Life insurer Metlife Inc today said it has returned to profit during the first quarter with a net income of $805 million on investment gains.
In the year-ago period, the company had a net loss of $574 million, Metlife said in a statement.
"MetLife delivered very strong first quarter results, generating significant earnings growth, growing premiums, fees & other revenues by 12 per cent and increasing net investment income by 31 per cent.
"Improved equity market levels, solid underwriting results and our expense savings efforts also contributed to our strong performance in the quarter," MetLife Chairman President and CEO C Robert Henrikson said.
MetLife reported a net investment income which includes dividends and payments on bond rose 31 per cent from year-ago period to $4.3 billion in the first quarter ended March 31, 2010.
The company's total operating revenues rose 17 per cent from year-ago period to $13.06 billion in the three-month period ended March 31.
Metlife said its earnings from overall premiums, fees & other revenues stood at $8.8 billion, up 12 per cent from the first quarter of 2009, driven by growth in the US and International businesses.
In the Europe/the Middle East/ India region, premiums, fees and other revenues were up 30 per cent "due to growth primarily in India."
Last month, MetLife acquired AIG's American Life Insurance Company (ALICO) unit for $15.5 billion to expand its footprint.
