Prudential Financial, Inc. Announces Second Quarter 2022 Results
Prudential Financial, Inc. reported a net loss of $565 million ($1.53 per share) for Q2 2022, a significant drop from net income of $2.158 billion ($5.40 per share) in Q2 2021. The current results were impacted by a $1.048 billion after-tax charge and a $1.140 billion gain from the sale of legacy variable annuities. Adjusted operating income fell to $664 million ($1.74 per share) from $1.440 billion ($3.60 per share) year-over-year. Assets under management decreased to $1.410 trillion, while capital returned to shareholders was $832 million. The company aims for cost savings of $750 million.
- After-tax gain of $1.140 billion from sale of legacy variable annuities.
- Strengthened liquidity with parent company assets of $7.1 billion, up from $4.9 billion YOY.
- Anticipated achievement of $750 million cost savings program target one year ahead of schedule.
- Net loss of $565 million compared to net income of $2.158 billion in the previous year.
- Assets under management fell to $1.410 trillion from $1.730 trillion year-over-year.
- Adjusted operating income decreased from $1.440 billion to $664 million, a drop of over 53%.
-
Net loss attributable to
Prudential Financial, Inc. of or$565 million per Common share versus net income of$1.53 or$2.15 8 billion per share for the year-ago quarter. The current quarter included a net after-tax charge from our annual assumption update and other refinements of$5.40 or$1.04 8 billion per Common share versus a benefit of$2.80 or$182 million per share in the year-ago quarter. The current quarter also included an after-tax gain due to the sales of a block of legacy variable annuities and the Full Service business of$0.45 or$1.14 0 billion per Common share.$3.04 -
After-tax adjusted operating income of
or$664 million per Common share versus$1.74 or$1.44 0 billion per share for the year-ago quarter. The current quarter included a net after-tax charge from our annual assumption update and other refinements of$3.60 or$1.12 4 billion per Common share versus$2.94 or$24 million per share in the year-ago quarter. The current quarter also included an after-tax gain due to the sale of a block of legacy variable annuities of$0.06 or$673 million per Common share.$1.76 -
Book value per Common share of
versus$74.72 per share for the year-ago quarter; adjusted book value per Common share of$160.31 versus$104.19 per share for the year-ago quarter.$104.39 -
Parent company highly liquid assets(1) of
versus$7.1 billion for the year-ago quarter.$4.9 billion -
Assets under management(2) of
versus$1.41 0 trillion for the year-ago quarter.$1.73 0 trillion -
Capital returned to shareholders of
in the quarter, including$832 million of share repurchases and$375 million of dividends, versus$457 million in the year-ago quarter. Dividends paid were$1.33 5 billion per Common share, representing a$1.20 5% yield on adjusted book value.
“Our second quarter results reflect macroeconomic trends, including rising interest rates, widening credit spreads, and equity market declines, as well as the strengthening of our Individual Life reserves through our annual review of assumptions. We also continued to make significant strategic progress transforming our businesses to be less market sensitive and more nimble, while making additional investments to support our long-term, sustainable growth.
We completed the sales of our Full Service business and a significant portion of our traditional variable annuities, which reduced our market sensitivity by
Our actions are supported by the strength of our rock solid balance sheet, which gives us the financial flexibility to navigate through the current macroeconomic environment, while continuing to invest in our businesses and return capital to shareholders. Our strategy continues to position us well for the future and to be a leader in expanding access to insurance, investing, and retirement security around the world. We remain confident that we are on the right path to drive long-term sustainable growth and create value for all of our stakeholders.”
