Prudential Financial, Inc.’s PRU second-quarter 2020 operating net income of $1.85 per share beat the Zacks Consensus Estimate by 7.6%. However, the bottom line declined 41.1% year over year owing to lower contributions from U.S. Individual Solutions, U.S. Workplace Solutions and International Businesses.Operational UpdateTotal revenues of $13.1 billion plunged 7.3% year over year due to lower premiums, net investment income, and decrease in asset management fees, commissions and other income. However, the decline was partly mitigated by higher policy charges and fee income. Moreover, the top line outpaced the Zacks Consensus Estimate by 1.1%.Total benefits and expenses of $12.1 billion inched up 0.6% year over year in the quarter. This increase in expenses was mainly due to higher interest expense, and general and administrative expenses.Quarterly Segment UpdatePrudential Global Investment Management (PGIM) reported adjusted operating income of $324 million, which improved 22.7% year over year. The upside can be attributed to improved Other Related revenues courtesy of increased strategic investment earnings, lower expenses and higher asset management fees.PGIM assets under management improved 9% year over year to $1.394 trillion at the end of the reported quarter, driven by market appreciation and public fixed income inflows, partly offset by public equity outflows.U.S. Workplace Solutions’ adjusted operating income was $286 million, which plunged 47.8% from the year-ago quarter owing to lower contribution from Retirement and Group Insurance business.U.S. Individual Solutions reported adjusted operating income of $185 million, down 43.4% mainly due to lower contribution from Individual Annuities, partly offset by lower loss reported in Individual Life.International delivered adjusted operating income of $693 million, down 12.3% from the year-earlier period, due to lower net investment spread results and increased expenses. These were partially offset by business growth, higher earnings from joint venture investments due to market performance and more favorable underwriting results.Corporate and Other incurred adjusted operating loss of $541 million, wider than loss of $335 million reported a year ago. The deterioration reflects increased expenses and lower net investment income, partly mitigated by higher income from pension and other employee benefit plans.Prudential Financial, Inc. Price, Consensus and EPS Surprise Prudential Financial, Inc. price-consensus-eps-surprise-chart | Prudential Financial, Inc. QuoteFinancial UpdateCash and cash equivalents of $21.1 billion at quarter end increased 29.5% from 2019 end level.Debt balance totaled $21.3 billion as of Jun 30, 2020, up 3.5% from the level as of 2019 end.As of Jun 30, 2020, Prudential Financial’s assets under management increased 7.2% year over year to $1.6 trillion.Adjusted book value per common share, a measure of the company’s net worth, came in at $92.07 as of Jun 30, 2020, down 5.2% year over year.Operating return on average equity was 7.8% in the second quarter, contracting 490 basis points year over year.Zacks Rank & Performance of Other InsurersPrudential carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Among other insurance industry players, which have reported second-quarter earnings so far, the bottom lines of Arch Capital Group Ltd. ACGL, Markel Corporation MKL and AXIS Capital Holdings Limited AXS beat the Zacks Consensus Estimate.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Prudential Financial, Inc. (PRU): Free Stock Analysis Report Axis Capital Holdings Limited (AXS): Free Stock Analysis Report Arch Capital Group Ltd. (ACGL): Free Stock Analysis Report Markel Corporation (MKL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research