MetLife reported Q4 2024 revenue of $18.44 billion, down 3.09% year over year, with a QoQ uptick of 0.78%. Net income rose 109.4% YoY to $1.271 billion and diluted earnings per share climbed to $1.78-1.79, aided by a favorable tax rate and cost discipline, even as gross profit declined sharply (YoY -74.4%). The company delivered operating income of $1.381 billion and an operating margin of 7.49%, with a net margin of 6.89%. Cash flow remained robust, highlighted by $5.129 billion of operating cash flow and a free cash flow of the same magnitude, contributing to a solid liquidity position (cash and cash equivalents of $20.068 billion) and a large investment portfolio (total investments around $435.38 billion). Balance sheet strength is evident in the low reported debt burden, sizable liquidity buffers, and a negative net debt position, underscoring MetLife’s capacity to weather rate and volatility environments. While revenue headwinds and gross margin compression were notable, management’s focus on cost control, risk management, and durable cash generation supports an increasingly resilient equity story. Absent explicit near-term guidance from the transcript data, the investment case rests on stable operating cash flow, disciplined capital management, and potential upside from pension risk transfer activities and international growth.
Note: The earnings transcript data provided with these results is not included in the source data, limiting the ability to quote management commentary directly. The analysis below therefore weights quantitative outcomes with qualitative inferences drawn from the reported metrics and industry context.