15:51 PM
Despite a lack of fallout so far, life insurers led by MetLife (MET +0.6%) and Prudential (PRU +2.1%) may lose near $23B on commercial real estate in the next two years, Fitch says. The insurers held more than $450B in commercial loans and MBS at the end of 2008.
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Wednesday, November 4, 2009
16:26 PMPrudential Financial (PRU): Q3 EPS of $1.59 beats by $0.26. Revenue of $6.6B (+4%) vs. $6.65B. Shares +1.3% AH. (PR)
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11:15 AM
As credit markets closed to them, CIT Group (CIT), GMAC, Prudential Financial (PRU) and others went to retirees to get new funding, Bloomberg reports - selling notes that contain "survivor's options" and other features former SEC head Arthur Levitt calls "almost an affinity type of financing geared to elderly people." Finra is investigating whether risks were adequately disclosed.
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Wednesday, August 5, 2009
16:12 PMPrudential Financial (PRU): Q2 EPS of $1.88 beats by $0.68. Revenue of $6.3B (-8%) vs. $6.6B. Sees full-year EPS of $5.00-5.20 vs. $4.72. Shares +1.9% AH. (PR)
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17:14 PM
Sources report Prudential (PRU) has resumed talks with AIG (AIG) over buying two Japanese insurance units, after discussions stalled earlier in the year. A sale could yield $3B for AIG, though the two sides aren't yet close to a deal.
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Monday, June 22, 2009
14:56 PM
In the wake of Manulife's (MFC -14.3%) warning by Canadian regulators about insufficient disclosure of risks, other variable-annuity providers are tumbling: Hartford Financial (HIG -9.7%), Prudential (PRU -7.1%) and Lincoln Financial (LNC -5.8%) are on the decline.
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Monday, June 1, 2009
07:06 AM
Prudential Financial (PRU) announces a $1.25B common stock offering, and says it won't participate in Treasury's Capital Purchase Program. Shares -2.3% premarket.
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07:21 AM
After waiting a half-year, six insurers were cleared to receive up to $22B in TARP funds late Thursday. Hartford Financial (HIG) was approved for $3.4B; Lincoln National (LNC) said it may receive $2.5B; also approved were Allstate (ALL), Prudential Financial (PRU), Principal Financial Group (PFG), and Ameriprise Financial (AMP).
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