NEW YORK (AP) — Insurer MetLife Inc. on Wednesday said its net income plummeted as it lost more than $1 billion on derivatives.

The company earned $471 million, or 43 cents per share, for the quarter that ended June 20. During the same period last year it had earned $2.26 billion, or $2.12 per share.

Revenue rose 2 percent to $17.04 billion.

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