Fall in net income
Prudential Financial (PRU) witnessed a substantial decline of ~46.7% in its net income in 2Q17 compared to its net income in 2Q16. In 2Q17, Prudential Financial reported 2Q17 net income of $491 million compared to $921 million in 2Q16.
Prudential Financial posted earnings per share (or EPS) of $2.09 in 2Q17, which missed the analysts’ estimate of $2.70. However, its 2Q17 EPS increased 13.6% from its 2Q16 EPS. Prudential Financial is expected to post EPS of $2.70 in 3Q17, which reflects an increase of 29.2% from its EPS posted in 2Q17.
In 2Q17, Prudential Financial reported adjusted operating income on a post-tax basis of $919 million compared to $829 million in 2Q16. In 2Q17, the company’s asset management business reported strong net flows of $7.7 billion.
The company’s total assets under management (or AUM) in 2Q17 stood at $1.1 trillion. The company’s asset management business reported strong numbers in 2Q17 on the back of strong investment performance.