February 4, 2020 / 9:46 PM / 2 months ago

Prudential profit tops estimates on strength in U.S. and international units

(Reuters) - The No.1 U.S. life insurer by assets Prudential Financial Inc (PRU.N) topped Wall Street estimates for quarterly profit on Tuesday, driven by strength in its domestic and international businesses.

Adjusted operating income at Prudential’s U.S. businesses jumped 25.9% to $841 million (645 million pounds), buoyed by a 37% rise in adjusted operating income at its workplace retirement and group insurance unit, while it rose 8% to $797 million at its international businesses.

PGIM, Prudential’s asset management arm, reported a 18.5% rise in adjusted operating income to $288 million. It managed $1.31 trillion in assets as of the quarter ended Dec. 31, compared with 1.16 trillion in assets, a year earlier.

Net income attributable to the company rose to $1.13 billion, or $2.76 per share, in the fourth quarter, from $842 million, or $1.99 per share, a year earlier.

Excluding items, the insurer earned $2.33 per share, beating analysts’ average estimate of $2.02 per share, according to IBES data from Refinitiv.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi

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