Prudential Financial Inc. and MetLife Inc. posted higher third-quarter profits as they boosted sales and cut costs. The companies were hit by large losses on investment sales, but fared better than many rivals because of their size and range of products.
Newark, N.J.-based Prudential, the No. 2 U.S. life insurer, reported profit of $392 million, or 70 cents a share, compared with $52 million, or 9 cents, last year. Revenue rose 3% to $5.1 billion.