MetLife expects its group benefits business to expand by 4% to 7% over the next year as employers seek to enhance their offerings for employees, Chief Financial Officer John McCallion said.
The group segment is broker-driven, and MetLife stands to benefit from broker relationships and industry consolidation.
He also highlighted the company’s investment in technology to improve consumer engagement.
The company divides the group market into “national accounts” with at least 5,000 employees and smaller businesses. McCallion said both segments present growth opportunities.
Larger accounts will benefit from existing relationships, while the fragmented smaller market allows MetLife to strengthen ties with employees and employers while expanding its product lineup.
MetLife serves 80% of Fortune 500 companies and is three times larger than its closest competitor. Employee participation remains low, and we see room for significant growth
“Many consumers lack adequate insurance, and financial wellness is a key part of employer offerings. Our products support that need, and we believe these factors position us to meet our growth targets,” McCallion said.
MetLife reported a full-year net income of $4.8 bn, up from $3.1 bn in 2023. Adjusted earnings reached $6.2 bn, compared to $5.8 bn the previous year. Total revenues grew 5% to $71.1 bn.
MetLife reported a fourth-quarter net income of $1.2 bn, up from $574 mn in the same period last year, according to its earnings statement. The increase was driven by market risk benefit remeasurement gains and higher adjusted earnings (see TOP 100 Life & Health Insurance Companies in the U.S.).
MetLife’s Q4 2024 net income rose to $1.2bn from $574mn a year earlier, according to its earnings statement. The increase was mainly due to market risk benefit remeasurement gains and higher adjusted earnings.
Net investment income grew to $5.4bn from $5.37bn in the prior year. Premiums, fees, and other revenues rose 6% in the fourth quarter to $14.5bn.
MetLife Inc.’s underwriting entities currently hold Best’s Financial Strength Ratings of A+ (Superior).
