Life insurer Prudential Financial has recorded a consolidated net loss of $460m, which includes both the financial services and the closed block business, for the fourth quarter of 2013, compared to a net loss of $203m in 2012.
Prudential’s financial services business comprises of US retirement solutions and investment management; US individual life and group insurance; as well as international insurance divisions.
For its financial services business, Prudential reported a fourth-quarter net loss of $427m or $0.94 per share, versus a net loss of $185m, or $0.42 per share during the corresponding period earlier year.
Prudential chairman and CEO John Strangfeld said, "We are pleased to report strong operating results for the fourth quarter and the year, driven by solid underlying performance across our businesses."
For the fourth quarter of 2013, after-tax adjusted operating income for the Financial Services Businesses stood at $1.048bn, or $2.20 per common share, against $831m, or $1.76 per common share during the fourth quarter of 2012.
The US retirement solutions and investment management division reported adjusted operating income of $996m, compared to $714m during the same period last year.
The US individual life and group insurance’s adjusted operating income stood at $215m, compared to last year’s $87m.
The International Insurance segment reported adjusted operating income of $647m for the fourth quarter of 2013, unchanged from $647m in the year-ago quarter.