- Net loss(1) attributable to Prudential Financial, Inc. of $802
million or $2.23 per Common share versus net loss of $92 million or
$0.26 per share for the year-ago quarter.
- After-tax adjusted operating income of $1.266 billion or $3.44
per Common share versus $896 million or $2.37 per share for the
year-ago quarter.
- Book value per Common share of $70.82 versus $82.83 per share
for the year-ago quarter; adjusted book value per Common share of
$94.19 versus $96.41 per share for the year-ago quarter.
- Parent company highly liquid assets(2) of $4.3 billion versus
$5.1 billion for the year-ago quarter.
- Assets under management(3) of $1.361 trillion versus $1.350
trillion for the year-ago quarter.
- Capital returned to shareholders of $711 million in the third
quarter, including $250 million of share repurchases and $461
million of dividends, versus $829 million in the year-ago quarter.
Dividends paid in the third quarter were $1.25 per Common share,
representing a 5% yield on adjusted book value.
Charles Lowrey, Chairman and CEO, commented on results:
“Our third quarter results reflect continued momentum across our
businesses, including the benefits from strong sales and the fifth
consecutive quarter of underlying earnings growth.
We continued to execute on our strategy to reduce market
sensitivity and increase capital efficiency, enhance our
capabilities to better serve customers, and optimize our operating
model to drive sustainable growth. We launched Prismic, a life and
annuity reinsurance company, which will leverage our differentiated
brand, global asset and liability origination capabilities, and
multi-channel distribution to drive future growth and unlock value
for our customers, shareholders, and other stakeholders over
time.
Prudential is uniquely positioned at the intersection of
insurance and asset management, with a strategy and evolving
business model that support our vision to be a global leader in
expanding access to investing, insurance, and retirement
security.”
Prudential Financial, Inc. (NYSE: PRU) today reported third
quarter results. Net loss attributable to Prudential Financial,
Inc. was $802 million ($2.23 per Common share) for the third
quarter of 2023, compared to a net loss of $92 million ($0.26 per
Common share) for the third quarter of 2022. After-tax adjusted
operating income was $1.266 billion ($3.44 per Common share) for
the third quarter of 2023, compared to $896 million ($2.37 per
Common share) for the third quarter of 2022.
Consolidated adjusted operating income and adjusted book value
are non-GAAP measures. A discussion of these measures, including
definitions thereof, how they are useful to investors, and certain
limitations thereof, is included later in this press release under
“Non-GAAP Measures” and reconciliations to the most comparable GAAP
measures are provided in the tables that accompany this
release.
RESULTS OF ONGOING OPERATIONS
The Company’s ongoing operations include PGIM, U.S. Businesses,
International Businesses, and Corporate & Other. In the
following business-level discussion, adjusted operating income
refers to pre-tax results.
PGIM
PGIM, the Company’s global investment management
business, reported adjusted operating income of $211 million for
the third quarter of 2023, compared to $219 million in the year-ago
quarter. This decrease primarily reflects lower other related
revenues, driven by lower agency and seed and co-investment income,
and higher expenses.
PGIM assets under management of $1.219 trillion were up 1% from
the year-ago quarter, primarily resulting from equity market
appreciation and spread compression, partially offset by net
outflows and the impact of higher interest rates. Third-party net
outflows of $5.7 billion in the current quarter reflect
institutional outflows of $3.8 billion, primarily driven by public
fixed income outflows, and retail outflows of $1.9 billion, driven
by public equity outflows.
U.S. Businesses
U.S. Businesses reported adjusted operating income of
$1.088 billion for the third quarter of 2023, compared to $615
million in the year-ago quarter. This increase primarily reflects
higher net investment spread results and lower expenses, partially
offset by lower net fee income.
Retirement Strategies, consisting of Institutional
Retirement Strategies and Individual Retirement Strategies,
reported adjusted operating income of $941 million for the third
quarter of 2023, compared to $655 million in the year-ago
quarter.
Institutional Retirement Strategies:
- Reported adjusted operating income of $439 million in the
current quarter, compared to $268 million in the year-ago quarter.
This increase primarily reflects higher net investment spread
results, including higher variable investment income.
- Account values of $246 billion increased 3% from the year-ago
quarter, reflecting the benefits of business growth and favorable
foreign exchange impacts, partially offset by the reinsurance of a
block of structured settlements. Sales in the current quarter of
$4.7 billion included $2.5 billion of pension risk transfer
transactions.
