MetLife profit soars as derivative loss declines
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.
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote over 90 percent to quit Ukraine for Russia |
- Ukraine, Russia agree Crimea truce until March 21-Ukraine minister
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat