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May 2 (Reuters) - Prudential Financial Inc posted a better-than-expected quarterly adjusted profit on Wednesday as the insurer earned more fees from its annuities business.
Prudential, the largest U.S. life insurer by assets, earned $1.34 billion, or $3.08 per share, in adjusted operating profit after-tax for the first quarter ended March 31, up from $1.24 billion, or $2.79 per share, a year earlier.
Analysts had expected $2.98 per share, according to Thomson Reuters I/B/E/S.
The company, which has already returned about $760 million to shareholders through share repurchases and dividends, said it sees “strong return prospects” in the future.
Prudential managed $1.4 trillion in assets as of March 31, 2018, compared to $1.3 trillion a year earlier.
Adjusted operating earnings in Prudential’s U.S. individual annuities division rose about 10.9 percent to $519 million.
The results cap off a period in which investors and analysts have been trying to navigate how a variety of economic conditions are affecting the U.S. life insurance industry.
Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila