When the stock trades at 7x forward EPS estimates and the government wants to impose regulatory restrictions due to your size, a company has limited choices other than splitting up. After the close, MetLife (MET) announced that exact intent to unlock shareholder value. The insurance and benefits provider plans to separate the U.S. retail segment though no definite decision has been made. The options include a public offering of shares in a independent company, a spin-off, or a sale. The designation as a Systemically Important Financial Institution (SIFI) and the higher capital requirements are pushing the company into a split of the operations to reduce the size of the company. Considering MetLife trades for roughly 0.66x book value, the stock should get a big boost from this move. Like other financials, the market is still valuing them as if the financial crisis is still ongoing. Investors should keep an eye on American Int'l Group (AIG) where activist such as Carl Icahn want the company to split up in a similar manner. The move by MetLife could provide a catalyst for the insurance provider as well. With a 3.6% dividend yield and strong profits, MetLife is too cheap to ignore. The business is glamorous, but the stock is cheap. Disclosure: No position mentioned.