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