# MetLife Inc. (MET) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MET/thesis · /stocks/MET/memo

## Financial Snapshot

---
ticker: MET
step: 04
generated: 2026-05-13
source: quick-research
---

### MetLife Inc. (MET) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$67B | ~$66.9B | $70.986B | +6.1% |
| Net Income | — | $1.4B | $4.2B | +200%+ |
| EPS (GAAP diluted) | — | $1.82 | $5.94 | +226% |
| Adj. EPS | — | — | ~$8.00–8.50 | — |

*FY2025: Revenue $77.084B (+8.6%); Q1 2025 premiums/fees $13.6B (+14% YoY). FY2023 net income was depressed by adverse loss experience; FY2024 recovery driven by mortality normalization + investment gains. Q1 2026: margin compression flagged — expenses outpacing revenue growth in some segments. "New Frontier" strategy (Dec 2024): targets double-digit adj. EPS growth + 15–17% adj. ROE. PineBridge acquisition (late 2024, $1.2B): added ~$100B AUM. MIM private fixed income AUM: $144.7B with $26B 2025 originations. Net debt/equity: ~64%.*

#### Cash Flow & Balance Sheet

| Metric | Value |
|--------|-------|
| Invested Assets | ~$500B+ (fixed income-heavy) |
| MIM AUM | $144.7B private fixed income; +$100B via PineBridge |
| Net Debt/Equity | ~64% |
| ROE Target (adj.) | 15–17% (New Frontier strategy) |
| Share Buybacks | Ongoing (material; part of New Frontier capital return) |

*MetLife's balance sheet is large but largely matched: insurance liabilities offset by invested assets. The net debt/equity of 64% refers to holding company debt relative to shareholder equity — elevated vs. some peers. Investment income from the $500B+ portfolio is a primary earnings driver; the PineBridge acquisition positions MIM as a growing third-party asset manager competing in private credit.*

#### Key Ratios (approximate)
- P/E: ~10–12x (trailing; FY2024 adj EPS ~$8–9)
- Revenue Growth (FY2025): +8.6% | FY2024: +6.1%
- Net Margin: ~6% (FY2024); highly variable with loss experience
- Net Debt/Equity: ~64%

#### Growth Profile
MetLife's revenue has grown modestly (high-single-digits annually) while EPS is volatile — driven by insurance loss experience, investment gains/losses, and catastrophe events. The 2023–2024 recovery (EPS +226%) reflects mortality normalization post-COVID and favorable investment conditions rather than structural improvement. The New Frontier strategy is the key forward inflection: if MIM can grow to $300–400B in AUM through organic growth + PineBridge, the asset management fee stream becomes a material second earnings engine at higher multiples than insurance.

#### Forward Estimates
- FY2026: Revenue ~$80–82B; adj. EPS targeting double-digit growth (from New Frontier guidance)
- Analyst consensus PT: $94 median (24 analysts; range $73–$110); Strong Buy consensus
- Current ~$77–80/share; ~18–22% implied upside to median target
- Key driver: MIM asset management growth + PRT market share + Group Benefits margin recovery

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MET/fundamental

## Navigation

- Overview: /stocks/MET
- Financials (this page): /stocks/MET/financials
- Thesis: /stocks/MET/thesis
- Investment Memo: /stocks/MET/memo
- Coverage universe: /stocks