MetLife Reports Q2 Profit Surge Driven by Strength in Group Benefits, According to Reuters

MetLife announced a stronger-than-anticipated profit for the second quarter, buoyed by robust performance in its group benefits division.

The adjusted earnings in MetLife’s core segment, which encompasses employee insurance, reached $533 million, reflecting a 43% increase from the same period last year, fueled by effective underwriting, especially in life insurance.

Additionally, the company’s net investment income climbed to $5.21 billion for the three months ending June 30, up from $5.07 billion in the previous year’s quarter. The insurance sector has benefited from substantial gains in investment returns, as rising yields enhance their fixed-income portfolios.

The broader stock market also experienced gains in the second quarter, aided by the performance of major technology companies.

However, premiums, fees, and other revenues remained relatively stable, totaling $13.55 billion in the second quarter, compared to $13.59 billion a year prior.

MetLife reported adjusted net income of $1.63 billion, or $2.28 per share, surpassing analyst expectations of a profit of $2.10 per share, according to available data.