NEWARK, N.J. (AP) — Prudential Financial Inc. posted a first-quarter loss as the life insurer took a hefty charge tied to the value of the Japanese yen, but its adjusted earnings topped market expectations.
The Newark, N.J., company said Wednesday that it lost $721 million, or $1.55 per share. That includes pre-tax charges of about $2.5 billion tied to foreign-currency rates and $3 billion in investment losses. A year ago it reported a loss of $960 million, or $2.03 per share. Excluding one-time charges Prudential made $2.28 per share on an adjusted basis in the recent quarter.
Total revenue increased to $11.83 billion from $10.5 billion.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
