The life insurer reported losses of US$57mil, while analysts anticipated a profit of US$1.1bil. — Bloomberg
NEW YORK: Prudential Financial Inc’s shares fell in post market trading after the insurer posted a surprise loss for the fourth quarter.
The life insurer reported losses of US$57mil, while analysts anticipated a profit of US$1.1bil.
At its individual life unit, Prudential sustained a one-time hit from transactions costs related to the reinsurance of guaranteed universal life policies, it said in a statement on Tuesday.
That unit posted adjusted operating losses of US$57mil.
For the quarter, the firm said it sustained US$1.5bil of pre-tax net realised investment losses and related charges and adjustments.
Prudential’s shares fell 2.9% to US$114.50 in extended trading in New York.
The firm issued several targets for the 2025 to 2027 period, including its goal to grow its core adjusted operating earnings per share by 5% to 8% over the period.
It also aims to keep its adjusted operating expense ratio between 8.5% and 10.5%.
Newark, New Jersey-based Prudential is mapping out its next phase of growth, as chief executive officer Charlie Lowrey is expected to step down next month and be replaced by Andy Sullivan. — Bloomberg
