In a recent 8-K filing with the Securities and Exchange Commission, MetLife Inc (NYSE:MET). disclosed the upcoming departure of Executive Vice President and Chief Accounting Officer Tamara L. Schock. Schock, who has been with the company for several years, will be leaving to pursue a different opportunity. Her resignation is effective on or about March 14, 2025, allowing for a transition period. The announcement comes as MetLife maintains strong financial health, with InvestingPro data showing a perfect Piotroski Score of 9 and robust liquidity metrics.
According to the filing, Schock's decision to resign is due to personal reasons and not because of any disagreements with MetLife regarding its financial statements, internal controls, operations, policies, or practices. The company has not yet announced a successor for the role.
The 8-K also included standard exhibits such as the cover page interactive data file, which is embedded within the Inline XBRL document. The form was signed by Timothy J. Ring, Senior Vice President and Secretary of MetLife, on Friday.
MetLife, a leading global provider of insurance, annuities, and employee benefit programs, is headquartered in New York and is incorporated in Delaware. Its common stock (NYSE:MET), as well as its various series of preferred stock, are traded on the New York Stock Exchange.
In other recent news, MetLife announced ambitious financial targets under its New Frontier strategic plan. The insurer aims to achieve double-digit growth in adjusted earnings per share (EPS) and a 15-17% return on equity, coupled with a 100 basis point reduction in expense ratio. MetLife anticipates generating over $25 billion in five-year free cash flow. These recent developments are part of MetLife's strategic plan, which has been positively received by Keefe, Bruyette & Woods and Piper Sandler, both maintaining their Outperform and Overweight ratings on MetLife's stock, respectively.
In addition to its financial goals, MetLife has declared a Q1 common stock dividend of $0.545, continuing its practice of returning value to its shareholders. The company has maintained dividend payments for 25 consecutive years, raising them for the past 12.
Furthermore, MetLife has appointed Nick Nadgauda as the new Executive Vice President and Chief Information Officer. Nadgauda, with his extensive experience from Citi and as co-founder and CTO of Invertica, will oversee MetLife's technology strategy.
The company also announced a partnership with General Atlantic to launch Chariot Reinsurance in 2025. This venture aims to leverage third-party capital to pursue growth opportunities beyond what MetLife could achieve with its own balance sheet. It is expected to commence operations by reinsuring a $10 billion block of MetLife's liabilities.
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