METLIFE INC MET
MetLife is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management. We hold leading market positions in the United States ("U.S."), Asia, Latin America, Europe and the Middle East. We are also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures ("REJVs"), other limited partnerships and equity securities.
We believe that our trusted global brand, diversified and resilient business, and position as a leader in attractive markets are the powers of our business. Over the next four years we will continue to execute on our New Frontier strategy, which was designed to accelerate growth across our global platform while delivering attractive returns and all-weather performance. New Frontier builds upon the success of our Next Horizon strategy, which we implemented in 2019, with an aim to focus, simplify and differentiate the Company.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.44B | $2.25B | $2.23B | $2.11B | $2.07B | $1.35B | $1.29B | $1.26B | $62.31B | $60.79B |
| SG&A | $560.0M | $481.0M | $828.0M | $669.0M | $670.0M | $761.0M | $901.0M | $910.0M | $1.13B | $1.01B |
| Total operating expenses | $13.86B | $13.02B | $12.71B | $11.86B | $12.02B | $13.15B | $13.69B | $13.71B | $13.62B | $13.75B |
| Operating income | $6.14B | $6.00B | $5.72B | $5.98B | — | — | — | — | — | — |
| Pre-tax income | $4.66B | $5.62B | $2.16B | $6.36B | $8.52B | $6.93B | $6.79B | $6.31B | $3.54B | $4.28B |
| Income tax | $1.26B | $1.18B | $560.0M | $1.06B | $1.64B | $1.51B | $886.0M | $1.18B | $1.47B | $693.0M |
| Net income | $3.17B | $4.23B | $1.38B | $2.35B | $6.35B | $5.41B | $5.90B | $5.12B | $4.01B | $850.0M |
| EPS, basic | 4.74 | 5.98 | 1.82 | 6.35 | 7.71 | 5.72 | 6.10 | 4.95 | 3.65 | 0.68 |
| EPS, diluted | 4.71 | 5.94 | 1.81 | 6.30 | 7.65 | 5.68 | 6.06 | 4.91 | 3.62 | 0.67 |
| Shares, diluted (wtd. avg.) | $673.3M | $711.1M | $762.3M | $808.9M | $869.4M | $913.2M | $944.4M | $1.01B | $1.08B | $1.11B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $22.03B | $20.07B | $20.64B | $20.20B | $20.05B | $19.80B | $16.60B | $15.82B | $12.70B | $12.65B |
| Short-term investments | $3.60B | $5.16B | $6.04B | $4.93B | $7.18B | $3.90B | $3.85B | $3.94B | $4.87B | $6.52B |
| Goodwill | $9.61B | $8.90B | $9.24B | $9.30B | $9.54B | $10.11B | $9.31B | $9.42B | $9.59B | $9.22B |
| Other intangibles | $636.0M | $710.0M | $794.0M | $876.0M | $972.0M | $1.10B | $335.0M | $384.0M | $459.0M | $509.0M |
| Total assets | $745.17B | $677.46B | $687.58B | $663.07B | $759.71B | $795.15B | $740.46B | $687.54B | $719.89B | $898.76B |
| Short-term debt | $355.0M | $465.0M | $119.0M | $175.0M | $341.0M | $393.0M | $235.0M | $268.0M | $477.0M | $242.0M |
| Total liabilities | $716.25B | $649.75B | $657.33B | $632.95B | $691.96B | $720.33B | $674.08B | $634.58B | $661.02B | $831.06B |
| Retained earnings | $44.29B | $42.63B | $40.15B | $40.33B | $41.20B | $31.82B | $33.08B | $28.93B | $26.53B | $34.68B |
| Total equity | $28.40B | $27.45B | $30.25B | $30.12B | $50.01B | $74.82B | $66.38B | $52.96B | $58.87B | $67.70B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.09B | $14.60B | $13.72B | $13.04B | $12.35B | $11.64B | $13.79B | $11.74B | $12.28B | $14.77B |
| Depreciation and amortisation | $117.0M | $124.0M | $112.0M | $118.0M | $123.0M | $194.0M | $207.0M | $191.0M | $207.0M | $206.0M |
| Investing cash flow | -$15.61B | -$11.49B | -$10.25B | -$2.62B | -$11.19B | -$18.57B | -$17.59B | -$5.63B | -$16.88B | -$5.85B |
| Financing cash flow | $163.0M | -$3.13B | -$2.94B | -$9.95B | -$1.13B | $10.73B | $4.57B | -$2.80B | -$906.0M | -$3.50B |
| Dividends paid | $1.51B | $1.53B | $1.57B | $1.60B | $1.65B | $1.66B | $1.64B | $1.68B | $1.72B | $1.74B |
| Buybacks | $2.88B | $3.21B | $3.10B | $3.33B | $4.30B | $1.15B | $2.29B | $3.99B | $2.93B | $372.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001099219-26-000026.
Others in SIC 6311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| PRU | PRUDENTIAL FINANCIAL INC | $42.10B | 12.2x | -13.7% |
| RGA | REINSURANCE GROUP OF AMERICA INC | $16.54B | 14.3x | 7.2% |
| CRBG | Corebridge Financial, Inc. | $15.37B | — | -1.2% |
| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| JXN | Jackson Financial Inc. | $9.52B | — | 104.3% |
| VOYA | Voya Financial, Inc. | $9.43B | 16.5x | 4.9% |
| PRI | Primerica, Inc. | $9.10B | 12.9x | 6.6% |
| LNC | LINCOLN NATIONAL CORP | $8.71B | 7.8x | -1.2% |