MetLife, Inc. engages in the insurance, annuities, employee benefits, and asset management businesses. The company offers life, dental, group short- and long-term disability, individual disability, accidental death and dismemberment, vision, and accident and health coverages, etc. Serving approximately 100 million customers, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
MetLife was named Life Insurance Company of the Year at the 2019 Middle East Insurance Industry Awards (MIIA), organized by Middle East Insurance Review. As the fourth time recipient of the award, MetLife was commended for its customer focus and recognized for its efforts in enhancing the customer experience.
Last month, MetLife was named one of America’s “Most Responsible Companies” by Newsweek magazine. MetLife was the top-ranked insurance company on Newsweek’s inaugural list, and number 19 of all 300 companies recognized.
Several months ago, MetLife got into the financial service business when it bought Bequest, Inc. Bequest helps customers draw up legally valid wills and estate planning documents online.
But an interesting move Metlife made several weeks ago, was when it bought PetFirst Healthcare, a fast-growing pet health insurance administrator.
The love affair with pets, in particular cats and dogs goes back to the Egyptian times. Back in the Egyptian times, dogs and cats were laid to rest in elaborate tombs decorated with inscriptions, furnished with treasure and scented by incense. It’s believed that dogs and cats improve human physical and mental health.
68% of households in America have a pet. This is double the percentage of households that have children. And pet owners will do practically anything or their cat or dog.
The pet insurance market is under-penetrated and fast-growing. The roughly 85 million families that own pets in the United States spend $18 billionii annually on veterinary care, yet, as of 2018, less than 2 percentiii of pets were insured. Following the acquisition, PetFirst will continue to market pet insurance through animal welfare societies and its direct-to-consumer channel. Beginning in the summer of 2020, MetLife will offer this pet insurance to employers through its leading group benefits distribution channel, reaching approximately 41 million employees and dependents across the U.S.
Katie Blakeley, CEO of PetFirst said, “For more than 15 years, we have proudly focused on developing products and services to meet the growing and evolving needs of pet parents across the U.S. During this time, we have seen pet insurance continue to gain importance as a valuable product for families. With MetLife’s tremendous reach and resources, we see a strong opportunity to help more pet parents get access to pet insurance and alleviate the potential financial burden of a sick or injured pet.”
Metlife now offers a broader suite of products to serve their customers and their financial strengths is admired by investors. So it only makes sense that yesterday, I noticed unusual options activity. The Smart Money bought over 50,000 March call options with strike price at $55.
What’s interesting about this trade is that price is approaching a weekly demand zone at $54.50. If I had to put my money on the zone or the Smart Money, my money would go to the Smart Money all the time. Stay tuned.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.