Prudential Financial has reported an attributable net loss of $802m for the third quarter (Q3) 2023 versus a net loss of $92m a year ago.
For the quarter ended 30 September 2023, net loss attributable to Prudential Financial per common share stood at $2.23, as against $0.26 last year.
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After-tax adjusted operating income totalled $1.26bn or $3.44 per common share as against $896m or $2.37 per common share in the year-ago quarter.
The US-based life insurer has four operations, which include PGIM, US businesses, and international businesses.
PGIM, the company’s global investment management division, posted an adjusted operating income of $211m, down from $219m in Q3 2022.
On the contrary, adjusted operating income before taxes for US businesses surged 76.9% to $1.08bn from $615m a year earlier.
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By GlobalDataInternational Businesses, which comprises Gibraltar Life & Other and Life Planner, reported adjusted operating income of $811m, up from $748m a year ago.
The Corporate & Other division reported a loss, on an adjusted operating income basis, of $504m versus a loss of $415m last year.
Prudential Financial chairman and CEO Charles Lowrey said: “Our Q3 results reflect continued momentum across our businesses, including the benefits from strong sales and the fifth consecutive quarter of underlying earnings growth.”
Concurrently, Prudential Financial is planning to cut 243 senior leader positions in a bid to save costs, Bloomberg has reported.
This move will mainly impact different levels of senior vice presidents and vice presidents.
The company intends to reduce the existing number of management layers by around one-third, the report cited a memo shared by Prudential with its staff.
“Unnecessary complexity slows us down and adds to our operating costs. We have therefore embarked on a comprehensive effort to simplify our organisational design beginning with a significant reduction in the number of senior leaders,” Lowrey said in the memo.
