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Prudential swings to 3rd-quarter profit
By Reuters
NEW YORK (Reuters) - Prudential Financial Inc <PRU.N>, the No. 2 U.S. life insurer, said on Wednesday it had a third-quarter profit, reversing a year earlier loss, on record annuity sales and better performance in its investment portfolios.
The insurer reported net income of $1.09 billion or $2.35 a share, compared with a net loss of $118 million, or 25 cents a share, in the year-earlier quarter.
Newark, New Jersey-based Prudential said adjusted operating earnings, which exclude investment gains and losses, were $733 million, or $1.59 a share, compared with $430 million, or $1.02 cents a share in the same quarter last year.
On that basis, analysts on average expected Prudential to earn $1.33 a share, according to Thomson Reuters I/B/E/S.
Shares fell 45 cents to $46.56 in Wednesday trade on the New York Stock Exchange. The stock has traded in a range between $10.65 and $55.98 in the past year.
(Reporting by Lilla Zuill and Elinor Comlay, editing by Leslie Gevirtz)
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