Reuters

(Reuters)

MetLife Profit Tumbles on Higher Derivative Losses

Earnings FOXBusiness

MetLife Inc, the largest U.S. life insurer, reported a 94 percent fall in quarterly profit as the company booked higher derivative losses.

Continue Reading Below

The company's net profit fell to $64 million, or 6 cents per share, in the second quarter ended June 30 from $1.04 billion, or 92 cents per share, a year earlier.

On an operating basis, MetLife earned 83 cents per share.

The company's total operating revenue fell 2.3 percent to $16.96 billion.

The insurer uses derivatives to lower risks stemming from interest rates, currency exchange rates and equities. (Reporting By Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)