Prudential’s Third-Quarter Income Drops 28%
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Prudential Financial Inc.’s third-quarter net income dropped 28% as the company recorded charges related the summer liquidity crunch. However, the company raised its full-year guidance.
The Newark, N.J., financial services giant recorded net income of $867 million, compared with $1.21 billion a year earlier. Revenue fell slightly to $8.39 billion from $8.36 billion.
The figures include Prudential’s closed-block business made up of life-insurance and annuity policies that Prudential sold when it was a mutual company but no longer offers.
Prudential’s financial services business’s earnings fell 25% to $860 million, or $1.88 a common share, from $1.15 billion, or $2.38 a common share, a year earlier. Financial services revenue rose 9.8% to $6.66 billion.
