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Prudential Financial failed to meet analysts'expectations for fourth-quarter earnings on Wednesday, reporting a 12% drop in adjusted quarterly revenue.
The loss of Prudential's personal life insurance business and the decrease of the operating income of the asset management department are one of the factors driving the company's fourth quarter performance.
Asset-based First Life Insurance reported adjusted operating income (excluding realized investment gains and losses) of $1 billion (772 million), or $244 per share, compared with $1.2 billion this year, or $269 per share. - ago quarter.
According to Refinitiv's IBES data, analysts had expected $2.78 a share. Prudential's asset management unit, PGIM, reported a 20.6% drop in revenue from $306 million a year ago to $243 million, the company said.
As of December 31, the assets managed by PGIM were $116 trillion, an increase of $6 billion over the same period last year.
Prudential's U.S. personal life insurance business reported adjusted operating income losses of $26 million, compared with $98 million a year ago. Prudential's annuity business reported an 18% to $445 million decline in its personal annuity business as a result of declining policy costs.
Stock and bond markets spiraled in the fourth quarter of 2018, attracting large portfolios of many insurance companies.
The S&P 500 index fell 13.7% in the last three months of 2018, the worst stock market performance in more than seven years. The global index also feels the pain. For example, the MSCI global index fell 13%, the worst quarterly performance since the third quarter of 2011.
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