Key Highlights

  • On a per-share basis, Aflac (NYSE:AFL) earned USD 0.61 in the third quarter, a decline of 81.5%, with USD 1.1 billion of net Investment losses behind the drop, while adjusted EPS dipped 2.4% to USD 2.43.
  • Allstate (NYSE:ALL) pushed its Property-Liability combined ratio up to 86.6% from 80.1%, as catastrophe losses hit USD 1.65 billion versus USD 558 million.
  • MetLife (NYSE:MET) increased Net Income by 187% to USD 2,351 million, though Book Value per share dropped 22% to USD 30.73 while adjusted Earnings grew 12% to USD 1,780 million.
  • Primerica (NYSE:PRI) booked a 19% gain in investment and savings product sales, reaching USD 4.4 billion, while Term Life income before taxes shrank 12% to USD 152.7 million.

Aflac (NYSE:AFL): Repositioning Losses Behind the Net Earnings Slide

Aflac (NYSE:AFL) released its third-quarter numbers on November 4, 2026, and net earnings equaled USD 303 million, or USD 0.61 a diluted share. Measured against USD 1.6 billion, or USD 3.08 a share, in the comparison period, that is a decline of 81.5%. Management traces most of the shortfall to realized losses from reshaping the investment book, which reached USD 1.1 billion. That total includes USD 842 million linked to sales and redemptions plus USD 102 million of expected Credit losses. Adjusted results leave these investment items out, which explains the divergence: adjusted EPS fell only 2.4% to USD 2.43. Those adjusted results also include USD 453 million of gains from remeasuring reserves, a figure that rests on actuarial inputs. Aflac Japan's pretax adjusted earnings dropped 21.0% in dollar terms to USD 961 million, while the U.S. unit climbed 31.5% to USD 493 million. Shareholders received USD 1.1 billion during the period, and a USD 0.61 per-share Dividend for the fourth quarter has been set for payment on December 1, 2026. Annualized return on average Equity reached 4.1%, and equity stood at USD 29.3 billion, or USD 59.08 per share. Aflac has now raised its dividend for 44 consecutive years, and it held its Earnings Call on November 5, 2026, with yen moves still a swing factor.

Allstate (NYSE:ALL): Catastrophe Costs Push the Combined Ratio Higher

Allstate (NYSE:ALL) submitted its third-quarter 10-Q on November 4, 2026, showing income of USD 2.05 billion available to common shareholders, a USD 1.67 billion reduction. The explanation given centers on heavier catastrophe losses, the lapping of a 2025 gain on the sale of its group health business, and investment losses. The combined ratio absorbed 10.9 points from catastrophe losses of USD 1.65 billion, up from 3.8 points a year before. Reserve releases worth USD 753 million cushioned part of the blow. Income from homeowners Underwriting came to USD 452 million, versus USD 1.11 billion before, and auto contributed USD 1.62 billion. Over the first nine months, the Bottom Line improved by USD 1.36 billion, reaching USD 7.72 billion, and book value per diluted share stood at USD 120.23. Buybacks totaled 13 million shares costing USD 2.91 billion, with USD 1.35 billion still available under the authorization. A USD 550 million Debt Maturity falls due in December 2026, while oil prices, tariffs and affordability appear in the filing as claims cost pressures. Earned premiums climbed to USD 15.09 billion from USD 14.53 billion, and policies in force rose to 39.32 million from 38.06 million. Trailing 12-month return on average common equity was 41.3%. No per-share earnings figure appears in the filing excerpt, so this article shows none.

MetLife (NYSE:MET): A Derivative Windfall Sits Behind the Net Income Jump

On November 4, 2026, MetLife (NYSE:MET) released its results for the third quarter of 2026. A 187% rise in net income brought the figure to USD 2,351 million, or USD 3.67 per share, propelled by USD 698 million of pre-tax derivative gains, mainly on embedded Derivatives linked to ceded Reinsurance as U.S. rates moved up. The non-GAAP adjusted measure paints a steadier picture, with earnings of USD 1,780 million (up 12%) and USD 2.78 per share, a 17% gain on that basis. Excluding notable items, the release puts the figure at USD 2.85 a share, a 22% increase, and the company reports both numbers. Revenue from premiums, fees and other sources grew 12%, reaching USD 14,056 million. On the other hand, book value per share dropped to USD 30.73 from USD 39.52, a 22% slide the reviewed portion of the release leaves unexplained. Adjusted book value per share, by contrast, reached USD 59.41. Holding Company cash and Liquid assets of USD 3.4 billion remained on hand, while about USD 1 billion went back to shareholders. Within the segments, Group Benefits posted adjusted earnings of USD 523 million, a 15% gain, whereas Retirement and Income Solutions dipped 6%. Return on Equity came in at 42.7% against 13.1%, with derivative gains explaining much of the spread, and rates, investment performance and underwriting outcomes will shape what comes next.

Primerica (NYSE:PRI): Record Sales Offset Softer Term Life Results

Primerica (NYSE:PRI) posted its third-quarter 2026 numbers on November 4, 2026. Investment and savings product sales jumped 19% to USD 4.4 billion, a level management labeled a record, while client asset values reached USD 139.6 billion. Adjusted Operating Income before taxes in that segment rose 21% to USD 114.1 million. In Term Life, earnings before taxes on an adjusted operating basis dropped 12% to USD 152.7 million, issued face amount slid 5%, and recruits fell 10% to 90,818. Diluted EPS came in at USD 6.76, up 6%, and diluted adjusted operating EPS hit USD 6.77, up 7%. Growth in net income was limited to 1%, reaching USD 209 million, which points to a smaller share count as the reason per-share growth ran faster (an inference from the two growth rates). The company sent USD 159 million back to stockholders, and its dividend of USD 1.20 is due December 14, 2026. Net inflows reached USD 407 million, while the Life insurance Subsidiary reported a statutory risk-based Capital ratio near 445%. No formal earnings guidance came with the release, and a sales force that is shrinking in life-licensed roles bears watching.

Where Things Stand

Mostly through investment and derivative items, not a common underwriting pattern. Aflac (NYSE:AFL) took USD 1.1 billion of investment hits, which cut net earnings 81.5% even though adjusted EPS dipped only 2.4%. MetLife (NYSE:MET) moved the opposite way, with net income up 187% on derivative gains, while book value per share fell 22% for a reason the reviewed release does not explain. Allstate (NYSE:ALL) absorbed a heavy catastrophe bill yet kept auto Underwriting income above USD 1.6 billion. Primerica (NYSE:PRI) combined a record in investment sales with softer Term Life numbers. Next, watch catastrophe activity, interest rates, yen moves and recruiting trends, none of which guarantees how the coming quarter turns out.