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Prudential Financial, Inc. Message Board

  • bluecheese4u bluecheese4u May 6, 2009 4:25 PM Flag

    Prudential Financial, Inc. Announces First Quarter 2009 Results; Updates 2009 Earnings Guidance

    Prudential Financial, Inc. Announces First Quarter 2009 Results; Updates 2009 Earnings Guidance

    Net loss of Financial Services Businesses attributable to Prudential Financial, Inc. of $5 million; net income of 1 cent per Common share
    After-tax adjusted operating income of $436 million, or $1.05 per Common share
    Significant items included in these results:
    Pretax charges of $327 million in Individual Annuities to strengthen reserves for guaranteed minimum death and income benefits and to accelerate amortization of deferred policy acquisition and other costs
    Pretax benefit of $249 million in Individual Annuities and Retirement to reflect change in the company’s market-based non-performance risk
    Net loss reflects pretax losses from impairments and sales of credit-impaired fixed income investments of $465 million and $253 million of impairments on equity securities
    Operational highlights for the first quarter:
    Individual Annuity net sales $643 million, up from $620 million a year ago
    Full Service Retirement gross deposits and sales of $10.5 billion and net additions $6.3 billion, up from gross deposits and sales of $4.6 billion and net additions of $653 million a year ago
    Individual life annualized new business premiums, $84 million, up from $79 million a year ago
    Group insurance annualized new business premiums of $344 million, up from $226 million a year ago
    International insurance constant dollar basis annualized new business premiums of $329 million, unchanged from a year ago
    Assets under management, $542 billion at March 31, 2009, compared to $558 billion at December 31, 2008
    Parent company cash and short-term investments of $4.7 billion at March 31 after repurchases during the quarter of $245 million original principal amount of Prudential Financial convertible debt securities
    Achieved reductions in exposure to short-term financing markets, largely through planned runoff of commercial paper borrowings

    NEWARK, N.J., May 06, 2009 - Prudential Financial, Inc. (NYSE:PRU) today reported a net loss of its Financial Services Businesses attributable to Prudential Financial, Inc. of $5 million for the first quarter of 2009, compared to net income attributable to Prudential Financial, Inc. of $68 million for the year-ago quarter. Net income per Common share was 1 cent for the first quarter of 2009 and 18 cents for the year-ago quarter. After-tax adjusted operating income for the Financial Services Businesses was $436 million ($1.05 per Common share) for the first quarter of 2009, compared to $692 million ($1.57 per Common share) for the first quarter of 2008. Adjusted operating income is a non-GAAP measure as discussed below.

    “While our current quarter results continue to reflect unfavorable market and economic conditions, our solid balance sheet and product portfolio support highly attractive value propositions for clients focused on financial security and peace of mind. We view the positive net flows registered by our U.S. retirement, annuities and asset management businesses and the solid sales results in our domestic and international insurance businesses as validation of our core business models, as well as the dedication of our associates in these difficult times. We are

    http://www.news.prudential.com/article_display.cfm?article_id=5496

 
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