(RTTNews) - Wednesday, Prudential Financial, Inc. (PRU) reported a huge profit in the third quarter, reflecting higher premiums, investment gains and narrower losses. The company also raised its fiscal 2009 earnings outlook.

The Newark, New Jersey-based company reported net income attributable to the company for the third quarter of $1.09 billion or $2.35 per share, compared to a net loss of $118 million or $0.25 per share in the year-ago quarter.

Income from continuing operations attributable to Prudential Financial totaled $1.09 billion or $2.36 per share, compared to a loss of $123 million or $0.27 per share in the same quarter last year.

On average, eighteen analysts polled by Thomson Reuters expected the company to earn $1.33 per share for the quarter. Analysts estimates typically exclude special items.

The current quarter result includes $234 million of pre-tax net realized investment losses and related charges and adjustments. Net realized investment losses in the current quarter reflect $360 million of losses from impairments and sales of credit-impaired investments.

Net income for the current quarter also reflects pre-tax increases of $694 million in recorded asset values and $458 million in recorded liabilities representing changes in value which are expected to ultimately accrue to contractholders.

Total revenues for the quarter increased to $6.60 billion from $6.35 billion in the prior-year quarter. Five analysts had a revenue consensus of $6.65 billion for the third quarter.

In the immediately preceding second quarter, Prudential Financial reported a drop in its profit, as losses related to pre-tax investment and other items hurt earnings. Results for the quarter also reflected lower revenues, hit by lower investment income, policy charges and fees. Net income of its Financial Services Businesses attributable to Prudential Financial dropped to $538 million or $1.25 per share from $566 million or $1.32 per share in the year-ago quarter. Total revenue for the quarter decreased to $6.34 billion from $6.85 billion in the same quarter a year ago. The Street expected revenues of $6.55 billion for the quarter.

Among others in the industry, MetLife Inc. (MET) reported a third-quarter net loss of $650.0 million or $0.79 per share, compared to a profit of $600 million or $0.83 per share in the year-ago quarter. Third-quarter total revenues fell 1% to $12.41 billion from $12.57 billion in the same quarter last year. Premiums for the quarter decreased to $6.60 billion from $6.79 billion in the previous year quarter.

McKinney, Texas-based insurance company Torchmark Corp. (TMK) reported a rise in the third-quarter profit to $100.8 million or $1.22 per share from $63.15 million or $0.72 per share a year ago. Total revenues for the quarter increased to $784.85 million from $753.35 million in the prior year period.

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