Prudential Financial's profit rises on PGIM, international business strength
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
5 minutes ago
- Reuters
China soybean imports hit record July high on strong Brazil exports, US trade uncertainties
BEIJING, Aug 7 (Reuters) - China's soybean imports rose to the highest ever for the month of July, a Reuters calculation of customs data showed on Thursday, driven by strong Brazilian exports and ongoing China-U.S. trade uncertainties that have raised supply concerns. The world's largest soybean consumer brought in 11.67 million metric tons in July, data from the General Administration of Customs showed, up 18.5% from 9.85 million tons a year earlier, and above analysts' expectations of 10.48 million tons. "This suggests the market is preparing for potential uncertainties arising from China-U.S. trade tensions," said Rosa Wang, an analyst at Shanghai-based agro-consultancy JCI, who expects imports to remain above 10 million tons in August and September. Most beans are expected to come from top soy supplier Brazil. "Brazil's abundant soybean production has provided a strong supply foundation. Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter," said Wan Chengzhi, an analyst at Capital Jingdu Futures. Shipments for the first seven months of the year totaled 61.04 million tons, up 4.6% year-on-year, the Customs data showed. July imports were down 4.8% from June, the data showed. Concerns over the trade disputes between the U.S. and China have fuelled soybean supply fears for the fourth quarter, with local feed mills on Tuesday booking around 1.9 million tons of soymeal for October to January deliveries, the biggest single-day purchase of 2025. China has yet to book any U.S. soybean cargoes for the fourth quarter as buyers await the outcome of China-U.S. trade negotiations. "Overall, a temporary mismatch between supply and demand for imported soybeans in China's domestic market may occur in the fourth quarter," Wan said. Still, China is facing a soymeal supply glut, as record imports earlier in 2025 combined with weak demand from animal feed producers have increased domestic soymeal inventories, Reuters has previously reported.
Reuters
7 minutes ago
- Reuters
Morning Bid: Split Bank of England set to cut rates
A look at the day ahead in European and global markets from Kevin Buckland There's little doubt in the market's mind that the Bank of England will cut interest rates later today by another quarter point, making it five cuts in the past year. But a tricky balance between a slowing jobs market and nagging inflation worries could see the board split three ways, with two of the nine members potentially pushing for no change, while two others may lobby for a half-point reduction. The board's language will also be key, with a focus on whether the message of "gradual and careful" policy easing remains in place. Any signs of an extended pause would be a blow for Finance Minister Rachel Reeves and Prime Minister Keir Starmer, who have promised to speed up Britain's slow economic growth. Away from the UK, the market's broad focus falls squarely on another central bank with some similar problems. The U.S. Federal Reserve has seen the macroeconomic data take a distinct downward turn over the past week - particularly the labour market - just days after the board opted to forgo a rate cut. But with worries about simmering inflationary forces as a result of President Donald Trump's bellicose tariff campaign also showing up in the data, Fed Chair Jerome Powell's wait-and-see stance also finds some support. Hanging over the Fed's debate - which saw two Trump-chosen Fed governors dissent in last week's decision - are the president's persistent and aggressive calls to cut rates, often framed with name-calling and threats to fire Powell before his chairmanship expires in May. The market's eyes are on Trump's short list of four possible replacements, and more immediately, his pick to fill a governor role abruptly vacated by Adriana Kugler. Meanwhile, Trump's barrage of tariff threats continues unabated, with a 100% duty on semiconductor imports and additional levies on India for importing Russian oil among the latest. Trump plans to talk to Russian President Vladimir Putin next week about ending the war in Ukraine, which is buoying the euro while injecting uncertainty into the outlook for crude oil. Overall though, the market has become more inured to the constant tariff sabre-rattling and Japan's Topix index (.TOPX), opens new tab marched to a record peak while tech-heavy Taiwan shares (.TWII), opens new tab leapt more than 2% to the highest in over a year. Pan-European STOXX 50 futures are pointing 0.2% higher, with Wall Street futures also up by about the same amount. A strong U.S. earnings season is one reason for that. Coming up are Eli Lilly, ConocoPhillips and Warner Bros Discovery, among many others. Europe has a busy day of earnings reports as well, with Allianz, Siemens and Merck among them. On the data front, Germany has trade figures and industrial production numbers, while Britain gets a reading on house prices. Key developments that could influence markets on Thursday: -BoE policy decision -UK Halifax house prices (July) -German exports, imports, industrial production (all June) Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
Reuters
7 minutes ago
- Reuters
China's exports top forecasts as shippers rush to meet tariff deadline
BEIJING, Aug 7 (Reuters) - China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods, especially to Southeast Asia, before tougher U.S. duties targeting transshipment take effect. Global traders and investors are waiting to see whether the world's two largest economies can agree on a durable trade deal by August 12 or if global supply chains will again be upended by the return of import levies exceeding 100%. U.S. President Donald Trump has raised the prospect of further tariffs, including a 40% duty on goods rerouted to the U.S. via transit hubs, that took effect on Thursday, as well as a 100% levy on chips and pharmaceutical products, and an additional 25% tax on goods from countries that buy Russian oil. China's outbound shipments rose 7.2% year-on-year in July, customs data showed on Thursday, beating a forecast 5.4% increase in a Reuters poll of economists and accelerating from June's 5.8% growth. China's trade war truce with the U.S. - the world's top consumer market - ends next week, although Trump hinted further tariffs may come Beijing's way due to its continuing purchases of Russian hydrocarbons. Imports grew 4.1%, defying economists' expectations for a 1.0% fall and climbing from a 1.1% rise in June, pointing to improving domestic demand as policymakers step up efforts to encourage households to boost spending. "The trade data suggests that the Southeast Asian markets play an ever more important role in U.S.-China trade," said Xu Tianchen, senior economist at the Economist Intelligence Unit. "But it's not all about the transshipments that Trump seeks to stop, ASEAN countries are also importing raw materials and components from China before exporting finished products to the U.S.," he added. China's exports to the U.S. fell 21.67% last month from a year earlier, the data showed, while shipments to ASEAN rose 16.59% over the same period. Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus narrowed to $98.24 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed the U.S. trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States — and with the European Union, which has accused China of producing and selling goods too cheaply — would give Chinese officials more room to advance their reform agenda. However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU.
