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MET-PE

MetLife, Inc.

MET-PE

MetLife, Inc. • NYSE
$23.47 ▼ -0.71% (-0.17)
Market Cap $49.49 B
52w High $25.31
52w Low $22.66
Dividend Yield 1.41%
P/E 3.01
Volume 103.01K
Outstanding Shares 2.11B

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 Q2-2023Q1-2024Q3-2024Q4-2024
Administrative Service
Administrative Service
 $60.00M ▲$70.00M ▲$70.00M ▲$140.00M ▲
Distribution Service
Distribution Service
 $40.00M ▲$40.00M ▲$40.00M ▲$70.00M ▲
Feebased investment management services
Feebased investment management services
 $100.00M ▲$100.00M ▲$100.00M ▲$200.00M ▲
Other revenue from service contracts from customers
Other revenue from service contracts from customers
 $70.00M ▲$80.00M ▲$80.00M ▲$160.00M ▲
Prepaid legal plans and administrativeonly contracts
Prepaid legal plans and administrativeonly contracts
 $130.00M ▲$150.00M ▲$140.00M ▼$280.00M ▲
Vision fee for service arrangements
Vision fee for service arrangements
 $140.00M ▲$150.00M ▲$130.00M ▼$260.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MetLife’s income statement shows a large, stable revenue base with modest growth over the last few years. Profitability, however, has been uneven: very strong in some years and notably softer in others, reflecting the usual sensitivity of life insurers to interest rates, markets, and claims experience. The latest year points to a clear recovery in earnings after a weaker patch, suggesting the underlying business remains profitable even if results are not perfectly smooth. Overall, it looks like a mature insurer that can generate solid profits over time, but with noticeable year‑to‑year swings.

Balance Sheet

Balance Sheet The balance sheet is very large and broadly stable in size, but the mix has shifted. Total assets have edged down from earlier peaks, while reported equity has dropped sharply compared with a few years ago, which is common for insurers when interest rates move and investment portfolios are marked to market. Debt and cash levels have stayed fairly steady, indicating no obvious change in basic funding structure or liquidity. The headline effect is a more leveraged balance sheet on paper, so the quality and risk profile of the investment portfolio and liabilities remain key watchpoints, even though the raw numbers alone don’t signal immediate stress.

Cash Flow

Cash Flow Cash generation looks like a core strength. Operating cash flow has been consistently strong and has trended higher, and the company spends very little on traditional capital expenditures, which is typical for a financial services firm. That means most of the cash earned is available for things like paying claims, servicing debt, supporting distributions on preferred and common equity, and strategic investments. While insurance cash flows can still be affected by large claims events or market conditions, the pattern here suggests a business that converts earnings into cash reliably over time.

Competitive Edge

Competitive Edge MetLife holds a solid competitive position built on brand, scale, and long-standing relationships. It is a major global player in life insurance and group benefits, particularly strong in employer‑sponsored benefits, retirement solutions, and institutional business. The company’s wide distribution network and diverse product suite create some stickiness, especially for corporate clients who are reluctant to switch complex benefit platforms. At the same time, competition from other global insurers and newer digital entrants remains intense, so MetLife’s edge looks meaningful but not unassailable—more of a steady, narrow moat than a dominant fortress.

Innovation and R&D

Innovation and R&D MetLife is clearly leaning into digital innovation rather than standing still. It is deploying artificial intelligence, cloud tools, and advanced data analytics to streamline claims, enhance customer service, and improve internal productivity. Partnerships with technology firms, insurtech startups, and institutions like MIT show a deliberate effort to tap external innovation, not just build everything in‑house. On the product side, offerings like 360Health, the Upwise financial wellness app, and differentiated pet insurance, along with “connected” group benefits, indicate a push to wrap traditional insurance in more holistic, digital experiences. The big open question is execution: whether these efforts meaningfully widen its moat and translate into better growth and efficiency over time.

Summary

MetLife comes across as a large, mature insurer with a very stable revenue base, solid but uneven profitability, and consistently strong cash generation. The balance sheet has been reshaped by market and rate movements, leaving reported equity lower and leverage higher on paper, which is worth monitoring but not unusual for the sector. Competitively, the firm benefits from scale, brand, and deep employer and institutional relationships, giving it a modest but real advantage in key lines like group benefits and retirement. Strategically, the “New Frontier” focus on high‑value segments, international growth, and asset management, backed by heavy digital and AI investment, suggests MetLife is actively trying to evolve rather than simply defend its legacy position. The long‑term story hinges on how well it can smooth out earnings volatility, execute on cost and growth targets, and convert its innovation agenda into durable value while managing the inherent risks of the insurance and investment environment.