Prudential Financial profit beats on asset management strength

Feb 4 (Reuters) – Prudential Financial Inc beat analysts‘ estimates for 신촌역 치과 quarterly adjusted profit on Thursday as the strong performance of the U.S.

life insurer’s asset management arm cushioned the hit from coronavirus-related claims.

PGIM, Prudential’s asset management arm, reported a record 40% rise in fourth-quarter adjusted operating income to $404 million. The unit’s assets under management jumped 13% to an all-time high of $1.49 trillion.

The company’s shares rose 2.5% in extended trading as it also authorized the buyback of up to $1.5 billion shares from the start of 2021.

A rebound in investment income and lower payouts for dental and other non-medical health claims have helped global life insurers offset some of the blow from payouts related to the health crisis, with MetLife Inc also reporting a marginal rise in fourth-quarter adjusted profit.

Prudential’s U.S.

individual life insurance business posted an adjusted operating loss of $65 million, 신촌역 치과 compared with an adjusted operating income of $58 million a year earlier, a result driven by payouts for COVID death-related claims.

The company’s total after-tax adjusted operating income rose to $1.18 billion, or $2.93 per share, in the fourth quarter ended Dec.

31, 신촌역 치과 from $915 million, or $2.24 per share, 신촌역 치과 a year earlier.

Analysts had expected a profit of $2.57 per share, according to IBES data from Refinitiv.

(Reporting by Noor Zainab Hussain in Bengaluru and Suzanne Barlyn in Washington Crossing, Pennsylvania; Editing by Aditya Soni)