* $5 mln Q1 net loss, equal to 1 cent a share profit

* Adjusted operating income of $1.05/share, beats Wall St

* Sees lower '09 adj operating income of $4.80-$5.20/share

* Shares rise after the report (Adds financial detail, analyst comment, byline, updates shares)

By Lilla Zuill

NEW YORK, May 6 (Reuters) - Prudential Financial Inc (PRU.N: Quote, Profile, Research) reported a small first-quarter loss on Wednesday, as investment losses and a charge to shore up reserves and cover costs for annuities eroded profit.

An accounting change adopted in the quarter may also have helped insulate Prudential from a bigger net loss.

Newark, New Jersey-based Prudential said its net loss was $5 million, equal to a profit of 1 cent a share, compared with net income of $68 million, or 18 cents a share, in the year- earlier quarter.

On an adjusted operating basis, Prudential posted a profit that was much better than expected.