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MetLife, Inc. is a leading global financial services company that provides a wide range of insurance, annuities, employee benefits, and asset management services . The company operates through several segments, offering products such as life insurance, annuities, and investment products to both individuals and corporations . MetLife is also one of the largest institutional investors in the U.S., with a significant portfolio in fixed income securities and mortgage loans .
- Group Benefits - Offers term, variable, and universal life insurance, as well as dental, disability, vision, and accident & health insurance, primarily to corporations and their employees .
- Retirement and Income Solutions (RIS) - Provides life and annuity-based insurance and investment products, including stable value and pension risk transfer products, institutional income annuities, and structured settlements .
- Asia - Offers a range of life insurance, accident & health insurance, retirement and savings products, and credit insurance to individuals and corporations .
- Latin America - Provides life insurance, accident & health insurance, retirement and savings products, and credit insurance to individuals and corporations .
- Europe, the Middle East and Africa (EMEA) - Delivers life insurance, accident & health insurance, retirement and savings products, and credit insurance to individuals and corporations .
- MetLife Holdings - Consists of operations related to products no longer actively marketed in the U.S., such as variable, universal, term, and whole life insurance, as well as annuities and long-term care insurance .
- Corporate & Other - Includes start-up, developing, and run-off businesses, as well as investment management services .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michel A. Khalaf ExecutiveBoard | President and CEO | None | Michel Khalaf has been President and CEO since 2019. He joined MetLife in 2010 and has held leadership roles across EMEA and the U.S.. | View Report → |
Bill Pappas Executive | EVP, Head of Global Technology and Operations (GTO) | None | Bill Pappas joined MetLife in 2019 and oversees technology, operations, cybersecurity, and data strategy globally. | |
John D. McCallion Executive | EVP and CFO; Head of MetLife Investment Management (MIM) | None | John McCallion joined MetLife in 2006 and became CFO in 2019. He also leads MIM as of September 2023. | |
Marlene Debel Executive | EVP, Chief Risk Officer; Head of MetLife Insurance Investments | None | Marlene Debel has been Chief Risk Officer since 2019 and took on additional responsibilities for MetLife Insurance Investments in 2023. | |
Ramy Tadros Executive | Regional President, U.S. Business; Head of MetLife Holdings (MLH) | None | Ramy Tadros joined MetLife in 2019 and leads the U.S. Business and MLH, which manages the closed block of business. | |
Susan M. Podlogar Executive | EVP, Chief Human Resources Officer (CHRO) | None | Susan Podlogar has been CHRO since 2017, overseeing global HR strategy, talent management, and diversity initiatives. | |
Carla A. Harris Board | Director | Senior Client Advisor, Morgan Stanley; Director, Cummins Inc.; Director, Walmart, Inc. | Carla Harris joined the board in 2022 and brings over 30 years of financial services experience. | |
Carlos M. Gutierrez Board | Director | Co-Founder, EmPath, Inc.; Director, Occidental Petroleum Corporation | Carlos Gutierrez has been a director since 2013 and is a former U.S. Secretary of Commerce and CEO of Kellogg Company. | |
Cheryl W. Grisè Board | Director | Director, Dollar Tree, Inc.; Director, ICF International, Inc.; Director, PulteGroup, Inc. | Cheryl Grisè has been a director since 2004 and brings expertise in corporate governance and regulated industries. | |
David L. Herzog Board | Director | Director, DXC Technology Company | David Herzog has been a director since 2016 and is a former CFO of AIG with expertise in financial services. | |
Denise M. Morrison Board | Director | Founder, Denise Morrison & Associates LLC; Director, Quest Diagnostics Inc.; Director, Visa Inc. | Denise Morrison has been a director since 2014 and is the former CEO of Campbell Soup Company with expertise in consumer goods and corporate social responsibility. | |
Diana L. McKenzie Board | Director | Director, Agilon Health, Inc.; Director, Vertex Pharmaceuticals Incorporated; Advisor, BrightInsight, Inc.; Senior Advisor, Brighton Park Capital | Diana McKenzie joined the board in 2018 and has expertise in technology, cybersecurity, and digital transformation. | |
Edward J. Kelly, III Board | Director | Director, Dollar Tree, Inc.; Director, Citizens Financial Group | Edward Kelly has been a director since 2015 and has extensive experience in financial services and corporate governance. | |
Gerald L. Hassell Board | Director | Director, Comcast Corporation | Gerald Hassell has been a director since 2018 and is the former Chairman and CEO of BNY Mellon. | |
Jeh C. Johnson Board | Director | Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP; Director, U.S. Steel Corporation; Director, Lockheed Martin Corporation | Jeh Johnson joined the board in 2023 and is a former U.S. Secretary of Homeland Security with expertise in cybersecurity and risk management. | |
Laura J. Hay Board | Director | None | Laura Hay joined the board in 2024 and has over 35 years of experience in financial services, including leadership roles at KPMG LLP. | |
