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MetLife (MET) and Lyra Unite to Improve Employee Mental Health
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MetLife Inc (MET - Free Report) recently announced its partnership with Lyra, a pioneer in global workforce mental health solutions, to provide employees with mental health solutions when they file an absence or disability claim.
This move bodes well for the company as this collaboration will enhance its existing offerings. Per MetLife’s 21st Employee Benefit Trends Study, 59% of the employees do not feel well, and 80% of employees agreed that employers should have a responsibility for their contentment.
With this new initiative, the employer can help employees with benefits such as health support and financial security in difficult situations, thereby improving efficiency, employee attrition rate and loyalty toward the organization.
MetLife’s U.S. Group Benefits business will benefit from this partnership as a result of improved retention of clients. The more enhanced offerings MET provides to its clients, the more differentiated its products will be from its competitors. This would help to boost the top line in the future. Moreover, with Lyra’s health solutions, MET can reduce its claim costs in the coming days, as depression is reported as the leading reason for disability.
Employees will gain access to Lyra’s network of more than 28000 mental health care providers, which is clinically proven to improve depression and anxiety symptoms in 90% of cases. MetLife’s partnership with Lyra will aid employees with their holistic well-being during their claim or absence period.
Partnering with Lyra will solidify MET’s position in the Group Benefits space and act as a moat in the future. MetLife’s ability to provide a seamless claim experience and improve its value proposition by recognizing employers’ unique needs should aid its business in the future.
Price Performance
Shares of MetLife have gained 9.8% in the past month compared with the industry’s growth of 6.2%.
Assurant’s bottom line outpaced estimates in three of the trailing four quarters and missed once. The average earnings surprise is 18.2%.
The Zacks Consensus Estimate for AIZ’s 2023 earnings indicates a 19.2% rise, while the same for revenues suggests 2.7% growth from the prior-year reported figures.
Old Republic’s bottom line outpaced estimates in each of the trailing four quarters. The average earnings surprise is 29.9%.
The Zacks Consensus Estimate for ORI’s 2024 earnings indicates a 4.2% rise, while the same for revenues suggests 2.4% growth from the prior-year estimated figures.
The bottom line of Enact Holdings outpaced the Zacks Consensus Estimate in three of the last four quarters and missed once, the average surprise being 28.6%.
The consensus mark for ACT’s 2023 earnings has moved 8.9% north in the past 60 days.
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MetLife (MET) and Lyra Unite to Improve Employee Mental Health
MetLife Inc (MET - Free Report) recently announced its partnership with Lyra, a pioneer in global workforce mental health solutions, to provide employees with mental health solutions when they file an absence or disability claim.
This move bodes well for the company as this collaboration will enhance its existing offerings. Per MetLife’s 21st Employee Benefit Trends Study, 59% of the employees do not feel well, and 80% of employees agreed that employers should have a responsibility for their contentment.
With this new initiative, the employer can help employees with benefits such as health support and financial security in difficult situations, thereby improving efficiency, employee attrition rate and loyalty toward the organization.
MetLife’s U.S. Group Benefits business will benefit from this partnership as a result of improved retention of clients. The more enhanced offerings MET provides to its clients, the more differentiated its products will be from its competitors. This would help to boost the top line in the future. Moreover, with Lyra’s health solutions, MET can reduce its claim costs in the coming days, as depression is reported as the leading reason for disability.
Employees will gain access to Lyra’s network of more than 28000 mental health care providers, which is clinically proven to improve depression and anxiety symptoms in 90% of cases. MetLife’s partnership with Lyra will aid employees with their holistic well-being during their claim or absence period.
Partnering with Lyra will solidify MET’s position in the Group Benefits space and act as a moat in the future. MetLife’s ability to provide a seamless claim experience and improve its value proposition by recognizing employers’ unique needs should aid its business in the future.
Price Performance
Shares of MetLife have gained 9.8% in the past month compared with the industry’s growth of 6.2%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
MetLife currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Multi-line Insurance space are Assurant, Inc. (AIZ - Free Report) , Old Republic International Corporation (ORI - Free Report) and Enact Holdings, Inc. (ACT - Free Report) . Each of these companies currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Assurant’s bottom line outpaced estimates in three of the trailing four quarters and missed once. The average earnings surprise is 18.2%.
The Zacks Consensus Estimate for AIZ’s 2023 earnings indicates a 19.2% rise, while the same for revenues suggests 2.7% growth from the prior-year reported figures.
Old Republic’s bottom line outpaced estimates in each of the trailing four quarters. The average earnings surprise is 29.9%.
The Zacks Consensus Estimate for ORI’s 2024 earnings indicates a 4.2% rise, while the same for revenues suggests 2.4% growth from the prior-year estimated figures.
The bottom line of Enact Holdings outpaced the Zacks Consensus Estimate in three of the last four quarters and missed once, the average surprise being 28.6%.
The consensus mark for ACT’s 2023 earnings has moved 8.9% north in the past 60 days.