*

MetLife ( MET ) unveiling 'New Frontier' at investor day on

Thursday

*

Growth targets of double-digit adjusted EPS; 15%-17%

adjusted

RoE

*

Prioritizes core areas such as asset management, group

benefits

*

Five-year plan about playing more offense - CEO

By David French

NEW YORK, Dec 12 (Reuters) - MetLife ( MET ) is aiming

for double-digit growth in its adjusted earnings per share over

the next five years by doubling down on investments in core

areas such as group benefits and asset management, its chief

executive told Reuters.

Unveiling its New Frontier strategic plan to shareholders at

its investor day on Thursday, the insurer aims to build on the

resilience established in its previous five-year program and

capture tailwinds from macroeconomic conditions and demographic

change in its key markets.

New Frontier is more evolution than revolution, but will

give greater priority to growth, MetLife ( MET ) Chief Executive Michel

Khalaf told Reuters in an interview.

"I think about playing more offense than we did a few years

ago, and being more front-footed," said Khalaf, who has run the

insurer since May 2019 and will mark 15 years at MetLife ( MET ) next

year.

The previous plan was aimed at forging an "all-weather

strategy" for MetLife ( MET ), Khalaf said, and the period in question

ended up being among the most turbulent in recent times for

financial companies, with a global pandemic and wobbles in the

U.S. banking and real estate sectors among the challenges.

Since unveiling its previous five-year plan at the end of

2019, MetLife's ( MET ) stock has gained around 63%, underperforming the

S&P insurance index's 85% advance over the same period.

Among the targets of the new five-year strategic plan are

double-digit adjusted earnings per share growth, a 15% to 17%

adjusted return on equity, and a 100-basis-point reduction in

its direct expense ratio.

To achieve these, MetLife ( MET ) is prioritizing four areas of its

existing business, including growing its unit offering group

benefits insurance to employers, and its international business

in Latin America and Asia.

Focus areas also include accelerating growth in its asset

management business, and doing more in retirement plans.

As part of this, MetLife ( MET ) on Wednesday said it would launch

Chariot Reinsurance alongside General Atlantic in the first half

of 2025. The venture, also backed by fellow insurer Chubb

and other institutional investors, aims to use

third-party capital to achieve growth which MetLife ( MET ) could not

using its own balance sheet alone.

Khalaf said growing its asset management unit was essential

at a time when it was more of a scale business than before, but

having expertise in alternative investment areas such as private

capital, fixed income and real estate meant MetLife ( MET ) had all the

tools to succeed.

He added that most of the asset management growth would come

from organic sources, but the company was open to smaller

acquisitions which would complement its existing business.

Amid the increasing convergence of insurance and alternative

asset management, Khalaf said MetLife ( MET ) was not competing with

alternative money managers for products or investors' attention,

due to the strengths of its own platform.

"I believe that's our unique value proposition as it's not

one or the other, but you get all three: you get growth, you get

attractive returns, and you get it at lower risk," Khalaf said.