Prudential Financial, Inc. Announces 2021 Results
Prudential Financial reported a strong fourth quarter in 2021, achieving net income of $1.208 billion ($3.13 per share), up from $819 million in Q4 2020. The company also saw significant annual growth, with net income of $7.724 billion ($19.51 per share) compared to a loss of $374 million in 2020. Adjusted operating income for Q4 2021 was $1.227 billion ($3.18 per share), reflecting an improvement from $1.130 billion ($2.80 per share) a year earlier. Prudential authorized a $1.5 billion stock repurchase and declared a quarterly dividend of $1.20 per share.
- Net income for Q4 2021 increased to $1.208 billion, up from $819 million YoY.
- Annual net income for 2021 reached $7.724 billion, a significant recovery from a $374 million loss in 2020.
- Adjusted operating income for Q4 2021 was $1.227 billion, an increase from $1.130 billion YoY.
- Book value per share adjusted to $108.72, up from $94.79 YoY.
- Company approved a $1.5 billion share repurchase program for 2022.
- Goodwill impairment charge of $837 million affected net income in Q4 2021.
- PGIM's adjusted operating income dropped to $350 million from $404 million YoY.
- Group Insurance reported an increased loss of $205 million, up from a loss of $87 million YoY.
- Retirement segment experienced net outflows of $1.4 billion.
-
Fourth quarter 2021 net income attributable to
Prudential Financial, Inc. of$1.20 8 billion$3.13 $819 million $2.03
-
Fourth quarter 2021 after-tax adjusted operating income of
$1.22 7 billion$3.18 $1.13 0 billion$2.80
-
2021 net income attributable to
Prudential Financial, Inc. of$7.72 4 billion$19.51 $374 million $1.00
-
2021 after-tax adjusted operating income of
$5.77 2 billion$14.58 $3.91 3 billion$9.72
-
Book value per Common share of
$161.26 $167.81 $108.72 $94.79
-
Parent company highly liquid assets(1) of
$3.6 billion $5.6 billion
-
Assets under management(2) of
$1.74 2 trillion$1.72 1 trillion
-
As previously announced, the Company’s Board of Directors has authorized the repurchase of up to
$1.5 billion January 1, 2022 throughDecember 31, 2022 . In addition, the Company declared a quarterly dividend of$1.20 March 11, 2022 , to shareholders of record as ofFebruary 15, 2022 , representing an increase of4% over the prior year dividend level and a4% annualized yield on adjusted book value.
“Prudential reported strong financial results for the fourth quarter and full year, and made significant progress in becoming a higher growth, less market sensitive, and more nimble company.
During 2021, we entered into agreements to divest lower growth and more market sensitive businesses and programmatically acquired businesses for sustainable long-term growth. We advanced our cost savings program and remain on track to achieve our previously announced goal of
Backed by this momentum and our rock solid financial position, we are starting 2022 from a position of strength, with an even sharper focus on growth, customers, and innovation, and on expanding access to investing, insurance, and retirement security for people around the world.”
Net income attributable to
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.
NET INCOME
Net income in the current quarter included a goodwill impairment that resulted in a charge of
Net income for the year-ago quarter included
RESULTS OF ONGOING OPERATIONS
The Company’s ongoing operations include PGIM,
PGIM
PGIM, the Company’s global investment management business, reported adjusted operating income of
PGIM assets under management of
Retirement:
-
Reported adjusted operating income of
$543 million $525 million
-
Account values of
$246 billion 1% from the year-ago quarter, driven by net flows and market appreciation. Net outflows in the current quarter totaled$1.4 billion $3.5 billion $2.7 billion
-
Reported a loss, on an adjusted operating income basis, of
$205 million $87 million
-
Reported earned premiums, policy charges, and fees of
$1.4 billion 13% from the year-ago quarter.
Individual Annuities:
-
Reported adjusted operating income of
$486 million $440 million
-
Account values of
$182 billion 3% from the year-ago quarter, reflecting market appreciation, partially offset by net outflows. Gross sales of$1.6 billion
Individual Life:
-
Reported adjusted operating income of
$81 million $65 million
-
Sales of
$182 million 24% from the year-ago quarter. This was primarily driven by higher sales ahead of product repricing in the year-ago quarter.
