Prudential Financial (PRU) Tops Q1 EPS by 9c

Prudential Financial (NYSE: PRU) reported Q1 EPS of $3.08, $0.09 better than the analyst estimate of $2.99.

• Net income attributable to Prudential Financial of $1.363 billion or $3.14 per Common share versus $1.369 billion or $3.09 per share for year-ago quarter.
• After-tax adjusted operating income of $1.340 billion or $3.08 per Common share versus $1.237 billion or $2.79 per share for year-ago quarter.
• Significant items: Net income and adjusted operating income include a net benefit of 3 cents per Common share, in the current quarter and in the year-ago quarter, from items discussed later in this release.

FIRST QUARTER BUSINESS HIGHLIGHTS

• Individual Annuities gross sales of $1.7 billion, up 20% from the year-ago quarter. Higher net fees and return on assets reflect record-high average separate account balances and more favorable estimates of the profitability of the business as compared to the year-ago quarter.
• U.S. Individual Life sales of $125 million, down 14% from the year-ago quarter, reflects lower guaranteed universal life sales from prior year pricing actions partially offset by increases in other product sales, including variable life.
• Retirement account values of $427.6 billion, up 8% from a year earlier, reflects positive net flows and market appreciation over the past four quarters.
• Group Insurance sales of $383 million, up 27% from the year-ago quarter, includes increases in market segments targeted for growth.
• Investment Management segment assets under management of $1.156 trillion includes a record-high $604.8 billion of unaffiliated third-party institutional and retail assets under management, up 11% from a year earlier. Unaffiliated third-party net inflows, excluding money market, totaled $800 million for the current quarter.
• International Insurance constant dollar basis sales of $745 million, down 17% from the year-ago quarter, reflects elevated sales in the prior year in advance of premium rate increases in Japan. Life Planner count, relatively consistent with the prior year, includes a 4% increase in Japan.

For earnings history and earnings-related data on Prudential Financial (PRU) click here.

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