(Reuters) - Prudential Financial Inc (N:PRU), the No. 2 U.S. life insurer, posted a 47 percent slump in quarterly profit, hurt by higher investment losses and related charges.
Net profit attributable to the company fell to $491 million, or $1.12 per share, in the second quarter ended June 30, from $941 million, or $2.04 per share, a year earlier.
The insurer said net income includes $679 million of pre-tax net realized investment losses and related charges.
Prudential (LON:PRU), like its peers, counts on its derivatives program to smooth out risks stemming from volatile currency exchange rates, equities markets and interest rate changes.