News

MetLife, Inc. MET recently announced expanding its collaboration with Micruity, a leader in retirement technology solutions. Both companies will work on the development of MET’s Universal Digital Retirement Platform, aiming to provide accessible and simple retirement income solutions.

This move bodes well for MetLife as it will be able to streamline and simplify the way plan sponsors can offer its retirement income solutions in their Defined Contribution plans. MET’s Institutional Income Annuities business has been the heart of innovation and this collaboration is expected to streamline complexity in operations and retain employer clients.

MET will be able to offer a seamless experience integrating planning tools, education, and easy access to annuity products. Such innovations are expected to solidify its position as a top provider of Institutional Income Annuities. Moreover, by achieving efficiencies in administration, MET might experience cost savings, leading to an improved direct expense ratio in the future. The metric was 11.9% at the first-quarter end, which is significantly below its 12.3% yearly target.

Per MetLife’s 2024 Qualifying Longevity Annuity Contract Poll, 91% of plan sponsors are worried that upcoming retirees will lack money at the time of retirement. The new tool is expected to aid plan sponsors to seamlessly offer educational resources on retirement income solutions.

Plan sponsors will be able to easily offer immediate income annuities within their defined contribution plans. Employees are expected to benefit from making informed decisions about their retirement income. MET’s Guaranteed Income Program and Retirement Income Insurance QLAC will help employees access reliable income streams at retirement.

Price Performance

MetLife’s shares have gained 31.5% in the past year compared with 18.9% growth of the industry.

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Zacks Rank & Key Picks

MetLife currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Finance space are Ambac Financial Group, Inc. AMBC, Brown & Brown, Inc. BRO and Root, Inc. ROOT, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Ambac Financial’s current-year earnings is pegged at $1.45 per share, which witnessed one upward estimate revision in the past month against no movement in the opposite direction. AMBC beat earnings estimates in all the past four quarters, with an average surprise of 893.5%.

The Zacks Consensus Estimate for Brown & Brown’s current-year earnings is pegged at $3.61 per share, which indicates 28.5% year-over-year growth. It has witnessed six upward estimate revisions against none in the opposite direction during the past month. BRO beat earnings estimates in each of the past four quarters, with an average surprise of 11.9%.

The consensus mark for ROOT’s current-year earnings indicates a 35.6% year-over-year improvement. It beat earnings estimates in all the past four quarters, with an average surprise of 34.1%. Furthermore, the consensus estimate for Root’s 2024 revenues suggests 125.3% year-over-year growth.

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