Prudential Records $618 Million Loss on Derivatives
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Prudential Financial Inc., the second-largest U.S. life insurer, swung to a loss in the third quarter as derivatives weighed on results.
The net loss of $618 million compares with a profit of $1.59 billion a year earlier, Newark, New Jersey-based Prudential said today in a statement. Operating profit, which excludes the results of policies sold before the firm went public and some investments, was $1.53 a share, missing the $1.67 average estimate of 17 analysts surveyed by Bloomberg.