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Prudential Financial Q1 Revenues Down 7.7% To $7.35bn

IBR Staff Writer Published 06 May 2010

Prudential Financial has reported total revenues of $7.35bn for the first quarter of 2010, a decrease of 7.7% compared to $7.97bn for the same quarter in 2009.

The company posted after tax operating income of $699m for the first quarter of 2010, or $1.49 per share compared to $427m, or $1.03 per share for the same period last year.

The company reported premiums of $3.53bn for the first quarter of 2010, an increase of 8.2% compared to $3.26bn for the same quarter in 2009.

For the quarter ended March 31, 2010, the company posted net income of $536m, or $1.15 per share compared to a net loss of $5m, or $0.01 per share for the same period last year.

John Strangfeld, chairman and CEO of Prudential Financial, said: “Each of our divisions achieved solid earnings growth for the first quarter, giving us a strong start toward reaching our goals for the year. Our financial strength and flexibility position us well to take advantage of market opportunities, and we are focused on adding quality business that can contribute appropriate returns over market cycles.

“While we continue to live in uncertain times, I am confident that our balanced portfolio of businesses and talented staff will support our growth of sustainable earnings power over time.”