• Most Popular
  • Most Shared

Prudential posts lower earnings

NEW YORK
Wed Oct 31, 2007 5:16pm EDT

Stocks

   

NEW YORK (Reuters) - Prudential Financial Inc (PRU.N), one of the largest U.S. life insurers, said on Wednesday that third-quarter net income fell 25 percent, hurt by investment losses, but operating earnings beat analysts' expectations.

Global Markets

Net earnings dropped to $860 million, or $1.88 a share, from $1.15 billion, or $2.38 a share, in the year-earlier quarter.

Newark, New Jersey-based Prudential, a top U.S. writer of annuities, said adjusted operating earnings, which analysts use to measure performance, were $905 million, or $1.97 a share.

That beat the average analyst target of $1.69 a share, according to Reuters Estimates, and was above the year-ago quarter, when it posted $828 million, or $1.72 a share, in operating earnings.

The insurer also raised its outlook for the full year to $7.45 to $7.60 a share in adjusted operating income from a previous forecast of $7.20 to $7.40.
Global Markets


More from Reuters

Photo

Plot exposes fissure in U.S. intelligence community

WASHINGTON (Reuters) - Last week's failed plot to bomb a U.S. passenger jet has exposed lingering fissures within the U.S. intelligence community, which had information from interviews and clandestine intercepts but did not put the pieces together, officials said.

» More Top News
Floor traders work at the Hong Kong Stocks Exchange, January 16, 2008. REUTERS/Bobby Yip

My way or the highway?

Hong Kong is poised to accept Beijing's accounting standards. That's good. The system, though, is prone to scandal. That's bad.  Full Article 

Global Markets
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary