Morningstar

Morningstar, Inc.

Equity Bottom-Up

MetLife recorded a fairly uneventful first quarter, but the strategy of the company’s new CEO is coming increasingly into focus. Annualized ROE in the quarter was 10%, a level that is not necessarily impressive but is in line with our expectations for the franchise. We will maintain our $52 fair value estimate and no-moat rating
Looking across the company’s segments, the U.S. saw an 11% year-over-year increase in adjusted earnings. The improvement was almost entirely due to the group benefits…

<p>Like other life insurers, MetLife is operationally leveraged to the capital markets. This has made for tough sledding in the post-crisis period, with the low-interest-rate environment presenting an ongoing headwind for the company. But this trend looks set to reverse, and in the long run an eventual increase in rates should allow the company to generate better returns, although a lack of a moat around the business minimizes the opportunity for sustainable excess returns.MetLife has also dealt…</p>

United States

MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

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