Insurer Prudential reports quarterly profits

Prudential Financial, the U.S. life insurance and annuities giant, said Wednesday that it swung to a third-quarter profit benefited from a rebound in equity and credit markets.

The company said its third-quarter net income came in at 1.1 billion U.S. dollars, or 2.35 dollars per share, versus a net loss of 118 million dollars, or 25 cents per share, a year earlier.

Adjusted operating income, which excludes net realized investment gains and losses, was 733 million dollars, or 1.59 dollars per common share, in the latest period.

"Sales and net flows were solid across our domestic businesses, with variable annuity sales achieving record levels for the second consecutive quarter," Prudential CEO John Strangfeld said in a statement.

"International insurance sales were strong as well, benefiting from expanded distribution of our life insurance protection products," he added.

Prudential raised its full-year operating profit forecast from5 dollars to 5.2 dollars to a range of 5.40 dollars to 5.60 dollars per share.

Source:Xinhua