Prudential Financial profit falls 26% as market rout hits AuM

Written by Adam Cadle

08/02/2023

Prudential Financial has reported a roughly 26% fall in fourth-quarter adjusted profit as a global market rout pressured the insurer's assets under management (AuM).

The company reported a 21% decline in AuM in the quarter to $1.38trn.

"Our fourth quarter operating results reflect lower variable investment and fee income, partially offset by improved COVID-19 mortality," said CEO Charles Lowrey in a statement.

Last week, MetLife reported a 33% drop in Q4 adjusted profit as market turmoil has hit investment returns.

Lower private equity returns have seen MetLife’s net investment income fall by 15% to $4.5bn in the final quarter of 2022.

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