MetLife reported a significant lift in first-quarter profit, driven by widespread gains across its diversified operations and steady demand for insurance products. The company said individuals and businesses continued to prioritize coverage to manage risk, helping sustain sales and underwriting momentum even as macroeconomic conditions remained choppy.
Key financial details disclosed for the quarter include:
- Asia performance: Adjusted earnings from MetLife’s Asia business rose 31%, supported by stronger life insurance underwriting and volume growth. On a constant currency basis, sales at the Asia unit increased 22%, with the company citing particularly strong growth in Japan and Korea.
- Regional and product gains: The group benefits unit recorded a 19% increase in adjusted earnings for the quarter. The Europe, Middle East and Africa (EMEA) segment posted 33% growth in adjusted earnings.
- Investment income: Net investment income climbed 10% to $5.40 billion for the quarter compared with the year-earlier period, a rise MetLife attributed to stronger private equity returns and asset growth.
Excluding notable items, MetLife reported adjusted earnings of $1.59 billion, or $2.42 per share, for the three months ended March 31. That compares with adjusted earnings of $1.35 billion, or $1.96 per share, in the same period a year earlier.
Founded in 1868 and based in New York, MetLife is one of the largest U.S. life insurers. The company provides a range of insurance and annuity products as well as employee benefits programs across more than 40 markets globally.
Management highlighted that robust insurance demand underpinned the quarter’s results, as customers maintained coverage priorities despite a mixed macroeconomic environment. The combination of underwriting strength in Asia and improved investment returns contributed materially to the uplift in adjusted earnings and net investment income for the quarter.
Note: The company’s reported figures reflect the three months ended March 31 and exclude notable items in the adjusted earnings presentation.