How Does MetLife Make its Money?
MetLife is one of the world’s largest insurance and employee benefits companies, serving approximately 100 million customers across more than 40 countries. The company provides life insurance, annuities, employee benefits (dental, vision, disability, accident), and retirement solutions. MetLife is the largest group benefits provider in the United States, insuring employees at roughly one-third of Fortune 500 companies. The company has reshaped its portfolio over the past decade, spinning off its US retail business (now Brighthouse Financial) and focusing on higher-return segments like Group Benefits, Retirement & Income Solutions, and international operations in Asia and Latin America.
MetLife (MET) Business Model
MetLife operates in the insurance sector. Below is a summary of MetLife’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from MetLife’s 2024 fiscal year filings with the SEC.
MetLife Competitors
MetLife’s key competitors and comparable public companies in the insurance sector include Chubb, Progressive, Elevance Health, and UnitedHealth Group. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how MetLife stacks up by comparing their revenue breakdown, margins, and growth metrics.
MetLife Competitors
MetLife’s key competitors and comparable public companies in the insurance sector include Chubb, Progressive, Elevance Health, and UnitedHealth Group. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how MetLife stacks up by comparing their revenue breakdown, margins, and growth metrics.
MetLife Competitors
MetLife’s key competitors and comparable public companies in the insurance sector include Chubb, Progressive, Elevance Health, and UnitedHealth Group. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how MetLife stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Group Benefits (Dental, Vision, Disability, Life) | $23,000 | $22,000 | +4.5% |
| Retirement & Income Solutions (Annuities, Pensions) | $15,500 | $14,000 | +10.7% |
| Asia | $7,800 | $7,200 | +8.3% |
| Latin America | $4,500 | $4,200 | +7.1% |
| EMEA | $2,200 | $2,100 | +4.8% |
| Total Revenue | $71,000 | $67,000 | +6.0% |
Group Benefits (Dental, Vision, Disability, Life) — 32% of Revenue
Retirement & Income Solutions (Annuities, Pensions) — 22% of Revenue
Asia — 11% of Revenue
Latin America — 6% of Revenue
EMEA — 3% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $71,000 | $67,000 |
| Cost of Revenue | $55,000 | $52,000 |
| Gross Profit | $16,000 | $15,000 |
| Operating Expenses | $10,000 | $9,500 |
| Operating Income | $6,000 | $5,500 |
| Net Income | $3,500 | $3,000 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 22.5%
- Operating Margin: 8.5%
- Revenue Growth: 6.0%
Is MetLife Profitable?
Yes, MetLife is profitable. The company reported net income of $3,500 on total revenue of $71,000. With an operating margin of 8.5%, MetLife demonstrates solid profitability for the insurance sector. The gross margin of 22.5% reflects MetLife’s pricing power and cost structure.
What to Watch
- Group Benefits growth as employers expand voluntary benefit offerings
- Pension risk transfer deal flow in Retirement & Income Solutions
- Asia growth strategy, particularly Japan and emerging Asian markets
- Investment portfolio performance and alternative asset allocation returns
MetLife (MET) Financial Summary
MetLife (MET) is an insurance company that generated $71,000 in total revenue in fiscal year 2024. Revenue grew 6.0% year-over-year. The company earned $3,500 in net income, making it profitable. For a deeper look at MetLife’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.