Individual Retirement Strategies:
- Reported adjusted operating income of $502 million in the
current quarter, compared to $387 million in the year-ago quarter.
This increase primarily reflects higher net investment spread
results, partially offset by lower fee income, net of distribution
expenses and other associated costs.
- Account values of $110 billion were down 4% from the year-ago
quarter, reflecting the reinsurance of a block of legacy variable
annuities and net outflows, partially offset by market
appreciation. Sales of $2.0 billion in the current quarter
increased 40% from the year-ago quarter, reflecting continued
momentum from our FlexGuard products and increased sales of fixed
annuity products.
Group Insurance:
- Reported adjusted operating income of $89 million in the
current quarter, compared to $30 million in the year-ago quarter.
This increase primarily reflects more favorable group life
underwriting results.
- Reported earned premiums, policy charges, and fees of $1.4
billion increased 3% from the year-ago quarter, reflecting growth
in both disability and life.
Individual Life:
- Reported adjusted operating income of $58 million in the
current quarter, compared to a loss of $70 million in the year-ago
quarter. This increase primarily reflects higher net investment
spread results and lower expenses, including a reduction in legal
reserves, partially offset by less favorable underwriting
results.
- Sales of $186 million in the current quarter increased 24% from
the year-ago quarter, driven by Variable Life and Term sales,
reflecting our pivot to less market sensitive products.
International Businesses
International Businesses, consisting of Life Planner and
Gibraltar Life & Other, reported adjusted operating income of
$811 million for the third quarter of 2023, compared to $748
million in the year-ago quarter. This increase primarily reflects
higher net investment spread results.
Life Planner:
- Reported adjusted operating income of $527 million in the
current quarter, compared to $430 million in the year-ago quarter.
This increase reflects higher net investment spread results and
more favorable underwriting results.
- Constant dollar basis sales(4) of $259 million in the current
quarter increased 18% from the year-ago quarter, primarily driven
by record high sales in Brazil, as well as higher sales in
Japan.
Gibraltar Life & Other:
- Reported adjusted operating income of $284 million in the
current quarter, compared to $318 million in the year-ago quarter.
This decrease primarily reflects lower net investment spread
results.
- Constant dollar basis sales(4) of $246 million in the current
quarter increased 20% from the year-ago quarter, primarily driven
by the Bank channel.
Corporate & Other
Corporate & Other reported a loss, on an adjusted
operating income basis, of $504 million for the third quarter of
2023, compared to a loss of $415 million in the year-ago quarter.
This higher loss primarily reflects higher expenses, less favorable
foreign exchange rate impacts, and lower income from pension and
other employee benefit plans, partially offset by higher net
investment income and lower debt interest costs.
NET INCOME
Net Loss in the current quarter included $2.491 billion
of pre-tax net realized investment losses and related charges and
adjustments, largely reflecting the impacts of rising interest
rates, and also $107 million of pre-tax net impairment and
credit-related losses, $251 million of pre-tax losses related to
net change in value of market risk benefits, $44 million of pre-tax
losses from divested and run-off businesses, and $143 million of
pre-tax gains related to market experience updates.
Net loss for the year-ago quarter included $1.243 billion of
pre-tax net realized investment losses and related charges and
adjustments, largely reflecting the impacts of rising interest
rates, and also $75 million of pre-tax net impairment and
credit-related losses, $74 million of pre-tax losses from divested
and run-off businesses, $58 million of pre-tax losses related to
net change in value of market risk benefits, and $125 million of
pre-tax gains related to market experience updates.
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management will host a conference
call on Thursday, November 2, 2023, at 11:00 a.m. ET to discuss
with the investment community the Company’s third quarter results.
The conference call will be broadcast live over the Company’s
Investor Relations website at investor.prudential.com. Please log
on 15 minutes early in the event necessary software needs to be
downloaded. Institutional investors, analysts, and other interested
parties are invited to listen to the call by dialing one of the
following numbers: (877) 407-8293 (domestic) or (201) 689-8349
(international). A replay will be available on the Investor
Relations website through November 16. To access a replay via phone
starting at 3:00 p.m. ET on November 2 through November 16, dial
(877) 660-6853 (domestic) or (201) 612-7415 (international) and use
replay code 13733992.
