Name: Why MetLife’s CEO Supports Private Equity in Insurance
Uploaded: 2026-04-24T15:44:00Z
Duration: 3 min 1 s
Description: “I’m a big believer in a level playing field,” Michel Khalaf, chief executive officer of MetLife, tells Barron’s Andy Serwer.

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“I’m a big believer in a level playing field,” Michel Khalaf, chief executive officer of MetLife, tells Barron’s Andy Serwer.

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Why MetLife’s CEO Supports Private Equity in Insurance

I wanna shift gears a little bit, Michel, and ask you about some industry trends. One that's been capturing a lot of headlines recently is private equity moving into the insurance business, and I'm wondering if that's good, bad, ugly, what you see that doing to your business, specifically, and how you view that competition?

Sure. Yeah, I think, you know, given the growth that we see, and especially on the retirement front, I think that, you know, private equities, entry into the space, you know, having more capital, you know, come into that space is a positive. So I think that's one area. I think the other area is that, you know, a lot of those private equity players were interested in parts of the business that the traditional insurers were no longer focused on. So, you know, in a way that provided also a way for the more traditional insurers to, you know, divest some of the businesses that they no longer considered core in terms of, you know, growth potential going forward. So on both fronts, I think, you know, that that's a positive. You know, I'm a big believer and a level playing field. I think, you know, there's room for everyone as long as, you know, the playing field is level. And, you know, ultimately we wanna make sure that, you know, the business, that the industry, you know, you know, what's good, I think for any player in the industry is good for the industry as a whole. We wanna grow this industry. So, I think that making sure that we have capital standards that, you know, ensure that for whatever risk a company is taking, they're setting aside, the company is setting aside sufficient capital to meet its obligations is important. But all in all, I see it as a, you know, as a positive, and, you know, sure we compete with private equity players just as we do with the traditional insurers. We are not in the retail space, which is a highly competitive space. We're more on the institutional front, and we tend to focus on segments of institutional business where, you know, our brand, our balance sheet, our underwriting and investment capabilities can give us some advantages with clients and customers.

But right now, some of those PE companies don't have the same capital requirements.

No, it's not that they... I mean, insurance is a state-by-state regulated business.

Right.

And I think the states do a good job regulating the business. I think certain asset classes, potentially NAIC is looking at, you know, whether the capital standards are adequate for the sort of risks that are associated with these instruments. So it's not sort of, I'm not making a broad comment or trying to cast a shadow over any part of the industry.