Prudential Financial Inc. announced Wednesday net income of $1.2 billion for its Financial Services Business in the third quarter or $2.46 per common share. This is up from $798 million in the second quarter, and $1.1 billion in the third quarter of 2009.
Prudential reported that its net income year-to-date is over $2.5 billion. Assets under management totaled $750 billion.
"We are pleased with our strong third quarter results, which were driven by our U.S. Retirement Solutions and Investment Management and International Insurance businesses, where we see substantial growth opportunities," John Strangfeld, chairman and CEO, said in a statement.
"Solid value propositions for clients focused on financial security, coupled with expanding distribution, are fueling sustained organic growth," he added.
Prudential has amended its definition of adjusted operating income to exclude mark-to-market adjustments on embedded derivatives from living benefit guarantees, a change that is reflected in the 2010 third quarter report. The exclusion totals a pre-tax gain of $89 million. The new definition, according to Prudential, is a "more meaningful presentation of its results for purposes of analyzing the operating performance of its business segments."