FORWARD-LOOKING STATEMENTS
Certain of the statements included in this release, including
those regarding Prismic and our expectations relating thereto, and
other business strategies, constitute forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements are made based on
management’s current expectations and beliefs concerning future
developments and their potential effects upon Prudential Financial,
Inc. and its subsidiaries. Prudential Financial, Inc.’s actual
results may differ, possibly materially, from expectations or
estimates reflected in such forward-looking statements. Certain
important factors that could cause actual results to differ,
possibly materially, from expectations or estimates reflected in
such forward-looking statements can be found in the “Risk Factors”
and “Forward-Looking Statements” sections included in Prudential
Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q. The forward-looking statements herein are subject to
the risk, among others, that we will be unable to execute our
strategy because of market or competitive conditions or other
factors. Prudential Financial, Inc. does not undertake to update
any particular forward-looking statement included in this
document.
NON-GAAP MEASURES
Consolidated adjusted operating income and adjusted book value
are non-GAAP measures. Reconciliations to the most directly
comparable GAAP measures are included in this release.
We believe that our use of these non-GAAP measures helps
investors understand and evaluate the Company’s performance and
financial position. The presentation of adjusted operating income
as we measure it for management purposes enhances the understanding
of the results of operations by highlighting the results from
ongoing operations and the underlying profitability of our
businesses. Trends in the underlying profitability of our
businesses can be more clearly identified without the fluctuating
effects of the items described below. Adjusted book value augments
the understanding of our financial position by providing a measure
of net worth that is primarily attributable to our business
operations separate from the portion that is affected by capital
and currency market conditions, and by isolating the accounting
impact associated with insurance liabilities that are generally not
marked to market and the supporting investments that are marked to
market through accumulated other comprehensive income under GAAP.
However, these non-GAAP measures are not substitutes for income and
equity determined in accordance with GAAP, and the adjustments made
to derive these measures are important to an understanding of our
overall results of operations and financial position. The schedules
accompanying this release provide reconciliations of non-GAAP
measures with the corresponding measures calculated using GAAP.
Additional historic information relating to our financial
performance is located on our website at
investor.prudential.com.
Adjusted operating income is a non-GAAP measure used by the
Company to evaluate segment performance and to allocate resources.
Adjusted operating income excludes “Realized investment gains
(losses), net, and related charges and adjustments”. A significant
element of realized investment gains and losses are impairments and
credit-related and interest rate-related gains and losses.
Impairments and losses from sales of credit-impaired securities,
the timing of which depends largely on market credit cycles, can
vary considerably across periods. The timing of other sales that
would result in gains or losses, such as interest rate-related
gains or losses, is largely subject to our discretion and
influenced by market opportunities as well as our tax and capital
profile.
Realized investment gains (losses) within certain businesses for
which such gains (losses) are a principal source of earnings, and
those associated with terminating hedges of foreign currency
earnings and current period yield adjustments, are included in
adjusted operating income. Adjusted operating income generally
excludes realized investment gains and losses from products that
contain embedded derivatives, and from associated derivative
portfolios that are part of an asset-liability management program
related to the risk of those products. Adjusted operating income
also excludes gains and losses from changes in value of certain
assets and liabilities relating to foreign currency exchange
movements that have been economically hedged or considered part of
our capital funding strategies for our international subsidiaries,
as well as gains and losses on certain investments that are
designated as trading. Adjusted operating income also excludes
investment gains and losses on assets supporting experience-rated
contractholder liabilities and changes in experience-rated
contractholder liabilities due to asset value changes, because
these recorded changes in asset and liability values are expected
to ultimately accrue to contractholders. Additionally, adjusted
operating income excludes the changes in fair value of equity
securities that are recorded in net income.
Adjusted operating income excludes “Change in value of market
risk benefits, net of related hedging gains (losses)”, which
reflects the impact from changes in current market conditions, and
market experience updates, reflecting the immediate impacts in
current period results from changes in current market conditions on
estimates of profitability, which we believe enhances the
understanding of underlying performance trends. Adjusted operating
income also excludes the results of Divested and Run-off
Businesses, which are not relevant to our ongoing operations, and
discontinued operations and earnings attributable to noncontrolling
interests, each of which is presented as a separate component of
net income under GAAP. Additionally, adjusted operating income
excludes other items, such as certain components of the
consideration for acquisitions, which are recognized as
compensation expense over the requisite service periods, and
goodwill impairments. Earnings attributable to noncontrolling
interests is presented as a separate component of net income under
GAAP and excluded from adjusted operating income. The tax effect
associated with pre-tax adjusted operating income is based on
applicable IRS and foreign tax regulations inclusive of pertinent
adjustments.
