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Founded just after the close of the Civil War in 1868, MetLife (MET 0.83%) is one of the most recognized financial institutions on the planet. Trusted by millions of Americans to protect their families and financial futures. Not only that, but since demutualizing and becoming a publicly traded company on April 7, 2000, it has also been a staple of many an investment portfolio as well. Now, as 2016 is set to turn into 2017, MetLife has some big changes under way. This brings with it inherent risks, so we asked some of the Fool's best and brightest what types of investors should (and shouldn't) consider the stock as an investment candidate. Here's what they had to say. 

Restructurings make you nervous

Sean O'Reilly: It may seem strange, at least at first, to mention the word "uncertainty" when describing the nation's largest, and one of its oldest, life insurance companies. With over 4.6 trillion in life-insurance-in-force, one would think stability would go without saying. However, there do seem to be some changes in the offing for MetLife. In early October, it was formally decided via an SEC filing that Metlife's entire domestic retail and financial products division. It is with this tectonic shift the uncertainty lies.

Exact details have yet to be released (are you starting to notice a theme, here?), and the company may well decide to simply hold an IPO for the division. However, no matter what path it takes to shed itself of its bread-and-butter retail business, which also happens to produce around 20% of its earnings, the new organization is set to be called "Brighthouse Financial." 

To be fair, the move appears to make sense at first glance. The division to be spun off, along with its entire Americas division, has been under-performing as of late. Plagued by low investment returns and a stiff competitive landscape, things have been better for MetLife's bread-and-butter operations. Analysts do expect the situation to resolve itself in the near future, with analysts projecting earnings per share to come in at $4.24 in fiscal year 2016 and $5.23 in fiscal year 2017, according to S&P Global Market Intelligence. 

The division will likely be led by Vice-President Eric Steigerwalt and will allow MetLife to focus on offering its wide array of underwriting experience and financial strength to a whole new swath of customers. Another reason for the spinoff is to skirt some profitability-draining capital requirements likely to be imposed under some financial regulations expected to pass soon. It's entirely possible this move was long overdue. However, as with any major shift in a business model, there are risks.

Investors who need stability above all else should steer clear. MetLife is making a major change to its organizational structure, and as with any alterations to a business, there are bound to be growing pains. Proceed carefully. 

Lower regulations and higher interest rates are a win for insurers

Matt Frankel: Sean makes a good point that corporate restructurings add to a stock's risk. However, I still think MetLife is a smart investment right now.

For one thing, although the stock isn't quite as attractive as it was a couple of months ago, it still trades at just 10 times forward earnings, a discount to peers, and pays one of the highest dividend yields in the industry (2.9%). In my mind, this compensates for any uncertainty regarding the company's future direction.

The biggest reason I like MetLife right now is that I believe the "Trump rally" will continue in the insurance business. Insurers aim to generate most of their profits from returns on investments, not from premium income, and most of MetLife's investments are tied to interest rates. Of the company's $528 billion investment portfolio, the vast majority is in interest-sensitive investments like bonds and loans.

MetLife's investment portfolio generated $19.5 billion in net income last year, a 3.9% yield. If interest rates were to rise bym say, 2% and take MetLife's investment income higher, this could mean over $10 billion in additional profit for the company.

Finally, Trump's promise to ease regulations could save MetLife money on compliance expenses and make it generally easier for the company to do business. In a nutshell, I see some good years ahead for the insurance business, and with a low valuation and strong dividend, MetLife is a smart way to play it.