MetLife announced a new strategy called "New Frontier" to boost long-term growth. The five-year plan is aimed at profit growth, expense reductions, and increased free cash flow. CEO Michel Khalaf said "New Frontier" was designed to build on the insurer's previous five-year "Next Horizon" plan that simplified and differentiated the company.

"Building on that strong progress, today we introduce our New Frontier strategy with commitments that quantify MetLife’s superior value proposition." Khalaf said. "We operate in highly attractive markets, with deep competitive moats and strong tailwinds.