(Bloomberg) — MetLife Inc., the largest U.S. life insurer, says profit fell 78% as rising interest rates cut the value of the company’s derivatives.

Second-quarter net income dropped to $502 million from $2.3 billion a year earlier, New York-based MetLife says today in a statement. Operating earnings, which exclude some investment results, were $1.44 a share, beating the $1.33 average estimate of 20 analysts surveyed by Bloomberg.

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