Assurance IQ reported a loss, on an adjusted operating income basis, of
International Businesses
International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of
Life Planner:
-
Reported adjusted operating income of
$428 million $426 million
-
Constant dollar basis sales(3) of
$245 million 16% from the year-ago quarter, primarily driven by lower sales inJapan in the year-ago quarter following product repricing and continued sales growth inBrazil .
Gibraltar Life & Other:
-
Reported adjusted operating income of
$401 million $364 million
-
Constant dollar basis sales(3) of
$213 million 11% from the year-ago quarter, primarily driven by lower protection product sales in the Bank channel.
Corporate & Other
Corporate & Other reported a loss, on an adjusted operating income basis, of
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management will host a conference call on
FORWARD-LOOKING STATEMENTS
Certain of the statements included in this release, including those regarding our strategy to become a higher growth, less market sensitive, and more nimble company, our planned dispositions, our cost savings program, our plans relating to share repurchases and dividends, the ability of our product mix to meet customer needs, our efforts to address climate change, and other business strategies, constitute forward-looking statements within the meaning of the
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,” as adjusted, 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 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, changes in the fair value of contingent consideration, 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
Adjusted operating income does not equate to “Net income” as determined in accordance with
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) |
Highly liquid assets predominantly include cash, short-term investments, |
|
(2) |
For more information about assets under management, see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Segment Measures” included in |
|
(3) |
For more information about constant dollar basis sales, see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in |
Financial Highlights |
|
|
|
|
|
|
|
|||||||||
(in millions, unaudited) |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||||
|
|
|
|
|||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Adjusted operating income (loss) before income taxes (1): |
|
|
|
|
|
|
|
|||||||||
PGIM |
$ |
350 |
|
|
$ |
404 |
|
|
$ |
1,643 |
|
|
$ |
1,262 |
|
|
|
|
895 |
|
|
|
794 |
|
|
|
3,875 |
|
|
|
2,703 |
|
|
International Businesses |
|
829 |
|
|
|
790 |
|
|
|
3,390 |
|
|
|
2,952 |
|
|
Corporate and Other |
|
(489 |
) |
|
|
(521 |
) |
|
|
(1,607 |
) |
|
|
(1,967 |
) |
|
Total adjusted operating income before income taxes |
$ |
1,585 |
|
|
$ |
1,467 |
|
|
$ |
7,301 |
|
|
$ |
4,950 |
|
|
Reconciling Items: |
|
|
|
|
|
|
|
|||||||||
Realized investment gains (losses), net, and related charges and adjustments |
$ |
116 |
|
|
$ |
(1,189 |
) |
|
$ |
1,627 |
|
|
$ |
(4,300 |
) |
|
Market experience updates |
|
420 |
|
|
|
376 |
|
|
|
750 |
|
|
|
(640 |
) |
|
Divested and Run-off Businesses: |
|
|
|
|
|
|
|
|||||||||
Closed Block division |
|
48 |
|
|
|
(9 |
) |
|
|
140 |
|
|
|
(24 |
) |
|
Other Divested and Run-off Businesses |
|
284 |
|
|
|
117 |
|
|
|
716 |
|
|
|
(450 |
) |
|
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests |
|
12 |
|
|
|
152 |
|
|
