MetLife profit falls on lower adjusted premiums

Prudential Insurance

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(Reuters) – MetLife reported a drop in first-quarter profit on Wednesday, as increased economic uncertainty hurt the insurer’s adjusted premiums, fees and other revenue.

Adjusted premiums, fees and other income down 8% due to lower revenues in US, Asia and EMEA, excluding pensions Gold Risk Transfer (PRT) income increased by 3%.

Net investment income rose 8% to $4. billion, despite a quarter in which financial stocks were roiled by a string of high-profile bank failures.

CEO Michel Khalaf said 59 Another year of uncertainty.

“We remain focused on managing risk throughout the economic cycle and taking control of what we can do to serve our shareholders and stakeholders, ’” Khalaf said in a statement.

U.S. adjusted earnings rose 7% in the quarter, while Latin America jumped %, EMEA up 9% on a reported basis.

The company posted an adjusted profit of $1. billions, or $1. 04 per share, for the three months ended March , and $1.7 billion, or $2. per share, one year ago.

Competitor Prudential Financial Corporation (NYSE: 200 PRU) posted quarterly profit below expectations on Tuesday , due to a decline in assets under management.

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