Prudential names new CFO, reports profit growth By Reuters

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<span>© Reuters. Prudential Financial Inc logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration</span><br />
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<p>(Reuters) -Prudential Financial on Tuesday named company veteran Yanela Frias as chief financial officer, succeeding Ken Tanji, and said higher net investment returns in its U.S. unit helped drive a rise in fourth-quarter profit.</p>
<p>The CFO change comes as Prudential shifts its business focus to more stable and recurring sources of income such as underwriting from market-sensitive revenue segments. </p>
<p>“Yanela’s extensive finance, operations and leadership experience will serve us well as we execute on our strategy to become a higher-growth, less market-sensitive and more nimble company,” Prudential CEO Charles Lowrey said. </p>
<p>Tanji will leave Prudential in September after 35 years with the company, during which he held a number of senior leadership positions and was responsible for directing the company’s financial strategy as its finance chief. </p>
<p>Frias, who has also been with the company for nearly three decades, was most recently president of its group insurance business. </p>
<p>For the latest quarter, Prudential’s adjusted profit rose 1.2%, with its U.S. businesses reporting adjusted operating income of $988 million, compared with $710 million a year earlier. </p>
<p>Investment returns at major insurers rebounded after firming bets of a soft landing for the U.S. economy sparked a Wall Street rally at the end of the year.</p>
<p>Prudential reported assets under management and administration of $1.63 trillion in the fourth quarter, compared with $1.53 trillion a year earlier.</p>
<p>“In 2023, we successfully reduced our market sensitivity and increased capital flexibility through multiple strategic transactions,” CEO Lowrey said.</p>
<p>The company’s after-tax adjusted operating income came in at $943 million, or $2.58 per common share, for the three months ended Dec. 31, compared with $932 million, or $2.49 per common share, a year earlier.</p>
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