{"id":31464,"date":"2023-05-02T21:29:30","date_gmt":"2023-05-02T21:29:30","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/prudential-financial-profit-drops\/"},"modified":"2023-05-02T21:34:03","modified_gmt":"2023-05-02T21:34:03","slug":"prudential-financial-profit-misses","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/prudential-financial-profit-misses\/","title":{"rendered":"Prudential Financial profit misses on lower assets under management"},"content":{"rendered":"<p>(Reuters) -Prudential Financial Inc reported a lower-than-expected quarterly profit on Tuesday, as the life insurer saw a decline in assets under management.<\/p>\n<p>The respite in the economy after the markets priced in a milder recession was short-lived as a string of high-profile bank collapses sparked a sector-wide turbulence last month and roiled financial stocks. <\/p>\n<p>As a result, assets under management declined 12.5% to $1.42 trillion in the quarter as investors yanked capital from speculative assets and instead sought refuge in safer bets.<\/p>\n<p>Shares of the New Jersey-based company, down 16% so far this year, fell another 2% in extended trading on Tuesday.<\/p>\n<p>The insurer&#8217;s after-tax adjusted operating income was $990 million, or $2.66 per share, in the three months ended March 31, compared with $1.19 billion, or $3.10 per share, a year earlier.<\/p>\n<p>Analysts on average had estimated a profit of $2.93 a share, according to data from Refinitiv IBES.<\/p>\n<p>Prudential had last year said it was making progress in moving its business focus from market-sensitive revenue segments to more stable and recurring sources of income.<\/p>\n<p>Chief Executive Charles Lowrey said on Tuesday the company was advancing its M&amp;A strategy to expand &#8220;alternative capabilities and generate additional fee-based revenue&#8221;.<\/p>\n<p>Peer MetLife Inc will report first-quarter results after market hours on Wednesday.<\/p>\n<p> (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Arun Koyyur and Maju Samuel)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/prudential-financial-profit-drops\/file-photo-illustration-shows-prudential-financial-inc-logo\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410TY-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ410TY-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Prudential Financial Inc reported a lower-than-expected quarterly profit on Tuesday, as the life insurer saw a decline in assets under management. The respite in the economy after the markets priced in a milder recession was short-lived as a string of high-profile bank collapses sparked a sector-wide turbulence last month and roiled financial stocks. As [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":31465,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-31464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410TY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=31464"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31464\/revisions"}],"predecessor-version":[{"id":31539,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31464\/revisions\/31539"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/31465"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=31464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=31464"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=31464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}