NEW YORK - MetLife, Inc. (NYSE: NYSE:MET), a prominent global financial services provider with a market capitalization of $56 billion, has announced the appointment of Nick Nadgauda as the new Executive Vice President and Chief Information Officer, effective March 10, 2025. The company, which InvestingPro analysis shows maintains excellent financial health with a perfect Piotroski Score of 9, will have Nadgauda oversee its technology strategy, including application development, infrastructure, and enterprise platforms.
Nadgauda, who reports to Bill Pappas, EVP and Head of Global Technology and Operations, brings a wealth of experience to MetLife. His career spans over two decades at Citi, where he most recently served as CIO, managing a global team responsible for technology solutions in payment processing and other financial services across 90 countries.
The newly appointed CIO also has entrepreneurial experience as the co-founder and CTO of Invertica, a software company. His academic credentials include a Bachelor of Science in Electrical Engineering from Cornell University and a Master of Science in Electrical Engineering Systems from the University of Michigan.
In addition to managing MetLife's technology portfolio, Nadgauda will play a key role in the company's partnership with NC TECH at the Center for Technology Workforce Innovation. This initiative supports the growth and development of North Carolina's tech workforce, where MetLife's Global Technology Hub is located.
Bill Pappas expressed enthusiasm for Nadgauda's appointment, citing his track record in innovation, digital transformation, and driving commercial outcomes. Pappas emphasized that Nadgauda's expertise will be crucial in enhancing customer experiences and maintaining MetLife's industry leadership.
MetLife, founded in 1868, operates in over 40 markets worldwide and offers a range of financial services, including insurance, annuities, employee benefits, and asset management. The company has demonstrated strong financial performance, with a healthy dividend yield of 2.68% and a 12-year streak of consecutive dividend increases. According to InvestingPro analysis, MetLife currently appears undervalued based on its Fair Value assessment, with 10 additional exclusive ProTips available to subscribers. The information for this article is based on a press release statement and InvestingPro data, where investors can access comprehensive Pro Research Reports offering deep-dive analysis of MetLife and 1,400+ other top stocks.
In other recent news, MetLife has announced ambitious financial targets under its New Frontier strategic plan. The insurance firm 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, and anticipates generating over $25 billion in five-year free cash flow. MetLife's strategic plan received positive feedback from Keefe, Bruyette & Woods and Piper Sandler, both of which maintained their Outperform and Overweight ratings on MetLife's stock, respectively.
These recent developments include MetLife's partnership with General Atlantic to launch Chariot Reinsurance in 2025, which aims to leverage third-party capital to pursue growth opportunities beyond what MetLife could achieve with its own balance sheet. The venture is expected to commence operations by reinsuring a $10 billion block of MetLife's liabilities.
MetLife's Q3 2024 earnings report revealed mixed results, with adjusted earnings of $1.4 billion, or $1.93 per share, marking a decrease from the previous year. Despite declines in earnings for Group Benefits and Retirement and Income Solutions segments, and a 6% fall in Asia's adjusted earnings, the company reported a 9% increase in Latin America's adjusted earnings. These recent developments highlight MetLife's strategic and financial landscape.
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