Prudential Financial Inc. released second quarter results Wednesday, reporting net income of $798 million for its Financial Services Businesses, up from $538 million in the second quarter of last year.
Adjusted operating income for the U.S. Retirement Solutions and Investment Management division fell slightly from $564 million to $552 million.
The individual annuities segment reported adjusted operating income of $286 million, down from $432 million a year ago. Those results include $196 million to support guaranteed minimum death and income benefits, and $88 million which represents an “increase in amortization of deferred policy acquisition and other costs.”
The retirement segment reported an increased income of $142 million compared with $99 million a year ago. Higher fees as a result of increased account values attributed to the segment’s increase, as well as “a greater contribution from investment results,” according to the company.
The asset management segment likewise reported increased earnings with $124 million, compared with just $33 million a year ago. Results were driven by increased management fees as assets under management grew. Commercial mortgage and proprietary investing activities also attributed to the results.