HDFC Life vs MetLife: Revenue, Profit and Business Model
HDFC Life had ~$11.6B of annual revenue in FY2026 and ~$221.8M of net income. MetLife had $77.1B of annual revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
Financial summary
HDFC Life
Life insurance needs capital up front and earns its return over many years, so HDFC Life's results depend on premiums collected over the life of each policy and on persistency, meaning how many customers keep paying. The company has shifted its mix toward protection and savings products with higher margins. It reported a FY26 new business margin of 24.2% and Indian Embedded Value of about $7.21 billion (INR 62,139 crore). HDFC Life Insurance Company is one of the premier long-term life insurance providers in India, sustaining a robust market valuation generally exceeding $18 billion.
MetLife
MetLife reported FY2025 total revenues of $77.1B, up about 8.6% from $71.0B in 2024. Net income available to common shareholders was $3.2B ($4.71 per share), down from 2024, while adjusted EPS excluding notable items rose 10% to $8.89 and PFOs rose 10% to $57.6B. Adjusted ROE excluding notable items was 16%, and the company returned nearly $4.4B to shareholders through dividends and buybacks. Momentum continued into 2026: 1Q 2026 net income rose 30% to $1.1B with adjusted earnings up 18% to $1.6B, and 2Q 2026 adjusted earnings rose 15% to $1.6B ($2.43 per share) while net income was $705M. MetLife, Inc. is one of the absolute largest global providers of insurance, annuities, and employee benefit programs, sustaining a market valuation typically exceeding $50 billion.
Revenue and profit by year
HDFC Life
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$11.6B | ~$221.8M | 1.9% | +2.7% | Source |
| FY2025 | ~$11.3B | ~$210.1M | 1.9% | -4.7% | Source |
| FY2024 | ~$11.8B | ~$182.6M | 1.5% | +44.1% | Source |
| FY2023 | ~$8.2B | ~$158.7M | 1.9% | +4.7% | Source |
| FY2022 | ~$7.8B | ~$153.9M | 2.0% | — | Source |
MetLife
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $77.1B | $3.4B | 4.4% | +8.6% | Source |
| FY2024 | $71B | $4.4B | 6.2% | +6.1% | Source |
| FY2023 | $66.9B | $1.6B | 2.4% | -2.7% | Source |
| FY2022 | $68.8B | $5.3B | 7.7% | +0.1% | Source |
| FY2021 | $68.7B | $6.9B | 10.0% | +1.3% | Source |
| FY2020 | $67.8B | $5.4B | 8.0% | -2.6% | Source |
| FY2019 | $69.6B | $5.9B | 8.5% | +2.5% | Source |
| FY2018 | $67.9B | $5.1B | 7.5% | +9.0% | Source |
| FY2017 | $62.3B | $4B | 6.4% | +2.5% | Source |
| FY2016 | $60.8B | $850M | 1.4% | — | Source |
Where the revenue comes from
HDFC Life
- Non-Participating Savings & Guaranteed Return Plans~35%
Fixed-return long-term savings products (Sanchay Plus) offering guaranteed income payouts.
- Unit Linked Insurance Plans (ULIPs)~25%
Market-linked equity and debt investment products earning fund management and administration fees.
- Term Protection & Critical Illness Plans~20%
Pure mortality risk protection plans (Click 2 Protect) delivering high-margin underwriting profits.
- Annuities & Pension Solutions~15%
Immediate and deferred retirement pension products providing guaranteed lifetime income.
- Group Life & Credit Protection~5%
Corporate group term life and bank borrower loan protection coverage.
MetLife
- Premiums
Not formally reported
Premiums from group life, dental and disability coverage, pension risk transfer annuities and international life and health policies; the largest part of $57.6B of 2025 PFOs.
- Net investment income
Not formally reported
Income earned on the general account investment portfolio, including bonds, mortgage loans, private credit and variable investment income from private equity and real estate.
