NEW YORK (AP) — MetLife Inc. said on Wednesday that its second-quarter earnings more than doubled, topping Wall Street's expectations, as the insurer recorded a $1.4 billion one-time gain from a derivatives bet that interest rates would fall.

The New York-based company reported net income of $2.26 billion, or $2.12 per share, for the three months ended June 30. That was up from earnings of $1.07 billion, or $1 per share, in the same quarter a year ago.

Excluding one-time items, the company posted operating income of nearly $1.43 billion, or $1.33 per share. Analysts had been expecting $1.24 per share, on average, according to FactSet.

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