Prudential Profit Falls on Investment Losses
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Prudential Financial Inc., the second-biggest U.S. life insurer, said first-quarter profit fell 35% because it sold securities at a loss and pared its fees for managing assets.
Net income was $263 million, or 46 cents a share. Earnings excluding losses on sales of securities were 58 cents, 9 cents better than analyst estimates. Revenue rose 15% to $5.06 billion.
Chief Executive Arthur Ryan has been selling money-losing and poorly performing businesses, cutting expenses and trying to boost earnings, especially at the firm’s international business.
Shares of Prudential, which reported results after the market closed, fell 51 cents to $31.16 on the NYSE.
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