Prudential Executives Stress Focus on Long-Term Stability

— May 3, 2023 —
Published in TOP STORIES
on InsuranceNewsNet.com
Written by John Hilton

Prudential delivered stagnant results in its life insurance segment, reporting a loss, on an adjusted operating income basis, of $102 million, compared to a loss of $18 million in the year-ago quarter. The higher loss primarily reflects lower net investment spread results, driven by lower variable investment income, and less favorable underwriting results, Prudential reported.

Prudential executives all focused on the future, repeating the mantra of long-term stability.

We’re investing in long-term sustainable growth by expanding access to our products and services in markets around the world, including through programmatic M&A, and organic growth opportunities, creating the next generation of financial solutions and delivering industry leading customer experience.

Charlie Lowrey, Chairman and CEO, Prudential Financial

Assurance IQ, an insurance-distribution platform Prudential acquired in a $2.35 billion deal in 2019, was not mentioned in either the news release or the call with analysts. Prudential has struggled to make Assurance IQ a profitable venture. While Assurance IQ* finally turned a profit in the fourth quarter, it was negated by a $713 million “impairment charge” related to the fair value of business.

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*Assurance is not an insurer. Assurance IQ, LLC is a wholly owned subsidiary of Prudential Financial, Inc. Assurance IQ, LLC is not affiliated with Assurance Agency, Ltd., nor any government agency.

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