MetLife (NYSE:MET) has announced its Q4 and 2012 results. For the quarter, the company's total operating revenues climbed 12% on a year-over-year basis to $18.4 billion, although GAAP net profit dropped significantly to $96 million ($0.09 per share) from Q4 2011's $959 million ($0.90).
The fall in the bottom line was due in large part to the $855 million in net derivative losses the company booked during the quarter.
For the full year, the company's total operating revenues came in at $68.4 billion, a 5% improvement over 2011's number. 2012 net profit was $1.2 billion ($1.12), 80% below the previous year's figure of $6.2 billion
Meanwhile, MetLife announced Thursday that it has been granted approval from the Federal Reserve and the Federal Deposit Insurance Corp. to complete its planned transformation from a bank holding company into a more traditional insurance-based firm. This follows its sale of key banking assets to General Electric's GE Capital. Bank holding companies have much more stringent reporting requirements than other financial entities.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of General Electric. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.