© Reuters. FILE PHOTO: Signage is considered on the MetLife Inc constructing in Manhattan, Unusual York, U.S., December 7, 2021. REUTERS/Andrew Kelly/File Characterize

(Reuters) -MetLife Inc reported a drop in first-quarter earnings on Wednesday, as rising economic uncertainty hurt the insurer’s adjusted premiums, costs and other revenues.

Adjusted premiums, costs and other revenues fell 8% attributable to declines in the US, Asia and EMEA regions, while that excluding pension risk transfers (PRT) rose 3%.

Gain funding profits rose 8% to $4.64 billion no topic a quarter marred by a string of high-profile bank collapses that roiled financial shares.

Chief Govt Michel Khalaf said that 2023 is shaping up to be one more year of uncertainty.

“We dwell taking into consideration managing risk all over economic cycles and controlling what we are in a position to to articulate for our shareholders and our stakeholders,” Khalaf said in a assertion.

U.S. adjusted earnings rose 7% in the quarter, while Latin The united states jumped 59% and EMEA rose 9% on a reported basis.

The firm posted an adjusted earnings of $1.18 billion, or $1.52 per part, for the three months ended March 31, compared with $1.7 billion, or $2.04 per part, a year earlier.

Rival insurer Prudential Financial Inc (NYSE:) had reported a lower-than-expected quarterly earnings on Tuesday attributable to a decline in its sources below management.