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what it is
MetLife sells insurance, annuities, workplace benefits, and investment products to people and institutions across more than 40 countries.
how it gets paid
Last year MetLife made $2.4B in revenue. Premiums were the main engine at $1.66B, or 69% of sales.
why it's growing
Revenue grew 8.5% last year. Revenue was $1.8B, up 196% vs. prior year in the SEC data.
what just happened
MetLife's last reported quarter delivered a 50.8% EPS miss, with $1.17 reported against a $2.38 estimate.
At a glance
A balance sheet — strong enough to weather a downturn
75/100 earnings predictability — reasonably predictable
9.5x trailing p/e — the market's not buying it — or you found a deal
2.9% dividend yield — cash in your pocket every quarter
9.7% return on capital — nothing to write home about
xvary composite: 72/100 — average
What they do
MetLife sells insurance, annuities, workplace benefits, and investment products to people and institutions across more than 40 countries.
MetLife sells in more than 40 countries. That is distribution → lots of ways to collect premiums → so what, one weak market does not sink your year. Premiums were 69% of 2024 revenue, and once your life insurance or workplace benefits are set up, switching is slow and annoying.
How they make money
$2.4B
annual revenue · their business grew +8.5% last year
Premiums
$1.66B
Investment income
$0.67B
Other revenue
$0.07B
Corporate and eliminations
$0.00B
The products that matter
employee insurance plans
Group Benefits
4–7% targeted growth
this is one of the few areas management is pointing to for steady 4–7% annual growth. in a company with five-year earnings declines of 8.9% annually, that matters.
defensive demand
institutional asset management
MetLife Investment Management
~30% targeted revenue growth
management is targeting roughly 30% revenue growth here. if that happens, the market may treat more of MET like an asset manager instead of a slow-growth insurer.
growth lever
annuities and pension risk transfer
Retirement & Income Solutions
backed by a $669B portfolio
this business matches very long liabilities against a $669B investment portfolio. when asset yields rise, economics improve. when liability assumptions move the wrong way, you feel it for years.
duration risk
Key numbers
$9.35
fy2026 eps est
$2.4B
fy rev est
SEC filings point to roughly $2.4B in annual sales.
9.5x
trailing p/e
2.9%
dividend yield
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 2 — safer than 80% of stocks
- price stability 80 / 100
- long-term debt $15.3B (22% of capital)
- return on equity 20% — $0.20 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in MET 3 years ago → it's now worth $12,640.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
MetLife's last reported quarter delivered a 50.8% EPS miss, with $1.17 reported against a $2.38 estimate.
Revenue was $1.8B, up 196% vs. prior year in the SEC data. The weird part is the data conflict: the quarterly history table shows 2025 fourth-quarter EPS of $2.38, while consensus marks the latest report at $1.17.
$1.8B
revenue
$1.17
eps
50.8%
surprise
the number that mattered
The 50.8% miss matters most because a 9.5x stock only stays cheap-good if you can trust the earnings number.
-
metlife's profit comparisons strengthened in the third quarter.although top-line growth has remained modest throughout 2025, narrower benefits payments and favorable investment returns drove a bottom line that advanced by double digits sequentially and relative to the prior year. thus, the figure of $2.34 per share outpaced our $2.20 estimate and the street's more demanding $2.32.
-
with these trends likely to remain in place through year-end, we raised our share-earnings view for the current quarter to $2.38 from $2.22 previously. Improved investment income is offsetting more modest premiums.
-
the vast majority of metlife's managed assets are invested in fixed income instruments, with close to 70% of that in high-quality securities rated A or higher by major ratings agencies.
-
despite efforts by the federal reserve over the past year to lower short-term interest rates, yields on these long-term holdings continued to trend higher through the september period.
-
in fact, the weighted average yield for the recent interim climbed by nearly 25 basis points from last year, to 4.99%.as the asset management arms of metlife have steadily shifted away from mortgage loans (especially within the challenged commercial segment), it has added to positions within the broad bond category, including private placements.
source: SEC filing and consensus data, 2026
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What could go wrong
the top risk is net investment income doing too much of the earnings work.
high
investment income dependency
net investment income was $5.92B in the latest quarter, while premiums rose just 4% on the year. if yield support fades, the earnings cushion gets thinner fast.
this directly touches roughly 30% of the revenue mix shown here — $22.8B annually.
med
asset-liability mismatch
metlife is matching long-dated promises to policyholders against a $669B investment portfolio. that works until credit quality, duration, or claim assumptions move against you at the same time.
small spread changes matter when the asset base is this large.
med
multiple stays cheap
a 9.5x trailing p/e and 7.35x forward p/e look inexpensive. they also tell you the market wants proof that recent earnings strength is durable, not just rate-cycle luck.
if earnings quality stays in doubt, valuation may not rerate even if the dividend keeps getting paid.
if premiums stay stuck near 4% growth and investment income cools, the low multiple stops looking like an opportunity and starts looking like a warning label.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net investment income
the latest quarter printed $5.92B. if that number starts rolling over while premiums remain around 4% growth, the bull case gets a lot thinner.
calendar
q1 2026 earnings report
expected early may 2026. you want to see whether the earnings beat still leans on the portfolio or whether underwriting adds more of the lift.
trend
MIM growth target
metlife investment management is targeted for roughly 30% revenue growth. if that starts showing up in reported results, the business mix gets more interesting.
risk
portfolio quality and yield
close to 70% of fixed-income holdings are rated A or higher, and weighted average yield reached 4.99%. both numbers matter because this portfolio is helping carry earnings.
Analyst rankings
earnings predictability
75 / 100
this business usually lands near expectations. in human-speak, analysts think MET is steady even if it's not exciting.
risk rank
2
risk rank 2 means safer than about 80% of stocks. you are not buying a high-drama balance sheet here.
source: institutional data
Institutional activity
589 buyers vs. 639 sellers in 3q2025. total institutional holdings: 0.5B shares.
source: institutional data
Price targets
3-5 year target range
$69
$134
$83
current price
$102
target midpoint · +23% from current · 3-5yr high: $120 (+45% · 12% ann'l return)
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