METLIFE reported a jump in first-quarter (Q1) 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.
MetLife’s adjusted earnings from Asia business surged 31 percent, underpinned by strong life insurance underwriting and volume growth.
Sales at the Asia unit surged 22 percent on a constant currency basis, driven by strong growth in Japan and Korea.
MetLife’s group benefits unit saw adjusted earnings jump 19 percent in the quarter, while the Europe, the Middle East and Africa segment registered 33-percent growth.
Net investment income jumped 10 percent 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 United States life insurers, offering a range of insurance, annuities, employee benefits programs in more than 40 markets globally.