MetLife beats quarterly profit estimates on robust investment income
(Reuters) — MetLife (NYSE:MET) on Wednesday reported a third-quarter profit that was above Wall Street expectations, as recovery in the U.S. markets boosted the insurer's return from investments.
Wall Street has rallied this year on increasing hopes that the Federal Reserve could achieve a soft-landing and avoid a recession.
MetLife's quarterly net investment income surged nearly 35% to $4.82 billion.
Adjusted earnings at MetLife's retirement and income solutions unit jumped nearly 41% to $470 million, largely driven by higher recurring interest margins, higher variable investment income and volume growth, the company said.
On an adjusted basis, the company earned $1.5 billion, or $1.97 per share, in the quarter ended Sept 30. Analysts had expected a profit of $1.94 per share, according to LSEG data.
Total revenue came in at $15.86 billion, compared with $22.28 billion a year earlier.
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