MetLife has reported a net income of $800m for Q1 2024, significantly higher than the $14m reported during the same period last year.
This growth was attributed to a combination of higher adjusted earnings and a decrease in net investment losses.
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In Q1, adjusted earnings were $1.3bn, or $1.83 per share, compared with $1.2bn or $1.52 per share year on year.
MetLife’s revenue saw an uptick, climbing to $16.05bn from $15.38bn in Q1 2023.
The insurer’s net investment income increased by 17% to $5.43bn, spurred by a mix of higher variable investment income, rising interest rates and an upswing in the estimated fair value of certain securities.
However, the company experienced net investment losses amounting to $375m, or $296m after tax, primarily due to standard trading activities within its portfolio.
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By GlobalDataIn the group benefits segment, MetLife reported adjusted earnings of $284m, a 7% decrease, largely due to reduced non-medical health underwriting margins.
Conversely, the Asia operations delivered adjusted earnings of $423m, a 51% increase on a reported basis and a 57% rise on a constant currency basis.
This was propelled by higher variable investment income, improved underwriting and favourable tax benefits.
The Latin America division also reported positive results, with adjusted earnings of $233m, an 8% increase on a reported basis and a 5% rise on a constant currency basis. This growth was driven by enhanced returns from the Chilean encaje, volume growth and favourable underwriting.
Meanwhile, the Europe, the Middle East and Africa (EMEA) region reported adjusted earnings of $77m, up by 28% on a reported basis and 35% on a constant currency basis, thanks to favourable underwriting, volume growth and higher recurring interest margins, despite partially being offset by increased expenses.
The insurer’s return on equity stood at 12.6%.
MetLife president and CEO Michel Khalaf said: “MetLife is off to a good start in 2024, with strong topline growth and sustained momentum across our market-leading portfolio of businesses. The progress we have made through the consistent execution of our strategy positions us to drive further growth, creating long-term value for our shareholders and other stakeholders.”
