Aug. 6 (Bloomberg) — Prudential Financial Inc., the No. 2 U.S. life insurer, posted net income of $1.09 billion in the first quarter driven by results at the U.S. unit.

The profit compares with a loss of $514 million a year earlier, Newark, New Jersey-based Prudential said today in a statement. Operating earnings, which exclude some investments and the results of policies sold before the firm went public, were $2.49 per share, beating the $2.35 average estimate of 19 analysts surveyed by Bloomberg.

Chief Executive Officer John Strangfeld, 60, is counting on pension-transfer deals and acquisitions to help Prudential maintain a return on equity of at least 13 percent to 14 percent. The deals add to funds that Prudential oversees at its asset-management operation, which has hired more than 40 managers since last year.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.