Prudential Financial Inc. reported strong first-quarter earnings compared with a net loss last year.
Net income for the quarter was $1.23 billion, or $2.59 per share, compared with a net loss of $735 million, or $1.58 per share, during the same period last year.
Operating income after tax for the quarter was $1.14 billion, or $2.40 per share, compared with $1.07 billion, or $2.27 per share, during the same period a year ago.
The company said its integration of an individual-life-insurance segment that it acquired in January 2013 from The Hartford Financial Services Group “remains well on track.”
“Our Annuities, Retirement, and Asset Management businesses are benefiting from sustained growth of account values and assets under management, driving strong underlying earnings momentum,” Chairman and CEO John Strangfeld said. “In our U.S. insurance protection businesses, while current quarter results reflect some unfavorable fluctuations in claims experience, we are continuing to build our base of high quality business.”
The U.S. Retirement Solutions and Investment Management division reported operating income of $945 million for the quarter compared with $769 million during the same period in 2013.
The U.S. Individual Life and Group Insurance division had operating income of $131 million for the quarter, compared with $146 million a year earlier.
In the first quarter, Prudential Financial acquired 2.9 million shares of the company’s common stock for $250 million at an average share price of $86.03.
Prudential Financial of Newark, N.J., is the parent company of Prudential Retirement, which has offices at 280 Trumbull St. in Hartford.
Prudential reported earnings Wednesday after the close of the New York Stock Exchange. Shares of the company stock were trading at $81.46, up 56 cents from Wednesday’s closing price.