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MetLife's Profit Surges

Premiums and fees grow 12% in the quarter.
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MetLife's (MET) - Get Report profit soared in the first quarter, as the insurance giant said premium and fees rose 12% from a year earlier.

Net income rose to $523 million, or 69 cents a share, from $362 million, or 47 cents a share, a year earlier. The latest quarter included net investment-related gains of $85 million, and a charge of about $158 million from the effect of an accounting change. (The year-ago quarter included investment-related losses of $84 million.)

Excluding such items, MetLife said operating earnings rose to $596 million, or 78 cents a share, from $446 million, or 62 cents a share, a year earlier. The results exceeded analysts' consensus estimate of 75 cents a share.

Premium and fee growth fueled revenue, which grew to $9.5 billion from $8.36 billion a year earlier, also beating the consensus estimate of $9.33 billion.

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In addition, MetLife said it achieved $362.9 billion in assets under management, an 18% increase over the prior year period and the fourth consecutive quarter of double-digit growth.