NU Online News Service, May 6, 2003, 9:28 p.m. – Prudential Financial Inc., Newark, N.J., is reporting $196 million in net income for the first quarter on $6.8 billion in revenue, up from $153 million in net income on $6.6 billion in revenue for the first quarter of 2002.
Net results for the latest quarter include results for a large, closed block of participating policies that Prudential issued before it demutualized. Prudential prefers to report results for the closed block business and its ongoing financial services businesses separately. The financial services businesses generated $197 million in net income for the quarter on $5.1 billion in revenue, compared with $263 million in net income on $5 billion in revenue for the first quarter of 2002.
Prudential’s insurance division earned $172 million in operating income for the latest quarter on $2.1 billion in revenue, compared with $203 million in operating income on $2 billion in revenue.
New sales of universal life insurance, term life insurance and group disability insurance were all up, but new sales of group life insurance fell to $88 million, from $162 million.