Aug 5 (Reuters) – Life insurer MetLife posted a jump in second-quarter adjusted profit on Wednesday, powered by strong underwriting and broad volume growth, with standout results in Asia and Latin America.
The industry has continued to benefit from resilient demand, robust sales growth and disciplined underwriting, while elevated interest rates have lifted investment returns.
• MetLife said premiums, fees and other revenue increased 7% in the second quarter to $13.7 billion.
• This typically reflects the income insurers earn from selling insurance policies, annuities and related financial products.
• Group benefits, which include employer-sponsored insurance products, posted a 25% increase in adjusted profit to $503 million.
• Asia adjusted earnings grew 21% in the quarter, on a reported basis, while Latin America logged a 15% increase.
• “This quarter further reinforces our ability to create value for shareholders across cycles,” CEO Michel Khalaf said in a statement.
• The company’s second-quarter net investment income surged 18% to $6.7 billion.
• Insurers typically generate investment income by investing premiums they collect, primarily in bonds and other low-risk assets.
• MetLife said adjusted earnings per share rose 20% to $2.43 in the three months ended June 30.
• Founded in 1868, MetLife operates in more than 40 markets and is one of the world’s largest life insurers, offering insurance, annuities, employee benefits and asset management services to individuals and institutions.
(Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)
Comments