(Corrects net profit figure in paragraph 3 to $471 million from
July 31 MetLife Inc reported an 80
percent drop in second-quarter profit due to higher derivative
The largest life insurer in the United States, like its
peers, is heavily exposed to persistently low interest rates.
But it has long had a substantial derivatives program designed
to smooth out that risk.
Derivative net losses during the quarter was $1.2 billion,
compared with a profit of $1.3 billion a year earlier, the
Net profit fell to $471 million, or 43 cents per share, from
$2.26 billion, or $2.12 per share, a year earlier.
(Reporting by Avik Das in Bangalore; Editing by Saumyadeb