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Prudential Financial (New York Stock Exchange: Prue) The second quarter was up year-on-year, boosted by a 67% jump in the US business sector, the insurer reported Tuesday.
“Our second quarter results reflect continued momentum across our businesses, including four consecutive quarters of Group Insurance revenue growth and record operating profit,” said Charles Lowry, Chairman and CEO.
Adjusted operating EPS for the second quarter was $2.94, below consensus of $3.01 and up from $2.34 in the second quarter of 2022. The quarter included after-tax net income from annual assumption updates and other adjustments, which totaled $0.03 per share compared to an annual expense of $3.36. Before. The prior-year period also included a gain of $2.99 per share on the sale of a portion of our legacy variable annuities.
PRU stock edge 0.1% increase after hours trading.
The adjusted book value per share of common stock was $97.38 as of June 30, up from $97.29 as of March 31.
Return on average shareholders’ equity increased to 12.2% in the second quarter from 11.2%, down from 9.4% in the second quarter of 2022.
Prudential (PRU) had $1.415 trillion in assets under management at the end of Q2 2023, down slightly from $1.417 trillion on March 31.
Global Investment Management PGIM pretax adjusted operating income of $179 million, down from $206 million in the second quarter of 2022.
PGIM adjusted operating margin was 21.0% in the second quarter, compared with 25.1% in the second quarter of 2022.
Adjusted pre-tax operating income for the United States business unit was $956 million, up from $573 million in the second quarter of 2022.
US Operations/Retirement Strategy adjusted pretax operating income of $876 million, down from $2.18 billion in the prior-year quarter.
Group Insurance adjusted operating income of $139 million, a record high from $54 million in the prior-year quarter. The most recent quarter included his $39 million favorable comparative effect from annual assumption updates and other adjustments. Excluding this item, the results primarily reflected more favorable underwriting results in both Group Life and Disability, partially offset by higher expenses due to business growth.
International adjusted pretax operating income was $784 million, compared with $692 million a year ago.
Benefits and expenses in the second quarter of $11.25 billion decreased from $11.81 billion a year ago.
meeting phone August 2, 11:00 a.m. ET
Previously, Prudential Financial’s (PRU) non-GAAP EPS of $2.94 was down $0.07.