Guaranteed Universal Life Insurance - The life insurer reported losses of US$57 million (RM252.55 million), while analysts anticipated a profit of US$1.1 billion. At its individual life unit, Prudential sustained a one-time hit from transaction costs related to the reinsurance of guaranteed universal life policies, it said in a statement on Tuesday. That unit posted adjusted operating losses of US$57 million.
For the quarter, the firm said it sustained US$1.5 billion of pre-tax net realised investment losses and related charges and adjustments. As at 5.07pm, Prudential shares had fallen 2.9% to US$114.50 in extended trading in New York.
The firm issued several targets for the 2025-2027 period, including its goal to grow its core adjusted operating earnings per share by 5% to 8% over the period. It also aims to keep its adjusted operating expense ratio at 8.5% to 10.5%.
Newark, New Jersey-based Prudential is mapping out its next phase of growth, as chief executive officer Charlie Lowrey is expected to step down next month and be replaced by Andy Sullivan.
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