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,
PGIM
PGIM, the Company’s global investment management business, reported adjusted operating income of
PGIM assets under management of
Retirement Strategies, consisting of Institutional Retirement Strategies (former Retirement segment) and Individual Retirement Strategies (former Individual Annuities segment), reported adjusted operating income of
Institutional Retirement Strategies:
-
Reported adjusted operating income of
in the current quarter, compared to$398 million in the year-ago quarter. This decrease includes a favorable comparative impact from our annual assumption update and other refinements of$450 million . Excluding this item, current quarter results primarily reflect lower net investment spread results, partially offset by higher reserve gains.$14 million -
Account values of
declined$235 billion 4% from the year-ago quarter, driven by unfavorable foreign exchange impacts and market depreciation. Net inflows in the current quarter totaled as sales of$0.1 billion were mostly offset by withdrawals and benefit payments.$3.7 billion
Individual Retirement Strategies:
-
Reported adjusted operating income of
in the current quarter, compared to$1.30 5 billion in the year-ago quarter. This increase includes a favorable comparative impact from our annual assumption update and other refinements of$472 million as well as a gain on the sale of a block of legacy variable annuities of$40 million . Excluding these items, current quarter results primarily reflect lower fee income, net of distribution expenses and other associated costs, partially offset by a gain on a strategic investment and higher net investment spread results.$852 million -
Account values of
were down$123 billion 32% from the year-ago quarter, reflecting the sale of a block of legacy variable annuities, market depreciation, and net outflows. Gross sales of in the current quarter reflect the continued momentum from our FlexGuard products.$1.6 billion
-
Reported adjusted operating income of
in the current quarter, compared to$53 million in the year-ago quarter. This increase includes an unfavorable comparative impact from our annual assumption update and other refinements of$17 million . Excluding this item, current quarter results primarily reflect more favorable underwriting results in both group life and disability, partially offset by lower net investment spread results.$4 million -
Reported earned premiums, policy charges, and fees of
decreased$1.4 billion 3% from the year-ago quarter.
Individual Life:
-
Reported a loss, on an adjusted operating income basis, of
in the current quarter, compared to adjusted operating income of$1.32 5 billion in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of$146 million , primarily driven by updated policyholder behavior and mortality assumptions in the current quarter. Excluding this item, current quarter results primarily reflect lower net investment spread results and higher expenses, partially offset by more favorable underwriting results.$1.40 8 billion -
Sales of
in the current quarter decreased$155 million 14% from the year-ago quarter, driven by lower Universal Life and Term sales.
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
in the current quarter, compared to$343 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of$407 million . Excluding this item, current quarter results primarily reflect lower net investment spread results and less favorable underwriting results, partially offset by business growth.$21 million -
Constant dollar basis sales(3) of
in the current quarter increased$240 million 2% from the year-ago quarter, primarily driven by growth inBrazil .
Gibraltar Life & Other:
-
Reported adjusted operating income of
in the current quarter, compared to$212 million in the year-ago quarter. This decrease includes a favorable comparative impact from our annual assumption update and other refinements of$396 million . Excluding this item, current quarter results primarily reflect lower earnings from joint venture investments, lower net investment spread results, and less favorable underwriting results.$4 million -
Constant dollar basis sales(3) of
in the current quarter decreased$240 million 8% 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
NET INCOME
Net loss in the current quarter included
Net income for the year-ago quarter included