Adjusted operating income does not equate to “Net income” as
determined in accordance with U.S. GAAP. Adjusted operating income
is not a substitute for income determined in accordance with U.S.
GAAP, and our definition of adjusted operating income may differ
from that used by other companies. The items above are important to
an understanding of our overall results of operations. However, we
believe that the presentation of adjusted operating income as we
measure it for management purposes enhances the understanding of
our results of operations by highlighting the results from ongoing
operations and the underlying profitability of our businesses.
Trends in the underlying profitability of our businesses can be
more clearly identified without the fluctuating effects of the
items described above.
Adjusted book value is calculated as total equity (GAAP book
value) excluding accumulated other comprehensive income (loss) and
the cumulative effect of foreign currency exchange rate
remeasurements and currency translation adjustments corresponding
to realized investment gains and losses. These items are excluded
in order to highlight the book value attributable to our core
business operations separate from the portion attributable to
external and potentially volatile capital and currency market
conditions.
FOOTNOTES
(1)
On January 1, 2023, the Company
adopted Accounting Standard Update 2018-12 for Targeted
Improvements to the Accounting for Long-Duration Contracts, which
provided new authoritative guidance impacting the accounting and
disclosure requirements for long-duration insurance and investment
contracts issued by the Company. Prior-year amounts have been
adjusted to reflect this guidance.
(2)
Highly liquid assets
predominantly include cash, short-term investments, U.S. Treasury
securities, obligations of other U.S. government authorities and
agencies, and/or foreign government bonds. For more information
about highly liquid assets, see the section titled “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations – Liquidity and Capital Resources” included in
Prudential Financial, Inc.’s Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q.
(3)
For more information about assets
under management, see the section titled “Management’s Discussion
and Analysis of Financial Condition and Results of Operations –
Results of Operations – Segment Measures” included in Prudential
Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q.
(4)
For more information about
constant dollar basis sales, see the section titled “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations – Results of Operations by Segment – International
Businesses” included in Prudential Financial, Inc.’s Annual Reports
on Form 10-K and Quarterly Reports on Form 10-Q.
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
approximately $1.4 trillion in assets under management as of
September 30, 2023, has operations in the United States, Asia,
Europe, and Latin America. Prudential’s diverse and talented
employees help make lives better and create financial opportunity
for more people by expanding access to investing, insurance, and
retirement security. Prudential’s iconic Rock symbol has stood for
strength, stability, expertise, and innovation for nearly 150
years. For more information, please visit news.prudential.com.
Financial Highlights
(in millions, unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2023
2022
2023
2022
Adjusted operating income (loss) before
income taxes (1):
PGIM
$
211
$
219
$
541
$
613
U.S. Businesses
1,088
615
2,804
2,001
International Businesses
811
748
2,435
2,391
Corporate and Other
(504
)
(415
)
(1,516
)
(1,152
)
Total adjusted operating income before
income taxes
$
1,606
$
1,167
$
4,264
$
3,853
Reconciling Items:
Realized investment losses, net, and
related charges and adjustments
$
(2,491
)
$
(1,243
)
$
(2,887
)
$
(5,402
)
Change in value of market risk benefits,
net of related hedging gains (losses)
(251
)
(58
)
(160
)
(1,072
)
Market experience updates
143
125
188
617
Divested and Run-off Businesses:
Closed Block division
2
(21
)
(50
)
22
Other Divested and Run-off Businesses
(46
)
(53
)
125
175
Equity in earnings of operating joint
ventures and earnings attributable to noncontrolling interests
(11
)
(33
)
(42
)
(18
)
Other adjustments (2)
(10
)
(10
)
(28
)
(27
)
Total reconciling items, before income
taxes
(2,664
)
(1,293
)
(2,854
)
(5,705
)
Income (loss) before income taxes and
equity in earnings of operating joint ventures
$
(1,058
)
$
(126
)
$
1,410
$
(1,852
)
Income Statement Data:
Net income (loss) attributable to
Prudential Financial, Inc.
$
(802
)
$
(92
)
$
1,171
$
(1,595
)
Income (loss) attributable to
noncontrolling interests
11
(16
)
11
(36
)
Net income (loss)
(791
)
(108
)
1,182
(1,631
)
Less: Earnings attributable to
noncontrolling interests
11
(16
)
11
(36
)
Income (loss) attributable to
Prudential Financial, Inc.
