(Reuters) -Prudential Financial on Wednesday reported a rise in second-quarter profit, lifted by stronger fees in investment management and favorable underwriting in its international businesses.
U.S. equities resumed their rally after a brief wobble sparked by tariff concerns, as investors brushed off trade tensions and refocused on strong corporate earnings and signs of resilience in the economy.
The optimism has reverberated across asset classes, helping companies like Prudential that typically generate fees based on the returns to investors.
Assets under management came in at $1.58 trillion in the second quarter compared with $1.48 trillion a year ago.
PGIM, Prudential’s global investment management business, reported an adjusted operating income of $229 million versus $206 million a year ago.
Prudential has a diversified business model spanning life insurance, retirement solutions, and investment management, which typically helps cushion the impact of market volatility on any single unit.
The company offers a broad range of products, primarily in the life insurance and retirement segments in insurance, an industry often considered recession-proof as customers tend to maintain these policies even during downturns.
Its international businesses posted an adjusted profit of $761 million versus $702 million, a year earlier.
The company’s after-tax adjusted operating income came in $3.58 per common share in the three months ended June 30, compared with $3.28 per share, a year earlier.
(Reporting by Manya Saini in Bengaluru)
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