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MetLife Q1 profit rises on higher premiums, investment income

Reuters
·1-min read
Vehicles drive in front of the MetLife Inc. building in Manhattan, New Yor

(Reuters) - MetLife 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.

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Rival Prudential Financial also reported a rise in quarterly profit on Tuesday helped by robust performance in the insurer's U.S. unit.

(Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Mohammed Safi Shamsi)