MetLife Q1 profit rises on higher premiums, investment income

(Reuters) – MetLife reported a rise in first-quarter profit on Wednesday, helped by higher premiums and strong returns from investments.

Adjusted premiums, fees and other revenues – excluding pension risk transfers at the insurance firm – rose 4% for the first quarter from last year to $11.97 billion.

A higher-for-longer interest rate environment maintained by the U.S. Federal Reserve has also helped insurers rake in more from fixed-income investments.

The company’s net investment income was up at $5.44 billion from $4.65 billion in the year-ago period.

On an adjusted basis, profit was $1.83 per share for the three months ended March 31, compared with $1.52 a year earlier.

Rival Prudential Financial also reported a rise in quarterly profit on Tuesday helped by robust performance in the insurer’s U.S. unit.

(Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Mohammed Safi Shamsi)