Prudential Profit Falls on Investment Losses

Prudential Financial Inc., the No. 2 U.S. life insurer, reported a 62% drop in quarterly profit as it took huge losses on bad investments.

Newark, N.J.-based Prudential, which went public in December, reported a net profit of $95 million, or 19 cents a share, for the second quarter. Revenue rose 3% to $5.2 billion.

Prudential shares closed at $30.38, up 53 cents, on the NYSE. Earnings results were released after the close of trading.