By Elias Schisgall

Prudential Financial reported lower profit in the first quarter, weighed down by investment losses and the net change in value of market risk benefits.

The Newark, N.J.-based insurer on Tuesday reported a profit of $597 million or $1.68 a share, compared with a profit of $707 million, or $1.96 a share, a year earlier.

Stripping out certain one-time items, consolidated adjusted operating income was $3.61 a share, ahead of the $3.09 a share analysts were expecting, according to FactSet.

"Our U.S. businesses reflected the actions taken to enhance competitive positioning, enabling us to capture demand and improve the underlying fundamentals across retirement and insurance," Chief Executive Officer Andy Sullivan said.

Results in the international business, he said, were impacted by the suspension of sales at Prudential of Japan. Sales at that unit were suspended last month for an additional 180 days, or about six months, as the company implements operational and governance changes following findings of employee misconduct.

Prudential's global investment-management business, called PGIM, reported $1.43 trillion in assets under management, up 3% year over year. The business is on track to hit its margin expansion target, Sullivan said.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

May 05, 2026 16:45 ET (20:45 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.