Prudential Financial (NYSE: PRU) reported Q3 EPS of $3.21, $0.49 better than the analyst estimate of $2.72.

• Net income attributable to Prudential Financial, Inc. of $1.487 billion or $3.70 per Common share versus net income of $1.418 billion or $3.44 per share for the year-ago quarter.
• After-tax adjusted operating income of $1.291 billion or $3.21 per Common share versus $1.274 billion or $3.09 per share for the year-ago quarter(1).
• Book value per Common share of $165.75 versus $163.19 per share for the year-ago; adjusted book value per Common share of $94.36 versus $99.67 per share for the year-ago.
• Parent company highly liquid assets of $6.1 billion versus $6.2 billion for the year-ago.
• Assets under management amounted to $1.648 trillion versus $1.519 trillion for the year-ago.

Charles Lowrey, Chairman and CEO, commented on results:

“During the third quarter, we continued to execute on our 2020 priorities. We continued to reprice products and pivot to less rate-sensitive products. We also took further measures to rotate our earnings mix toward higher growth markets, as evidenced by our agreement to sell Prudential of Taiwan and the closing of our Prudential of Korea divestiture.

We are ahead of pace with our cost savings program, already realizing $135 million of savings through the third quarter of 2020 versus our full-year goal of $140 million. We are continuing to improve how we help our customers, and our employees are creating new ways of working. As a result, we expect to generate an additional $250 million in efficiencies by the end of 2023, bringing our total expected cost savings to $750 million.

I want to thank our employees for their commitment and dedication to fulfilling our company purpose and remaining focused on addressing the evolving needs of our customers with products, advice, and insights that make a meaningful difference in their lives.”

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