By Denny Jacob
MetLife posted softer-than-expected revenue growth in its latest quarter.
The insurer logged net income of $867 million for the first quarter ended March 31, up from $80 million a year earlier. Adjusted earnings were $1.83 a share, a penny below analysts' estimates of $1.84 a share.
Revenue climbed to $16.06 billion from $15.39 billion. Analysts polled by FactSet expected $17.75 billion.
Premiums, fees and other revenue rose 4% to $11.98 billion from $11.52 billion.
Net investment income was $5.44 billion, up 17% from a year earlier, driven by higher variable investment income, higher interest rates and increases in the estimated fair value of certain securities.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
05-01-24 1706ET