Dallas, Texas 01/09/2014 (FINANCIALSTRENDS) – Metlife Inc (NYSE:MET), the US-based life insurance and financial services provider has rallied by over 1.52% over previous prices as analysts Citi move the company stock to ‘Buy’ with revised target price of $62, which is way above earlier $55. Citi expects the global insurer to rake in higher sales and free its cash flow, indicating substantial growth in 2014.
Analysts UBS had earlier in the week, moved MetLife, Inc (NYSE:MET) to Hold as it believes the time frame for the company to see profits will take longer, given that company has now moved away from insurance instruments which hold higher risk-status. Meanwhile competitors such as Genworth’s were upgraded, running on the likely hood of the company expanding and increase in the outlay for U.S. mortgage insurance as well as long-term care.
Buys 51% in Malaysian-origin AmLife for $256 million
MetLife, Inc (NYSE:MET) has over Christmas season secured funds to finalize a deal of $256 million to buy 51% stake in AmLIfe Insurance, a unit which belongs to AMMB Holdings a Malaysian venture. With this deal Metlife is able to enter untapped Malaysian markets, running on AMMBs network in the banking sector.
MetLife, Inc (NYSE:MET) America President, Bill Wheeler, has time and again been circumspect on the annuity business investment, where companies are undermining the annuity business by holding less capital for these instruments though refraining from naming such competitors. Metlife, though, has been very strategic about its annuity business and has even cut down on the sales, as previous financial crisis were known to be fatal to other insurers who held low capital on annuity businesses.
MetLife, a 6.74 billion market cap insurance and financial services provider holds a 52-week trading high of $54.49 and low of $33.8, with EPS of 2.24, P.E of 23.80, Yiedl of 2.10 and a Dividend rate of 1.10 and volume trade of 4,568,239.