MetLife (MET) shares rose 5% Thursday when the insurance provider announced a new strategic plan to "accelerate growth across global platform while delivering attractive returns and all-weather performance."

The company reported that ahead of its investor day it was introducing the five-year "New Frontier" program targeting returns of double-digit adjusted earnings per share (EPS) growth, 15% to 17% adjusted return on equity, a one-percentage-point cut in direct expense ratio, and free cash flow of $25 billion. 

CEO Says Plan Designed To Build on Prior 'Next Horizon' Strategy

Chief Executive Officer (CEO) Michel Khalaf said that "New Frontier" is designed to build on MetLife's previous five-year "Next Horizon" strategy introduced in 2019 to "simplify and differentiate the company." Khalaf added that MetLife operates "in highly attractive markets, with deep competitive moats and strong tailwinds," giving it the opportunity "to deliver growth and attractive returns with lower risk."

The insurer explained that "New Frontier" would focus on four key areas of opportunity: extending leadership in group benefits, capitalizing on a unique retirement platform, accelerating growth in asset management, and expanding in high-growth international markets. 

Shares of MetLife have added more than a quarter of their value this year.