According to Reuters, MetLife, Inc. (NYSE: MET) announced plans to invest $1 billion in an efficiency program through 2019 that will reduce annual operating costs by $800 million.
Saved funds will be used to invest toward technology upgrades, Steven Kandarian, Chief Executive wrote in his annual letter to shareholders. The company previously announced its cost-cutting plans last summer, partially through job cuts. Kandarian said in February, MetLife’s board initiated a “deep dive examination” of the company’s strategy and goals in an attempt to boost shareholder returns. An important part of the strategy involves its spinoff of Brighthouse Financial, the retail life insurance business that had pending regulatory approval.
In the letter, the CEO said, "The U.S. federal regulatory outlook is now more positive than it has been in nearly a decade," adding that the "prospect for pro-growth tax reform has also brightened."