(802
)
(92
)
1,171
(1,595
)
Less: Equity in earnings of operating
joint ventures, net of taxes and earnings attributable to
noncontrolling interests
5
23
15
(17
)
Income (loss) (after-tax) before equity
in earnings of operating joint ventures
(807
)
(115
)
1,156
(1,578
)
Less: Total reconciling items, before
income taxes
(2,664
)
(1,293
)
(2,854
)
(5,705
)
Less: Income taxes, not applicable to
adjusted operating income
(591
)
(282
)
(667
)
(1,145
)
Total reconciling items, after income
taxes
(2,073
)
(1,011
)
(2,187
)
(4,560
)
After-tax adjusted operating income
(1)
1,266
896
3,343
2,982
Income taxes, applicable to adjusted
operating income
340
271
921
871
Adjusted operating income before income
taxes (1)
$
1,606
$
1,167
$
4,264
$
3,853
See footnotes on last page.
Financial Highlights
(in millions, except per share data,
unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2023
2022
2023
2022
Earnings per share of Common
Stock:
Net income (loss) attributable to
Prudential Financial, Inc.
$
(2.23
)
$
(0.26
)
$
3.15
$
(4.32
)
Less: Reconciling Items:
Realized investment losses, net, and
related charges and adjustments
(6.85
)
(3.33
)
(7.89
)
(14.35
)
Change in value of market risk benefits,
net of related hedging gains (losses)
(0.69
)
(0.16
)
(0.44
)
(2.85
)
Market experience updates
0.39
0.34
0.51
1.64
Divested and Run-off Businesses:
Closed Block division
0.01
(0.06
)
(0.14
)
0.06
Other Divested and Run-off Businesses
(0.13
)
(0.14
)
0.34
0.46
Difference in earnings allocated to
participating unvested share-based payment awards
0.02
0.02
0.06
0.06
Other adjustments (2)
(0.03
)
(0.03
)
(0.08
)
(0.07
)
Total reconciling items, before income
taxes
(7.28
)
(3.36
)
(7.64
)
(15.05
)
Less: Income taxes, not applicable to
adjusted operating income
(1.61
)
(0.73
)
(1.76
)
(2.91
)
Total reconciling items, after income
taxes
(5.67
)
(2.63
)
(5.88
)
(12.14
)
After-tax adjusted operating
income
$
3.44
$
2.37
$
9.03
$
7.82
Weighted average number of outstanding
common shares - basic
362.6
371.0
364.6
373.8
Weighted average number of outstanding
common shares - diluted
363.8
373.1
365.8
376.4
For earnings per share of Common Stock
calculation:
Net income (loss) attributable to
Prudential Financial, Inc.
$
(802
)
$
(92
)
$
1,171
$
(1,595
)
Less: Earnings allocated to participating
unvested share-based payment awards
5
6
17
19
Net income (loss) attributable to
Prudential Financial, Inc. for earnings per share of Common Stock
calculation
$
(807
)
$
(98
)
$
1,154
$
(1,614
)
After-tax adjusted operating income
(1)
$
1,266
$
896
$
3,343
$
2,982
Less: Earnings allocated to participating
unvested share-based payment awards
14
12
39
40
After-tax adjusted operating income for
earnings per share of Common Stock calculation (1)
$
1,252
$
884
$
3,304
$
2,942
Prudential Financial, Inc. Equity (as
of end of period):
GAAP book value (total PFI equity) at end
of period
$
25,814
$
30,962
Less: Accumulated other comprehensive
income (AOCI)
(7,831
)
(4,230
)
GAAP book value excluding AOCI
33,645
35,192
Less: Cumulative effect of foreign
exchange rate remeasurement and currency translation adjustments
corresponding to realized gains (losses)
(687
)
(847
)
Adjusted book value
$
34,332
$
36,039
End of period number of common shares -
diluted
364.5
373.8
GAAP book value per common share -
diluted
70.82
82.83
GAAP book value excluding AOCI per share -
diluted
92.30
94.15
Adjusted book value per common share -
diluted
94.19
96.41
See footnotes on last page.
