MetLife (MET) shares are trading near $100 per share after an 82.5% gain over the last five years, prompting analysis of whether current pricing reflects underlying capital returns. The article applies an Excess Returns model to evaluate the insurer's efficiency in converting equity into profits above investor requirements, utilizing a book value of $43.03 and a stable estimate of $51.92 per share. According to the model, MetLife generates an excess return of $4.54 per share based on a stable EPS of $8.39 and a cost of equity of $3.85, resulting in an average return on equity of 16.16%. This framework suggests the stock's intrinsic value is substantially higher than the current market price of $99.98, despite legal headwinds. A significant factor influencing valuation is a C$213.5 million settlement approved for universal life policies sold in Canada, which introduces cash flow uncertainties and affects compensation structures. Community narratives suggest MetLife remains 7% undervalued if the company successfully executes its 'New Frontier' program, projecting 10% EPS growth in 2025 and a 17% adjusted ROE by mid-2026.