Prudential, MetLife & Willis

Feb 7, 2008 @ 3:21 pm

By Darla Mercado

Prudential Financial Inc. of Newark, N.J.'s fourth-quarter net income fell to $792 million, or $1.75 per share, from $893 million, or $1.88 per share for the same period last year.

Investment division operating income fell to $305 million from $361 million, due to losses on commercial mortgage-backed securities.

MetLife Inc. in New York saw a 71% plunge in profits, with net income falling to $1.08 billion, or $1.44 per share. Thatís down from $3.83 billion, or $4.95 per share, in the fourth quarter of 2006.

The company was hit with investment losses of $182 million during the fourth quarter, including $49 million in credit-related losses.

Quarterly profits declined by 52% for Assurant Inc., also of New York, bringing earnings to $120.8 million, or $1.01 per share.

The insurerís investment portfolio took a beating in the final quarter, racking up $51.6 losses after a book of stocks and bonds fell in value. In 2006, Assurant had a $116.7 million increase in its investments.

Willis Group Holdings Ltd., the New York-based insurance broker, said that its profit fell 36% from the fourth quarter of 2007, hitting $95 million, or 66 cents a share.

A $71 million tax credit boosted earnings from the same quarter in 2006, raising those earnings to $148 million and exaggerating the disparity between the two periods.

Revenue at Willis also rose to $615 million from $598 million.


What do you think?

View comments

Recommended for you

Featured video


What it took to win an Excellence in Diversity & Inclusion Award

Editor Fred Gabriel and special projects editor Liz Skinner explain how InvestmentNews chose the winners of our inaugural Excellence in Diversity & Inclusion Awards.

Latest news & opinion

Ameriprise to pay $4.5 million to settle SEC charges that five reps stole more than $1 million from clients

Agency censures firm for not protecting clients from thieving brokers.

SEC slaps Lockwood with $200,000 fine over unseen trading costs to clients

Clients were forced to pay fees in addition to the usual wrap charges, the regulator maintains.

Gotcha! 10 lessons from brokers gone bad

These cases show why regulators nabbed reps and firms, and how to avoid their fate.

Tax-credit investigation may trip up Wells Fargo

Justice Department is investigating bank's dealings in tax credits for low-income housing, sources say.

10 biggest boomtowns in America

These metro areas are seeing the biggest influx of people, work opportunities and business growth.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print