MetLife profit rises on underwriting strength, volume growth

Aug 5 (Reuters) - Life ‌insurer MetLife posted ​a ​jump in second-quarter adjusted profit on Wednesday, powered by strong underwriting and broad volume ‌growth, with standout results in Asia and Latin ⁠America.

The industry has continued to benefit from resilient demand, robust sales ‌growth and disciplined underwriting, ‌while elevated interest rates have lifted investment returns.

• MetLife said premiums, fees and other revenue increased 7% ​in the second quarter to $13.7 billion.

• This typically reflects the income insurers earn from selling insurance ⁠policies, annuities and related financial products.

• Group benefits, which include employer-sponsored insurance products, ​posted a 25% increase in adjusted profit to $503 million.

• Asia adjusted earnings grew 21% in ​the quarter, on a reported ‌basis, while Latin America logged a 15% increase.

• "This quarter further reinforces our ability to ⁠create value for shareholders across cycles," CEO Michel Khalaf said in a statement.

• The company's second-quarter net investment income ⁠surged 18% to $6.7 billion.

• Insurers typically generate investment income by investing ​premiums they collect, primarily in bonds and other low-risk assets.

• MetLife said adjusted earnings per share rose 20% to $2.43 in the ‌three months ended June 30.

• Founded in 1868, MetLife operates in more than 40 ‌markets and is one of the world's largest life ⁠insurers, offering insurance, annuities, ‌employee benefits and ​asset management services to individuals and institutions.

(Reporting by Manya Saini in Bengaluru; Editing by Sriraj ‌Kalluvila)

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