MetLife Earnings Beat Expectations as Private Equity Bets Gain

MetLife Inc. reported third-quarter earnings that edged out Wall Street expectations as returns on private equity investments rose.

Adjusted earnings per share rose to $2.37 thanks in part to better variable investment income, the company said in a statement Wednesday. That exceeded the $2.32 average estimate of analysts surveyed by Bloomberg.

The insurer’s adjusted net investment income this quarter rose 6% to $5.4 billion, the firm said in a statement Wednesday. Variable investment income totaled $483 million in the quarter, a 198% increase.

In September, the insurer said it expected to meet its variable investment income target of $425 million ...