---
title: "MetLife: Business Model & Revenue Engine"
description: "MetLife revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/metlife/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# MetLife: Business Model & Revenue Engine

## Direct Answer

MetLife reports revenue across 6 business segments in its fiscal 2025 Form 10-K. Group Benefits is the largest, with $26.9 billion of revenue (35% of the total), followed by Retirement and Income Solutions at $21.0 billion (27%).

## How Does MetLife Make Money?

No single line supplies a majority of revenue: the largest, Group Benefits, is 35%, which spreads MetLife's exposure across several demand drivers. Between fiscal 2024 and 2025, Met Life Investment Management grew fastest (+29.4%) and Group Benefits slowest (+2.9%), so the revenue mix tilts toward Met Life Investment Management while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Group Benefits | $26.9 billion | $26.1 billion | 34.9% | 2.9% |
| Retirement and Income Solutions | $21.0 billion | $17.1 billion | 27.3% | 23.2% |
| Asia | $12.0 billion | $11.4 billion | 15.5% | 4.7% |
| Latin America | $8.3 billion | $7.6 billion | 10.8% | 9.5% |
| EMEA | $3.2 billion | $2.8 billion | 4.1% | 13.9% |
| Met Life Investment Management | $938 million | $725 million | 1.2% | 29.4% |

![Bar chart of MetLife revenue by segment for fiscal 2025: Group Benefits 34.9%, Retirement and Income Solutions 27.3%, Asia 15.5%, Latin America 10.8%, EMEA 4.1%, Met Life Investment Management 1.2%.](https://www.getswoopr.com/images/charts/metlife-business-model-segment-mix.webp)
*MetLife revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 94% of MetLife's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value MetLife reported in the segment note and revenue disclosures of its Form 10-K filed February 19, 2026 (accession 0001099219-26-000013), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are MetLife's business segments?

In its fiscal 2025 Form 10-K, MetLife reports revenue for Group Benefits, Retirement and Income Solutions, Asia, Latin America, EMEA and Met Life Investment Management.

### Which part of MetLife brings in the most revenue?

Group Benefits, with $26.9 billion of revenue in fiscal 2025, or 35% of the total.

### Where does MetLife report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 19, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: METLIFE INC Form 10-K filed February 19, 2026](https://www.sec.gov/Archives/edgar/data/1099219/000109921926000013/met-20251231.htm)
- [SEC EDGAR: METLIFE INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1099219&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

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- [MetLife company dossier](https://www.getswoopr.com/stocks/companies/metlife/)
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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).