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.

MetLife and General Atlantic are forming a reinsurance venture, the companies' executives told Reuters on Wednesday, the latest in a growing trend of insurers and alternative money managers teaming up to boost returns from low-risk insurance assets.

The New York private-equity firm becomes the latest alternative-asset manager to enter the insurance realm.

Toby Srihiran Brown, MetLife’s global head of reinsurance, will represent MetLife on Chariot Re’s board. General Atlantic’s chief operating officer Graves Tompkins is expected to serve as the firm’s representative on the board.