Prudential Financial, Inc. Announces Third Quarter 2022 Results
Prudential Financial reported a net loss of $284 million ($0.78/share) for Q3 2022, a drop from $1.530 billion ($3.90/share) in Q3 2021. Adjusted operating income also decreased to $803 million ($2.13/share) from $1.487 billion. Book value per share fell to $44.15 from $160.29, while adjusted book value decreased to $102.26. Assets under management dropped to $1.350 trillion from $1.727 trillion. The company achieved $750 million in cost savings ahead of schedule and highlighted ongoing investments in growth and strategy adaptations in response to market challenges.
- Achieved $750 million in cost savings one year ahead of schedule.
- Continued investment in growth and new products to meet evolving customer needs.
- Net loss of $284 million compared to net income of $1.530 billion year-over-year.
- Adjusted operating income fell to $803 million from $1.487 billion year-over-year.
- Book value per Common share decreased significantly to $44.15 from $160.29.
- Assets under management decreased to $1.350 trillion from $1.727 trillion year-over-year.
-
Net loss attributable to
Prudential Financial, Inc. of$284 million $0.78 $1.53 0 billion$3.90 -
After-tax adjusted operating income of
$803 million $2.13 $1.48 7 billion$3.78 -
Book value per Common share of
$44.15 $160.29 $102.26 $106.85 -
Parent company highly liquid assets(1) of
$5.1 billion $3.8 billion -
Assets under management(2) of
$1.35 0 trillion$1.72 7 trillion -
Capital returned to shareholders of
$829 million $375 million $454 million $1.32 6 billion$1.20 5% yield on adjusted book value.
“Our third quarter financial results reflect the impact of market conditions, including the variability in alternative investment returns and lower fee income, as well as an elevated level of COVID-19 hospitalization claims in
We remained focused on executing on our transformation strategy to become a higher growth and less market sensitive company. We achieved our
Looking ahead, we expect higher interest rates will economically benefit our business over time. We have the financial strength to continue to navigate the current economic and market environment. As we monitor developments, we will maintain our disciplined approach to capital management and redeployment.”
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 and Individual Retirement Strategies, reported adjusted operating income of
Institutional Retirement Strategies:
-
Reported adjusted operating income of
$233 million $571 million
-
Account values of
$238 billion 3% from the year-ago quarter, driven by unfavorable foreign exchange impacts and market depreciation. Net inflows in the current quarter totaled$9.8 billion $9.7 billion 50% participation in the second largest pension risk transfer transaction in U.S. market history.
Individual Retirement Strategies:
-
Reported adjusted operating income of
$445 million $499 million
-
Account values of
$116 billion 35% from the year-ago quarter, reflecting the sale of a block of legacy variable annuities, market depreciation, and net outflows. Gross sales of$1.4 billion
-
Reported adjusted operating income of
$27 million $135 million
-
Reported earned premiums, policy charges, and fees of
$1.4 billion
Individual Life:
-
Reported adjusted operating income of
$41 million $210 million
-
Sales of
$150 million 21% from the year-ago quarter, driven by lower Variable Life 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
$254 million $475 million Japan , and lower net investment spread results, driven by lower variable investment income.
-
Constant dollar basis sales(3) of
$241 million 2% from the year-ago quarter, primarily driven by growth inBrazil .
Gibraltar Life & Other:
-
Reported adjusted operating income of
$176 million $412 million Japan .
-
Constant dollar basis sales(3) of
$206 million 24% from the year-ago quarter, primarily driven by lower protection product sales in the Bank and Life Consultant channels.
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 approach to capital management and redeployment, the expected impact of the rising interest rate environment, 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 |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Adjusted operating income (loss) before income taxes (1): |
|
|
|
|
|
|
|
||||||||
PGIM |
$ |
219 |
|
|
$ |
327 |
|
|
$ |
613 |
|
|
$ |
1,293 |
|
|
|
702 |
|
|
|
1,090 |
|
|
|
2,015 |
|
|
|
2,980 |
|
International Businesses |
|
430 |
|
|
|
887 |
|
|
|
1,786 |
|
|
|
2,561 |
|
Corporate and Other |
|
(325 |
) |
|
|
(460 |
) |
|
|
(950 |
) |
|
|
(1,118 |
) |
Total adjusted operating income before income taxes |
$ |
1,026 |
|
|
$ |
1,844 |
|
|
$ |
3,464 |
|
|
$ |
5,716 |
|
Reconciling Items: |
|
|
|
|
|
|
|
||||||||
Realized investment gains (losses), net, and related charges and adjustments |
$ |
(1,464 |
) |
|
$ |
98 |
|
|
$ |
(5,174 |
) |
|
$ |
1,511 |
|
Market experience updates |
|
133 |
|
|
|
(199 |
) |
|
|
658 |
|
|
|
330 |
|
Divested and Run-off Businesses: |
|
|
|
|
|
|
|
||||||||
Closed Block division |
|
(24 |
) |
|
|
27 |
|
|
|
12 |
|
|
|
92 |
|
Other Divested and Run-off Businesses |
|
(76 |
) |
|
|
48 |
|
|
|
27 |
|
|
|
432 |
|
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests |
|
(22 |
) |
|
|
(3 |
) |
|
|
(23 |
) |
|
|
(53 |
) |
Other adjustments (2) |
|
(10 |
) |
|
|
(9 |
) |
|
|
(27 |
) |
|
|
(35 |
) |
Total reconciling items, before income taxes |
|
(1,463 |
) |
|
|
(38 |
) |
|
|
(4,527 |
) |
|
|
2,277 |
|
Income (loss) before income taxes and equity in earnings of operating joint ventures |
$ |
(437 |
) |
|
$ |
1,806 |
|
|
$ |
(1,063 |
) |
|
$ |
7,993 |
|
Income Statement Data: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
$ |
(284 |
) |
|
$ |
1,530 |
|
|
$ |
(880 |
) |
|
$ |
6,516 |
|
Income (loss) attributable to noncontrolling interests |
|
(6 |
) |
|
|
35 |
|
|
|
(26 |
) |
|
|
36 |
|
Net income (loss) |
|
(290 |
) |
|
|
1,565 |
|
|
|
(906 |
) |
|
|
6,552 |
|
Less: Earnings attributable to noncontrolling interests |
|
(6 |
) |
|
|
35 |
|
|
|
(26 |
) |
|
|
36 |
|
Income (loss) attributable to |
|
(284 |
) |
|
|
1,530 |
|
|
|
(880 |
) |
|
|
6,516 |
|
Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests |
|
5 |
|
|
|
(17 |
) |
|
|
(23 |
) |
|
|
27 |
|
Income (loss) (after-tax) before equity in earnings of operating joint ventures |
|
(289 |
) |
|
|
1,547 |
|
|
|
(857 |
) |
|
|
6,489 |
|
Less: Total reconciling items, before income taxes |
|
(1,463 |
) |
|
|
(38 |
) |
|
|
(4,527 |
) |
|
|
2,277 |
|
Less: Income taxes, not applicable to adjusted operating income |
|
(371 |
) |
|
|
(98 |
) |
|
|
(985 |
) |
|
|
333 |
|
Total reconciling items, after income taxes |
|
(1,092 |
) |
|
|
60 |
|
|
|
(3,542 |
) |
|
|
1,944 |
|
After-tax adjusted operating income (1) |
|
803 |
|
|
|
1,487 |
|
|
|
2,685 |
|
|
|
4,545 |
|
Income taxes, applicable to adjusted operating income |
|
223 |
|
|
|
357 |
|
|
|
779 |
|
|
|
1,171 |
|
Adjusted operating income before income taxes (1) |
$ |
1,026 |
|
|
$ |
1,844 |
|
|
$ |
3,464 |
|
|
$ |
5,716 |
|
|
|
|
|
|
|
|
|
||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
||||||||
Financial Highlights |
|
|
|
|
|
|
|
||||||||
(in millions, except per share data, unaudited) |
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Earnings per share of Common Stock: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
$ |
(0.78 |
) |
|
$ |
3.90 |
|
|
$ |
(2.41 |
) |
|
$ |
16.32 |
|
Less: Reconciling Items: |
|
|
|
|
|
|
|
||||||||