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 and less market sensitive company, our cost savings program, our plans relating to share repurchases and dividends, our efforts to enhance customer experience and expand our products and solutions to more people, our strategy to create sustainable, long-term growth, our efforts to expand access to investing, insurance, and retirement security around the world, 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, |
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(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 |
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(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 |
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||||||||
(in millions, unaudited) |
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Three Months Ended |
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Six Months Ended |
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2022 |
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2021 |
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|
2022 |
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|
|
2021 |
|
Adjusted operating income (loss) before income taxes (1): |
|
|
|
|
|
|
|
||||||||
PGIM |
$ |
206 |
|
|
$ |
315 |
|
|
$ |
394 |
|
|
$ |
966 |
|
|
|
370 |
|
|
|
1,047 |
|
|
|
1,313 |
|
|
|
1,890 |
|
International Businesses |
|
555 |
|
|
|
803 |
|
|
|
1,356 |
|
|
|
1,674 |
|
Corporate and Other |
|
(259 |
) |
|
|
(336 |
) |
|
|
(625 |
) |
|
|
(658 |
) |
Total adjusted operating income before income taxes |
$ |
872 |
|
|
$ |
1,829 |
|
|
$ |
2,438 |
|
|
$ |
3,872 |
|
Reconciling Items: |
|
|
|
|
|
|
|
||||||||
Realized investment gains (losses), net, and related charges and adjustments |
$ |
(2,350 |
) |
|
$ |
358 |
|
|
$ |
(3,710 |
) |
|
$ |
1,413 |
|
Market experience updates |
|
531 |
|
|
|
225 |
|
|
|
525 |
|
|
|
529 |
|
Divested and Run-off Businesses: |
|
|
|
|
|
|
|
||||||||
Closed Block division |
|
13 |
|
|
|
31 |
|
|
|
36 |
|
|
|
65 |
|
Other Divested and Run-off Businesses |
|
402 |
|
|
|
339 |
|
|
|
103 |
|
|
|
384 |
|
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests |
|
21 |
|
|
|
4 |
|
|
|
(1 |
) |
|
|
(50 |
) |
Other adjustments (2) |
|
— |
|
|
|
(13 |
) |
|
|
(17 |
) |
|
|
(26 |
) |
Total reconciling items, before income taxes |
|
(1,383 |
) |
|
|
944 |
|
|
|
(3,064 |
) |
|
|
2,315 |
|
Income (loss) before income taxes and equity in earnings of operating joint ventures |
$ |
(511 |
) |
|
$ |
2,773 |
|
|
$ |
(626 |
) |
|
$ |
6,187 |
|
Income Statement Data: |
|
|
|
|
|
|
|
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Net income (loss) attributable to |
$ |
(565 |
) |
|
$ |
2,158 |
|
|
$ |
(596 |
) |
|
$ |
4,986 |
|
Income (loss) attributable to noncontrolling interests |
|
(7 |
) |
|
|
25 |
|
|
|
(20 |
) |
|
|
1 |
|
Net income (loss) |
|
(572 |
) |
|
|
2,183 |
|
|
|
(616 |
) |
|
|
4,987 |
|
Less: Earnings attributable to noncontrolling interests |
|
(7 |
) |
|
|
25 |
|
|
|
(20 |
) |
|
|
1 |
|
Income (loss) attributable to |
|
(565 |
) |
|
|
2,158 |
|
|
|
(596 |
) |
|
|
4,986 |
|
Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests |
|
(43 |
) |
|
|
(6 |
) |
|
|
(28 |
) |
|
|
44 |
|
Income (loss) (after-tax) before equity in earnings of operating joint ventures |
|
(522 |
) |
|
|
2,164 |
|
|
|
(568 |
) |
|
|
4,942 |
|
Less: Total reconciling items, before income taxes |
|
(1,383 |
) |
|
|
944 |
|
|
|
(3,064 |
) |
|
|
2,315 |
|
Less: Income taxes, not applicable to adjusted operating income |
|
(197 |
) |
|
|
220 |
|
|
|
(614 |
) |
|
|
431 |
|
Total reconciling items, after income taxes |
|
(1,186 |
) |
|
|
724 |
|
|
|
(2,450 |
) |
|
|
1,884 |
|
After-tax adjusted operating income (1) |
|
664 |
|
|
|
1,440 |
|
|
|
1,882 |
|
|
|
3,058 |
|
Income taxes, applicable to adjusted operating income |
|
208 |
|
|
|
389 |
|
|
|
556 |
|
|
|
814 |
|
Adjusted operating income before income taxes (1) |
$ |
872 |
|
|
$ |
1,829 |
|
|
$ |
2,438 |
|
|
$ |
3,872 |
|
|
|
|
|
|
|
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See footnotes on last page. |
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Financial Highlights |
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(in millions, except per share data, unaudited) |
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Three Months Ended |
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Six Months Ended |
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2022 |
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2021 |
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2022 |
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|
2021 |
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Earnings per share of Common Stock: |
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Net income (loss) attributable to |
$ |
(1.53 |
) |
|
$ |
5.40 |
|
|
$ |
(1.62 |
) |
|
$ |
12.39 |
|
Less: Reconciling Items: |
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Realized investment gains (losses), net, and related charges and adjustments |
|
(6.23 |
) |
|
|
0.91 |
|
|
|
(9.81 |
) |
|
|
3.56 |
|
Market experience updates |
|
1.41 |
|
|
|
0.57 |
|
|
|
1.39 |
|
|
|
1.33 |
|
Divested and Run-off Businesses: |
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Closed Block division |
|
0.03 |
|
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|
0.08 |
|
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|
0.10 |
|
|
|
0.16 |
|
Other Divested and Run-off Businesses |
|
1.07 |
|
|
|
0.86 |
|
|
|
0.27 |
|
|
|
0.97 |
|
Difference in earnings allocated to participating unvested share-based payment awards |
|
0.01 |
|
|
|
(0.03 |
) |
|
|
0.03 |
|
|
|
(0.07 |
) |
Other adjustments (2) |
|
— |
|
|
|
(0.03 |
) |
|
|
(0.04 |
) |
|
|
(0.07 |
) |
Total reconciling items, before income taxes |
|
(3.71 |
) |
|
|
2.36 |
|
|
|
(8.06 |
) |
|
|
5.88 |
|
Less: Income taxes, not applicable to adjusted operating income |
|
(0.44 |
) |
|
|
0.56 |
|
|
|
(1.53 |
) |
|
|
1.09 |
|
Total reconciling items, after income taxes |
|
(3.27 |
) |
|
|
1.80 |
|
|
|
(6.53 |
) |
|
|
4.79 |
|
After-tax adjusted operating income |
$ |
1.74 |
|
|
$ |
3.60 |
|
|
$ |
4.91 |
|
|
$ |
7.60 |
|
Weighted average number of outstanding common shares (basic) |
|
374.4 |
|
|
|
391.1 |
|
|
|
375.3 |
|
|
|
393.7 |
|
Weighted average number of outstanding common shares (diluted) |
|
377.1 |
|
|
|
394.1 |
|
|
|
378.1 |
|
|
|
396.4 |
|
For earnings per share of Common Stock calculation: |
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Net income (loss) attributable to |
$ |
(565 |
) |
|
$ |
2,158 |
|
|
$ |
(596 |
) |
|
$ |
4,986 |
|
Less: Earnings allocated to participating unvested share-based payment awards |
|
6 |
|
|
|
31 |
|
|
|
13 |
|
|
|
75 |
|
Net income (loss) attributable to |
$ |
(571 |
) |
|
$ |
2,127 |
|
|
$ |
(609 |
) |
|
$ |
4,911 |
|
After-tax adjusted operating income (1) |
$ |
664 |
|
|
$ |
1,440 |
|
|
$ |
1,882 |
|
|
$ |
3,058 |
|
Less: Earnings allocated to participating unvested share-based payment awards |
|
9 |
|
|
|
20 |
|
|
|
26 |
|
|
|
46 |
|
After-tax adjusted operating income for earnings per share of Common Stock calculation (1) |
$ |
655 |
|
|
$ |
1,420 |
|
|
$ |
1,856 |
|
|
$ |
3,012 |
|
|
|
|
|
|
|
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GAAP book value (total PFI equity) at end of period |
$ |
28,235 |
|
|
$ |
63,048 |
|
|
|
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|
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Less: Accumulated other comprehensive income (AOCI) |
|
(10,178 |
) |
|
|
23,277 |
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|
|
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|
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GAAP book value excluding AOCI |
|
38,413 |
|
|
|
39,771 |
|
|
|
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|
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Less: Cumulative effect of foreign exchange rate remeasurement and currency |
|
|
|
|
|
|
|
||||||||
translation adjustments corresponding to realized gains/losses |
|
(962 |
) |
|
|
(1,287 |
) |
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|
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Adjusted book value |
$ |
39,375 |
|
|
$ |
41,058 |
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|
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|
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End of period number of common shares (diluted) |
|
377.9 |
|
|
|
393.3 |
|
|
|
|
|
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GAAP book value per common share - diluted |
|
74.72 |
|
|
|
160.31 |
|
|
|
|
|
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GAAP book value excluding AOCI per share - diluted |
|
101.65 |
|
|
|
101.12 |
|
|
|
|
|
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Adjusted book value per common share - diluted |
|
104.19 |
|
|
|
104.39 |
|
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|
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See footnotes on last page. |
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Financial Highlights |
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(in millions, or as otherwise noted, unaudited) |
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Three Months Ended |
