MetLife reported a 10% increase in first-quarter net income, reaching $879 mn, supported by a net gain from derivatives and growth in premiums and fees.
Premiums, fees, and other revenues rose 14% year-over-year to $13.6 bn. However, net investment income declined 10% to $4.9 bn for the quarter.
Separately, MetLife announced a $10 bn variable risk transfer agreement with Talcott Resolution Life Insurance Co. Talcott will reinsure approximately $10 bn in U.S. retail variable annuity and rider reserves.
This transaction advances the run-off of MetLife’s legacy operations and aligns with its New Frontier strategic priorities.
MetLife expects the agreement to reduce its exposure to capital market risk and cut retail variable annuity tail risk by approximately 40% through lower account values.
The deal is expected to close in the second half of 2025.
CFO John McCallion stated in a video that, despite changes in market conditions, the company remains focused on execution and value generation. He said the first quarter reflects continued progress under the New Frontier strategy.
