MET Latest Report

Performance Review

MetLife's total operating revenue in 2024 was US$18.666 billion, a 1.87% decrease from US$19.028 billion in 2023. This change indicates that the company faces certain challenges in its operating revenue, possibly affected by changes in market demand, intensified competition, and macroeconomic factors.

Key Data in the Financial Report

1. The total operating revenue in 2024 was US$18.666 billion, a 1.87% YoY decrease.

2. The net profit in 2023 was RMB392 million, a nearly 50% YoY decrease, reflecting the contradiction between revenue and profit.

3. The company's competitiveness in the critical illness insurance market has declined, and the problems on the underwriting side have affected profits.

4. Investment income failed to cover the cost of liabilities, especially in the context of market volatility, the risk of interest rate loss has increased.

5. Complaints and regulatory penalties in the e-commerce channel have affected the company's market image and sales efficiency.

Peer Comparison

1. Industry-wide analysis: The overall insurance industry may face a trend of slowing revenue growth in 2024, with the impact of interest rate hikes and inflation, consumers' demand for insurance products has weakened.

2. Peer evaluation analysis: Compared with other insurance companies in the industry, MetLife's operating revenue decline was smaller, showing its relative stability in the market, but its market competitiveness needs to be concerned about whether it can be maintained.

Summary

MetLife's operating revenue decline is mainly affected by factors such as intensified competition, changes in the economic environment, and product structure adjustment. Although the industry as a whole faces challenges, MetLife has performed relatively stably among its peers.

Opportunities

1. The newly launched "Healthcare Select Critical Illness Insurance" and "MetLife's All-Compassionate Accident Insurance" may attract more customers and boost operating revenue.

2. With the recovery of the economy, interest rate hikes may lower the cost of liabilities and improve profitability.

3. Regulatory policy support may bring a better market environment and development opportunities for the company.

4. Digital transformation and the application of emerging technologies can enhance customer experience and business efficiency, opening up new markets.

Risks

1. Intensified competition may lead to a decline in market share and further affect operating revenue.

2. Poor investment performance may continue to squeeze profit margins and increase financial risks.

3. Economic fluctuations and policy adjustments may negatively affect insurance demand.

4. Consumer confidence and willingness to purchase insurance products may weaken due to macroeconomic factors.