MetLife Q1 profit rises on higher premiums, investment income
Reuters
Published May 01, 2024 05:29PM ET
Updated May 01, 2024 05:50PM ET
(Reuters) - MetLife (NYSE:MET) reported a rise in first-quarter profit on Wednesday, helped by higher premiums and strong returns from investments.
Adjusted premiums, fees and other revenues - excluding pension risk transfers at the insurance firm - rose 4% for the first quarter from last year to $11.97 billion.
A higher-for-longer interest rate environment maintained by the U.S. Federal Reserve has also helped insurers rake in more from fixed-income investments.
The company's net investment income was up at $5.44 billion from $4.65 billion in the year-ago period.
On an adjusted basis, profit was $1.83 per share for the three months ended March 31, compared with $1.52 a year earlier.
Rival Prudential Financial (NYSE:PRU) also reported a rise in quarterly profit on Tuesday helped by robust performance in the insurer's U.S. unit.
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Written By: Reuters
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