Prudential Financial has reported a net income of $686m for the fourth quarter of 2011 compared to $177m for the same period in 2010.
Net income of Financial Services Businesses surged to $606m, or $1.26 per share, for the fourth quarter of 2011, compared to $213m, or $0.45 per share for the same period a year ago.
Adjusted operating income for the Financial Services Businesses rose to $1.97 per common share, compared to $1.76 per common share in the year-ago quarter.
Revenues rose to $11.7bn, compared to $8.05bn for the same period in 2010.
The company’s international insurance segment has reported an adjusted operating income of $692m, compared to $588m for the same period a year ago.
Prudential chairman and CEO John Strangfeld said that during the year, addition of the Star and Edison businesses in Japan and divestiture of several non-core operations have made us a stronger, more focused company.
“The merger of Star and Edison into Gibraltar Life was successfully completed on January 1, 2012, and the integration of these companies continues on track,” added Strangfeld.
Affluent investors are likely to face double- and even triple-digit increases in tax rates in 2013, but a new whitepaper offers tips on planning for this eventuality.
Andrew Friedman, a principal in the Washington Update, which focuses on the impact of public policy on the financial services industry, has previously warned that sharp tax hikes are all but certain in less than a year.
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The insurance company, whose proposed increases would have taken place in five states, has a very different view of the situation.
The Hill: HHS Deems Insurance Rate Hikes ‘Unreasonable’ In 5 States The Obama administration said Thursday that increases in healthcare premiums in five states are “unreasonable.” The Health and Human Services Department said Trustmark Life Insurance Co. is pursuing unnecessary rate hikes in five states. The new healthcare law allows HHS to review rates and classify them as unreasonable, but the department cannot stop the rates from taking effect (Baker, 1/12).
Kaiser Health News Capsules blog: HHS Calls Trustmark’s Rate Increases ‘Unreasonable’; Insurer Begs To Differ [The company] proposed health insurance premium hikes of 13 percent for 10,000 residents in five states: Arizona, Alabama, Pennsylvania, Virginia and Wyoming, according to HHS.
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Washington-based Symetra Life Insurance Company has added new enhancements to intensify the quality to its cash value universal life (UL) insurance product, Symetra Classic UL, including expanded death benefit options and a charitable giving benefit.
Symetra Classic UL offers flexible features and payment options, multiple ways to access the policy’s accumulated cash value with three new death benefit options.
The death benefit plus a return of the premiums paid option is designed to maximize the amount of money passed on to the beneficiaries or for businesses to cover key employees.
The charitable giving benefit option gives customers ability to continue their charitable giving even after death by paying an additional benefit of 1% of their policy’s face amount to a selected, qualified charity, at no additional cost.
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A Canada-based life insurer is exiting the variable annuities and individual life products markets in the U.S. not quite a week after ING announced it would be taking a huge charge as it too exited the U.S. variable annuities market.
Sun Life Financial Inc., Toronto, (NYSE: SLF), disclosed its decision on December 12 to halt sales of its domestic U.S. variable annuity and individual life products effective December 30.
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