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Prudential Financial, Inc. Announces Third Quarter 2012 Results

The Asset Management segment reported adjusted operating income of $187 million for the current quarter, compared to $123 million in the year-ago quarter. The increase reflects an approximately $55 million greater contribution from results of the segment’s incentive, transaction, strategic investing and commercial mortgage activities, driven primarily by increases in value of fixed income and real estate funds. The remainder of the increase in segment results came primarily from higher asset management fees reflecting growth in assets under management, net of expenses.

The U.S. Individual Life and Group Insurance division reported adjusted operating income of $147 million for the third quarter of 2012, compared to $156 million in the year-ago quarter.

The Individual Life segment reported adjusted operating income of $112 million for the current quarter, compared to $111 million in the year-ago quarter. Current quarter results include a charge of $27 million from a net increase in amortization of deferred policy acquisition and other costs reflecting updates of actuarial assumptions based on an annual review, while results for the year-ago quarter included a $27 million benefit from updates based on an annual review. Excluding these items, adjusted operating income increased $55 million from the year-ago quarter. Current quarter results benefited from improved mortality experience in comparison to the year-ago quarter. In addition, results for the year-ago quarter included a net negative impact of approximately $15 million from adjustments of amortization of deferred policy acquisition and other costs as a result of separate account performance less favorable than our assumptions.

The Group Insurance segment reported adjusted operating income of $35 million in the current quarter, compared to $45 million in the year-ago quarter. Current quarter results benefited $7 million from refinements of group life and disability reserves reflecting updates of actuarial assumptions based on an annual review, while results for the year-ago quarter included a net benefit from similar reserve refinements totaling $22 million. Excluding these items, adjusted operating income increased $5 million from the year-ago quarter, reflecting a greater contribution from investment results partly offset by less favorable group life claims experience.

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