MetLife’s latest results highlight the growing influence of private equity on insurer balance sheets, with higher PE returns helping to fuel a sharp rise in profits, according to Bloomberg data.

The insurer reported adjusted earnings per share of $2.49 for the fourth quarter, up 19% from a year earlier. Adjusted net investment income rose to $5.6bn, supported by a 70% jump in variable investment income to $497m, driven largely by private equity.

MetLife said the performance reflects progress under its “New Frontier” strategy, which aims to lift returns on equity and deliver double-digit earnings growth. 

The insurer has set a new target of about $1.6bn in variable investment income for the year, underscoring the role of private markets in supporting long-term earnings growth.

The results mirror a broader trend across global insurers, which are increasingly allocating to private equity and private credit in search of higher yields and more stable long-term returns.

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