MetLife’s first quarter results saw the company outperform Wall Street’s revenue and non-GAAP profit expectations, but the market responded negatively. Management attributed growth to strong premium volumes across all major operating segments, disciplined expense control, and favorable investment returns, particularly in private equity and venture capital. CEO Michel Khalaf emphasized that “adjusted earnings were ahead of last year for all operating business segments with across-the-board top line growth.” Favorable trends in Group Life mortality and broad-based international sales contributed to the positive topline, while integration of asset manager PineBridge added to expenses, which management noted were successfully absorbed due to overall cost discipline.
Is now the time to buy MET? Find out in our full research report (it’s free for active Edge members).
MetLife (MET) Q1 CY2026 Highlights:
- Revenue: $19.68 billion vs analyst estimates of $19.41 billion (4.5% year-on-year growth, 1.4% beat)
- Adjusted EPS: $2.42 vs analyst estimates of $2.27 (6.6% beat)
- Adjusted Operating Income: $2.15 billion vs analyst estimates of $2.34 billion (10.9% margin, 8.1% miss)
- Market Capitalization: $50.6 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From MetLife’s Q1 Earnings Call
- Suneet Kamath (Jefferies) asked about the sustainability of improved working age mortality trends in Group Life. Head of U.S. Business Ramy Tadros explained that while favorable mortality may persist, changes would be reflected in pricing gradually and could moderate over time.
- Ryan Krueger (KBW) inquired about the drivers behind strong Japan sales and expectations for the rest of the year. Asia head Lyndon Oliver cited successful product launches and distribution strength, but noted that growth rates could moderate due to tough prior-year comparisons.
- Wesley Carmichael (Wells Fargo) questioned the outlook for spreads in Retirement & Income Solutions given recent core spread declines. CFO John McCallion said spreads should stabilize or improve modestly, but highlighted ongoing headwinds from a flat yield curve.
- Thomas Gallagher (Evercore) probed MetLife’s investment allocation strategy, particularly around shrinking commercial mortgage loan exposure. McCallion responded that the company remains selective in real estate, with greater focus on asset-backed financing and private credit for better risk-adjusted returns.
- Joel Hurwitz (Dowling) asked about the PineBridge integration’s impact on flows and international distribution. McCallion reported early progress in client engagement and cross-selling, emphasizing a diversified pipeline but acknowledging that flows can be volatile during early integration.
Catalysts in Upcoming Quarters
In future quarters, the StockStory team will be watching (1) the pace of international sales growth, especially in Asia and Latin America, (2) the realization of operating synergies and expense improvements from the PineBridge integration, and (3) management’s ability to sustain favorable underwriting margins in Group Benefits and Retirement & Income Solutions. Ongoing regulatory developments in Japan and the effectiveness of technology-driven cost savings will also be important indicators of execution.
MetLife currently trades at $78.30, down from $80.16 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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