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Prudential Finanical Posts Quarterly Loss on Derivatives

Prudential Financial Inc., the second-biggest U.S. life insurer, swung to a first-quarter loss as the value of the company’s derivative contracts fell. The stock dropped 5.6 percent in late New York trading.

The $967 million net loss compares with net income of $561 million a year earlier, the Newark, New Jersey-based company said today in a statement. Operating profit, which excludes the results of policies sold before the company went public and some investments, was $1.56 a share, missing the average estimate of $1.72 from 18 analysts surveyed by Bloomberg.