Prudential Beats Q1 Views

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Prudential Financial Inc
PRU
reported better-than-expected operating earnings for the first quarter. The Newark, New Jersey-based company posted quarterly earnings of $2.04 billion, or $4.37 per share, up from $1.23 billion, or $2.59 per share, in the year-ago period. Its operating earnings surged to $1.3 billion, or $2.79 per share, compared to $1.14 billion, or $2.40 per share. Its revenue climbed around 8 percent to $11.81 billion. However, analysts were expecting operating earnings of $2.38 per share on revenue of $11.1 billion. The average estimate among 3 Estimize users was for earnings of $2.29 per share and revenue of $11.11 billion. Adjusted operating income at Prudential's U.S. Retirement Solutions and Investment Management division gained to $1.018 billion for the first quarter, from $945 million in the year-earlier quarter. Adjusted operating income at the U.S. Individual Life and Group Insurance division rose to $146 million from $131 million, while adjusted operating income at the International Insurance segment slipped to $834 million from $837 million. At March 31, 2015, assets under management totaled $1.204 trillion, versus $1.176 trillion at December 31, 2014. Chairman and Chief Executive Officer John Strangfeld, said, "Our first quarter results reflect solid underlying performance across our businesses and represent a strong start for the year. In the U.S., our Annuities, Retirement and Asset Management businesses are benefiting from continued growth in account values and assets under management, with especially strong third party institutional and retail asset management flows in the quarter. Our U.S. insurance protection businesses continue to benefit from actions we have taken to improve results in our group insurance business." Prudential Financial shares rose 0.96 percent to $84.50 in the after-hours trading session.
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