Businessweek

Annual Shareholder Meeting

Bruce Karpati has been named chief compliance officer for Prudential Investments, the mutual fund manufacturing and distribution business of Prudential Financial, Inc. In addition to compliance for Prudential's registered investment advisory company, he also serves as the chief compliance officer for its mutual funds boards. Karpati spent more than a decade at the Securities and Exchange Commission, most recently as national chief enforcement officer for its asset management unit, enforcement efforts involving investment advisers, investment companies, mutual funds and private funds. His appointment at Prudential is effective May 13.

Prudential Financial, Inc. announced the declaration of a quarterly dividend of $0.40 per share of common stock, payable on June 20, 2013, to shareholders of record at the close of business on May 29, 2013.

Prudential Financial, Inc. announced that it will redeem all of its outstanding 9.0% Junior Subordinated Notes due 2068 on June 15, 2013. On the Redemption Date, a redemption price equal to 100% of the outstanding principal amount of the Junior Notes, or $25 per each $25 note, will be payable by Prudential Financial to the holders of record as of June 15, 2013. As of May 7, 2013, $920,000,000 aggregate principal amount of Junior Notes were outstanding. The Junior Notes are held only in book-entry form through The Depository Trust Company. DTC will redeem the Junior Notes in accordance with its procedures and notify the holders. Holders of the Junior Notes need not take any action to receive payment of the redemption price.

Prudential Financial, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $10,185,000 against $9,623,000 a year ago. Loss from continuing operations before income taxes and equity in earnings of operating joint ventures was $1,545,000 against $763,000 a year ago. Loss from continuing operations before equity in earnings of operating joint ventures was $714,000 against $942,000 a year ago. Consolidated net loss was $664,000 against $928,000 a year ago. Net loss attributable to the company was $706,000 against $939,000 a year ago. Consolidated net loss attributable to the company was $706,000 against $939,000 a year ago. Annualized ROE for the current quarter was 14.7% compared to 10.2% a year ago. Book value per share, excluding accumulated other comprehensive income or AOCI, amounted to $55.94 at the end of the first quarter, down $1.92 from year end on a reported basis. If adjust for the foreign currency re-measurement of non-yen liabilities, book value would be up $1.50 per share since year end after payment of first quarterly dividend of $0.40 per share. Adjusting book value for the total impact of the FX revaluation was $59.74 per share. On a reported basis, common stock earnings per share amounted to $2.28 for the first quarter, based on after-tax adjusted operating income of the Financial Services businesses. This compares to EPS of $1.61 a year ago. After adjusting for market-driven and discrete items in both the current quarter and the year-ago quarter, EPS was up 49%, amounting to $2.13 compared to $1.43. This increase is largely the result of underlying organic growth in U.S. businesses over the past year, the first full quarter contribution from the pension risk transfer business put on the books in the fourth quarter, the initial contribution from the in-force Individual Life Insurance business acquired from The Hartford in January, continued growth of International Insurance business, and finally, a more favorable claims experience across several business. ROE target for the fiscal year 2013 will be 13% to 14%.