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.
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