Key facts
- Prudential Financial's second-quarter profit increased.
- Gains in PGIM and the individual life unit were key drivers.
- PGIM's adjusted operating income rose to $294 million.
- Individual life unit's adjusted operating income more than doubled to $176 million.
- Assets under management grew to $1.64 trillion.
Prudential Financial reported an increase in its second-quarter profit, with results boosted by strong performance in its global investment management arm, PGIM, and its individual life insurance segment.
The company's diversified business model has helped it navigate market volatility. Assets under management grew to $1.64 trillion, up from $1.58 trillion in the same period last year.
PGIM delivered adjusted operating income of $294 million, a significant rise from $229 million a year prior. The individual life unit, part of the U.S. businesses segment, saw its adjusted operating income more than double to $176 million, compared to $82 million in the previous year.
Overall, Prudential Financial's after-tax adjusted operating income was $4.08 per common share for the three months ended June 30, an increase from $3.58 per share a year earlier. CEO Andy Sullivan noted PGIM's strong investment performance and progress in platform integration, while highlighting the benefits of investments in distribution and product diversification within the U.S. businesses.