Prudential forecasts profit below Wall Street expectations

(Reuters) - U.S. insurer Prudential Financial Inc PRU.N forecasts 2019 profit largely below Wall Street expectations.

The largest U.S. insurer by assets said it expects a full-year earnings per share in the range of $12.50 to $13 in 2019, falling below analysts’ estimate of $12.97 per share profit, according to Refinitiv IBES data.

The company also authorized a $2 billion worth share repurchase program in 2019. []

Prudential’s adjusted return on equity is expected between 12 percent and 13 percent next year, the company said during a conference call.

The company also assumes corporate and other estimated annual operating losses of $1.3 billion, along with an effective tax rate of about 21.5 percent next year.

Reporting by Mary Ann Alapatt in Bengaluru; Editing by James Emmanuel