MetLife Moving Past Some Self-Inflicted Challenges And Toward Unlocking Value

MetLife's (MET) performance over the past year hasn't been all that good, but it has at least been better than that of many of its peers. Although MetLife has done a lot to clean up and improve its business, the company still has a track record of inconsistent results (often punctuated by large charges) and headwinds like lower returns on equity from its run-off business and spread compression in its U.S. retirement business.

I think expectations for MetLife are low and that the shares could be positioned to outperform as a result. The company's earnings growth outlook is rather modest, and that is a concern, but I do believe book value growth should improve from here and exceed core earnings growth. If and as that happens, the multiple should expand and MetLife should get more of its due, but investors should appreciate that this name is highly likely to be more tortoise than hare.

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MetLife Moving Past Some Self-Inflicted Challenges And Toward Unlocking Value

Newly Slimmed Down, MetLife Worth A Look

MetLife (NYSE:MET) has had more than a few challenges over the past years, with the company battling government regulators over its status as a Systemically Important Financial Institution and battling the markets as weak rates and tough competition have made growth more challenging. Although I do not believe that spinning off Brighthouse Financial (NASDAQ:BHF) meaningfully improves upon a low single-digit growth rate, I believe the shares are undervalued on the potential for increased distributable cash flow and the quality of a more focused, more profitable business.

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Newly Slimmed Down, MetLife Worth A Look