Mark A. Weinberger Board | Director | Director, Johnson & Johnson; Director, JPMorgan Chase & Co.; Director, Saudi Aramco; Senior Advisor, Tanium; Senior Advisor, Stone Canyon Industries, Inc.; Senior Advisor, Teneo | Mark Weinberger joined the board in 2019 and is the former Global Chairman and CEO of EY with expertise in corporate governance and sustainability. | |
R. Glenn Hubbard Board | Independent Chairman of the Board | Co-Chair, Committee on Capital Markets Regulation; Director, BlackRock Fixed Income Funds; Director, TotalEnergies SE | Glenn Hubbard has been a director since 2007 and Chairman since 2019. He is an economist and academic leader with expertise in financial markets. | |
William E. Kennard Board | Director | Director, Ford Motor Company; Director, AT&T Inc.; Co-Founder, Velocitas Partners LLC; Co-Founder, Astra Capital Management | William Kennard has been a director since 2013 and is a former FCC Chairman and U.S. Ambassador to the EU. |
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"Given the expected roll-off of your interest rate caps throughout 2024 and lower VII assumptions, how do you plan to offset the anticipated pressure on investment spreads, and can you elaborate on strategies to mitigate the impact on adjusted earnings? "
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"You mentioned that the frequency of severe asbestos claims has not declined as expected, leading to an increase in reserves; can you provide more details on the trends you're seeing and what actions you're taking to manage this exposure going forward? "
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"With lower expected private equity returns affecting Variable Investment Income, how do you anticipate this will impact your earnings in 2024, and what steps are you taking to improve returns in the current market environment? "
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"As you have increased your expected effective tax rate range due to higher earnings in foreign markets with higher tax rates and lower tax credits in the U.S., how will this affect your overall profitability, and are there strategies in place to optimize your tax position? "
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"Considering the uncertainty around inflation and unemployment in 2024, and your assumption of a more modest private equity return, how confident are you in maintaining your adjusted ROE target range of 13% to 15%, and what are the key risks that could prevent you from achieving this goal? "
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Raven Capital Management | 2023 | Completed in March 2023, this acquisition brought in an alternative investment firm specializing in direct asset-based investments to expand MetLife Investment Management’s product set and capabilities, aligning with its strategic, opportunistic M&A approach. |
Affirmative Investment Management (AIM) | 2022 | In August 2022, MetLife announced a definitive agreement to acquire AIM—an ESG impact fixed income manager with about $1 billion in assets—to enhance its investment management offerings; the deal is subject to customary closing conditions. |
PNB MetLife India Insurance Company Limited | 2022 | In February 2022, MetLife acquired an additional 15.0% ownership in PNB MetLife India Insurance, increasing its total stake to approximately 47.0%, supporting its strategy to grow in the Indian market. |
Recent press releases and 8-K filings for MET.
- Adjusted earnings reached approximately $1.35 billion with an EPS of $1.96 in Q1 2025, reflecting robust performance .
- Achieved notable capital management successes with approximately $1.4 billion in share repurchases, a new $3.0 billion buyback authorization, and strong liquidity with $4.5 billion in cash .
- The Group Benefits segment reported adjusted earnings of $367 million, up 29%, driven by favorable underwriting margins and lower mortality trends .
- Retirement & Income Solutions (RIS) delivered adjusted earnings of $401 million with strong pension risk transfer sales totaling $1.8 billion .
- The direct expense ratio was reported at 12.0%, slightly under the FY24 target of 12.1% .
- A significant $10 billion retail VA risk transfer transaction was announced to reduce retail VA tail risk through modified coinsurance and reserve transfers .
- Net income increased by 10% to $879 million and premiums, fees, and other revenues grew 14% to $13.6 billion in Q1 2025.
- Adjusted earnings rose 1% to $1.3 billion with book value climbing to $35.16 per share, underscoring operational improvements.
- The company returned $1.8 billion to shareholders and approved a new $3.0 billion share repurchase authorization to bolster capital allocation.
- MetLife announced the offering and sale of $1,000,000,000 6.350% Fixed-to-Fixed Reset Rate Subordinated Debentures due 2055, with net proceeds of $990,000,000 and detailed pricing and issuance terms outlined in the final term sheet.
- The filing includes key documents such as the underwriting and pricing agreements along with accompanying opinion letters from Willkie Farr & Gallagher LLP addressing the debentures' validity and tax considerations.
- The report details important redemption provisions and the termination of prior replacement capital covenants, which impacts the covered debt structure under existing financing arrangements.