|
(41 |
) |
|
|
90 |
|
|
Other adjustments (2) |
|
(1,077 |
) |
|
|
(14 |
) |
|
|
(1,112 |
) |
|
|
51 |
|
|
Total reconciling items, before income taxes |
|
(197 |
) |
|
|
(567 |
) |
|
|
2,080 |
|
|
|
(5,273 |
) |
|
Income (loss) before income taxes and equity in earnings of operating joint ventures |
$ |
1,388 |
|
|
$ |
900 |
|
|
$ |
9,381 |
|
|
$ |
(323 |
) |
|
Income Statement Data: |
|
|
|
|
|
|
|
|||||||||
Net income (loss) attributable to |
$ |
1,208 |
|
|
$ |
819 |
|
|
$ |
7,724 |
|
|
$ |
(374 |
) |
|
Income attributable to noncontrolling interests |
|
34 |
|
|
|
203 |
|
|
|
70 |
|
|
|
228 |
|
|
Net income (loss) |
|
1,242 |
|
|
|
1,022 |
|
|
|
7,794 |
|
|
|
(146 |
) |
|
Less: Earnings attributable to noncontrolling interests |
|
34 |
|
|
|
203 |
|
|
|
70 |
|
|
|
228 |
|
|
Income (loss) attributable to |
|
1,208 |
|
|
|
819 |
|
|
|
7,724 |
|
|
|
(374 |
) |
|
Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests |
|
(10 |
) |
|
|
(169 |
) |
|
|
17 |
|
|
|
(132 |
) |
|
Income (loss) (after-tax) before equity in earnings of operating joint ventures |
|
1,218 |
|
|
|
988 |
|
|
|
7,707 |
|
|
|
(242 |
) |
|
Less: Total reconciling items, before income taxes |
|
(197 |
) |
|
|
(567 |
) |
|
|
2,080 |
|
|
|
(5,273 |
) |
|
Less: Income taxes, not applicable to adjusted operating income |
|
(188 |
) |
|
|
(425 |
) |
|
|
145 |
|
|
|
(1,118 |
) |
|
Total reconciling items, after income taxes |
|
(9 |
) |
|
|
(142 |
) |
|
|
1,935 |
|
|
|
(4,155 |
) |
|
After-tax adjusted operating income (1) |
|
1,227 |
|
|
|
1,130 |
|
|
|
5,772 |
|
|
|
3,913 |
|
|
Income taxes, applicable to adjusted operating income |
|
358 |
|
|
|
337 |
|
|
|
1,529 |
|
|
|
1,037 |
|
|
Adjusted operating income before income taxes (1) |
$ |
1,585 |
|
|
$ |
1,467 |
|
|
$ |
7,301 |
|
|
$ |
4,950 |
|
|
|
|
|
|
|
|
|
|
|||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|||||||||
Financial Highlights |
|
|
|
|
|
|
|
|||||||||
(in millions, except per share data, unaudited) |
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||||
|
|
|
|
|||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Earnings per share of Common Stock (diluted): |
|
|
|
|
|
|
|
|||||||||
Net income (loss) attributable to |
$ |
3.13 |
|
|
$ |
2.03 |
|
|
$ |
19.51 |
|
|
$ |
(1.00 |
) |
|
Less: Reconciling Items: |
|
|
|
|
|
|
|
|||||||||
Realized investment gains (losses), net, and related charges and adjustments |
|
0.30 |
|
|
|
(2.99 |
) |
|
|
4.17 |
|
|
|
(10.81 |
) |
|
Market experience updates |
|
1.10 |
|
|
|
0.94 |
|
|
|
1.92 |
|
|
|
(1.61 |
) |
|
Divested and Run-off Businesses: |
|
|
|
|
|
|
|
|||||||||
Closed Block division |
|
0.13 |
|
|
|
(0.02 |
) |
|
|
0.36 |
|
|
|
(0.06 |
) |
|
Other Divested and Run-off Businesses |
|
0.75 |
|
|
|
0.29 |
|
|
|
1.84 |
|
|
|
(1.13 |
) |
|
Difference in earnings allocated to participating unvested share-based payment awards |
|
— |
|
|
|
0.01 |
|
|
|
(0.07 |
) |
|
|
0.07 |
|
|
Other adjustments (2) |
|
(2.83 |
) |
|
|
(0.04 |
) |
|
|
(2.85 |
) |
|
|
0.13 |
|
|
Total reconciling items, before income taxes |
|
(0.55 |
) |
|
|
(1.81 |
) |
|
|
5.37 |
|
|
|
(13.41 |
) |
|
Less: Income taxes, not applicable to adjusted operating income |
|
(0.50 |
) |
|
|
(1.04 |
) |
|
|
0.44 |
|
|
|
(2.69 |
) |
|
Total reconciling items, after income taxes |
|
(0.05 |
) |
|
|
(0.77 |
) |
|
|
4.93 |
|
|
|
(10.72 |
) |
|
After-tax adjusted operating income |
$ |
3.18 |
|
|
$ |
2.80 |
|
|
$ |
