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Wednesday, August 6, 2014

Prudential profit beats estimates as asset management fees rise, (NYSE: PRU)

Prudential Financial Inc, the second-largest U.S. life insurer, reported a better-than-expected quarterly profit, helped by higher asset management fees. The company's financial services businesses reported net income of $1.05 billion, or $2.22 per share, for the second quarter ended June 30, compared with a net loss of $517 million, or $1.12 per share, a year earlier.Prudential Financial booked pre-tax charges of about $1.6 billion in the year earlier quarter, related to changes in currency rates and derivatives."We are benefiting from growth of fees, especially in our annuities and asset management businesses..., " Chief Executive John Strangfeld said.Adjusted operating income at the insurer's asset management business rose about 16 percent to $200 million.

Prudential Financial, Inc. (Prudential Financial) is a financial services company. Shares of PRU traded higher by 0.96% or $0.82/share to $86.57. In the past year, the shares have traded as low as $74.10 and as high as $92.68. On average, 2433570 shares of PRU exchange hands on a given day and today's volume is recorded at 2541065.