The MetLife Inc building is seen in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly

(Reuters) -MetLife reported a rise in third-quarter profit on Wednesday, as the insurer raked in more income from investments.

Risk-averse insurers typically hold bond-heavy investment portfolios, which offer better yields in a volatile and uncertain market environment. The company said returns on private equity assets were also higher.

MetLife's net investment income came in at $6.09 billion during the third quarter, up from $5.23 billion a year ago.

Its adjusted premiums, fees and other revenues remained flat over the year earlier.

Founded in 1868, MetLife is one of the largest U.S. life insurers, offering a range of insurance, annuities and employee benefit programs across more than 40 markets.

Adjusted earnings rose to $1.58 billion, or $2.37 per share, during the three months ended September 30. That compares with $1.38 billion, or $1.95 per share, a year earlier, on a constant currency basis.

"We've secured $12 billion in pension risk transfers mandates in the fourth quarter to-date and launched strategic partnerships that will expand our reach and enhance access to our insurance and retirement solutions," CEO Michel Khalaf said in a statement.

Shares of the insurer have fallen 4% so far in 2025, underperforming the broader Dow Jones U.S. Select Insurance index.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi Majumdar)