said profits fell 12.8% in the third quarter.
In the third quarter, the Newark, N.J.-based insurer made $1.15 billion, or $2.38 a share, compared with $1.32 billion, or $2.59 a share, a year earlier. Operating net income on the other hand rose 12.3%, to $830 million or $1.72 a share, up from $739 million or $1.46 a share, it says.
Revenue inched higher to $6.10 billion, up 2.9% from a year ago, but just missed the Wall Street consensus forecast of $6.16 billion. However, operating earnings handily beat the Thomson Financial forecast of $1.48 a share.
Revenue from premiums, the majority of Prudential's business fell 1%, to $2.54 billion. Expenses also slanted upward, to $4.94 billion.
Third-quarter results excluded $254 million in various one-time items along with $68 million in income from discontinued operations related to the "disposal" of a real estate property.
Operating profit from Prudential's insurance business rose 36.3%, to $465 million, partly from its acquisition of
variable annuity business on June 1. However, profit from the company's investment division fell 2%, to $252 million from a year ago.
Prudential, which has $692 million, raised its full-year operating earnings guidance. The firm now says it expects to earn between $5.90 and $6 a share for the full year, up from $5.50 to $5.70 a share.
Shares rose 83 cents in aftermarket trading to $77.15.