Prudential Financial (PRU) Tops Q1 EPS by 40c
Prudential Financial (NYSE: PRU) reported Q1 EPS of $2.79, $0.40 better than the analyst estimate of $2.39. Revenue for the quarter came in at $11.81 billion versus the consensus estimate of $11.16 billion.
Highlights:
- Pre-tax adjusted operating income for Individual Annuities, Retirement, and Asset Management businesses of $1.018 billion, up $73 million or 8% from year-ago quarter.
- Individual Annuities account values of $161.1 billion at March 31, up 4% from a year earlier.
- Retirement account values of $365.3 billion at March 31, up 11% from a year earlier, driven by strong net inflows as well as favorable market performance.
- Asset Management unaffiliated third party institutional and retail assets under management of $469.2 billion at March 31, up 10% from a year earlier with net flows for the current quarter, excluding money market, of $7.7 billion.
- Pre-tax adjusted operating income for U.S. Individual Life and Group Insurance businesses of $146 million, up $15 million or 11% from year-ago quarter, driven by improved group long-term disability results.
- Pre-tax adjusted operating income for International Insurance businesses of $834 million, compared to $837 million in year-ago quarter; earnings up 4% excluding the impact of foreign currency exchange rates.
- International Insurance constant dollar basis annualized new business premiums of $780 million for current quarter, reflecting growth in all distribution channels.
For earnings history and earnings-related data on Prudential Financial (PRU) click here.
