April 30 (Reuters) - Insurer MetLife MET.N reported a nearly 5% rise in first-quarter profit on Wednesday, driven by higher premiums and investment income, and announced a share buyback.

Economic uncertainty and increased risk from cyber attacks, natural disasters and global war have sustained insurance spending as risk management has led to higher premium prices.

Adjusted premiums, fees and other revenues jumped 16.5% to $13.61 billion from last year on a constant currency basis.

New York-based MetLife also said it will reinsure $10 billion in U.S. retail variable annuity and rider reserves with Talcott ‍Financial Group​, and approved a new share repurchase program of up to $3 billion.

Risk-averse insurers' investment portfolio tends to be heavily weighted towards bonds, which return better yields in a highly volatile and uncertain market environment.

High interest rates and rising economic and political uncertainty under the Trump administration have helped risk-averse insurers such as MetLife earn more on their investments in the bond market.

The company's adjusted net investment income rose 3% to $5.21 billion in the quarter.

MetLife unveiled a new five-year plan at its investor day in December 2024 to prioritize four areas of its existing business looking forward, including growing its unit that offers group benefits insurance to employers as well as its international business in Latin America and Asia.

Focus areas also included accelerating growth in its asset management business and doing more in retirement plans.

Adjusted earnings available to common shareholders rose to $1.35 billion, or $1.96 per share, in the three months ended March 31, from $1.29 billion, or $1.77 per share, a year earlier on a constant currency basis.

Shares of the company have fallen almost 8% so far this year, compared to a fall of 5.1% in the benchmark S&P 500 .SPX index.

(Reporting by Atharva Singh; Editing by Alan Barona)

((Atharva.Singh@thomsonreuters.com))