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Prudential Financial Q3 Net Income Increases

Reported a net income of $1.090 billion for Q3

Prudential Financial has reported a net income of its financial services businesses of $1.090 billion ($2.35 per common share) for the third quarter of 2009, compared to a net loss of $118m (25 cents per common share) for the year-ago quarter.

After-tax adjusted operating income for the financial services businesses was $733m ($1.59 per common share) for the third quarter of 2009, compared to $430m ($1.02 per common share) for the third quarter of 2008.

For the first nine months of 2009, the net income for the financial services businesses amounted to $1.623 billion ($3.72 per common share) compared to $516m ($1.26 per common share) for the first nine months of 2008.

After-tax adjusted operating income for the first nine months of 2009 for the financial services businesses amounted to $1.986 billion ($4.53 per common share), compared to $1.966 billion ($4.55 per common share) for the first nine months of 2008.

John Strangfeld, chairman and CEO of Prudential Financial, said: “Our current quarter results reflect underlying strength in our diversified portfolio of businesses, as well as continuing improvements in financial markets. Sales and net flows were solid across our domestic businesses, with variable annuity sales achieving record levels for the second consecutive quarter. International insurance sales were strong as well, benefiting from expanded distribution of our life insurance protection products.”

Prudential Financial’s common stock reflects the performance of its financial services businesses, which consist of its U.S. Retirement Solutions and Investment Management, U.S. Individual Life and Group Insurance, and International Insurance and Investments divisions and its Corporate and other operations.