$MET — HOLD 📊 | 6 MONTHS THESIS

MetLife, Inc., a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. 🎯 FQ2 FY2026 (ends Jun) | reported Aug 05 | Rev $19.2B | Adj EPS $2.43 vs $2.29 🟢 | GAAP EPS $1.11 💡 The market may be over-weighting the small revenue miss ($19.08B vs $19.5B estimate) and investment spread of 97bps versus 100-120bps guidance, while under-appreciating that the EPS beat came from durable underwriting, expense discipline, and buybacks rather than one-off gains. 🏢 Business Quality: 8/10 📊 Valuation: Forward P/E approximately 9.2x, dividend yield approximately 2.4%, adjusted ROE 17%, and sell-side average price target $103.88 with post-earnings... 🔮 Catalyst: Q3 FY2026 earnings in early November 2026 with a stronger second-half PRT pipeline, expected private equity VII rebound in Q3, and continued execution of the $3B buyback. Failure would be Group mortality ratio reverting above 88% or investment spread remaining below 100bps. ⚖️

MetLife, Inc., a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide.