Prudential Financial, Inc. Announces Second Quarter 2012 Results

Prudential Financial, Inc. (NYSE:PRU):

•		Net income of Financial Services Businesses attributable to Prudential Financial, Inc. of $2.203 billion, or $4.64 per Common share.
		--		Net income reflected pre-tax gains of approximately $1.9 billion from net changes in value relating to foreign currency exchange rates and changes in market value of derivatives primarily resulting from strengthening of the Japanese yen in relation to the U.S. dollar and certain other currencies. These currency-driven value changes were largely offset by corresponding adjustments to accumulated other comprehensive income which are not reflected in net income or loss.
•		After-tax adjusted operating income for the Financial Services Businesses of $627 million, or $1.34 per Common share, compared to $1.57 per Common share for year-ago quarter.
•		Operational highlights for the second quarter:
		--		Individual Annuity account values, $124.1 billion at June 30, up 7% from a year earlier; gross sales for the quarter of $5.4 billion; net sales $3.7 billion.
		--		Retirement account values, $244.8 billion at June 30, up 11% from a year earlier; total Retirement gross deposits and sales of $12.8 billion and net additions of $6.3 billion for the quarter.
		--		Asset Management segment assets under management, $650.2 billion at June 30, up 11% from a year earlier.
		--		Individual Life annualized new business premiums of $91 million, up 34% from a year ago.
		--		Group Insurance annualized new business premiums of $65 million, up 25% from a year ago.
		--		International Insurance constant dollar basis annualized new business premiums of $1.127 billion, up 46% from a year ago.
•		Financial items:
		Significant items included in current quarter adjusted operating income:
				--		Pre-tax charges of $124 million in Individual Annuities to strengthen reserves for guaranteed death and income benefits and increase amortization of deferred policy acquisition and other costs, reflecting market-driven separate account performance.
				--		Pre-tax charge of $9 million in Retirement related to our decision to restructure the Company’s savings and loan association to a trust-only organization.
				--		Pre-tax charge of $75 million in Asset Management for an impairment related to our investment in a real estate fund.
				--		Pre-tax charge of $38 million in International Insurance’s Gibraltar Life operation for integration costs relating to the acquisition of AIG Star Life Insurance Co., Ltd. and AIG Edison Life Insurance Company.
		--		GAAP book value for Financial Services Businesses, $36.6 billion or $78.07 per Common share at June 30, 2012, compared to $32.8 billion or $69.07 per Common share at December 31, 2011. Book value per Common share excluding total accumulated other comprehensive income, $60.77 at June 30, 2012 compared to $58.02 at December 31, 2011.
		--		Net unrealized gains on general account fixed maturity investments of the Financial Services Businesses of $14.8 billion at June 30, 2012 compared to $10.5 billion at December 31, 2011; gross unrealized losses of $3.1 billion at June 30, 2012, compared to $4.3 billion at December 31, 2011.
		--		During the second quarter, the Company acquired 4.8 million shares of its Common Stock under its share repurchase authorization at a total cost of $250 million, for an average price of $51.99 per share. From the commencement of share repurchases in July 2011 through June 30, 2012, the Company has acquired 28.6 million shares of its Common Stock under its share repurchase authorization at a total cost of $1.5 billion, for an average price of $52.43 per share.

Prudential Financial, Inc. (NYSE:PRU) today reported net income for its Financial Services Businesses attributable to Prudential Financial, Inc. of $2.203 billion ($4.64 per Common share) for the second quarter of 2012, compared to $779 million ($1.58 per Common share) for the year-ago quarter. After-tax adjusted operating income for the Financial Services Businesses was $627 million ($1.34 per Common share) for the second quarter of 2012, compared to $773 million ($1.57 per Common share) for the year-ago quarter. Information regarding adjusted operating income, a non-GAAP measure, is provided below.

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