NEW YORK: US insurer MetLife Inc posted a better-than-expected profit for the first quarter, as a boost from the company’s premiums and fees earned offset a decline in investment income.

       Net investment income fell 19% to US$4.28bil (RM18.6bil), while premiums, fees and other revenues rose 4% to US$12.85bil (RM55.7bil).

       Adjusted earnings from US, the region that accounts for the biggest share of MetLife’s income, fell 12% to US$693mil (RM3bil) driven by lower variable investment income.

       In Asia, where a resurgence of Covid-19 has led to lockdowns in some regions like Shanghai, adjusted earnings took a 7% hit.

       Excluding one-time costs, New York-based MetLife earned US$2.08 (RM9) per share. Analysts were expecting US$1.65 (RM7.16) per share, according to IBES data from Refinitiv.

       MetLife’s board also approved a new US$3bil (RM13bil) authorisation for the company to repurchase its common stock.

       Net income was US$606mil (RM2.63bil), or 73 US cents (RM3.17) per share, for the three months ended March 31, compared with US$290mil (RM1.26bil), or 33 US cents (RM1.43) per share, a year earlier. — Reuters