Metlife (MET) FY2019 results: revenue $69.6 billion, up 2.5% on the year
Metlife Inc. (MET) reported revenue of $69.6 billion for fiscal 2019, the year ended 31 December 2019, up 2.5% on the year before. Net income was $5.9 billion, up 15.1%, and diluted earnings per share $6.06. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$69.6 billion
+2.5% on the year
FY2012FY2019
Operating margin
9.8%
9.3% a year earlier
FY2012FY2019
Net income
$5.9 billion
+15.1% on the year
FY2012FY2019
Diluted EPS
$6.06
+23.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
69,620
67,941
62,308
+2.5%
Operating income
6,795
6,307
3,536
+7.7%
Operating margin
9.8%
9.3%
5.7%
Interest expense
656
827
841
-20.7%
Pre-tax income
6,795
6,307
3,536
+7.7%
Income tax
886
1,179
-1,470
-24.9%
Effective tax rate
13.0%
18.7%
-41.6%
Net income
5,899
5,123
4,010
+15.1%
Net margin
8.5%
7.5%
6.4%
Diluted EPS
$6.06
$4.91
$3.62
+23.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
13,786
11,738
12,283
+17.4%
Cash from investing
-17,586
-5,634
-16,876
Cash from financing
4,568
-2,801
-906
Depreciation and amortisation
249
238
258
+4.6%
Share-based compensation
150
86.0
128
+74.4%
Buybacks
2,285
3,992
2,927
-42.8%
Dividends paid
1,643
1,678
1,717
-2.1%
Dividend per share
$1.74
$1.66
$1.60
+4.8%
Diluted shares, weighted
944m
1,014m
1,078m
-6.9%
Shares outstanding at period end
915m
959m
1,044m
-4.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
66,144
52,741
58,676
+25.4%
Non-controlling interest
238
217
194
+9.7%
Short-term borrowings
235
268
477
-12.3%
Debt
13,466
12,829
15,686
+5.0%
Other liabilities
660,380
621,483
644,859
+6.3%
Total liabilities and equity
740,463
687,538
719,892
+7.7%
Goodwill
9,308
9,422
9,590
-1.2%
Intangible assets
335
384
459
-12.8%
Investments
3,850
3,937
4,870
-2.2%
Loans
80,282
75,453
68,211
+6.4%
Trading assets
13,102
12,616
16,745
+3.9%
Cash and equivalents
16,598
15,821
12,701
+4.9%
Other assets
616,988
569,905
607,316
+8.3%
Total assets
740,463
687,538
719,892
+7.7%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.