1Q26 Earnings: Solid Quarterly Result

研报英文原文证据摘录

1Q26 Earnings: Solid Quarterly Result

C O M PA N Y N O T E

M a y 1 1 , 2 0 2 6

MetLife, Inc. (MET) Neutral

CONCLUSION PRICE: US$78.08

Reported EPS: $2.42| Consensus: $2.26 | PSC: $2.20 A beat versus PSC estimates TARGET: US$81.00

and consensus driven by underlying growth, strong expense management and favorable 7.5x '27E EPS

life underwriting across most segments. Retirement and Income Solutions continued to

accelerate. In general, we did not see a lot of adjustments or new issues for Met to discuss Paul Newsome, CFA, CPCU

Managing Director, Piper Sandler & Co.which contrasts with some of its peers. 312 281-3445, paul.newsome@psc.com

Cam Bianchi

• We remain Neutral on MET: MET's '26 double-digit EPS growth target we believe Research Analyst, Piper Sandler & Co.

was met with investor skepticism. This guidance also assumes variable investment 612 456-9841, cam.bianchi@psc.com

income (VII), particularly private equity (9% assumed annualized return) and real estate Changes Previous Current

(7% assumed annualized return), begins to firmly normalize as that is what we believe Rating — Neutral

is going to determine whether MET is able to achieve its earnings growth targets. Price Tgt — US$81.00

Pension risk transfers have remained robust in the past as the sidecar, Chariot, helps the FY26E EPS US$9.74 US$9.70

company approach opportunities more efficiently. VII has remained a secular headwind FY27E EPS US$10.85 US$10.75

to fee and spread earnings emergence in the fee and spread areas of the life insurance Market Cap. (mil) US$50,439.7

industry, which is a large driver of our preference towards names with underwriting Book Value/Share US$37.92

focused products. Tang. Book/Share $23.11

Price/Book 206%

• What we Heard: MetLife 1Q26 earnings reinforce our core thesis.