Prudential Q4 profit up 22% on surge in pension-risk transfers
New York
FOR many large companies, the pension promises that were made years ago to employees became a large and distracting headache. For Prudential Financial Inc, these retirement plans are a pathway to growth.
Account values at the retirement unit climbed by US$17 billion in 2016 to US$386 billion as at Dec 31, the Newark, New Jersey-based company said on Wednesday in a statement. That helped Prudential's fourth-quarter operating profit climb 22 per cent to US$1.09 billion.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover