MetLife, Inc
MetLife is a U.S.-based insurance and financial services group that sells life insurance, annuities, employee benefits and retirement solutions, while also operating an institutional asset management business. Its model combines long-duration insurance liabilities with a large investment portfolio, and it serves customers across the U.S., Asia, Latin America, Europe, the Middle East and Africa.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueEmployer-sponsored life, disability, dental, medical and supplemental benefits sold to corporate and institutional plan sponsors.
Annuities, pension risk transfer and other liability funding solutions for institutions and retirees.
Retail and group insurance, savings and retirement products distributed through agency and bancassurance channels across Asian markets.
Life, accident & health, retirement and credit insurance products sold mainly in Mexico, Chile and other regional markets.
Life, accident & health, corporate solutions and savings products sold across Europe, the Middle East and Africa.
Institutional asset management services and related investment products for external and affiliated clients.
Products
Reported · share of revenue- Prepaidlegalplansandadministrativeonlycontracts26.1 %
- Vision Fee for Service Arrangements23.0 %
- Otherrevenuefromservicecontractsfromcustomers17.7 %
- Feebasedinvestmentmanagementservices15.1 %
- Administrative Service12.1 %
- Distribution Service5.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
MetLife sells primarily to employers, institutional plan sponsors, retirees and individual policyholders, with a meaningful share of business also coming from distributors such as brokers, consultants, agencies and bancassurance partners. In the U.S., Group Benefits and RIS are tied to employer benefit programs and pension-related liabilities, while international operations serve retail and small-business customers seeking protection, savings and retirement products.
Corporations and other employers buy group life, disability, dental and medical coverage to protect employees and manage benefit programs.
Plan sponsors and institutions buy RIS annuities and pension risk transfer solutions to offload longevity and funding risk.
Individuals buy whole life, term life, annuities, savings and accident & health products for protection and retirement planning.
Agencies, bancassurance partners, brokers and direct channels sell MetLife products in Asia, Latin America and EMEA.
External institutions and affiliated balance sheets use MIM for fixed income and broader asset management services.
Strategy
MetLife’s New Frontier strategy is focused on four growth pillars: expanding Group Benefits, leveraging its retirement platform, accelerating asset management and growing in high-growth international markets. The strategy is designed to simplify the business mix, deepen distribution and improve returns by leaning into businesses with scale, recurring cash flows and cross-sell potential.
This is a core U.S. franchise with recurring employer relationships and cross-sell opportunities.
RIS monetizes MetLife's expertise in annuities and pension risk transfer, which can generate large institutional mandates.
MIM expands fee-based earnings and diversifies the company beyond insurance spread income.
Asia, Latin America and parts of EMEA provide growth where insurance penetration and retirement demand are still developing.
Geography
MetLife has its largest and most mature business in the United States, but it also operates across Asia, Latin America and EMEA, with nine jurisdictions in Asia and broad coverage across developed and emerging markets. The company highlighted Japan as its largest Asian operation, Mexico and Chile in Latin America, and the Gulf region, the U.K., Turkey and France in EMEA, which makes local distribution and regulation central to execution.
Risks
MetLife’s earnings are sensitive to interest rates, capital markets, underwriting experience and the performance of its large investment portfolio, which is typical for a life insurer with long-duration liabilities. The company also faces regulatory, liquidity and cybersecurity risks, while international operations add foreign-exchange, political and execution risk across multiple jurisdictions.
- Interest rate and capital market sensitivityImpact: HighLikelihood: Medium
Insurance earnings depend on investment yields, derivative results and liability discounting, so market moves can affect both income and capital.
Exposure - Underwriting and reserve experienceImpact: High
Adverse mortality, morbidity, lapse or claims experience can require reserve strengthening and reduce margins.
Exposure - Regulatory and dividend restrictionsImpact: MediumLikelihood: Medium
MetLife relies on subsidiary dividends for holding-company liquidity, but insurance regulators limit upstream distributions.
Exposure: U.S. insurance subsidiaries and foreign regulated entities
- Cybersecurity and privacyImpact: MediumLikelihood: Medium
The business handles sensitive customer and employee data, so breaches can create remediation costs, fines and reputational damage.
Exposure - Foreign exchange and geopolitical exposureImpact: MediumLikelihood: Medium
A large share of operations is outside the U.S., so currency swings and local market disruption can affect reported results.
Exposure
Accounting
Judgemental itemsThese long-duration insurance reserves depend on mortality, lapse, interest-rate and market assumptions that can materially change reported earnings.
Impact: Can affect earnings, equity and capital ratios
A large general account portfolio and hedging program require valuation estimates that can move with market rates and spreads.
Impact: Can affect net income, OCI and book value
Fixed income, mortgage loans and other investments require expected credit loss estimates that rise in downturns.
Impact: Can affect earnings and capital
Segment reorganizations and acquisitions increase the need to test goodwill for impairment if growth or market conditions weaken.
Impact: Can create non-cash charges
Ceding liabilities to structures like Chariot Re changes reserve presentation, risk transfer and earnings timing.
Impact: Can affect premiums, reserves and capital management
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Last updated: 24/09/2026