Metlife (MET) FY2020 results: revenue $67.8 billion, down 2.6% on the year
Metlife Inc. (MET) reported revenue of $67.8 billion for fiscal 2020, the year ended 31 December 2020, down 2.6% on the year before. Net income was $5.4 billion, down 8.3%, and diluted earnings per share $5.68. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$67.8 billion
-2.6% on the year
FY2013FY2020
Operating margin
10.2%
9.8% a year earlier
FY2013FY2020
Net income
$5.4 billion
-8.3% on the year
FY2013FY2020
Diluted EPS
$5.68
-6.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
67,842
69,620
67,941
-2.6%
Operating income
6,927
6,795
6,307
+1.9%
Operating margin
10.2%
9.8%
9.3%
Interest expense
632
656
827
-3.7%
Pre-tax income
6,927
6,795
6,307
+1.9%
Income tax
1,509
886
1,179
+70.3%
Effective tax rate
21.8%
13.0%
18.7%
Net income
5,407
5,899
5,123
-8.3%
Net margin
8.0%
8.5%
7.5%
Diluted EPS
$5.68
$6.06
$4.91
-6.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
11,639
13,786
11,738
-15.6%
Cash from investing
-18,569
-17,586
-5,634
Cash from financing
10,729
4,568
-2,801
+134.9%
Depreciation and amortisation
235
249
238
-5.6%
Share-based compensation
127
150
86.0
-15.3%
Buybacks
1,151
2,285
3,992
-49.6%
Dividends paid
1,657
1,643
1,678
+0.9%
Dividend per share
$1.82
$1.74
$1.66
+4.6%
Diluted shares, weighted
913m
944m
1,014m
-3.3%
Shares outstanding at period end
893m
915m
959m
-2.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
74,558
66,144
52,741
+12.7%
Non-controlling interest
259
238
217
+8.8%
Short-term borrowings
393
235
268
+67.2%
Debt
14,603
13,466
12,829
+8.4%
Other liabilities
705,333
660,380
621,483
+6.8%
Total liabilities and equity
795,146
740,463
687,538
+7.4%
Goodwill
10,112
9,308
9,422
+8.6%
Intangible assets
1,099
335
384
+228.1%
Investments
3,904
3,850
3,937
+1.4%
Loans
83,754
80,282
75,453
+4.3%
Trading assets
13,319
13,102
12,616
+1.7%
Cash and equivalents
19,795
16,598
15,821
+19.3%
Other assets
663,163
616,988
569,905
+7.5%
Total assets
795,146
740,463
687,538
+7.4%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.