Realized investment gains (losses), net, and related charges and adjustments |
|
(3.92 |
) |
|
|
0.25 |
|
|
|
(13.75 |
) |
|
|
3.84 |
|
Market experience updates |
|
0.36 |
|
|
|
(0.51 |
) |
|
|
1.75 |
|
|
|
0.84 |
|
Divested and Run-off Businesses: |
|
|
|
|
|
|
|
||||||||
Closed Block division |
|
(0.06 |
) |
|
|
0.07 |
|
|
|
0.03 |
|
|
|
0.23 |
|
Other Divested and Run-off Businesses |
|
(0.20 |
) |
|
|
0.12 |
|
|
|
0.07 |
|
|
|
1.10 |
|
Difference in earnings allocated to participating unvested share-based payment awards |
|
0.01 |
|
|
|
— |
|
|
|
0.05 |
|
|
|
(0.07 |
) |
Other adjustments (2) |
|
(0.03 |
) |
|
|
(0.02 |
) |
|
|
(0.07 |
) |
|
|
(0.09 |
) |
Total reconciling items, before income taxes |
|
(3.84 |
) |
|
|
(0.09 |
) |
|
|
(11.92 |
) |
|
|
5.85 |
|
Less: Income taxes, not applicable to adjusted operating income |
|
(0.93 |
) |
|
|
(0.21 |
) |
|
|
(2.47 |
) |
|
|
0.91 |
|
Total reconciling items, after income taxes |
|
(2.91 |
) |
|
|
0.12 |
|
|
|
(9.45 |
) |
|
|
4.94 |
|
After-tax adjusted operating income |
$ |
2.13 |
|
|
$ |
3.78 |
|
|
$ |
7.04 |
|
|
$ |
11.38 |
|
Weighted average number of outstanding common shares (basic) |
|
371.0 |
|
|
|
383.8 |
|
|
|
373.8 |
|
|
|
390.4 |
|
Weighted average number of outstanding common shares (diluted) |
|
373.1 |
|
|
|
386.8 |
|
|
|
376.4 |
|
|
|
393.2 |
|
For earnings per share of Common Stock calculation: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
$ |
(284 |
) |
|
$ |
1,530 |
|
|
$ |
(880 |
) |
|
$ |
6,516 |
|
Less: Earnings allocated to participating unvested share-based payment awards |
|
6 |
|
|
|
23 |
|
|
|
19 |
|
|
|
98 |
|
Net income (loss) attributable to |
$ |
(290 |
) |
|
$ |
1,507 |
|
|
$ |
(899 |
) |
|
$ |
6,418 |
|
After-tax adjusted operating income (1) |
$ |
803 |
|
|
$ |
1,487 |
|
|
$ |
2,685 |
|
|
$ |
4,545 |
|
Less: Earnings allocated to participating unvested share-based payment awards |
|
10 |
|
|
|
23 |
|
|
|
36 |
|
|
|
69 |
|
After-tax adjusted operating income for earnings per share of Common Stock calculation (1) |
$ |
793 |
|
|
$ |
1,464 |
|
|
$ |
2,649 |
|
|
$ |
4,476 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP book value (total PFI equity) at end of period |
$ |
16,502 |
|
|
$ |
61,887 |
|
|
|
|
|
||||
Less: Accumulated other comprehensive income (AOCI) |
|
(20,874 |
) |
|
|
21,836 |
|
|
|
|
|
||||
GAAP book value excluding AOCI |
|
37,376 |
|
|
|
40,051 |
|
|
|
|
|
||||
Less: Cumulative effect of foreign exchange rate remeasurement and currency |
|
|
|
|
|
|
|
||||||||
translation adjustments corresponding to realized gains/losses |
|
(847 |
) |
|
|
(1,205 |
) |
|
|
|
|
||||
Adjusted book value |
$ |
38,223 |
|
|
$ |
41,256 |
|
|
|
|
|
||||
End of period number of common shares (diluted) |
|
373.8 |
|
|
|
386.1 |
|
|
|
|
|
||||
GAAP book value per common share - diluted |
|
44.15 |
|
|
|
160.29 |
|
|
|
|
|
||||
GAAP book value excluding AOCI per share - diluted |
|
99.99 |
|
|
|
103.73 |
|
|
|
|
|
||||
Adjusted book value per common share - diluted |
|
102.26 |
|
|
|
106.85 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
||||||||
Financial Highlights |
|
|
|
|
|
|
|
||||||||
(in millions, or as otherwise noted, unaudited) |
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
PGIM: |
|
|
|
|
|
|
|
||||||||
PGIM: |
|
|
|
|
|
|
|
||||||||
Assets Managed by PGIM (in billions, as of end of period): |
|
|
|
|
|
|
|
||||||||
Institutional customers |
$ |
536.3 |
|
|
$ |
625.3 |
|
|
|
|
|
||||
Retail customers |
|
298.1 |
|
|
|
395.4 |
|
|
|
|
|
||||
