(Reuters) - MetLife Inc
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 company said.
Net profit fell to $471 million, or 43 cents per share, from $2.26 billion, or $2.12 per share, a year earlier.
(This story is corrected with net profit figure in paragraph 3 to $471 million from $471 billion)
(Reporting by Avik Das in Bangalore; Editing by Saumyadeb Chakrabarty)