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The previous year was marked by heavy losses in the capital markets amid uncertainty triggered by the war in Ukraine, decades-high inflation and fears of an imminent recession. The benchmark S&P 500 Index closed 2022 roughly 19% lower.

Amid this economic backdrop, investors have rushed to pull capital from risky assets and equities, choosing to instead hold cash or move towards safe-haven bond markets.

Shares in Prudential fell 3% in extended trading after results.

The company reported a 21% decline in AUM in the quarter to $1.38 trillion.

“Our fourth quarter operating results reflect lower variable investment and fee income, partially offset by improved COVID-19 mortality,” said Chief Executive Charles Lowrey in a statement.

Prudential added it had made headway through the year in moving business focus from market-sensitive revenue segments to more stable and recurring sources of income, in line with previously announced plans.

“We made further progress on our transformation to become a higher growth, less market sensitive, and more nimble company,” Lowrey added.

Last week, rival MetLife Inc (NYSE:MET)’s profit also declined due to market weakness, dragging investment returns at the insurer.

The insurer’s after-tax adjusted operating income was $907 million, or $2.42 per share, in the three months ended Dec. 31, compared with $1.23 billion, or $3.18 per share, a year earlier.