MetLife, Inc. (MET), the global insurer, reported adjusted earnings of $1.8 billion for the three months ended September 30, 2026, up 12% from a year earlier, after a 15% increase in the second quarter. Adjusted earnings excluding total notable items were $1.83 billion, or $2.85 a share, up 22%, which the company said was the highest-ever quarter. Net income was $2.4 billion, or $3.67 a share, up 187% from $818 million a year earlier, driven by net derivative gains and higher adjusted earnings.

Premiums, fees and other revenues rose 12% to $14.1 billion, accelerating from a 7% increase in the second quarter. Adjusted PFOs excluding pension risk transfers were $13.5 billion, up 8%, with growth in all six business segments. Net investment income was $6.2 billion. Adjusted net investment income was $6.0 billion, up 10%, reflecting higher variable investment income, asset growth and a higher-rate environment. Variable investment income rose 49% to $720 million. Net derivative gains were $551 million after tax, which the company attributed to embedded derivatives on ceded reinsurance as U.S. interest rates rose.

The annual actuarial assumption review and other insurance adjustments reduced net income by $56 million and adjusted earnings by $46 million. Adjusted return on equity was 19.2%, up from 17.0% in the second quarter. Book value per share fell 22% to $30.73, reversing an 8% rise in the prior quarter. Adjusted book value per share was $59.41, up 5%. The company returned about $1 billion to shareholders through share repurchases and common stock dividends. Holding-company cash and liquid assets were $3.4 billion at quarter-end.

Group Benefits adjusted earnings were $523 million, up 15%, after a 25% increase in the second quarter. Excluding notable items, the company said the result was driven primarily by favorable underwriting. Adjusted PFOs excluding participating contracts were $5.1 billion, up 5%. Sales were up 12% year-to-date.

Retirement and Income Solutions adjusted earnings were $413 million, down 6%, reflecting notable items from the actuarial review. Excluding those items, adjusted earnings were $478 million, up 12%, which the company said was driven by higher variable investment income and volume growth. Adjusted PFOs excluding PRT were $1.6 billion, up 33%, mainly from post-retirement benefits and U.K. longevity reinsurance. Total retained liability exposure grew 7%.

Asia adjusted earnings were $602 million, up 11% reported and 14% in constant currency, after a 21% increase in the second quarter. Excluding notable items, adjusted earnings were $550 million, up 17% reported and 21% in constant currency, which the company said reflected higher variable investment income, equity markets and volume growth, partially offset by less favorable underwriting. Asia general account assets under management at amortized cost were $145.0 billion. Sales were $728 million, down 6% in constant currency against a strong year-ago quarter; year-to-date sales were up 10% in constant currency, led by Japan and Korea.

Latin America adjusted earnings were $215 million, up 45% reported and 30% in constant currency, after a 15% increase in the second quarter. Excluding notable items, adjusted earnings were $229 million, up 3% reported and down 5% in constant currency, as volume growth was largely offset by lower encaje returns. Adjusted PFOs were $2.0 billion, up 22% reported and 14% in constant currency. Sales were $501 million, up 6% in constant currency.

EMEA adjusted earnings were $108 million, up 24% reported and 32% in constant currency, after an 8% increase in the second quarter. Excluding notable items, adjusted earnings were $114 million, up 30% reported and 37% in constant currency, which the company said was driven by broad-based volume growth. Adjusted PFOs were $832 million, up 14% reported and 17% in constant currency. Sales were $331 million, up 16% in constant currency.

MetLife Investment Management adjusted earnings were $63 million, up 9%, reflecting business growth including PineBridge Investments. Other revenues were $319 million, up 34%. Total assets under management were $723.4 billion, up 14%. Corporate and Other posted an adjusted loss of $144 million.

The company said it is on track to deliver against free cash flow ratio and direct expense ratio targets for the year. The direct expense ratio excluding notable items related to direct expenses and PRT was 11.9%.