Eric Clurfain
METLIFEAbout Eric Clurfain
Eric Clurfain is Regional President, Latin America at MetLife, appointed January 1, 2021; he oversees operations across Brazil, Chile, Colombia, Ecuador, Mexico, and Uruguay and holds an MBA from Southern Methodist University (Cox School of Business) . Under his leadership, Latin America has been a growth engine, with premiums growing at healthy double-digit rates on a constant-currency basis and ~30 million customers served; MetLife has scaled its embedded insurance “Xcelerator” platform to >21 partners and millions of customers in the region . Company-level performance context in 3Q25: adjusted EPS $2.37 and adjusted ROE 16.9%, with Asia sales +34% and expansion of Xcelerator through partnerships in Brazil and Mexico (e.g., Mercado Libre) . MetLife’s “New Frontier” strategy targets 15–17% adjusted ROE and $25B+ free cash flow over 2024–2029, reinforcing pay-for-performance alignment across executive incentives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MetLife Latin America | Regional President, Latin America | 2021–present | Leads largest life insurer in LatAm; diversified distribution; scaled embedded insurance (Xcelerator) |
| MetLife Japan K.K. | Chairman, President & CEO | 2019–2020 | Ran MetLife’s largest retail market and second-largest market globally; part of succession planning |
| MetLife EMEA | EVP & Head of EMEA | 2018 | Oversaw 25+ markets across Europe, Middle East, and Africa |
| MetLife Central & Eastern Europe | Regional Head | 2012 | Expanded regional footprint and distribution capabilities |
| MetLife Turkey (via Alico acquisition) | General Manager (CEO) | 2010 | Reshaped strategy; achieved market leadership; led Deniz Emeklilik acquisition and DM platform initiatives |
| UnitedHealthcare | CEO, Global Solutions | 2005 | Led global solutions unit; broadened experience in health insurance |
| AIG/Alico | Deputy Head, Global Bancassurance; various LatAm roles | 1998–2007 | Oversight of credit life/bancassurance across ~60 countries; local/regional leadership in Argentina and Mexico |
External Roles
- No public-company board directorships disclosed in MetLife’s proxy or governance pages for Clurfain .
Fixed Compensation
- Eric Clurfain is not listed as a Named Executive Officer (NEO); his individual base salary, target bonus %, and actual bonus are not disclosed in MetLife’s proxy. MetLife’s executive compensation framework for executive officers consists of three elements: base salary, annual variable incentive (AVIP), and stock-based long-term incentives (LTI) .
- Governance features: no single-trigger change-in-control severance pay; no option/SAR repricing without shareholder approval; no excise tax gross-ups on change-in-control payments; and prohibition on pledging/hedging of company stock .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target/Payout Mechanics | Vesting / Performance Period | Notes |
|---|---|---|---|---|---|
| Annual Variable Incentive (AVIP) | Company performance vs Business Plan using Adjusted Earnings (with VII collar) | Not formulaic by individual; Committee judgment | 2024 AVIP funding 101.4% of target; VII collar smooths volatility; 2025 corridor refined to 1.0–1.5–2.0 funding slope within ±3% | Annual | Adjusted Earnings excludes net investment gains/losses, net derivative gains/losses, and MRB remeasurement |
| Performance Shares (PSUs) | Adjusted ROE and TSR relative to peers | 70% of LTI (for executive officers in 2024/2025 grant design) | Payouts based on 3-year outcomes vs Business Plan and TSR peer group | 3-year performance; overlapping cycles | Predominant LTI component to align with shareholder value |
| Restricted Stock Units (RSUs) | Share value | 30% of LTI in 2025 (previously 15% RSUs + 15% options) | Time-based vesting; realized value varies with stock price | Vests over 3 years | Options sunset effective 2025; prior option grants unaffected |
| Stock Options (legacy) | Share price appreciation | Ceased granting in 2025; legacy awards remain | 10-year exercise term; 3-year vesting | Legacy only | No repricing without shareholder approval |
Company performance context (3Q25):
| Metric | 3Q 2025 |
|---|---|
| Adjusted EPS ($) | 2.37 |
| Adjusted ROE (%) | 16.9% |
| Net Income ($/share) | $818M / $1.22 |
| Asia sales growth (cc) | +34% |
| Xcelerator partnerships | Expanded via Mercado Libre in Brazil/Mexico |
Regional execution (Latin America):
- Premiums growing at healthy double-digit rates on a constant-currency basis; largest life insurer in LatAm with ~30 million customers and >10,000 agents; >100 third-party partners; Xcelerator embedded platform: 21 partners; ~€300M PFO and ~5M customers since launch (Q2’25 commentary) .
- Earlier 2025 disclosure: Xcelerator live in Mexico, Brazil, Chile with >4.5M in-force customers and >$200M PFOs .
- Currency headwinds noted by CFO for LatAm within 2025 guidance (forward curves imply pressure), an execution risk to regional earnings translation .
Equity Ownership & Alignment
- Executive share ownership guidelines apply to Senior Vice President and above; non-CEO executive officers have 4x base salary guidelines; 100% net share retention until compliance achieved and maintained .
- Outstanding LTI awards do not count toward ownership guidelines; strict prohibition on hedging/pledging/short sales/options trading for directors and employees .
- Beneficial ownership for directors/NEOs is enumerated; Clurfain is not a director/NEO and is not individually listed in the table .
Employment Terms
- U.S.-based executive officers generally have no employment contracts governing employment terms; compensation and benefits are administered by the Compensation Committee .
- Change-in-control: Company does not provide single-trigger cash severance or single-trigger vesting without substitute awards; change-in-control cash severance for NEOs capped at 2x salary + average annual cash incentive, with no excise tax gross-ups (only cut-to-avoid excise if beneficial) .
- Clawbacks: performance-based recoupment and Dodd-Frank compliant recoupment of erroneously awarded compensation apply to executive officers, regardless of fault .
Investment Implications
- Pay-for-performance alignment: Clurfain’s incentives tie to enterprise metrics (Adjusted ROE and relative TSR) and AVIP funded by Adjusted Earnings—supporting alignment to shareholder returns and risk-adjusted growth; option sunset reduces upside optionality but increases emphasis on multi-year PSU outcomes .
- Retention risk: Overlapping 3-year PSU/RSU cycles and strict ownership/retention guidelines reduce near-term selling pressure and align tenure; hedging/pledging bans mitigate misalignment .
- Execution watch items: Currency volatility in LatAm (forward curves) can dampen translated earnings; monitor Xcelerator scaling and third-party distribution economics, which are key growth levers cited by Clurfain .
- Trading signals: No specific Form 4 insider trading data for Clurfain was identified in the filings reviewed; monitor insider transactions and PSU vesting events around annual grant cycles (February) for potential supply effects, noting 3-year vesting/performance cadence .
- Governance comfort: Strong say‑on‑pay support (95% in 2024), no tax gross‑ups, no single‑trigger COE, and comparator group benchmarking suggest disciplined compensation administration .