MetLife profit drops on lower adjusted premiums

(Reuters) -MetLife Inc reported a drop in first-quarter profit on Wednesday, as an economic downturn hurt the insurer’s adjusted premiums, fees and other revenues.

Adjusted premiums, fees and other revenues fell 8% while that excluding pension risk transfers (PRT) rose 3%.

Rival insurer Prudential Financial Inc (NYSE:) had also reported a lower-than-expected quarterly profit on Tuesday due to a decline in its assets under management.

Net investment income rose 8% to $4.64 billion despite a quarter marred by a string of high-profile bank collapses that sparked a sector-wide turbulence last month and roiled financial stocks.

The company posted an adjusted profit of $1.18 billion, or $1.52 per share, for the three months ended March 31, compared with $1.7 billion, or $2.04 per share, a year earlier.

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