MetLife profit soars as derivative loss declines

Wed Feb 12, 2014 4:23pm EST

Feb 12 (Reuters) - MetLife Inc, the largest U.S. life insurer, reported a nine-fold rise in quarterly profit, helped by a smaller loss on its derivatives program.

The company's net profit rose to $877 million, or 77 cents per share, in the fourth quarter ended Dec. 31, from $96 million, or 9 cents per share, a year earlier.

Net losses on derivatives fell to $358 million, after tax and other adjustments, from $924 million.

MetLife has long had a substantial derivatives program designed to offset volatility in interest rates and foreign currencies.

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