Prudential Financial's (PRU) stock plummeted 5.15% in Wednesday's intraday trading session, following the company's disappointing fourth-quarter earnings report and weak guidance for the year ahead.
The insurance giant reported adjusted operating income of $2.96 per share for the fourth quarter of 2024, missing analysts' expectations by 9.7%. While revenue rose 1% year-over-year to $13 billion, it also fell short of estimates by 8%.
The earnings miss was primarily attributed to weaker-than-expected performance from Prudential's U.S. Businesses segment, where operating income declined 10.7% due to higher expenses, lower fee income, and unfavorable underwriting results. Additionally, the company's Corporate and Other segment reported a wider operating loss of $490 million.
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