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Prudential Profit Jumps Sevenfold on Investments

Prudential Financial Inc., the second-biggest U.S. life insurer, reported its fourth-straight profit increase as investment results improved.

Second-quarter net income surged sevenfold to $1.08 billion from $163 million in the same period a year earlier, the Newark, New Jersey-based company said today in a statement distributed by Business Wire. Excluding the results of policies sold before the company went public and some investments, profit was $1.51 a share, beating the $1.31 average estimate of 17 analysts surveyed by Bloomberg.