Prudential's first-quarter profit rises on boost from US unit

April 30 (Reuters) -

Prudential Financial first-quarter profit rose more than 13% on Tuesday, driven by robust performance in the insurer's U.S. unit.

The Newark, New Jersey-based company's after-tax adjusted operating income rose to $1.14 billion, or $3.12 per share, in the three months ended March 31, from $1 billion, or $2.70 per share, a year earlier.

The company's U.S. businesses, which consist of its retirement strategies, group insurance and individual life businesses, posted an adjusted operating income of $839 million in the quarter, up from $760 million last year, driven by higher net investment spread and strong underwriting.

Rising wages and a resilient labor market have encouraged individuals and companies to revive their spending on insurance policies.

Prudential's assets under management rose to nearly $1.50 trillion from $1.42 trillion a year earlier, driven by equity markets rallying amid firming bets of a soft landing for the economy.

PGIM, Prudential's global investment management business, reported adjusted operating income of $169 million in the quarter, up from $151 million a year earlier, helped by higher asset management fees.

Meanwhile, the investment management business saw third-party net inflows of $26.6 billion, driven by a large fixed-income mandate from institutional clients.

Shares of the company have risen 6.5% so far this year, compared with a 7.3% jump for the benchmark S&P 500 Index . (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)