MetLife: Steady As She Goes For A Very Well-Run Insurance Titan

 

Writing about MetLife (MET) in March of this year, I was concerned that the strong run in the shares and a weak rate environment had left the stock vulnerable to a period of “blah” performance, and so it has been, with the shares basically flat since then despite some continuing positive developments in the business, including the sale of operations in Poland and Greece and strong variable investment income.

I consider MetLife a “what you see is what you get” sort of company; management has long been straightforward about its strategy and has been executing very well (and very consistently) on that plan. Other than a possible sale of MetLife Holdings (unlikely) and acquisitions in the group benefits and/or asset management space, I think what you see today is largely what you’re going to keep getting – a well-run insurance company that prizes consistent performance in high-return businesses (relative to risk/cost of capital) and that will return large amounts of capital to its shareholders.

 

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MetLife: Steady As She Goes For A Very Well-Run Insurance Titan