By Connor Hart

Prudential Financial swung to a loss in the fourth quarter dragged down by lower returns from its U.S. Businesses and Retirement Strategies units.

The Newark, N.J., insurer on Tuesday posted a loss of $57 million, or 17 cents a share, compared with a profit of $1.32 billion, or $3.61 a share, in last year's comparable quarter.

Adjusted per-share earnings came in at $2.96, missing the $3.24 that analysts surveyed by FactSet were expecting.

Assets under management at Prudential's global investment-management business, known as PGIM, increased 6% to $1.375 trillion, driven by net inflows, equity market appreciation and strong investment performance, the company said.

Prudential's U.S. Businesses unit reported adjusted operating income of $860 million, down from $964 million a year earlier, due to higher expenses, lower net fee income and less favorable underwriting results.

Adjusted operating income from its Retirement Strategies arm, which includes both institutions and individuals, fell to $851 million from $890 million.

The company's shares fell 3.2% to $114.21 in post-market trading.

Chief Executive Charles Lowrey said Prudential worked to diversify its product mix and expand its distribution channels in 2024, allowing the company to reach more people around the world. At the same time, it continued to address the growing global retirement opportunity and increased demand for alternative investments, he said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

February 04, 2025 17:30 ET (22:30 GMT)

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