MetLife has reported a net profit of $880m for the third quarter of 2018, compared to a loss of $97m in comparable year ago period.

The American insurer in its earnings statement noted that the Q3 net profit was backed by favourable underwriting, expense management, volume growth as well as improved investment income.

For the quarter ended 30 September 2018, the company posted an investment income of $4.48bn, an increase of 4% compared to $4.25bn a year ago.

The company reported adjusted earnings of $1.37bn, an increase of 23% compared to $1.11bn in the third quarter of 2017.

The group’s premiums, fees & other revenues stood at $12.1bn, down 4% compared to $12.6bn in the third quarter of 2017.

Commenting on the performance, MetLife chairman, president and CEO Steven Kandarian said: “MetLife delivered very strong earnings in the third quarter driven by volume growth, favourable underwriting, expense management, and improved investment income.

“We are executing more consistently and our results in the quarter – and for the year – to – date 2018 – demonstrate that our strategy is working.”

The insurer offers a range of insurance, annuities, and employee benefit programmes customers in more than 60 countries.