The company posted earnings per share of US$2.58, just short of analysts’ US$2.61 predictions. — Bloomberg
NEW YORK: Prudential Financial Inc reported profits that slightly missed analyst estimates as the insurer faced declines at its asset management and international divisions.
The company, which also announced a new chief financial officer, posted earnings per share of US$2.58, just short of analysts’ US$2.61 predictions.
Adjusted operating income at its PGIM investment management business fell to US$172mil from US$230mil a year earlier, although assets under management at that unit just topped forecasts.
Still, the company reported US$1.3bil of net income for the quarter after posting a loss in the same period last year.
“Our 2023 results reflect continued strong sales across our insurance and retirement businesses and solid underlying earnings growth,” chief executive officer Charlie Lowrey said in a statement.
“In 2023, we successfully reduced our market sensitivity and increased capital flexibility through multiple strategic transactions.”
Prudential has been engaged in a multi-year overhaul meant to transform the firm through deals, cost savings and share buybacks. — Bloomberg
