A Closer Look at MET's Capital and Cash Flow from 1Q26

研报英文原文证据摘录

A Closer Look at MET's Capital and Cash Flow from 1Q26

Financials | Global Insurance - Life

May 12, 2026

MetLife Inc. Thomas Gallagher, CFA David Motemaden, CFA 212-446-9439 212-497-0832

MET | $77.98 Thomas.Gallagher@EvercoreISI.com David.Motemaden@evercoreisi.com

In Line | Target Price/Base Case: $96.00 Nicolas Lu Peter Knudsen

Company Update 212-497-0812 212-708-8497

Nicolas.Lu@evercoreisi.com Peter.Knudsen@evercoreisi.com

A Closer Look at MET's Capital and Cash

Company Statistics

Flow from 1Q26 52-Week Range $67.33 - $83.85

Market Capitalization (M) $50,047 Following MET’s solid earnings in 1Q26, we take a closer look at capital

Shares Outstanding (M) 728 generation and free cash flow from some updated disclosures in its 10-

Dividend Yield 3.0% Q and its earnings slide deck.

Upside/Downside 26.0%

Price/Book Value 1.36 What we liked about the MET quarter: it was a solid earnings beat in its

high multiple group benefits business, international segments had both

strong earnings and sales growth, and VII was better or in line with plan

1 Year Price History for the third quarter in a row.

Some offsetting issues to consider were the more muted earned

premium growth in group benefits, base spread compression in RIS,

higher investment losses vs recent quarters, and while capital return in

the quarter was fine, capital generation and visibility for the rest of 2026

doesn't look like there is too much cushion vs its plan.

Following the quarter, we maintain our EPS estimates for remaining Qs

in 2026 and we slightly bump our 2027 ests (by 5c to $10.80) and

maintain our PT. Our main estimate changes are slightly higher group

benefits and Asia, while remaining segments stay as is. We are

assuming MET will be able to deliver on capital return plans for 2026,