NEW YORK, Nov 4 (Reuters) - Prudential Financial Inc , the No. 2 U.S. life insurer, said on Wednesday it had a third-quarter profit, reversing a year earlier loss, on record annuity sales and better performance in its investment portfolios.
The insurer reported net income of $1.09 billion or $2.35 a share, compared with a net loss of $118 million, or 25 cents a share, in the year-earlier quarter.
Newark, New Jersey-based Prudential said adjusted operating earnings, which exclude investment gains and losses, were $733 million, or $1.59 a share, compared with $430 million, or $1.02 cents a share in the same quarter last year.
On that basis, analysts on average expected Prudential to earn $1.33 a share, according to Thomson Reuters I/B/E/S.
Shares fell 45 cents to $46.56 in Wednesday trade on the New York Stock Exchange. The stock has traded in a range between $10.65 and $55.98 in the past year.
(Reporting by Lilla Zuill and Elinor Comlay, editing by Leslie Gevirtz) Keywords: PRUDENTIAL/ (elinor.comlay@thomsonreuters.com; +1 646 223 6116) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The insurer reported net income of $1.09 billion or $2.35 a share, compared with a net loss of $118 million, or 25 cents a share, in the year-earlier quarter.
Newark, New Jersey-based Prudential said adjusted operating earnings, which exclude investment gains and losses, were $733 million, or $1.59 a share, compared with $430 million, or $1.02 cents a share in the same quarter last year.
On that basis, analysts on average expected Prudential to earn $1.33 a share, according to Thomson Reuters I/B/E/S.
Shares fell 45 cents to $46.56 in Wednesday trade on the New York Stock Exchange. The stock has traded in a range between $10.65 and $55.98 in the past year.
(Reporting by Lilla Zuill and Elinor Comlay, editing by Leslie Gevirtz) Keywords: PRUDENTIAL/ (elinor.comlay@thomsonreuters.com; +1 646 223 6116) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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