The insurer, led by Chief Executive Officer John Strangfeld, fell 4.8 percent to $84.64 at 10:23 a.m. in New York trading, the second-biggest decline in the 85-company Standard & Poor's 500 Financials Index. The stock has fallen 8.2 percent for the year.
Net income dropped to $512 million from $1.03 billion a year earlier on investment losses tied to derivatives, Newark, New Jersey-based Prudential reported yesterday. Operating earnings per share, which exclude results from some investments and policies sold before the firm went public, were $2.20, falling short of the $2.41 average in a Bloomberg survey of 18 analysts.
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.