Aug 4 (Reuters) – Prudential Financial posted an increase in second-quarter profit on Tuesday, driven by gains in its global investment management and individual life segments.
U.S. life insurers have been benefitting from diversified business models, which help cushion the impact of market volatility or weakness in any single business segment.
• Prudential posted quarterly assets under management of $1.64 trillion, compared with $1.58 trillion a year ago.
• “PGIM delivered another quarter of strong investment performance and progressed its platform integration. Our U.S. Businesses continued to see benefits of investments in distribution and product diversification,” CEO Andy Sullivan said in a statement.
• PGIM, Prudential’s global investment management business, reported quarterly adjusted operating income of $294 million, compared with $229 million a year ago.
• At its individual life unit — housed within its U.S. businesses segment — adjusted operating income rose to $176 million in the second quarter, more than doubling from $82 million a year ago.
• The company’s after-tax adjusted operating income came in at $4.08 per common share in the three months ended June 30, compared with $3.58 per share a year earlier.
(Reporting by Manya Saini in Bengaluru; Editing by Shreya Biswas)
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