Higher Private Equity Returns Help Fuel Jump in MetLife Profit

MetLife Inc.’s fourth-quarter earnings beat analysts’ expectations, with higher private equity returns propelling a jump in the insurer’s investment income.

Adjusted earnings per share rose 19% from a year earlier to $2.49, the New York-based insurer said Wednesday in a statement, beating the $2.34 average estimate of analysts, according to data compiled by Bloomberg.

The insurer’s adjusted net investment income rose 5% to $5.6 billion. MetLife reported variable investment income of $497 million in the quarter — a 70% increase, driven largely by higher private equity returns, according to the earnings statement. The firm set a new target for ...