MetLife is off to a rocky start in the retail life insurance market, CEO Richard Nunn has conceded.

According to media reports, he says a competitive environment has slowed the insurer’s launch in the retail field.

“The initial volumes were projected to be small anyway, so we’re a bit behind plan,” he said.

“But it’s early days and we’re building momentum, so I’m not overly concerned about it.”

Credit Suisse analysts reportedly say premium growth and profit margins for life insurers are at record lows.

Ibisworld research shows MetLife made a $54.7 million profit in 2017, and a $32 million profit the year before.