February 5, 2020 / 9:17 PM / 4 months ago

MetLife profit rises 37% on higher premiums, net investment income

Feb 5 (Reuters) - U.S. insurer MetLife Inc reported a 37.3% jump in quarterly adjusted profit on Wednesday, helped by higher premiums and a rise in net investment income.

Life insurers make money by investing coverage premiums into stocks and bonds, hoping to earn more than what they pay out in claims.

The company’s net investment income rose 34.1% to $4.64 billion, driven by favorable changes in the fair value of securities.

Premiums and fees rose 24% to $13.76 billion in the quarter.

Excluding items, MetLife’s profit rose to $1.83 billion, or $1.98 per share, in the fourth quarter ended Dec. 31, from $1.34 billion, or $1.35 per share, a year earlier.

Analysts on average had expected a profit of $1.38 per share, according to IBES data from Refinitiv. However, it was not immediately clear if the numbers were comparable.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi

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