Newark, N.J. — Prudential Financial Inc. reported a $166 million net loss for the third quarter, including a net negative impact of $591 million from annual reviews of actuarial assumptions including the impact of market conditions, and other significant discrete items, the carrier said in a statement.
Assets under management amounted to $602 billion on Sept. 30, 2008, compared to $637 billion a year earlier and $648 billion on Dec. 31, 2007.
“Unfavorable financial market conditions are having a substantial negative effect on reported results of our domestic businesses and market values in our investment portfolio,” said Chairman and CEO John Strangfeld.
“We believe that our strong balance sheet, financial flexibility, and balanced mix of businesses and risks position us well to manage through the challenging current environment and to achieve long-term results consistent with our goals. Our risk management skills and innovative products, supported by a history of making and keeping promises for more than 130 years, form an attractive value proposition in a market with renewed focus on protecting wealth and retirement security.”
In light of current market volatility and extraordinary events and developments affecting financial markets generally, Prudential has determined to withdraw its earnings guidance for 2008.
Source: Prudential Financial Inc.
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