Prudential Financial, a life insurance provider, has reported net earnings of $1.04bn for the third quarter of 2013, compared with a loss of $584m for the same period in 2012.
The net earnings were driven by retirement services and investment management business, which reported a two-fold rise in operating earnings $1.26bn from $506m a year ago, the company said.
For the quarter ended 30 September, revenues decreased 13.7% to $13.1bn, compared with $11.3bn for the same period last year.
Financial Services Businesses posted net earnings of $981m, compared with a loss of $627m for the same period in 2012, while Closed Block business posted profit of $61m.
Prudential Financial chairman and CEO John Strangfeld said, "In the U.S., our retirement solutions and investment management businesses are continuing to benefit from growth of our base of quality business, with the landmark pension risk transfer transactions we completed late last year contributing to our results.
"Individual Life results are benefiting from the contribution of the business we acquired from The Hartford in January, with the integration well on track and expense synergies emerging consistently with our expectations," Strangfeld added.
"Our international businesses are performing well, continuing to build our franchise through consistent focus on serving clients’ lifetime financial security needs."
For the nine-month period, net revenues decreased 19% to $31.5bn from $38.9bn with a loss of $185m, compared with a profit of $701m a year ago.