MetLife Inc (MET.N), a U.S. insurer, reported a higher-than-expected profit for the first quarter on Wednesday, as higher premiums and fees offset a fall in investment income.
Net investment income decreased 19% to $4.28 billion, while premiums, fees, and other revenues increased 4% to $12.85 billion.
Adjusted earnings from the United States, the region that generates most of MetLife’s revenue, declined 12 percent to $693 million; this was caused by reduced variable investment income. Adjusted earnings fell 7% in Asia, where a return of COVID-19 has resulted in lockdowns in some areas such as Shanghai.
Following the report, shares were up 1% in extended trade.
MetLife, situated in New York, earned $2.08 per share after deducting one-time charges. According to Refinitiv IBES statistics, analysts expected $1.65 per share.
MetLife’s board of directors recently approved a new $3 billion repurchase authorization for the company’s common stock. For the three months ended March 31, net income was $606 million, or 73 cents per share; a year earlier it was $290 million, or 33 cents per share.
Bitcoin Jumps to $40,000
The bitcoin price increased by approximately 6% on Wednesday after the Federal Reserve raised interest rates by half a point, the most significant increase in about 20 years.
Bitcoin began to rise in value ahead of the conclusion of the Federal Open Market Committee meeting. Many people predicted the half-point increase. Its rise intensified when Fed Chair Jerome Powell ruled out a 75-basis-point rise.
Bitcoin has struggled to regain its all-time high of around $68,000 in November, as risk assets have been battered all year by increasing inflation, the Ukraine war, and tighter Fed policy. However, the cryptocurrency’s infamous volatility has decreased in the short term — significantly below that of significant internet darlings like Netflix, PayPal, and Meta Platforms — as it has traded in a narrow range since the beginning of 2022, between about $38,000 and $42,000.
The DXY and 10-year yield both abruptly reversed intraday. At the same time, the S&P 500 and Nasdaq witnessed a small bullish jump, with bitcoin up roughly 3.5 percent from afternoon lows.