Prudential Financial Inc

Prudential Financial Inc. settled a lawsuit alleging it charged blacks more than whites for some life insurance policies. It will refund excess premiums and make $1 million in donations to black groups. Prudential, which announced a $1.15-billion takeover of the U.S. life unit of Skandia earlier in the day, said it would pay back excess premiums, plus interest, paid by black customers on 201 policies that it determined were priced unfairly.

Prudential Financial Inc., the second-largest U.S. life insurer, sued State Street Corp. on Monday over mortgage-related losses affecting 28,000 retirement plan clients. Reimbursing them would cost Prudential $80 million before taxes. State Street, the largest U.S. money manager for institutions, changed the investment strategies of two bond funds to make "undisclosed, highly leveraged investments in mortgage-related" assets, the insurer said in a complaint filed in federal court in New York.

Prudential Financial Inc. fired 4% of the people in its institutional trading and sales group to cut costs, the company said Wednesday. Twenty-seven people were fired from the company's institutional equity research, trading and sales group, Prudential spokesman Jim Gorman said. About 600 people remain, including 53 analysts, he said. Prudential, a life insurance company based in Newark, N.J., sold its retail brokerage business to Wachovia Corp.

Prudential Financial Inc. said Wednesday that it would close its small-stock research and sales business, which had been described by some analysts as "a distraction" with little value. The Newark, N.J.-based company said shutting its Prudential Equity Group would result in the elimination of 420 jobs at 13 locations worldwide. "We don't have the scale to compete," company spokeswoman Mary Flowers said, adding that the parent company was focused on "businesses where we can be a top-tier player."

Prudential Financial Inc., the second-largest U.S. life insurer, said its fourth-quarter earnings fell, in part because of losses related to hedges it made in foreign currencies. The insurer said net income fell to $317 million, or 64 cents a share, from $481 million, or 92 cents, a year earlier. The Newark, N.J.-based insurer posted gains in business units like insurance and asset management, but profit was hurt by the U.S.

The National Assn. of Securities Dealers on Thursday said it fined two Prudential Financial Inc. units $2 million and ordered them to refund more than $9.5 million to customers for improper sales of variable and other annuities. The regulator said it penalized Prudential Equity Group Inc.

Securities regulators investigating Berkshire Hathaway Inc.'s reinsurance units are examining transactions involving St. Paul Cos. and former subsidiaries of Prudential Financial Inc., a filing shows. Berkshire's General Re Corp., the largest U.S. reinsurer, briefed the Securities and Exchange Commission about the deals June 13, the Stamford, Conn.-based company said in a second-quarter filing with state insurance regulators.

Wachovia Corp., as expected, agreed to acquire Prudential Financial Inc.'s brokerage for individual investors to create the third-biggest U.S. broker by assets. Wachovia said it would cut 1,750 jobs and close 131 offices by 2005 as it combines its retail brokerage and clearing businesses with Prudential's. No cash would exchange hands in the deal creating the new firm, Wachovia Securities, which would have $537 billion in assets and be based in Richmond, Va.

Prudential Financial Inc., the No. 2 U.S. life insurer, reported a 62% drop in quarterly profit as it took huge losses on bad investments. Newark, N.J.-based Prudential, which went public in December, reported a net profit of $95 million, or 19 cents a share, for the second quarter. Revenue rose 3% to $5.2 billion. Prudential shares closed at $30.38, up 53 cents, on the NYSE. Earnings results were released after the close of trading.

Liberty Mutual Group agreed to buy the personal property and casualty insurance business of Prudential Financial Inc. for $540 million. Privately held Liberty, based in Boston, will take over Prudential's $1.1 billion of automobile and homeowner's premiums, making it the No. 8 U.S. provider of personal insurance lines. Prudential said it agreed to sell the national line to Liberty for a loss of $149 million compared with book value. Newark, N.J.

Cigna Corp. on Wednesday reported a 15% increase in third-quarter profit, buoyed by a strong showing in its health insurance business as membership rolls increased and the company better managed its medical costs. In the quarter, net income rose to $298 million, or $2.75 a share, from $259 million, or $2, during the same period last year. Earnings excluding investment gains and other nonoperating items increased to $268 million, or $2.48 a share, in the latest quarter from $251 million, or $1.

The brokerage unit of Prudential Financial Inc. on Monday admitted criminal wrongdoing and agreed to pay $600 million to settle government investigations of allegations that its brokers engaged in improper mutual fund trading.

Securities regulators investigating Berkshire Hathaway Inc.'s reinsurance units are examining transactions involving St. Paul Cos. and former subsidiaries of Prudential Financial Inc., a filing shows. Berkshire's General Re Corp., the largest U.S. reinsurer, briefed the Securities and Exchange Commission about the deals June 13, the Stamford, Conn.-based company said in a second-quarter filing with state insurance regulators.

Prudential Financial Inc., the second-largest U.S. life insurer, said its fourth-quarter earnings fell, in part because of losses related to hedges it made in foreign currencies. The insurer said net income fell to $317 million, or 64 cents a share, from $481 million, or 92 cents, a year earlier. The Newark, N.J.-based insurer posted gains in business units like insurance and asset management, but profit was hurt by the U.S.

Prudential Financial Inc.'s Edward Yardeni, one of the most bullish strategists on Wall Street, said Tuesday that he had left the firm to join Oak Associates Ltd., a money manager that oversees more than $8 billion in assets. Yardeni, 54, will be chief investment strategist at Akron, Ohio-based Oak Associates, a firm that manages mutual fund, pension and endowment assets. He held the same title at the brokerage unit of Prudential, where he had worked since 2002.

Prudential Financial Inc. fired 4% of the people in its institutional trading and sales group to cut costs, the company said Wednesday. Twenty-seven people were fired from the company's institutional equity research, trading and sales group, Prudential spokesman Jim Gorman said. About 600 people remain, including 53 analysts, he said. Prudential, a life insurance company based in Newark, N.J., sold its retail brokerage business to Wachovia Corp.

Prudential Financial Inc., the second-biggest U.S. life insurer, fired some of its brokers because they may have failed to properly inform customers about risks involved in buying annuities, a violation of New York regulations. Newark, N.J.

The National Assn. of Securities Dealers on Thursday said it fined two Prudential Financial Inc. units $2 million and ordered them to refund more than $9.5 million to customers for improper sales of variable and other annuities. The regulator said it penalized Prudential Equity Group Inc.