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Metlife’s net investment income has been recorded at $5.3bn for Q1 2021, up 74% from Q1 2020, driven by increases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP and higher variable investment income primarily due to higher private equity returns.
A net income of $290m, or $0.33 per share, was also recorded compared to net income of $4.4bn, or $4.75 per share, in Q2 2020.
MetLife reported Q1 2021 premiums, fees and other revenues of $12.3bn, up 9% over Q1 2020.
“MetLife delivered very strong financial performance in the first quarter with adjusted earnings per share growing 39% year over year,” MetLife President and CEO Michel Khalaf said.
“In the quarter, we were very pleased to return approximately $1.4bn to shareholders through share repurchases and common stock dividends. We believe the worst impact of the pandemic on our business performance is behind us, and we are well-positioned to create additional value for our stakeholders in the future.”