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MetLife reports Q1 2014 net income of $1.3bn

US-based life insurance company MetLife has reported a net income of $1.3bn, for the first quarter of 2014, compared to $956m during the corresponding period last fiscal.

For the quarter period ended on 31 March 2014, its total operating revenues were $17.12bn, while Premiums, fees & other revenues were $12bn, up 2% over the first quarter of 2013.

MetLife chairman, president and CEO Steven Kandarian said: "While our legal settlement with New York had an impact on earnings, strong investment income and significant cost savings helped the bottom line.

"MetLife’s commitment to enhancing long-term shareholder value was demonstrated by the recently announced 27 percent increase in our common stock dividend."

Total operating earnings for the Americas stood at $1.3bn, up by 3%, driven by corporate benefit funding and Latin America.

Operating earnings for Asia were $328m, down 2% on a reported basis, while operating earnings for EMEA were $88m, up 1% on a reported basis, and 2% on a constant currency basis.