MetLife delivered a solid QQ1 2025 performance characterized by revenue expansion and prudent cost management, underscored by sustained cash generation and a healthy balance sheet. Revenue reached $18.263 billion, up 14.9% year over year, supported by a favorable mix and continued demand for protection and retirement solutions. Operating income of $1.354 billion rose meaningfully versus prior year, reflecting a resilient operating margin of 7.41% and an improving cost structure, even as net income grew by 9% YoY to $0.945 billion. Diluted earnings per share came in at $1.28-$1.29 for the quarter, with weighted-average shares around 687 million. Free cash flow of $4.262 billion and net cash provided by operating activities of $4.262 billion illustrate MetLife’s ability to translate earnings into durable liquidity, underpinning an aggressive capital return program (dividends and share repurchases) that supported a net cash position and ample liquidity.
Looking ahead, the company maintains a constructive outlook anchored in its diversified portfolio (U.S., Asia, Latin America, Europe, the Middle East & Africa) and continued focus on fee-based, capital-light businesses such as asset management and pension risk transfer. However, MetLife remains exposed to insurance and financial markets cycles, including sensitivity to interest rates and macroeconomic volatility. Management commentary (where available) emphasizes disciplined capital allocation, continued expense control, and a commitment to returning capital to shareholders, while monitoring reserve adequacy and credit quality in a rising-rate environment.