Prudential Financial, Inc announced its third-quarter 2024 financial results, reporting net income of $448 million, or $1.24 per common share.
This marks a turnaround from a net loss of $802 million, or $2.23 per share, in the same quarter last year. The company’s after-tax adjusted operating income was $1.26 billion, or $3.48 per share, down slightly from $1.33 billion, or $3.62 per share, in the prior-year quarter.
The book value per common share increased to $84.47 from $70.82 in Q3 2023, while adjusted book value per common share rose to $98.71 from $94.19. Prudential’s parent company maintained highly liquid assets of $4.3 billion, consistent with the previous year’s third quarter, and assets under management reached $1.558 trillion, up from $1.361 trillion a year ago.
Prudential returned $721 million in capital to shareholders during the quarter, which included $250 million in share repurchases and $471 million in dividends. Dividends paid were $1.30 per common share, representing a 5% yield based on adjusted book value.
Chairman and CEO Charlie Lowrey (pictured above) attributed the quarter’s performance to steady momentum in Prudential’s investment, insurance, and retirement sectors.
“Prudential reported robust sales across our U.S. and international insurance and retirement businesses, as well as strong investment performance and private credit originations in PGIM,” he said.
Lowrey also noted Prudential’s strategic shift in its business mix, including an $11 billion Guaranteed Universal Life reinsurance transaction, along with efforts to expand distribution capabilities and diversify product offerings across its markets.
In the second quarter, the firm also made improvements in its financial results, reporting net income attributable to the company of $1.198 billion.
This marks an increase from $511 million, or $1.38 per common share, in the second quarter of 2023. After-tax adjusted operating income for the quarter was $1.234 billion, or $3.39 per common share, compared to $1.142 billion, or $3.09 per share, in the prior-year period.
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