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MetLife and Prudential post gains, Corebridge sees smaller losses
MetLife said adjusted earnings rose 15% to $1.6 billion, while Corebridge reported premiums and deposits of $9.1 billion, down 13% quarter over quarter.
Insurance Business reports a mixed set of second-quarter 2026 results across the insurance and financial services sector, with property and casualty carriers generally improving their combined ratios and life and retirement platforms showing more varied underwriting trends. MetLife posted net income of $705 million for the quarter, up 1% year over year. Adjusted earnings rose 15% to $1.6 billion, and adjusted earnings per share increased 20% to $2.43, with premiums, fees, and other revenues at $13.7 billion, up 7%. The Group benefits segment stood out, with adjusted earnings up 25% to $503 million, and year-to-date group benefits sales up 9%. Net investment income rose 18% to $6.7 billion, and MetLife returned more than $1.1 billion to shareholders through repurchases and dividends. Prudential Financial reported net income of $985 million, or $2.80 per share, for the second quarter, up from $533 million in the prior-year quarter. After-tax adjusted operating income increased to $1.438 billion, or $4.08 per share, from $1.284 billion. Group insurance adjusted operating income rose to $155 million from $125 million, supported by more favorable working-age mortality results and a higher net investment spread. The company said year-to-date group insurance sales were $599 million, up 26%, with disability products a key driver, and individual life sales reached a record $237 million, up 9% year over year. Prudential also reported assets under management at PGIM of $1.491 trillion and returned $743 million to shareholders, including $250 million in repurchases and $493 million in dividends. Corebridge Financial posted a net loss available to common shareholders of $16 million, or $0.04 per share, compared with a loss of $660 million in the prior-year quarter. Adjusted after-tax operating income fell to $512 million, or $1.12 per share, from $672 million. Premiums and deposits totaled $9.1 billion, down 13% from $10.5 billion, driven largely by lower fixed and fixed indexed annuity sales, and the company returned $412 million to shareholders, including $300 million in repurchases. The outlet also noted shareholders of both Corebridge and Equitable Holdings approved their merger on July 30.