- Universal life and investment-type product policy fees
Not formally reported
Fees charged on universal life and investment-type contracts, largely in international markets and MetLife Holdings.
- Asset management and other revenues
Not formally reported
Fees earned by MetLife Investment Management on third-party assets, which grew with the PineBridge acquisition, plus administrative service fees.
Business model and strategy
HDFC Life
How it makes money
HDFC Life sells protection and savings products to individuals. Beyond term life cover, a large part of its business is products that combine insurance with investment, such as unit-linked plans (ULIPs) and annuities. Its main sales channel is bancassurance: policies are sold through HDFC Bank's branch network to the bank's customers.
Growth strategy
HDFC Life is building proprietary channels (agency and direct) alongside HDFC Bank bancassurance, pushing retail protection and annuities, and using digital underwriting to issue policies faster. The 2022 acquisition of Exide Life Insurance for ~$776 million (₹6,687 crore) added an agency force concentrated in South India.
Competitive advantage
HDFC Life's advantage is the trust attached to the HDFC name and its bancassurance distribution. Buying life insurance depends on confidence that the insurer will still be there decades later, and HDFC is one of India's best-known financial brands. Selling through HDFC Bank's existing branches also costs less than building a large agent force, which keeps customer acquisition costs low.
MetLife
How it makes money
MetLife makes money in three ways. First, it collects premiums and fees: in FY2025, premiums, fees and other revenues (PFOs) rose 10% to $57.6B, led by US Group Benefits (employer-paid and voluntary life, dental, disability, vision and accident coverage, including the federal FEGLI program) and Retirement & Income Solutions (pension risk transfer, structured settlements, stable value and funding agreements).
Growth strategy
MetLife's New Frontier strategy, announced in December 2024, focuses on four areas: expanding Group Benefits (especially voluntary and regional employer business), growing retirement and pension risk transfer, building MIM into a larger third-party asset manager, and expanding in high-growth international markets such as Japan, Latin America and the Middle East.
Competitive advantage
MetLife's edge is scale in US employee benefits and institutional retirement. It is one of the largest group benefits carriers in the US, which gives it data for pricing, embedded relationships with employers and benefits brokers, and low acquisition costs per covered life.
Questions about HDFC Life vs MetLife
Which company has higher revenue — HDFC Life Insurance Company Limited or MetLife, Inc.?
HDFC Life Insurance Company Limited had ~$11.6B (FY2026), while MetLife, Inc. had $77.1B (FY2025). By latest annual revenue, MetLife, Inc. is the larger business, with HDFC Life Insurance Company Limited showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of HDFC Life Insurance Company Limited vs MetLife, Inc.?
HDFC Life Insurance Company Limited's market capitalisation stands at $12.8B, while MetLife, Inc.'s is $60.9B. MetLife, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to HDFC Life Insurance Company Limited.
How does revenue per employee compare for HDFC Life Insurance Company Limited and MetLife, Inc.?
HDFC Life Insurance Company Limited has $331k / employee in revenue per employee, while MetLife, Inc. has $1.68M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do HDFC Life Insurance Company Limited and MetLife, Inc. make money?
HDFC Life Insurance Company Limited and MetLife, Inc. generate revenue in fundamentally different ways. HDFC Life Insurance Company Limited: HDFC Life sells protection and savings products to individuals. MetLife, Inc.: MetLife makes money in three ways.
Which company is valued higher relative to revenue — HDFC Life Insurance Company Limited or MetLife, Inc.?
On a price-to-sales (P/S) basis, HDFC Life Insurance Company Limited trades at 1.1x P/S and MetLife, Inc. at 0.8x P/S. HDFC Life Insurance Company Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to MetLife, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is HDFC Life Insurance Company Limited bigger than MetLife, Inc.?
By last reported revenue, MetLife, Inc. ($77.1B (FY2025)) is the larger company compared to HDFC Life Insurance Company Limited (~$11.6B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the HDFC Life vs MetLife overview