General account |
|
371.8 |
|
|
|
493.2 |
|
|
|
|
|
||||
Total PGIM |
$ |
1,206.2 |
|
|
$ |
1,513.9 |
|
|
|
|
|
||||
Institutional Customers - Assets Under Management (in billions): |
|
|
|
|
|
|
|
||||||||
Gross additions, other than money market |
$ |
16.4 |
|
|
$ |
14.0 |
|
|
$ |
57.8 |
|
|
$ |
58.2 |
|
Net additions, other than money market |
$ |
0.6 |
|
|
$ |
0.7 |
|
|
$ |
9.0 |
|
|
$ |
7.4 |
|
Retail Customers - Assets Under Management (in billions): |
|
|
|
|
|
|
|
||||||||
Gross additions, other than money market |
$ |
13.5 |
|
|
$ |
16.9 |
|
|
$ |
49.8 |
|
|
$ |
65.8 |
|
Net additions (withdrawals), other than money market |
$ |
(4.6 |
) |
|
$ |
(0.4 |
) |
|
$ |
(17.5 |
) |
|
$ |
3.7 |
|
|
|
|
|
|
|
|
|
||||||||
Retirement Strategies: |
|
|
|
|
|
|
|
||||||||
Institutional Retirement Strategies: |
|
|
|
|
|
|
|
||||||||
Gross additions |
$ |
13,518 |
|
|
$ |
8,045 |
|
|
$ |
19,496 |
|
|
$ |
18,466 |
|
Net additions |
$ |
9,827 |
|
|
$ |
3,499 |
|
|
$ |
7,346 |
|
|
$ |
2,534 |
|
Total account value at end of period |
$ |
238,313 |
|
|
$ |
246,068 |
|
|
|
|
|
||||
Individual Retirement Strategies: |
|
|
|
|
|
|
|
||||||||
Fixed and Variable Annuity Sales and Account Values: |
|
|
|
|
|
|
|
||||||||
Gross sales |
$ |
1,389 |
|
|
$ |
1,500 |
|
|
$ |
4,530 |
|
|
$ |
5,048 |
|
Sales, net of full surrenders and death benefits |
$ |
164 |
|
|
$ |
(1,073 |
) |
|
$ |
(443 |
) |
|
$ |
(2,700 |
) |
Total account value at end of period |
$ |
115,790 |
|
|
$ |
178,678 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Group Insurance Annualized New Business Premiums (3): |
|
|
|
|
|
|
|
||||||||
Group life |
$ |
67 |
|
|
$ |
51 |
|
|
$ |
273 |
|
|
$ |
242 |
|
Group disability |
|
36 |
|
|
|
17 |
|
|
|
183 |
|
|
|
172 |
|
Total |
$ |
103 |
|
|
$ |
68 |
|
|
$ |
456 |
|
|
$ |
414 |
|
Individual Life: |
|
|
|
|
|
|
|
||||||||
Individual Life Insurance Annualized New Business Premiums (3): |
|
|
|
|
|
|
|
||||||||
Term life |
$ |
24 |
|
|
$ |
26 |
|
|
$ |
71 |
|
|
$ |
91 |
|
Universal life (4) |
|
23 |
|
|
|
19 |
|
|
|
67 |
|
|
|
80 |
|
Variable life |
|
103 |
|
|
|
144 |
|
|
|
317 |
|
|
|
402 |
|
Total |
$ |
150 |
|
|
$ |
189 |
|
|
$ |
455 |
|
|
$ |
573 |
|
International Businesses: |
|
|
|
|
|
|
|
||||||||
International Businesses: |
|
|
|
|
|
|
|
||||||||
International Businesses Annualized New Business Premiums (3)(5): |
|
|
|
|
|
|
|
||||||||
Actual exchange rate basis |
$ |
413 |
|
|
$ |
504 |
|
|
$ |
1,331 |
|
|
$ |
1,502 |
|
Constant exchange rate basis |
$ |
447 |
|
|
$ |
509 |
|
|
$ |
1,399 |
|
|
$ |
1,517 |
|
|
|
|
|
|
|
|
|
||||||||
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 |
$ |
677.8 |
|
$ |
932.6 |
Assets under management (at fair market value): |
|
|
|
||
PGIM |
$ |
1,206.2 |
|
$ |
1,513.9 |
|
|
123.4 |
|
|
160.0 |
International Businesses |
|
13.8 |
|
|
12.1 |
Corporate and Other |
|
6.1 |
|
|
40.6 |
Total assets under management |
|
1,349.5 |
|
|
1,726.6 |
Assets under administration |
|
139.4 |
|
|
372.4 |
Total assets under management and administration |
$ |
1,488.9 |
|
$ |
2,099.0 |
|
|||||
(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/20221031005762/en/
MEDIA CONTACT:
Source:
FAQ
What was Prudential Financial's net loss for Q3 2022?
How much did Prudential Financial's adjusted operating income decline in Q3 2022?
What was the book value per share for Prudential Financial in Q3 2022?
What were Prudential Financial's assets under management for Q3 2022?
What cost savings target did Prudential Financial achieve in Q3 2022?
