{"id":33163,"date":"2023-05-03T20:39:47","date_gmt":"2023-05-03T20:39:47","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/metlife-profit-drops-on\/"},"modified":"2023-05-03T20:40:21","modified_gmt":"2023-05-03T20:40:21","slug":"metlife-profit-drops-as","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/metlife-profit-drops-as\/","title":{"rendered":"MetLife profit drops as economic worries hurt adjusted premiums"},"content":{"rendered":"<p>(Reuters) -MetLife Inc reported a drop in first-quarter profit on Wednesday, as growing economic uncertainty hurt the insurer&#8217;s adjusted premiums, fees and other revenues. <\/p>\n<p>Adjusted premiums, fees and other revenues fell 8% due to declines in the United States, Asia and EMEA regions, while that excluding pension risk transfers (PRT) rose 3%.<\/p>\n<p>Net investment income rose 8% to $4.64 billion despite a quarter marred by a string of high-profile bank collapses that roiled financial stocks.<\/p>\n<p>Chief Executive Michel Khalaf said that 2023 is shaping up to be another year of uncertainty.<\/p>\n<p>&#8220;We remain focused on managing risk across economic cycles and controlling what we can to deliver for our shareholders and our stakeholders,&#8221; Khalaf said in a statement.<\/p>\n<p>U.S. adjusted earnings rose 7% in the quarter, while Latin America jumped 59% and EMEA rose 9% on a reported basis.<\/p>\n<p>The company posted an adjusted profit of $1.18 billion, or $1.52 per share, for the three months ended March 31, compared with $1.7 billion, or $2.04 per share, a year earlier.<\/p>\n<p>Rival insurer Prudential Financial Inc had reported a lower-than-expected quarterly profit on Tuesday due to a decline in its assets under management.<\/p>\n<p> (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel and Arun Koyyur)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/metlife-profit-drops-on\/file-photo-signage-is-seen-on-the-metlife-inc-building\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420W6-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ420W6-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -MetLife Inc reported a drop in first-quarter profit on Wednesday, as growing economic uncertainty hurt the insurer&#8217;s adjusted premiums, fees and other revenues. Adjusted premiums, fees and other revenues fell 8% due to declines in the United States, Asia and EMEA regions, while that excluding pension risk transfers (PRT) rose 3%. Net investment income [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":33164,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-33163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420W6-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=33163"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33163\/revisions"}],"predecessor-version":[{"id":33192,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33163\/revisions\/33192"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/33164"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=33163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=33163"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=33163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}