Model update: remain Overweight
We are updating our MET model to reflect Q1 results, profitability trends and detailed commentary from management. As a result, our FY18 EPS forecast increases by 1.9% and our FY19 EPS by 1.2% given positive operating trends, particularly in P&C. We retain our Overweight recommendation with the stock trading on 0.95x BVPS but with a forecast operating ROE of ~12%. We have also kept our price target at $60.MetLife, through its subsidiaries and affiliates, provides insurance, annuities, employee benefits and asset management. The company's segments include: United States; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. In the United States, the company provides a variety of insurance and financial services products, including life, dental, disability, property and casualty, guaranteed interest, stable value and annuities to both individuals and groups. Outside the United States, the company provides life, medical, dental, credit and other accident and health insurance, as well as annuities, endowment and retirement and savings products to both individuals and groups.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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