Prudential Financial Reports Rise in Adjusted Profit, Boosted by Investment Management Growth
Prudential Financial reports a rise in adjusted profit for the fourth quarter, driven by growth in its global investment management business. PGIM, Prudential's global investment management arm, saw adjusted operating income increase from $172 million a year ago to $259 million, primarily due to higher asset management fees.
The company's U.S. businesses (retirement strategies, group insurance, and individual life) experienced an 11% decline in adjusted operating income.
Despite this, Prudential's assets under management increased to $1.51 trillion from $1.45 trillion a year earlier.
For the three months ended December 31st, the company's after-tax adjusted operating income reached $1.07 billion, or $2.96 per common share, compared to $926 million or $2.54 per share the previous year.
These results align with a broader market rally driven by investor confidence in the economy, buoyed by the Federal Reserve's recent rate cut and the pro-business policies of the Trump administration.