NEWARK, N.J. (AP) — Prudential Financial Inc. said Wednesday that its net income jumped nearly threefold in the second quarter, as the life insurer recorded a one-time gain of nearly $2 billion as a stronger Japanese yen drove up the value of the company's derivatives.
Even so, the company's earnings adjusted to exclude one-time items fell short of Wall Street expectations.
Derivatives are assets tied to the value of commodities like petroleum or fluctuating economic variables like interest rates or currencies.
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