Insurers Prudential, MetLife Post Gains

Prudential Financial Inc. and MetLife Inc. posted higher third-quarter profits as they boosted sales and cut costs. The companies were hit by large losses on investment sales, but fared better than many rivals because of their size and range of products.

Newark, N.J.-based Prudential, the No. 2 U.S. life insurer, reported profit of $392 million, or 70 cents a share, compared with $52 million, or 9 cents, last year. Revenue rose 3% to $5.1 billion.

New York-based MetLife, the nation’s No. 1 life insurer, posted profit of $328 million, or 45 cents a share, up from $162 million, or 21 cents, last year, when Sept. 11-related claims cut earnings. Revenue rose 6% to $8.4 billion.

Prudential’s stock fell 28 cents to $28.90 and Metlife’s stock rose 3 cents to $24.95, both on the NYSE.