Charles Lowrey, Chairman and CEO, commented on results: The Company’s Board of Directors has authorized the repurchase of an additional $0.5 billion of its outstanding Common Stock, increasing the authorization to up to $2.0 billion from January 1, 2021 through December 31, 2021. “Prudential had a strong start to the year, including record adjusted operating income and favorable sales and net flow trends across many of our businesses.
Parent company highly liquid assets of $5.4 billion(1) versus $5.3 billion for the year-ago. Capital returned to shareholders of $842 million in the quarter, including dividends of $1.15 per Common share, representing a 5% yield on adjusted book value, versus $945 million in the year-ago quarter.
Assets under management amounted to $1.663 trillion versus $1.481 trillion for the year-ago. Book value per Common share of $145.05 versus $152.45 per share for the year-ago; adjusted book value per Common share of $100.49 versus $99.71 per share for the year-ago.
Story continues Prudential Financial, Inc. (NYSE: PRU) today reported first quarter results. Net income attributable to Prudential Financial, Inc. was $2.828 billion ($6.98 per Common share) for the first quarter of 2021, compared to net loss of $271 million ($0.70 per Common share) for the first quarter of 2020. After-tax adjusted operating income was $1.665 billion ($4.11 per Common share) for the first quarter of 2021, compared to $897 million ($2.22 per Common share) for the first quarter of 2020. Looking ahead, we remain fully committed to driving long-term sustainability and contributing to an inclusive economic recovery on behalf of our customers, employees, shareholders, and communities.”
With the strength of our balance sheet and improved economic conditions, we are also increasing our share repurchase program by $500 million in 2021, and now plan to return a total of $10.5 billion to shareholders over the next three years. We continue to make progress in transforming our business. We remain on track to realize $750 million in cost savings by the end of 2023 and are in process of reallocating $5 to $10 billion in capital.
The News Highlights
- Prudential Financial, Inc. Announces First Quarter 2021 Results
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