MetLife Beats on Profit, Approves $3 Billion Share Buyback
(Bloomberg) -- MetLife Inc. reported earnings that beat analysts’ expectations for the first quarter.
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The biggest US life insurer reported earnings per share of $1.83, according to a statement Wednesday, higher than the consensus estimates compiled by Bloomberg. The company also authorized $3 billion in share buybacks.
The New York-based company, headquartered in its iconic Manhattan tower, has been rated positively by analysts who have cited its strong pipeline for institutional retirement products as a key strength.
“MetLife is off to a good start in 2024, with strong topline growth and sustained momentum across our market-leading portfolio of businesses,” MetLife Chief Executive Officer Michel Khalaf said.
Net income of $800 million surged compared to last year’s first quarter, when the company posted $14 million.
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