Losses on the sale of fixed-income investments and fluctuations in the value of hedging instruments affected net results at Prudential Financial Inc. during the second quarter.

Prudential, Newark, N.J., is reporting $453 million in net income for the latest quarter on $7.4 billion in revenue, compared with $883 million in net income on $8.3 billion in revenue for the second quarter of 2005.

Prudential’s financial services business, which includes what Prudential defines as its ongoing business, is reporting $424 million in net income for the latest quarter on $6 billion in revenue, compared with $754 million in net income on $5.7 billion in revenue for the second quarter of 2005.

The financial services business recorded $249 million in net investment gains during the second quarter of 2005 and $311 million in net investment losses during the latest quarter.

In other earnings news:

- CIGNA Corp., Philadelphia, is reporting $273 million in net income for the second quarter on $4.1 billion in revenue, compared with $720 million in net income on $4.1 billion in revenue for the second quarter of 2005.

The managed care company ended the quarter providing or administering health coverage for about 9 million people, about as many as it was covering a year earlier.

- Health Net Inc., Los Angeles, is reporting $77 million in net income for the second quarter on $3.3 billion in revenue, up from $54 million in net income on $3 billion in revenue for the second quarter of 2005.

The managed care company ended the quarter providing or administering health coverage for 3.5 million people, up from 3.4 million people a year earlier.

- UnumProvident Corp., Chattanooga, Tenn., is reporting $125 million in net income for the second quarter on $2.7 billion in revenue, compared with $171 million in net income on $2.7 billion in revenue for the second quarter of 2005.

UnumProvident, a major disability insurer, has been trying to emphasize profitability of new business over sales in recent years, and that has affected sales. During the latest quarter, sales rebounded. Sales of fully insured group short-term disability coverage increased 28%, to $19 million, and sales of fully insured group long-term disability coverage increased 6.7%, to $51 million.

- Assurant Inc., New York, is reporting $151 million in net income for the second quarter on $1.9 billion in revenue, up from $127 million in net income on $1.9 billion in revenue for the second quarter of 2005.

Benefits operating income increased 110%, to $21 million, because of favorable life, disability and dental claims experience, Assurant says.

- Nationwide Financial Services Inc., Columbus, Ohio, is reporting $258 million in net income for the second quarter on $1.1 billion in revenue, compared with $141 million in net income on $1.1 billion in revenue for the second quarter of 2005.

Affiliated distributors increased sales of retirement plans, and independent distributors increased sales of variable annuities, Nationwide says.

- Conseco Inc., Carmel, Ind., is reporting a net loss of $22 million for the second quarter on $1.1 billion in revenue, compared with $88 million in net income on $1.1 billion in revenue for the second quarter of 2005.

The net results included $100 million in litigation costs.

Long term care insurance and specified disease claims costs were higher than expected, Conseco says.

- Universal American Financial Corp., Rye Brook, N.Y., is reporting $18 million in net income for the second quarter on $361 million in revenue, compared with $19 million in net income on $230 million in revenue for the second quarter of 2005.

- AmerUs Group Inc., Des Moines, Iowa, is reporting $48 million in net income for the second quarter on $360 million in revenue, compared with $36 million in net income on $410 million in revenue for the second quarter of 2005.

The indexed annuity company recorded $6.3 million in net investment gains for the second quarter of 2005 and $63 million in net investment losses for the latest quarter.

- American Equity Investment Life Holding Company, West Des Moines, Iowa, is reporting $43 million in net income for the second quarter on $122 million in revenue, compared with $12 million in net income on $142 million in revenue for the second quarter of 2005.

Net investment losses at the indexed annuity company increased to $62 million during the latest quarter, from $2 million during the second quarter of 2005.

The company notes that the spread between the yield on invested assets over the rate paid to annuity holders increased to 2.67% during the quarter, from 2.51% for the second quarter of 2005.

- Great American Financial Resources Inc., Cincinnati, is reporting $44 million in net income for the second quarter on $238 million in revenue, up from $26 million in net income on $234 million in revenue for the second quarter of 2005.

The company gained $32 million by selling the Chatham Bars Inn, a resort on Cape Cod, Mass., for $166 million. Great American had owned the resort since 1993.

- National Financial Partners Corp., New York, is reporting $14 million in net income for the second quarter on $262 million in revenue, up from $12 million in net income on $205 million in revenue for the second quarter of 2005.

Commissions and fees were higher at some wholesale and retail life firms, NFP says.