The life insurer reported net income at $1.79 billion for the fourth quarter against a net loss of $1.66 billion recorded in corresponding quarter last year. The Financial Services Business of insurer recorded pre-tax adjusted operating income at $3.3 billion for year 2009, twice from previous year.
The insurance firm’s AUM reaches $667 billion at December 31, 2009, as compared to $558 billion at December 31, 2008. Prudential witnessed robust performance in major line of services as each at record-high levels with Individual Annuity gross record $16 billion sales, Full Service Retirement gross deposits and sales at $23 billion, new business premiums for International Insurance annualized reaches $1.4 billion.
The gain recorded by sale of Prudential’s brokerage stake to Wells Fargo & Co. provided company much needed financial flexibility.
Chairman and CEO John Strangfeld said in a statement, “Our businesses benefited from improving financial market conditions, from successful product offerings, and from expanded distribution. He also quoted, “We are gaining ground as our innovative value propositions and underlying financial strength set us apart”. Prudential demonstrates financial strength with strong capital position and ample liquidity on books.