Prudential Financial, which has its retirement division based in Hartford, said its third-quarter profits fell by more than half as its expense growth outpaced revenue growth.
The company reported net income of $465 million, or 99 cents per share diluted, down from $966 million, or $2.04, in the third quarter of 2013.
Revenue grew 9 percent, from $10.78 billion to $11.77 billion.
But expenses were up $1.54 billion, erasing that growth. The main factor was an extra $1 billion in insurance and annuity benefits during the quarter ended Sept. 30.
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Prudential’s retirement segment saw its operating income grow 8 percent, to $256 million. The quarter included a charge of $13 million for reserves and costs related to a review of actuarial assumptions.
