NEWARK, N.J. (AP)—Prudential Financial, Inc. swung to a loss of nearly $1 billion in the first quarter as it wrote down the value of derivatives, and operating results fell short of expectations.
After rising 6 cents to close at $60.94 in regular trading, the shares dropped after the report. They fell $3.38, or 5.6 percent, to $57.56 in after-hours trading.
The big life insurance company reported a net loss of $988 million, or $2.09 per share, compared with income of $539 million, or $1.10 per share, a year earlier.
That included net pretax charges of about $1.5 billion because derivatives lost value after the Japanese yen weakened against the dollar and other currencies.
The company said its operating income, excluding the derivatives losses and other items, was $1.56 per share.