May 29 (Bloomberg) -- MetLife Inc. Chief Executive Officer Robert Henrikson promised not to “waste a crisis” as the biggest U.S. life insurer seeks to win business from hobbled rivals and expand in markets including Japan.

“This is a time to extend our lead,” Henrikson told investors today at a Sanford C. Bernstein & Co. conference in New York. Henrikson said his “biggest concern” was not taking advantage of opportunities.

MetLife shunned U.S. rescue funds and padded its finances with a $1.25 billion bond sale on May 26 as rivals including Prudential Financial Inc. consider tapping Treasury’s bailout program to rebuild capital. Earlier this month, MetLife Chief Financial Officer William Wheeler called the acquisitions environment “historic,” and today Henrikson said the insurer is seeking to add to the products it offers in Japan.

“I’d feel a little bit better if we had a little more diversification in Japan,” Henrikson said. “That leaves the questions of what about acquisitions. We like Japan.”

Portfolio declines and rating downgrades have lowered the value of life insurance assets and made it harder for carriers to raise funds from investors. New York-based MetLife reported its first loss since 2001, a $544 million first-quarter deficit.

MetLife’s decision to refuse U.S. aid boosted its standing with independent agents and buyers of insurance, Henrikson said. He said the company is taking market share in retirement products from competitors including American International Group Inc., the insurer saved from collapse by four federal bailouts totaling $182.5 billion.

Variable Annuities

MetLife is gaining share in U.S. variable annuity sales as the market shrinks. The insurer boosted first-quarter sales of the retirement products 17 percent to $3.74 billion, the only provider in the top nine to post an increase.

“I love the annuity business,” Henrikson said today.

MetLife rose 38 cents, or 1.2 percent, to $31.50 at 4:15 p.m. in New York Stock Exchange composite trading. The insurer has dropped by about 48 percent in the past 12 months. AIG has plunged 95 percent in the past year.

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net.

Last Updated: May 29, 2009 16:18 EDT