(Bloomberg) -- MetLife, the largest U.S. life insurer, posted first-quarter profit that missed analysts’ estimates as investment income declined on a slump in hedge fund holdings.

Net income rose 2% to $2.2 billion from $2.16 billion a year earlier, bolstered by gains on derivatives, the New York-based insurer said Wednesday in a statement. Operating profit, which excludes the benefit from those contracts and some other one-time items, was $1.20 a share, missing by 18 cents the average  estimate of 17 analysts surveyed by Bloomberg.

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