MetLife Inc. 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.).
Net investment income rose to $5.4 bn from $5.37 bn a year earlier. Premiums, fees, and other revenues grew 6% to $14.5 bn.
Adjusted earnings increased to $1.6 bn from $1.4 bn, while total revenues reached $18.2bn, a 6% increase.
In the U.S., adjusted earnings reached $900mn, supported by favorable underwriting and higher investment income.
Asia recorded $443 mn in adjusted earnings, reflecting higher variable investment income and improved underwriting. Latin America posted $201 mn in adjusted earnings, driven by growth in key markets. EMEA reported $59mn in adjusted earnings, benefiting from volume growth and lower tax charges.
MetLife President and CEO Michel Khalaf said the company showed strength in 2024, delivering strong fourth-quarter and full-year results. He added that MetLife exceeded its five-year Next Horizon commitments and is starting its New Frontier strategy with a focus on responsible growth.
MetLife’s strength and resilience were evident in 2024 as we delivered solid fourth quarter and full year results. We exceeded our five-year Next Horizon commitments and begin our New Frontier strategy from a position of strength with a greater emphasis on responsible growth.
Michel Khalaf, MetLife President and Chief Executive Officer
MetLife repurchased $1.5 bn of common stock and distributed $1.2 bn in common and preferred dividends. The company also announced an agreement to acquire PineBridge Investments from Pacific Century Group to strengthen its asset management business.
MetLife Investment Management, the company’s institutional asset management unit, agreed to acquire PineBridge Investments from Pacific Century Group.
The deal includes $800 mn in cash at closing, $200 mn tied to 2025 financial targets, and $200 mn subject to a multiyear earnout. The transaction is expected to close in 2025, pending regulatory approvals and other conditions.
