MetLife, Inc. Revenue in 2024

MetLife, Inc. reported $69.8B in revenue for fiscal year 2024. This represents a growth of 2% compared to the 2023 figure of $68.4B.

Revenue has been remarkably stable: $69.64 billion in FY2021, $69.6 billion in FY2022, $68.4 billion in FY2023, and $69.8 billion in FY2024. That flatness reflects the maturity of the group benefits market and the steady nature of insurance premium collection. Net income of $6.5 billion in FY2024 represents a 9.3% net margin — consistent with the economics of a large insurance carrier where investment spread and underwriting margin both contribute to profitability. Market capitalization of $62 billion against $69.8 billion in revenue implies a slight discount to book value, typical for insurance companies where the market applies caution about long-tail liability reserves and interest rate sensitivity in the investment portfolio. The Brighthouse spin-off removed the variable annuity liabilities that most directly create interest rate and equity market exposure; what remains is a cleaner risk profile centered on group benefits and international life insurance. MetLife Investment Management deploys premium float across global credit markets, generating investment income that supplements underwriting margin. The scale of assets under management — hundreds of billions across multiple asset classes — creates economies of research and execution that smaller insurance companies cannot match, which translates into incremental yield advantage that compounds across the investment portfolio. The 2004 Eliot Spitzer bid-rigging investigation, the 2012 systemic risk designation battle, and the 2014 variable annuity capital charge dispute each represented significant financial and regulatory risks that the company navigated. The Brighthouse spin-off in 2017 directly addressed the variable annuity capital issue by moving those liabilities into a separate company, demonstrating that MetLife's management has been willing to take structural action to address financial risks rather than manage them in place.