Prudential Financial Q3 Profit Rises

(RTTNews) - Prudential Financial Inc. (PRU), one of the biggest life insurer in the U.S., Tuesday reported an increase in profit for the third quarter, driven by investment-management and insurance segments.

Third-quarter net income was $1.53 billion or $3.90 per share compared to $1.49 billion or $3.70 per share last year. After-tax adjusted operating income of $1.487 billion or $3.78 per share compared to $1.238 billion or $3.08 per share last year.

Analysts polled by Thomson Reuters expected earnings of $2.74 per share for the quarter. Analysts' estimates typically exclude one-time items.

CEO Charles Lowrey said "Prudential delivered solid financial results for the third quarter, reflecting our strong investment performance and high demand for the products we have introduced to support our customers as they solve their financial challenges in a changing world."

Investment-management unit PGIM reported adjusted operating income of $327 million in the third quarter, compared to $370 million in the year-ago quarter. U.S. Businesses reported adjusted operating income of 1.09 billion compared to $848 million in the year-ago quarter.

Retirement and Group Insurance reported adjusted operating income of $571 million compared to $347 million. Group Insurance reported adjusted operating loss of $135 million compared to income of $22 million last year.

PRU closed Tuesday's trading at $111.11, down $0.22 or 0.20%, on the NYSE. The stock, however, gained $0.05 or 0.04% in the after-hours trading.