MetLife Earnings Preview: U.S. Retail Growth To Continue But FX Might Hurt International Results

According to our analysis, MetLife's annualized spread in the U.S. dropped from 4.15% in 2010 to 4% in 2012. We expect a moderate increase in the annualized spread in the coming years, with the yield from fixed maturities reaching the pre-recession level of 5% by 2015.