Prudential Financial operating profit drops 12 percent

(Reuters) – Prudential Financial Inc on Thursday reported a 12 percent drop in adjusted operating income, partly due to a loss in its individual life insurance business and declines in other units.

The U.S. No. 1 life insurer by assets reported adjusted operating income, which excludes realized gains and losses from investments, of $1 billion, or $2.44 per share, compared with $1.2 billion, or $2.69 per share, in the year-ago quarter.

Analysts had expected $2.78 per share, according to IBES data from Refinitiv.

Adjusted operating income for PGIM, Prudential’s asset management arm, fell 20.6 percent to $243 million from $306 million a year earlier, the company said.

PGIM managed $1.16 trillion in assets as of Dec. 31, $6 billion more than at the end of the year-ago quarter.

Prudential’s U.S. individual life insurance unit reported a $26 million adjusted operating income loss compared to $98 million in income a year ago.

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