Model update: remain Neutral
We are updating our MET model to reflect Q4 results, revenue trends and guidance from management on tax. Following this, our forecasts have changed incrementally. We have increased our operating EPS in FY18 by 0.6% but decreased our operating FY19 EPS by 3.1%. Positive developments in the US operations, particularly relating to lower tax and rising interest rates, are largely offset by a slightly more subdued outlook in the international operations and expected higher corporate costs in 2019. We forecast an effective tax rate of 18-19%, which is below our previous assumption. Our valuation and price target remain at $55 and we retain our Neutral recommendationMetLife, 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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