14.58 |
|
|
$ |
9.72 |
|
|
Weighted average number of outstanding common shares (basic) |
|
377.7 |
|
|
|
396.2 |
|
|
|
387.2 |
|
|
|
395.8 |
|
|
Weighted average number of outstanding common shares (diluted) |
|
380.9 |
|
|
|
398.3 |
|
|
|
390.1 |
|
|
|
397.8 |
|
|
For earnings per share of Common Stock calculation: |
|
|
|
|
|
|
|
|||||||||
Net income (loss) attributable to |
$ |
1,208 |
|
|
$ |
819 |
|
|
$ |
7,724 |
|
|
$ |
(374 |
) |
|
Less: Earnings allocated to participating unvested share-based payment awards |
|
17 |
|
|
|
10 |
|
|
|
115 |
|
|
|
21 |
|
|
Net income (loss) attributable to |
$ |
1,191 |
|
|
$ |
809 |
|
|
$ |
7,609 |
|
|
$ |
(395 |
) |
|
After-tax adjusted operating income (1) |
$ |
1,227 |
|
|
$ |
1,130 |
|
|
$ |
5,772 |
|
|
$ |
3,913 |
|
|
Less: Earnings allocated to participating unvested share-based payment awards |
|
17 |
|
|
|
13 |
|
|
|
86 |
|
|
|
47 |
|
|
After-tax adjusted operating income for earnings per share of Common Stock calculation (1) |
$ |
1,210 |
|
|
$ |
1,117 |
|
|
$ |
5,686 |
|
|
$ |
3,866 |
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP book value (total PFI equity) at end of period |
$ |
61,876 |
|
|
$ |
67,425 |
|
|
|
|
|
|||||
Less: Accumulated other comprehensive income (AOCI) |
|
21,324 |
|
|
|
30,738 |
|
|
|
|
|
|||||
GAAP book value excluding AOCI |
|
40,552 |
|
|
|
36,687 |
|
|
|
|
|
|||||
Less: Cumulative effect of foreign exchange rate remeasurement and currency |
|
|
|
|
|
|
|
|||||||||
translation adjustments corresponding to realized gains/losses |
|
(1,164 |
) |
|
|
(1,399 |
) |
|
|
|
|
|||||
Adjusted book value |
|
41,716 |
|
|
|
38,086 |
|
|
|
|
|
|||||
End of period number of common shares (diluted) |
|
383.7 |
|
|
|
401.8 |
|
|
|
|
|
|||||
GAAP book value per common share - diluted |
|
161.26 |
|
|
|
167.81 |
|
|
|
|
|
|||||
GAAP book value excluding AOCI per share - diluted |
|
105.69 |
|
|
|
91.31 |
|
|
|
|
|
|||||
Adjusted book value per common share - diluted |
|
108.72 |
|
|
|
94.79 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|||||||||
Financial Highlights |
|
|
|
|
|
|
|
|||||||||
(in millions, or as otherwise noted, unaudited) |
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||||
|
|
|
|
|||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
PGIM: |
|
|
|
|
|
|
|
|||||||||
PGIM: |
|
|
|
|
|
|
|
|||||||||
Assets Managed by PGIM (in billions, as of end of period): |
|
|
|
|
|
|
|
|||||||||
Institutional customers |
$ |
629.4 |
|
|
$ |
614.9 |
|
|
|
|
|
|||||
Retail customers |
|
401.4 |
|
|
|
372.0 |
|
|
|
|
|
|||||
General account |
|
493.0 |
|
|
|
511.7 |
|
|
|
|
|
|||||
Total PGIM |
$ |
1,523.8 |
|
|
$ |
1,498.6 |
|
|
|
|
|
|||||
Institutional Customers - Assets Under Management (in billions): |
|
|
|
|
|
|
|
|||||||||
Gross additions, other than money market |
$ |
20.2 |
|
|
$ |
16.9 |
|
|
$ |
78.4 |
|
|
$ |
68.4 |
|
|
Net additions, other than money market |
$ |
3.5 |
|
|
$ |
2.5 |
|
|
$ |
10.9 |
|
|
$ |
3.0 |
|
|
Retail Customers - Assets Under Management (in billions): |
|
|
|
|
|
|
|
|||||||||
Gross additions, other than money market |
$ |
23.7 |
|
|
$ |
24.6 |
|
|
$ |
89.5 |
|
|
$ |
95.0 |
|
|
Net additions (withdrawals), other than money market |
$ |
(3.6 |
) |
|
$ |
3.8 |
|
|
$ |
0.1 |
|
|
$ |
17.2 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Retirement: |
|
|
|
|
|
|
|
|||||||||
Gross additions |
$ |
3,501 |
|
|
$ |
8,251 |
|
|
$ |
21,967 |
|
|
$ |
