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MET-PF

MetLife, Inc.

MET-PF

MetLife, Inc. • NYSE
$19.74 ▼ -0.52% (-0.10)
Market Cap $13.01 B
52w High $21.61
52w Low $19.00
Dividend Yield 1.19%
P/E 2.53
Volume 43.40K
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 earnings profile looks like that of a mature, large insurer with some year‑to‑year swings but an overall upward drift. Revenue has generally grown over the past several years, with only modest bumps along the way. Profitability dipped notably in 2023 but then bounced back strongly in 2024, suggesting that the weaker year was more of a setback than a structural problem. Operating and net income levels indicate the core business is still quite healthy, though results remain sensitive to markets, interest rates, and claims experience, which is normal for a global life and benefits insurer.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, diversified insurance group with stable liquidity and manageable leverage. Total assets are vast and have edged down from earlier pandemic-era peaks, which is not unusual as the company adjusts its portfolio and sheds lower‑return business. Cash on hand has stayed fairly steady, showing consistent access to liquidity. Debt has remained broadly flat over time and is small relative to total assets, pointing to a conservative financing approach. Reported equity fell sharply a few years ago and has stayed lower since, likely influenced by interest rate and investment valuation swings; for insurers, this is more of an accounting effect than an immediate sign of stress, but it does underscore sensitivity to financial markets.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been solid and generally rising across the period, even when accounting earnings were more volatile. Because MetLife does not require heavy capital spending to run its business, almost all of its operating cash flow effectively translates into free cash flow. That’s supportive for meeting obligations such as debt service and preferred dividends, though, as with all insurers, cash flows can be influenced by large claim events and investment market conditions.

Competitive Edge

Competitive Edge MetLife holds a strong competitive position as one of the world’s largest life and employee benefits insurers. Its advantages come from brand recognition built over more than a century, very large scale, and a broad product mix that spans life insurance, annuities, group benefits, and asset management. A wide distribution network—employers, agents, brokers, and direct channels—gives it access to many different types of customers and geographies. This diversification helps cushion shocks in any single product or region. The flip side is that MetLife is exposed to intense competition, shifting regulations, and global economic cycles, so maintaining underwriting discipline and pricing power remains critical to preserving its moat.

Innovation and R&D

Innovation and R&D In insurance, innovation is mostly about technology, data, and product design rather than traditional laboratory research, and MetLife is leaning into that. The company is actively rolling out AI and analytics in underwriting, claims, and customer service to make decisions faster and more accurate. It has launched digital platforms to deepen engagement with employees and individual customers, and it is investing through a dedicated ventures arm in insurtech and related startups. Partnerships with institutions like MIT and various technology firms broaden its access to new ideas. On the product side, offerings in wellness, pet insurance, and financial wellbeing apps show a push beyond traditional life policies. The “New Frontier” strategy indicates that this innovation agenda is not one‑off but central to how management sees growth over the next several years.

Summary

Overall, MetLife appears to be a large, diversified insurer with resilient fundamentals and an active transformation agenda. Earnings have been somewhat choppy but trend positively over time, while cash flow has been consistently strong. The balance sheet looks solid, with ample assets, steady liquidity, and moderate debt, though reported equity is affected by interest rate movements and market valuations. Competitively, MetLife benefits from scale, brand, and diversification, yet still faces the usual sector risks around regulation, markets, and pricing pressure. Its heavy emphasis on digital tools, AI, and new product categories suggests it is not standing still and is working to adapt to changing customer expectations. For a preferred security like MET‑PF, the key backdrop is that the underlying issuer appears financially robust and strategically forward‑looking, even though results will continue to be influenced by economic and market cycles.