Prudential Financial, Inc. (PFI) has recently revised its historical adjusted operating income for the relevant periods, resulting in a decrease in after-tax adjusted operating income of $115 million or $0.31 per common share for the nine months ended September 30, 2024, and $24 million or $0.07 per common share for the nine months ended September 30, 2023, compared to previously reported amounts.
In terms of financial highlights, the company's adjusted operating income before income taxes for PGIM increased by 14% to $616 million in the third quarter of 2024 compared to $541 million in the same period of 2023. For U.S. businesses, the total adjusted operating income before income taxes amounted to $2,868 million in 2024, showing a 3% increase from the previous year. However, international businesses saw a 3% decrease in total adjusted operating income before income taxes, amounting to $2,364 million in 2024.
The after-tax adjusted operating income for Prudential Financial, Inc. was $1,208 million in the third quarter of 2024, compared to $1,197 million in the same period of 2023, reflecting a 2% increase. However, the income attributable to Prudential Financial, Inc. decreased by 69% to $448 million in the third quarter of 2024 compared to $1,138 million in the same period of 2023.
The operating return on average equity based on adjusted operating income was 13.3% in the third quarter of 2024, showing a slight increase from 13.1% in the same period of 2023. The company paid dividends of $471 million in the third quarter of 2024, representing a 2% increase from the same period of 2023. Share repurchases remained constant at $250 million in both periods.
Looking at per share data, the net income per diluted share in the third quarter of 2024 was $1.24, a significant decrease from $3.12 in the same period of 2023. Adjusted operating income per diluted share was $3.33 in the third quarter of 2024, compared to $3.05 in the same period of 2023, showing a 4% increase. The weighted average number of common shares outstanding decreased by 2% from the third quarter of 2023 to the third quarter of 2024.
In terms of financial position, the company's adjusted book value per common share * diluted was $98.71 at the end of the third quarter of 2024, compared to $97.03 at the end of the third quarter of 2023, showing a 2% increase. The common stock market capitalization at the end of the third quarter of 2024 was $43,099 million, reflecting a 24% increase from the same period of 2023.
The company's assets under management and administration totaled $1,557.9 billion in the third quarter of 2024, showing a 9% increase from $1,426.0 billion in the same period of 2023. The number of distribution representatives also saw an increase across all categories compared to the previous year.
Today the company's shares have moved -2.9% to a price of $116.62. For more information, read the company's full 8-K submission here.
