MetLife delivered a strong third quarter, with robust private equity returns helping push adjusted earnings 15% higher year-on-year to $1.6bn.

Adjusted earnings per share reached $2.37, up 22% from the same period last year, while adjusted return on equity rose to 16.9%.

The insurer reported a 16% increase in net investment income to $6.1bn, driven largely by a 198% surge in variable investment income to $483m, reflecting stronger private equity performance across its portfolio.

“MetLife delivered an excellent third quarter that reinforces the strength of our diversified business model and disciplined execution of our New Frontier strategy,” said President and CEO Michel Khalaf.

The company also continued to strengthen its institutional and retirement business, securing $12bn in new pension risk transfer mandates in the fourth quarter to date.

Asia was a standout performer, with adjusted earnings rising 77% on higher variable investment income and solid sales in Japan and other markets. The EMEA region saw adjusted earnings increase 26%, while Latin America posted 11% growth in revenues despite a temporary tax-related charge in Mexico.

MetLife’s book value per share climbed to $56.57 on an adjusted basis, while holding company liquidity stood at $4.9bn. The company returned $875m to shareholders through buybacks and dividends during the quarter.

The results highlight the growing importance of alternative investments, particularly private equity, as a key earnings driver for institutional investors like MetLife, which continues to leverage private markets exposure to enhance long-term returns and portfolio resilience.

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