The U.S. Individual Life and Group Insurance division reported adjusted operating income of $87 million for the fourth quarter of 2012, compared to $180 million in the year-ago quarter.The Individual Life segment reported adjusted operating income of $99 million for the current quarter, compared to $138 million in the year-ago quarter. Current quarter results include a charge of $15 million, primarily representing transaction costs, related to the Company’s acquisition of The Hartford’s individual life insurance business which was completed in January 2013. Excluding this charge, adjusted operating income decreased $24 million from the year-ago quarter. This decrease reflected higher expenses in the current quarter, including certain non-deferred policy acquisition costs due to higher sales, and a benefit to year-ago quarter results of approximately $10 million from adjustments of amortization of deferred policy acquisition and other costs as a result of separate account performance more favorable than our assumptions.
Prudential Financial, Inc. Announces 2012 Results
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