© Reuters. FILE PHOTO: Signage is seen on the MetLife Inc building in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly
(Reuters) -U.S. insurer MetLife Inc (NYSE:) on Wednesday posted a better-than-expected profit for the first quarter, as a boost from the company’s premiums and fees earned offset a decline in investment income.
Net investment income fell 19% to $4.28 billion, while premiums, fees and other revenues rose 4% to $12.85 billion.
Adjusted earnings from United States, the region that accounts for the biggest share of MetLife’s income, fell 12% to $693 million driven by lower variable investment income.
In Asia, where a resurgence of COVID-19 has led to lockdowns in some regions like Shanghai, adjusted earnings took a 7% hit.
Shares were up 1% in extended trading after the results.
Excluding one-time costs, New York-based MetLife earned $2.08 per share. Analysts were expecting $1.65 per share, according to IBES data from Refinitiv.
MetLife’s board also approved a new $3 billion authorization for the company to repurchase its common stock.
Net income was $606 million, or 73 cents per share, for the three months ended March 31, compared with $290 million, or 33 cents per share, a year earlier.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
