Prudential Financial Sees Net Income Decline
Prudential Financial Inc., the second-largest U.S. life insurer, said its fourth-quarter earnings fell, in part because of losses related to hedges it made in foreign currencies.
The insurer said net income fell to $317 million, or 64 cents a share, from $481 million, or 92 cents, a year earlier.
The Newark, N.J.-based insurer posted gains in business units like insurance and asset management, but profit was hurt by the U.S. dollar weakening against the Japanese yen in the fourth quarter of last year.
Prudential Financial’s total revenue in the fourth quarter was $5.2 billion, up from $4.5 billion in the same period in 2003.
Prudential Financial shares fell 18 cents to $55.75 on the New York Stock Exchange.
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