Q1 2022 MetLife Inc Pre-Recorded Earnings Presentation Transcript
Hello, and thank you for joining as I discuss MetLife's results for the first quarter of 2022. It was a strong quarter led by variable investment income. While we continue to experience some headwinds from COVID-19, we maintain momentum with solid growth and persistency across many of our businesses.
First quarter net income was $606 million compared to $290 million in the first quarter of 2021. Adjusted earnings were $1.7 billion compared to adjusted earnings of $2 billion a year ago. The decrease was a function of even stronger private equity returns in the prior year period. On a per share basis, adjusted earnings were $2.08 compared to $2.20 a year ago.
Now let's turn to our business segments. Starting with the U.S. business. Group Benefits adjusted earnings were $112 million, up 20%,
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