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.