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MetLife Inc MET

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


MetLife’s Investment Income and Expense Management Drive Solid Earnings

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

MetLife finished the year with a decent quarter. Adjusted EPS (excluding notable items) was $1.53, a penny above the FactSet consensus estimate of $1.52. Adjusted earnings grew year over year across the board except for Latin America. Firmwide growth in earnings was driven by higher variable investment income, underwriting, and expense management. MetLife finished the year with a 12.0% expense ratio, an improvement from the 12.6% in 2019. Overall, we will maintain our no-moat rating but expect a modest increase to our fair value estimate of $42 due to time value of money and higher investment income. MetLife benefits from higher interest rates, and while rates are still low, long-term rates have increased since the beginning of the year.

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Company Profile

Business Description

MetLife--once a mutual company before the 2000 demutualization--is the largest life insurer in the U.S. by assets and provides a variety of insurance and financial services products. Outside the United States, MetLife operates in Japan and more than 40 countries in Latin America, Asia-Pacific, Europe, and the Middle East.

200 Park Avenue
New York, NY, 10166-0188
T +1 212 578-9500
Sector Financial Services
Industry Insurance - Life
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 46,500