NEWARK, N.J. (AP) — Prudential Financial Inc. posted a first-quarter loss as the life insurer took a hefty charge tied to the value of the Japanese yen, but its adjusted earnings topped market expectations.
The Newark, N.J., company said Wednesday that it lost $721 million, or $1.55 per share. That includes pre-tax charges of about $2.5 billion tied to foreign-currency rates and $3 billion in investment losses. A year ago it reported a loss of $960 million, or $2.03 per share. Excluding one-time charges Prudential made $2.28 per share on an adjusted basis in the recent quarter.
Total revenue increased to $11.83 billion from $10.5 billion.
Analysts polled by FactSet expected $1.87 per share on revenue of $12.43 billion, according to FactSet.