Prudential posts Q1 loss compared with $932m profit a year ago

The market turbulence related to the COVID-19 pandemic dragged down US-based Prudential Financial's first quarter 2020 results. Chief executive Charles Lowrey said the company remains "rock solid".

Prudential posted a net loss of $271 million, compared with a net income of $932 million for the first quarter of 2019.

The decrease reflects lower underwriting results, a favorable impact from changes in market conditions on estimates of profitability in the year-ago quarter, lower net fee income, and lower net investment spread results.

Lowrey said: "While market turbulence related to the pandemic adversely impacted our first quarter financial results, Prudential remains 'Rock' solid with robust risk management, a strong balance sheet, and significant resources to continue to fulfill the promises we have made."

He added: "Looking ahead, execution of our key initiatives remains on track, and we are accelerating a number of our actions. Backed by our financial strength and guided by our purpose, we strive to solve the financial challenges of our changing world in support of an inclusive global recovery.”