NEW YORK (Bloomberg) — Prudential Financial Inc., the second-biggest US life insurer, said 2011 earnings may fall short of analysts' estimates as the company incurs costs on the acquisition of two American International Group Inc. businesses.

Next year's profit, excluding the results of policies sold before the company went public and some investments, will probably be $5.60 to $6 a share, the Newark, New Jersey-based company said today in a regulatory filing. The average estimate of 18 analysts surveyed by Bloomberg was $6.53. Chief executive officer John Strangfeld is using the capital he accumulated after the financial crisis to add clients outside the US.

With the September deal to buy AIG's Star Life Insurance Co. and Edison Life Insurance Co., Prudential will boost a Japanese business it has built over two decades and face "integration and transaction costs" next year, the company said, without providing specifics.

The deal is "adding earnings growth" in the future, said Randy Binner, an analyst the FBR Capital Markets, who recommends buying Prudential stock. "This insurance business is tough. A low-risk acquisition is a good acquisition."