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Six Months Ended |
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2022 |
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2021 |
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2022 |
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|
2021 |
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PGIM: |
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PGIM: |
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Assets Managed by PGIM (in billions, as of end of period): |
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|
|
|
|
|
||||||||
Institutional customers |
$ |
560.7 |
|
|
$ |
618.6 |
|
|
|
|
|
||||
Retail customers |
|
314.3 |
|
|
|
401.2 |
|
|
|
|
|
||||
General account |
|
382.4 |
|
|
|
491.6 |
|
|
|
|
|
||||
Total PGIM |
$ |
1,257.4 |
|
|
$ |
1,511.4 |
|
|
|
|
|
||||
Institutional Customers - Assets Under Management (in billions): |
|
|
|
|
|
|
|
||||||||
Gross additions, other than money market |
$ |
24.6 |
|
|
$ |
23.0 |
|
|
$ |
41.4 |
|
|
$ |
44.2 |
|
Net additions, other than money market |
$ |
8.1 |
|
|
$ |
5.6 |
|
|
$ |
8.4 |
|
|
$ |
6.7 |
|
Retail Customers - Assets Under Management (in billions): |
|
|
|
|
|
|
|
||||||||
Gross additions, other than money market |
$ |
16.1 |
|
|
$ |
19.2 |
|
|
$ |
36.3 |
|
|
$ |
48.9 |
|
Net additions (withdrawals), other than money market |
$ |
(8.3 |
) |
|
$ |
(0.3 |
) |
|
$ |
(12.9 |
) |
|
$ |
4.1 |
|
|
|
|
|
|
|
|
|
||||||||
Retirement Strategies: |
|
|
|
|
|
|
|
||||||||
Institutional Retirement Strategies: |
|
|
|
|
|
|
|
||||||||
Gross additions |
$ |
3,700 |
|
|
$ |
661 |
|
|
$ |
5,978 |
|
|
$ |
10,421 |
|
Net additions (withdrawals) |
$ |
140 |
|
|
$ |
(5,083 |
) |
|
$ |
(2,481 |
) |
|
$ |
(965 |
) |
Total account value at end of period |
$ |
234,594 |
|
|
$ |
243,843 |
|
|
|
|
|
||||
Individual Retirement Strategies: |
|
|
|
|
|
|
|
||||||||
Fixed and Variable Annuity Sales and Account Values: |
|
|
|
|
|
|
|
||||||||
Gross sales |
$ |
1,598 |
|
|
$ |
1,693 |
|
|
$ |
3,141 |
|
|
$ |
3,548 |
|
Sales, net of full surrenders and death benefits |
$ |
38 |
|
|
$ |
(990 |
) |
|
$ |
(607 |
) |
|
$ |
(1,627 |
) |
Total account value at end of period |
$ |
123,138 |
|
|
$ |
182,411 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Group Insurance Annualized New Business Premiums (3): |
|
|
|
|
|
|
|
||||||||
Group life |
$ |
26 |
|
|
$ |
16 |
|
|
$ |
206 |
|
|
$ |
191 |
|
Group disability |
|
17 |
|
|
|
35 |
|
|
|
147 |
|
|
|
155 |
|
Total |
$ |
43 |
|
|
$ |
51 |
|
|
$ |
353 |
|
|
$ |
346 |
|
Individual Life: |
|
|
|
|
|
|
|
||||||||
Individual Life Insurance Annualized New Business Premiums (3): |
|
|
|
|
|
|
|
||||||||
Term life |
$ |
23 |
|
|
$ |
34 |
|
|
$ |
47 |
|
|
$ |
65 |
|
Universal life (4) |
|
22 |
|
|
|
34 |
|
|
|
44 |
|
|
|
61 |
|
Variable life |
|
110 |
|
|
|
112 |
|
|
|
214 |
|
|
|
258 |
|
Total |
$ |
155 |
|
|
$ |
180 |
|
|
$ |
305 |
|
|
$ |
384 |
|
International Businesses: |
|
|
|
|
|
|
|
||||||||
International Businesses: |
|
|
|
|
|
|
|
||||||||
International Businesses Annualized New Business Premiums (3)(5): |
|
|
|
|
|
|
|
||||||||
Actual exchange rate basis |
$ |
457 |
|
|
$ |
492 |
|
|
$ |
918 |
|
|
$ |
998 |
|
Constant exchange rate basis |
$ |
480 |
|
|
$ |
498 |
|
|
$ |
952 |
|
|
$ |
1,008 |
|
|
|
|
|
|
|
|
|
||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
||||||||
Financial Highlights |
|
|
|
||
(in billions, as of end of period, unaudited) |
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
||||
|
2022 |
|
2021 |
||
Assets and Assets Under Management and Administration: |
|
|
|
||
Total assets |
$ |
695.6 |
|
$ |
926.5 |
Assets under management (at fair market value): |
|
|
|
||
PGIM |
$ |
1,257.4 |
|
$ |
1,511.4 |
|
|
132.2 |
|
|
162.6 |
International Businesses |
|
13.6 |
|
|
13.2 |
Corporate and Other |
|
6.4 |
|
|
42.8 |
Total assets under management |
|
1,409.6 |
|
|
1,730.0 |
Assets under administration |
|
145.9 |
|
|
372.2 |
Total assets under management and administration |
$ |
1,555.5 |
|
$ |
2,102.2 |
|
|
|
|
||
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. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration, and goodwill impairments. |
|
|
|
|
(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) |
Prior period amounts have been reclassified to conform to current period presentation. |
|
|
|
|
(5) |
Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005692/en/
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FAQ
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