Insurer MetLife's quarterly profit jumps on strong Asia demand
The MetLife Inc building is seen in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly
May 6 : MetLife reported a jump in first-quarter profit on Wednesday, lifted by broad-based gains across its diversified business on the back of robust insurance demand.
Despite a choppy macro environment, insurance spending has continued to remain resilient as individuals and businesses prioritize coverage to mitigate risks.
Here are some details on the earnings:
• MetLife's adjusted earnings from Asia business surged 31 per cent, underpinned by strong life insurance underwriting and volume growth.
• Sales at the Asia unit surged 22 per cent on a constant currency basis, driven by strong growth in Japan and Korea.
• MetLife's group benefits unit saw adjusted earnings jump 19 per cent in the quarter, while the Europe, the Middle East and Africa (EMEA) segment registered 33 per cent growth.
• Net investment income jumped 10 per cent to $5.40 billion in the quarter from a year earlier, driven by stronger private equity returns and asset growth.
• Excluding notable items, MetLife's adjusted earnings was $1.59 billion, or $2.42 per share, in the three months ended March 31, compared with $1.35 billion, or $1.96 per share, a year earlier.
• Founded in 1868, New York-based MetLife is one of the biggest U.S. life insurers, offering a range of insurance, annuities, employee benefits programs in more than 40 markets globally.
