US-based MetLife has reported a net loss of $174m, or $0.16 per share, for the first quarter of 2012, compared to a net income of $701m, or $0.66 per share, for the same period in 2011.
The company said that it had $1.4bn derivative net losses in the quarter that were largely due to increases in interest rates and its lower credit spreads.
The total revenues for the first quarter of 2012 were $15.91bn, compared to $15.90bn for the same period a year ago.
For the first quarter of 2012, operating earnings increased 11% to $1.46bn, or $1.37 per share, compared to $1.32bn or $1.23 per share, for the same period last year.
Total operating earnings for the Americas rose 13% to $1.2bn for the quarter while premiums, fees & other revenues grew 7% to $8.3bn.
MetLife chairman, president and CEO Steven Kandarian said, "Year over year, we grew premiums, fees & other revenues by 7% and increased operating earnings per share by 11%."