April 30 (Reuters) - Prudential Financial ( PRU )
reported a rise in first-quarter profit on Wednesday, bolstered
by strong underwriting at the insurer's U.S. unit which offset
declines in its investment management business.
Market uncertainty sparked by U.S. President Donald Trump's
tariff policy moves clubbed with environmental problems forced
individuals and businesses to spend more on insurance policies
in the reported quarter.
The Newark, New Jersey-based company's U.S. businesses
posted adjusted operating income of $931 million in the quarter
ended March 31, up from $805 million in the year-ago quarter.
PGIM, Prudential's global investment management business,
reported an adjusted operating income of $156 million in the
quarter, down from $169 million a year ago.
Assets under management came in at $1.52 trillion in the
first quarter versus $1.5 trillion a year ago.
The company's after-tax adjusted operating income came in at
$1.19 billion, or $3.29 per common share, in the
January-to-March period, compared with $1.12 billion, or $3.05
per share, a year earlier.