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Prudential Q3 net income marginally up

Prudential Financial has reported a net income of $1.16bn or $2.46 per common share for the third quarter of 2010, compared to $1.09bn or $2.35 per common share for the same quarter of 2009.

Total revenues for the third quarter of 2010 were $7.87bn, compared to $6.79bn for the same period of 2009.

Individual annuity gross sales for the third quarter of 2010 were $5.4bn, compared to $5.9bn for the same quarter of 2009.

Individual Life annualized new business premiums were $64m for the third quarter of 2010, compared to $86m for the same corresponding quarter a year ago.

International insurance constant dollar basis annualized new business premiums were $449m, compared to $357m a year ago.

For the first nine months of 2010, net income for was $2.5bn or $5.31 per common share, compared to $1.62bn or $3.72 per common share for the first nine months of 2009.

Prudential chairman and CEO John Strangfeld said, the third quarter results were driven by US retirement solutions and investment management and international insurance businesses.

“Solid value propositions for clients focused on financial security, coupled with expanding distribution, are fueling sustained organic growth. With our acquisition of AIG Star Life and AIG Edison Life expected to close in the first quarter of 2011, we look forward to augmenting our footprint as a leading foreign life insurer in Japan serving protection and retirement needs and building on our success in the Japanese insurance market,” Strangfeld said.