MetLife to invest USD1bn in tech

MetLife Inc plans to invest USD1 billion in an efficiency program through 2019 that will eventually reduce annual operating costs by around USD800 million, the insurer has said.

The investments will go toward technology improvements, chief executive Steven Kandarian wrote in his annual letter to shareholders, but did not provide more details.

MetLife first unveiled its cost-cutting plan last summer, saying it would save a gross USD1 billion a year, partly through job cuts. In Kandarian’s letter and a separate proxy filing, the insurer said pretax annual savings would be USD800 million when netting out “stranded” overhead costs related to a business it is divesting.