Prudential Third-Quarter Net Income Up $1 Billion From Year Ago
November 6, 2015 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
NEWARK, N.J. – Prudential Financial said its third-quarter net income attributable to the company jumped to $1.46 billion, up from $465 million a year ago.
Total revenue fell to $11.07 billion from $11.76 billion. Premium revenue fell to $5.27 billion from $5.92 billion. Policy charges and fee income increased to $1.55 billion from $1.51 billion.
“Despite volatility in the macro-economic environment and continued interest rate headwinds, our domestic and international businesses continue to produce strong earnings and solid sales and net flows,” said John Strangfeld, Prudential chairman and chief executive officer, in a statement.
“We continue to generate excess capital, as evidenced by the $1.5 billion of capital that we have returned to shareholders year-to-date through our dividends and share repurchase authorizations,” Strangfeld added.
Prudential Financial has more than $1 trillion in assets under management as of Sept. 30, the statement said.
The operating insurance members of Prudential Financial have a current Best’s Financial Strength Rating of A+ (Superior).
Shares of Prudential (NYSE: PRU) were trading at $84.42 at the close of trading Nov. 4, down 0.71% from the previous close.