22,469 |
|
|
Net additions (withdrawals) |
$ |
(1,392 |
) |
|
$ |
3,189 |
|
|
$ |
1,142 |
|
|
$ |
4,181 |
|
|
Total account value at end of period |
$ |
245,720 |
|
|
$ |
243,387 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Group Insurance Annualized New Business Premiums (3): |
|
|
|
|
|
|
|
|||||||||
Group life |
$ |
23 |
|
|
$ |
16 |
|
|
$ |
265 |
|
|
$ |
243 |
|
|
Group disability |
|
49 |
|
|
|
20 |
|
|
|
221 |
|
|
|
163 |
|
|
Total |
$ |
72 |
|
|
$ |
36 |
|
|
$ |
486 |
|
|
$ |
406 |
|
|
Individual Annuities: |
|
|
|
|
|
|
|
|||||||||
Fixed and Variable Annuity Sales and Account Values: |
|
|
|
|
|
|
|
|||||||||
Gross sales |
$ |
1,551 |
|
|
$ |
1,980 |
|
|
$ |
6,599 |
|
|
$ |
6,815 |
|
|
Sales, net of full surrenders and death benefits |
$ |
(1,102 |
) |
|
$ |
(125 |
) |
|
$ |
(3,802 |
) |
|
$ |
(1,030 |
) |
|
Total account value at end of period |
$ |
182,305 |
|
|
$ |
176,280 |
|
|
|
|
|
|||||
Individual Life: |
|
|
|
|
|
|
|
|||||||||
Individual Life Insurance Annualized New Business Premiums (3): |
|
|
|
|
|
|
|
|||||||||
Term life |
$ |
24 |
|
|
$ |
34 |
|
|
$ |
115 |
|
|
$ |
148 |
|
|
Guaranteed universal life |
|
10 |
|
|
|
11 |
|
|
|
45 |
|
|
|
94 |
|
|
Other universal life |
|
12 |
|
|
|
18 |
|
|
|
57 |
|
|
|
91 |
|
|
Variable life |
|
136 |
|
|
|
176 |
|
|
|
538 |
|
|
|
449 |
|
|
Total |
$ |
182 |
|
|
$ |
239 |
|
|
$ |
755 |
|
|
$ |
782 |
|
|
International Businesses: |
|
|
|
|
|
|
|
|||||||||
International Businesses: |
|
|
|
|
|
|
|
|||||||||
International Businesses Annualized New Business Premiums (3)(4): |
|
|
|
|
|
|
|
|||||||||
Actual exchange rate basis |
$ |
438 |
|
|
$ |
440 |
|
|
$ |
1,940 |
|
|
$ |
2,190 |
|
|
Constant exchange rate basis |
$ |
458 |
|
|
$ |
450 |
|
|
$ |
2,002 |
|
|
$ |
2,228 |
|
|
|
|
|
|
|
|
|
|
|||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|||||||||
Financial Highlights |
|
|
|
|||||
(in billions, as of end of period, unaudited) |
|
|
|
|||||
|
|
|
|
|||||
|
|
|
|
|||||
|
|
|||||||
|
|
2021 |
|
|
2020 |
|||
Assets and Assets Under Management and Administration: |
|
|
|
|||||
Total assets |
$ |
937.8 |
|
$ |
940.7 |
|||
Assets under management (at fair market value): |
|
|
|
|||||
PGIM |
$ |
1,523.8 |
|
$ |
1,498.6 |
|||
|
|
163.1 |
|
|
171.7 |
|||
International Businesses |
|
12.8 |
|
|
14.3 |
|||
Corporate and Other (5) |
|
42.6 |
|
|
36.3 |
|||
Total assets under management |
|
1,742.3 |
|
|
1,720.9 |
|||
Assets under administration |
|
382.5 |
|
|
341.7 |
|||
Total assets under management and administration |
$ |
2,124.8 |
|
$ |
2,062.6 |
|||
|
|
|
|
|||||
See footnotes on last page. |
|
|
|
|||||
(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 |
||||||
|
|
|
|
|
|
|
|
(2) |
Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge of |
||||||
|
|
|
|
|
|
|
|
(3) |
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’ |
||||||
|
|
|
|
|
|
|
|
(4) |
Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to |
||||||
|
|
|
|
|
|
|
|
(5) |
Prior period amounts have been reclassified to conform to current period presentation. |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220203005597/en/
MEDIA CONTACT:
Source:
FAQ
What were Prudential's financial results for Q4 2021?
How much did Prudential earn in 2021?
What is Prudential's adjusted operating income for Q4 2021?
What is Prudential's quarterly dividend for Q1 2022?
What is the authorized share repurchase amount for Prudential in 2022?
