Overview

* Prudential Q3 net income rises to $1.431 bln, up from $448 mln year-ago

* Adjusted operating income for Q3 misses analyst expectations

* Company returns $731 mln to shareholders via dividends and share repurchases

Outlook

* Company did not provide specific guidance for future quarters or full year in its press release

Result Drivers

* RECORD EARNINGS - CEO Andy Sullivan attributes record-high adjusted operating income to growth across all business segments

* PGIM GROWTH - PGIM's income increased due to higher asset management fees and gains from a business sale, despite higher expenses

* U.S. BUSINESS PERFORMANCE - Higher net investment spread results and favorable underwriting drove U.S. Businesses' income, offset by lower fee income and higher expenses

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net $1.43

Income bln

Q3 Miss $1.52 $2.25

Adjusted bln bln (1

Operatin Analyst)

g Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the life & health insurance peer group is "buy."

* Wall Street's median 12-month price target for Prudential Financial Inc ( PRU ) is $117.00, about 13.3% above its October 28 closing price of $101.45

* The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)