Prudential Posts Fourth-Quarter Net Income of $735 Million
February 12, 2016 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
NEWARK, NJ – Prudential Financial posted fourth-quarter net income of $735 million, reversing a loss of $1.2 billion a year ago.
Releasing its earnings after the close of the New York stock exchanges, Prudential reported total revenues for the quarter of $13.24 billion, lower than last year’s $15.82 billion. Premium income this quarter was $7.49 billion, compared with $9.89 billion.
For the full year, Prudential’s net income reached $5.64 billion, outpacing last year’s $1.53 billion. Revenue slipped to $48.6 billion from $49.6 billion.
“We consider 2015 a successful year for Prudential as we met our financial objectives and produced solid core growth across many of our businesses, while continuing to invest in longer-term opportunities,” said Chairman and Chief Executive Officer John Strangfeld in the earnings statement.
“While fourth-quarter earnings were adversely affected by the seasonal pattern of expenses and increased spending on key initiatives, we continue to believe that our business mix and strong execution position us well to continue to deliver superior returns and solid cash flows going forward even in challenging market conditions,” he said.
Prudential has scheduled its quarterly earnings call for Feb. 11 at 11 a.m. Eastern time.
Operating insurance units of Prudential Financial have a current Best’s Financial Strength Rating of A+ (Superior).
At the close of trading Feb. 10, shares of Prudential were $64.06, up 0.74% for the session.