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October 14, 2008

Prudential Financial, Met Life announce 3Q 2008 Profits AFTER Charges for Lehman, AIG, Wamu

After MetLIfe announced that it expects to report $600M in operating earnings for the third quarter of 2008, Prudential Financial Inc.  issued a press release on October 9, 2008 stating that its after-tax adjusted operating income for its financial services businesses will be between $275 million and $375 million for the third quarter of 2008, down from $905 million for the third quarter of 2007.

Prudential says the operating results will include $700 million in charges, including:

- $325 million to $375 million in charges for pretax losses on investments in securities issued by Lehman Brothers Holding Corp., New York; American International Group Inc., New York; and Washington Mutual Inc., Seattle.

- $235 million for Prudential’s share of a legal settlement involving Wachovia Securities, a retail securities brokerage joint venture owned by Prudential and Wachovia Corp., Charlotte, N.C. The settlement resolved charges of improper security sales practices by subsidiaries of Wachovia Securities.

- $45 million in charges related to Prudential’s acquisition of A.G. Edwards & Sons Inc.,

St.

Louis.

Click here for Prudential Financial balance sheet for year ends 2005-2007 compiled from SEC filings.

Prudential Financial, Inc. is the parent of structured annuity issuer The Prudential Insurance Company of America and guarantor of Pruco Assignments Corporation when non qualified assignments are placed through the Pruco facility.

In March 2008, Prudential Financial was named "Most Admired" by its industry peers in the Annual World's Most Admired survey in the life insurer category.

Sources: Prudential Financial, National Underwriter, Hoovers, CNN/Money

 


Posted at 08:54 AM in Insurance Company News, Non Qualified Structured Settlements, Pruco Assignments Corporation, Prudential Insurance Company of America, Prudential Structured Settlements, Structured Annuity Company |

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Guide to Structured Settlements 2022

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  • What Are Structured Settlement Annuities?
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  • STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News and Information, Settlement Planning News, Tax Deferral and Deferred Income Planning Solutions,
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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
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  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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