NEWARK, N.J. (AP) — Prudential Financial Inc. on Wednesday said that its first-quarter profit rose 10 percent as sales of its insurance products and annuities increased and investment income rose.
For the three months ended March 31, the company posted net income for its financial services businesses of $589 million, or $1.20 per share, compared with $536 million, or $1.15 per share, in the 2010 first quarter.
Adjusted for various items, including the sale of an investment, acquisition related costs and $19 million in estimated claims arising from the earthquake and subsequent tsunami in Japan on March 11, operating income was $1.69 per share.
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