, reflecting just the power of the franchise and the product portfolio that we have.

Based on preliminary results received to date, for the quarter ended June 30, 2026, the Company estimates that its variable investment income will be approximately $220 million to $270 million (pre-tax), which compares to full-year 2026 guidance of approximately $1.6 billion (pre-tax). Variable investment income includes private equity, real estate and other funds and prepayment fees.

Despite RIS's strong results in Q1, we still expect full year adjusted earnings to be between $1.6 billion-$1.8 billion that we provided on our outlook call.

You know, obviously this was a very strong quarter. I wouldn't consider this to be a run rate. You know, we had a $90 million-$100 million quarterly run rate as part of the outlook, and we're probably trending towards the middle to upper end of that range is where we're going forward.

As we look ahead into Q2, we do expect some improvement from lower asset rotations, but we're also operating in an environment where the yield curve remains persistently flat with the short end higher than maybe relative to our outlook expectation of the curve steepening. That actually puts a bit of a headwind on us. I think taken all together, our expectation for Q2 is that core spreads will remain close to where we are in Q1, maybe slightly above, you know, modest improvement in Q2.

Finally, in Japan, we expect our initial economic solvency ratio, or ESR, to be in the middle of our 170%-190% target range for fiscal year ending March 2026, following completion of regulatory filings in June.

Total investment spread was 119 basis points at the top end of our 100 basis points-120 basis points guidance range.

Now looking ahead, we can expect a little bit of moderation in year-over-year growth rates, just given the strong prior comparatives. We really expect the momentum we have to continue going into the second quarter.

The Japan Economic Solvency Ratio is expected to be at middle of the target range of 170% to 190% for the fiscal year ending March 31, 2026.