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November 03, 2004

Prudential's Net Doubles on Pensions, Life Insurance

Prudential Financial Inc., the third- biggest U.S. life insurer, said quarterly profit more than doubled as it earned more from retirement-savings services and individual life insurance.

Third-quarter net income climbed to $728 million from $297 million a year earlier, the Newark, New Jersey-based company said in a statement. Excluding results from policies sold before it became a public company in 2001, profit rose to $548 million, or $1.08 a share, from $220 million, or 44 cents a year ago.

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Posted by Tom Troceen