Financial Highlights
(in millions, or as otherwise noted,
unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2023
2022
2023
2022
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of
end of period):
Institutional customers
$
547.6
$
536.3
Retail customers
312.5
298.1
General account
358.5
371.8
Total PGIM
$
1,218.6
$
1,206.2
Institutional Customers - Assets Under
Management (in billions):
Gross additions, excluding money
market
$
14.4
$
16.4
$
47.2
$
57.8
Net additions (withdrawals), excluding
money market
$
(3.8
)
$
0.6
$
(17.0
)
$
9.0
Retail Customers - Assets Under Management
(in billions):
Gross additions, excluding money
market
$
11.9
$
13.5
$
37.1
$
49.8
Net withdrawals, excluding money
market
$
(1.9
)
$
(4.6
)
$
(7.9
)
$
(17.5
)
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions
$
4,697
$
13,518
$
14,211
$
19,496
Net additions (withdrawals)
$
(3,084
)
$
9,827
$
(4,909
)
$
7,346
Total account value at end of period,
net
$
245,660
$
238,313
Individual Retirement Strategies:
Actively-Sold Protected Investment and
Income Solutions and, Discontinued Traditional VA and Guaranteed
Living Benefits:
Gross sales (3)
$
1,943
$
1,375
$
5,502
$
4,474
Sales, net of full surrenders and death
benefits
$
198
$
164
$
635
$
(443
)
Total account value at end of period,
net
$
110,106
$
115,153
Group Insurance:
Group Insurance Annualized New Business
Premiums (4):
Group life
$
61
$
67
$
255
$
273
Group disability
34
36
216
183
Total
$
95
$
103
$
471
$
456
Individual Life:
Individual Life Insurance Annualized New
Business Premiums (4):
Term life
$
33
$
24
$
87
$
71
Universal life
17
23
54
67
Variable life
136
103
391
317
Total
$
186
$
150
$
532
$
455
International Businesses:
International Businesses:
International Businesses Annualized New
Business Premiums (4)(5):
Actual exchange rate basis
$
491
$
413
$
1,489
$
1,331
Constant exchange rate basis
$
505
$
424
$
1,527
$
1,341
See footnotes on last page.
Financial Highlights
(in billions, as of end of period,
unaudited)
September 30
2023
2022
Assets and Assets Under Management and
Administration:
Total assets
$
681.3
$
677.1
Assets under management (at fair market
value):
PGIM
$
1,218.6
$
1,206.2
U.S. Businesses
119.9
123.4
International Businesses
16.4
13.8
Corporate and Other
6.4
6.1
Total assets under management
1,361.3
1,349.5
Assets under administration
164.7
139.4
Total assets under management and
administration
$
1,526.0
$
1,488.9
(1)
Adjusted operating income is a
non-GAAP measure of performance. See NON-GAAP MEASURES within the
earnings release for additional information. Adjusted operating
income, when presented at the segment level, is also a segment
performance measure. This segment performance measure, while not a
traditional U.S. GAAP measure, is required to be disclosed by U.S.
GAAP in accordance with FASB Accounting Standard Codification (ASC)
280 – Segment Reporting. When presented by segment, we have
prepared the reconciliation of adjusted operating income to the
corresponding consolidated U.S. GAAP total in accordance with the
disclosure requirements as articulated in ASC 280.
(2)
Represents adjustments not
included in the above reconciling items, including certain
components of consideration for business acquisitions, which are
recognized as compensation expense over the requisite service
periods, and goodwill impairments.
(3)
Includes Prudential FlexGuard and
FlexGuard Income, Prudential Premier Investment, MyRock and all
fixed annuity products. Excludes discontinued traditional variable
annuities and guaranteed living benefits.
(4)
Premiums from new sales are
expected to be collected over a one-year period. Group insurance
annualized new business premiums exclude new premiums resulting
from rate changes on existing policies, from additional coverage
issued under our Servicemembers’ Group Life Insurance contract, and
from excess premiums on group universal life insurance that build
cash value but do not purchase face amounts. Group insurance
annualized new business premiums include premiums from the takeover
of claim liabilities. Excess (unscheduled) and single premium
business for the Company’s domestic individual life and
international operations are included in annualized new business
premiums based on a 10% credit.
(5)
Actual amounts reflect the impact
of currency fluctuations. Constant amounts reflect foreign
denominated activity translated to U.S. dollars at uniform exchange
rates for all periods presented, including Japanese yen 110 per
U.S. dollar. U.S. dollar-denominated activity is included based on
the amounts as transacted in U.S. dollars.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101318896/en/
MEDIA: Laura Edling, laura.edling@prudential.com
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