This case examines the key issues facing MetLife, a major company in life and annuity (L&A) and—to a lesser extent—property and casualty (P&C) insurance. The case provides an opportunity to analyze the business models of insurance companies, the main risks they face, and the broad investment strategies they pursue. The case also discusses how technology (including insurtech), regulation, and risk affect MetLife and insurance companies in general, and describes MetLife’s history and recent developments. Finally, the case presents an opportunity for a simple valuation of an insurance company using multiples.