(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. [bit.ly/2zHSIth]
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