(Bloomberg) — Prudential Financial Inc., the second-largest U.S. life insurer, posted a fourth-quarter loss on costs tied to restructuring, currency fluctuations and reserves. The stock fell in extended trading.
The loss widened to $1.46 billion from $460 million a year earlier, the Newark, New Jersey-based insurer said today in a statement. Operating earnings, which exclude some investing results, were $2.12 a share, missing the $2.38 average estimate of 18 analysts surveyed by Bloomberg.
Chief Executive Officer John Strangfeld, 61, is working to keep return on equity at the company's 13 percent to 14 percent target. Results have been pressured by a decline in foreign currencies like the yen relative to the dollar and by interest rates near record lows.
Continue Reading for Free
Register and gain access to:
- 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.