MetLife’s Asia business, including Australia, has reported a 7% decline in operating earnings to $US305 million ($412 million) for the three months to March 31.

Premium, fees and other revenue in the region totalled $US2 billion ($2.7 billion), down 7% on the corresponding quarter last year.

Total sales in Asia fell 10% due to the impact of actions to improve value in targeted markets, the life insurer says.

“This includes actions in Japan, such as the planned reduction in yen life sales, which were down 35%, and a shift to sales of foreign currency life policies, which were up 53%.”

However, with $US223 million ($301 million) of investment gains, the Asian business reported net income of $US863 million ($1.1 billion) for the first quarter, up from $US348 million ($471 million) in the corresponding period last year.

Worldwide, MetLife premium was flat at $US11.9 billion ($16.1 billion), but net income grew 3% to $US2.1 billion ($2.8 billion) for the quarter.

Chairman and CEO Steven Kandarian is pleased with the result.

“While market headwinds remain, we experienced volume growth, and underwriting results were solid,” he said.

“We continue to make good progress on our initiatives to maximise value, including expense control and the planned separation of a substantial portion of the US retail business.”