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InvestmentsInsurer MetLife's quarterly profit beats on rebound in investment income By Reuters

Insurer MetLife’s quarterly profit beats on rebound in investment income By Reuters


© Reuters. FILE PHOTO: The MetLife constructing is seen in New York, March 8, 2010. REUTERS/Shannon Stapleton

(Reuters) – U.S. insurer MetLife Inc (NYSE:) blew previous Wall Street estimates for third-quarter profit on Wednesday, as robust investment features helped cushion a success from coronavirus-related claims.

The firm reported adjusted profit of $2.1 billion, or $2.39 per share in comparison with $1.6 billion, or $1.73 per share, a yr earlier. Analysts on common had anticipated a profit of $1.74 per share, in response to Refinitiv information.

Global life insurers have been benefiting from a rebound in investment income, serving to them offset elevated payouts associated to the well being disaster. Total variable investment income greater than doubled to $1.41 billion from a yr earlier.

“MetLife delivered another very strong quarter. Outstanding variable investment income more than offset elevated COVID claims…” Chief Executive Michel Khalaf stated in an announcement.

The New York-based insurer, which had earlier stated that the worst of the pandemic was behind it, reported an 18% bounce in web investment income to $5.57 billion on robust returns from private-equity investments.

Rival Prudential Financial Inc (NYSE:) too had reported strong quarterly adjusted profit, pushed by robust performances on the U.S. insurer’s life and annuity items.

Adjusted earnings at Metlife’s U.S. enterprise fell 1%, whereas Asia clocked a 22% bounce, serving to offset weak spot in Latin America, the place its enterprise was damage by larger COVID-19-related claims.

It reported web by-product losses of $218 million in the quarter ended Sept. 30. The insurer holds a guide of derivatives to hedge in opposition to market volatility.

Such features don’t point out the precise efficiency of the corporate, however mirror the impact of accounting guidelines, a difficulty that has occurred in some earlier quarters too.

(This story refiles to appropriate typo in CEO identify in paragraph 4)

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