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MET

MetLife, Inc.

MET

MetLife, Inc. • NYSE
$76.56 ▲ 0.29% (+0.23)
Market Cap $50.44 B
52w High $88.68
52w Low $65.21
Dividend Yield 2.25%
P/E 14.42
Volume 1.12M
Outstanding Shares 658.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $16.881B ▼ $1.727B ▼ $896M ▲ 5.308% ▲ $1.23 ▲ $1.481B ▲
Q2-2025 $17.176B ▼ $3.56B ▲ $729M ▼ 4.244% ▼ $1.04 ▼ $1.249B ▼
Q1-2025 $18.263B ▼ $3.367B ▼ $945M ▼ 5.174% ▼ $1.29 ▼ $1.612B ▼
Q4-2024 $18.44B ▲ $3.483B ▲ $1.271B ▼ 6.893% ▼ $1.79 ▼ $1.64B ▼
Q3-2024 $18.298B $3.453B $1.342B 7.334% $1.82 $2.251B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $114.769B ▲ $719.726B ▲ $690.535B ▲ $28.944B ▲
Q2-2025 $112.685B ▲ $702.47B ▲ $674.543B ▲ $27.685B ▲
Q1-2025 $109.125B ▲ $688.316B ▲ $660.561B ▲ $27.493B ▲
Q4-2024 $100.57B ▼ $677.457B ▼ $649.754B ▼ $27.445B ▼
Q3-2024 $320.153B $704.976B $673.812B $30.885B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▼ $3.567B ▲ $-5.018B ▼ $-508M ▼ $-1.945B ▼ $3.567B ▲
Q2-2025 $729M ▼ $2.187B ▼ $-2.981B ▲ $1.449B ▲ $852M ▼ $2.187B ▼
Q1-2025 $945M ▼ $4.262B ▼ $-3.322B ▲ $220M ▲ $1.258B ▲ $4.262B ▼
Q4-2024 $1.271B ▼ $5.129B ▲ $-5.364B ▼ $-519M ▲ $-1.697B ▼ $5.129B ▲
Q3-2024 $1.342B $4.169B $-2.162B $-1.146B $979M $4.169B

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Administrative Service
Administrative Service
 $70.00M ▲$70.00M ▲$70.00M ▲$70.00M ▲
Distribution Service
Distribution Service
 $40.00M ▲$40.00M ▲$30.00M ▼$40.00M ▲
Feebased investment management services
Feebased investment management services
 $100.00M ▲$100.00M ▲$120.00M ▲$120.00M ▲
Other revenue from service contracts from customers
Other revenue from service contracts from customers
 $80.00M ▲$80.00M ▲$90.00M ▲$100.00M ▲
Prepaid legal plans and administrativeonly contracts
Prepaid legal plans and administrativeonly contracts
 $140.00M ▲$140.00M ▲$160.00M ▲$160.00M ▲
Vision fee for service arrangements
Vision fee for service arrangements
 $130.00M ▲$130.00M ▲$130.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MetLife’s revenues have been fairly steady over the past five years, with a noticeable step-up most recently. Profitability, however, has swung more than sales, which is common in life insurance given interest rate and market movements. Earnings dipped meaningfully in 2023 but bounced back strongly afterward, suggesting that the weaker year was more of a temporary setback than a structural decline. Overall, the trend points to a business that can generate solid earnings over time, but with some year‑to‑year volatility that investors should expect from this type of company.

Balance Sheet

Balance Sheet The balance sheet shows a very large pool of assets, as expected for a global life insurer, and relatively modest financial debt compared with the size of the company. Reported shareholder equity has come down sharply from earlier years, which in insurance often reflects accounting effects from interest rate moves rather than pure operating weakness. Cash balances have been stable, and debt levels have been well contained. In plain terms, MetLife looks like a capital‑intensive but conservatively financed insurer whose reported book value is sensitive to the interest rate environment.

Cash Flow

Cash Flow Cash generation has been a key strength. Operating cash flow has been consistently strong and has generally moved upward over time. Because MetLife’s business is not heavy on physical investment, there is little traditional capital spending, so free cash flow essentially mirrors operating cash flow. This pattern suggests that the company’s accounting earnings are backed by real cash, giving it flexibility to support dividends, buybacks, and growth initiatives, subject to regulatory capital needs.

Competitive Edge

Competitive Edge MetLife holds a strong competitive position as one of the largest and best‑known life and benefits insurers globally. Its long history, trusted brand, and broad product lineup give it credibility with both individuals and institutions. The company benefits from a wide distribution network and deep relationships with employers, which makes its group benefits business especially sticky. Its global footprint across many countries adds diversification and scale advantages, helping it spread risk and invest more heavily in technology than smaller rivals. Overall, MetLife appears to operate from a position of strength, though it still faces intense competition and regulatory and macroeconomic pressures.

Innovation and R&D

Innovation and R&D MetLife is leaning heavily into technology and data to modernize a traditionally slow‑moving industry. It is using artificial intelligence and automation to speed up underwriting, claims, and service, while rolling out digital platforms that make it easier for employees and consumers to understand and use their benefits. Its hybrid cloud and data analytics efforts are aimed at making the business more agile and better informed. The “New Frontier” strategy signals an intention to push growth more aggressively, including in higher‑growth international markets and in asset management, while continuing to invest in AI and digital tools. Overall, innovation is clearly a strategic priority and could be a differentiator if execution remains strong.

Summary

MetLife looks like a mature, globally diversified insurer with steady revenues, solid but somewhat volatile earnings, and robust cash generation. The balance sheet is large and complex, with reported equity heavily influenced by interest rate movements but debt levels that appear manageable relative to the size of the business. Competitive strengths include brand, scale, sticky group benefits relationships, and global reach. At the same time, the company must navigate interest rate risk, market volatility, regulation, and strong competition. Its emphasis on AI, digital platforms, and a more growth‑oriented strategy suggests meaningful upside potential if well executed, but also introduces execution risk as it pursues more ambitious financial and strategic targets.

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