A hefty gain on the sale of its stake in Wachovia Securities has helped life insurer and annuity provider Prudential Financial report a fourth-quarter profit, reversing a year-ago loss.
The Newark, N.J., company posted quarterly earnings of $1.79 billion, or $3.79 per share, including a $1.4 billion gain from the sale of its stake in the brokerage joint venture to Wells Fargo in December.
In the year-ago period it reported a $1.66 billion loss.
Prudential said improving financial markets also helped boost results. Excluding certain investment gains and losses, adjusted profit totaled $1.07 per share. That's shy of the $1.11 per share that analysts polled by Thomson Reuters were expecting.
Prudential shares fell nearly 3 percent in aftermarket trading following the results.
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