NEW YORK (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.