Prudential Financial reported 2009 year-end earnings of $3.411 billion, or $7.63 per common share, a sharp improvement from the $1.14 billion loss, or $2.53 per common share, in 2008.
Prudential’s financial services businesses’ after-tax operating income was $2.481 billion, or $5.58 per common share, for the year, compared to $1.087 billion, or $2.62 per common share, for 2008.
In the fourth quarter, net income for financial services amounted to $1.788 billion, or $3.79 per common share, compared to a net loss of $1.656 billion, or $3.89 per common share, in the fourth quarter of 2008.
“Each of our divisions recorded solid results for the fourth quarter and the year,” said Prudential Chairman and Chief Executive Officer John Strangfield. “Our businesses benefited from improving market conditions, from successful product offerings and from expanded distribution.”
Prudential issued more than $4 billion in long-term debt and equity issues in 2009, Strangfield said. Prudential also sold its stake in the Wachovia Securities joint venture in December for $4.5 billion of cash proceeds.
“While we are mindful that we remain in uncertain times, we have never felt better about our balanced mix of quality businesses and our ability to benefit from further changes in the industry landscape,” Strangfield added.