- Net income attributable to Prudential Financial, Inc. of $2.158
billion or $5.40 per Common share versus net loss of $2.409 billion
or $6.12 per share for the year-ago quarter. The current quarter
included a net after-tax benefit from our annual assumption update
and other refinements of $180 million or $0.46 per Common share
versus a charge of $84 million or $0.21 per share in the year-ago
quarter.
- After-tax adjusted operating income of $1.514 billion or $3.79
per Common share versus $740 million or $1.85 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
$27 million or $0.07 per Common share versus $266 million or $0.66
per share in the year-ago quarter.
- Book value per Common share of $160.31 versus $165.53 per share
for the year-ago; adjusted book value per Common share of $104.39
versus $92.07 per share for the year-ago.
- Parent company highly liquid assets of $4.9 billion versus $4.5
billion for the year-ago.
- Assets under management of $1.730 trillion versus $1.605
trillion for the year-ago.
- Capital returned to shareholders of $1.335 billion in the
quarter, including $875 million of share repurchases and dividends
of $1.15 per Common share, representing a 4% yield on adjusted book
value, versus $441 million in the year-ago quarter.
- As previously announced, the Company’s Board of Directors has
authorized the repurchase of an additional $0.5 billion of its
outstanding Common Stock, increasing the authorization to up to
$2.5 billion from January 1, 2021 through December 31, 2021.
Charles Lowrey, Chairman and CEO, commented on results:
“We delivered strong financial results for the second quarter,
supported by robust investment performance, further progress in
achieving our cost savings target, and executing on the
re-positioning of the company by taking additional steps to make
our products and businesses less market sensitive.
I’m pleased with our continued progress towards becoming a
higher growth and more nimble company, in part by advancing our
divestiture activity while maintaining a disciplined approach to
capital deployment.
Backed by momentum across our businesses and our rock solid
balance sheet, we now expect to return a total of $11.0 billion to
shareholders through 2023, up from the $10.5 billion announced in
May 2021.
Looking forward, we remain confident in our ability to execute
against the company’s strategy to fulfill our purpose of making
lives better by solving the financial challenges of our changing
world.”
Prudential Financial, Inc. (NYSE: PRU) today reported second
quarter results. Net income attributable to Prudential Financial,
Inc. was $2.158 billion ($5.40 per Common share) for the second
quarter of 2021, compared to net loss of $2.409 billion ($6.12 per
Common share) for the second quarter of 2020. After-tax adjusted
operating income was $1.514 billion ($3.79 per Common share) for
the second quarter of 2021, compared to $740 million ($1.85 per
Common share) for the second quarter of 2020.
Consolidated adjusted operating income and adjusted book value
are non-GAAP measures. These measures are discussed later in this
press release under “Forward-Looking Statements and 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 $315 million for
the second quarter of 2021, compared to $324 million in the
year-ago quarter. This reflects higher asset management fees,
driven by an increase in average account values, that were more
than offset by lower Other Related Revenue, driven by a decrease in
seed and co-investment income, and higher expenses.
PGIM assets under management of $1.511 trillion, a record high,
were up 8% from the year-ago quarter, primarily reflecting market
appreciation, positive third-party net flows, and strong investment
performance. Third-party net inflows of $5.3 billion in the current
quarter reflect institutional inflows of $5.6 billion, partially
offset by $0.3 billion of retail outflows.
U.S. Businesses
U.S. Businesses reported adjusted operating income of
$1.088 billion for the second quarter of 2021, compared to $455
million in the year-ago quarter. This increase includes a net
favorable comparative impact from our annual assumption update and
other refinements of $214 million. Excluding this item, current
quarter results primarily reflect higher net investment spread
results, driven by higher variable investment income, and higher
net fee income, driven primarily by equity market appreciation,
partially offset by less favorable underwriting results.
Retirement:
- Reported adjusted operating income of $491 million in the
current quarter, compared to $281 million in the year-ago quarter.
This increase includes a net favorable comparative impact from our
annual assumption update and other refinements of $4 million.
Excluding this item, current quarter results primarily reflect
higher net investment spread results, driven by higher variable
investment income, and higher fee income, partially offset by lower
reserve gains, driven by a decline in COVID-19 mortality.
- Account values of $586 billion, a record high, were up 18% from
the year-ago quarter, driven by market appreciation and business
growth. Net outflows in the current quarter totaled $5.7 billion
with $5.1 billion from Institutional Investment Products and $0.6
billion from Full Service.
Group Insurance:
- Reported adjusted operating income of $17 million in the
current quarter, compared to adjusted operating income of $5
million in the year-ago quarter. This increase includes an
unfavorable comparative impact from our annual assumption update
and other refinements of $10 million. Excluding this item, current
quarter results primarily reflect higher net investment spread
results, driven by higher variable investment income, and favorable
group life underwriting results due to lower COVID-19 claims,
partially offset by less favorable group disability underwriting
results and higher expenses.
- Reported earned premiums, policy charges, and fees of $1.4
billion were up 2% from the year-ago quarter.
Individual Annuities:
- Reported adjusted operating income of $472 million in the
current quarter, compared to $249 million in the year-ago quarter.
This increase includes a net favorable comparative impact from our
annual assumption update and other refinements of $121 million.
Excluding this item, current quarter results primarily reflect
higher fee income, net of distribution expenses and other
associated costs, and lower expenses.
- Account values of $182 billion, a record high, were up 15% from
the year-ago quarter, reflecting market appreciation, partially
offset by net outflows. Gross sales of $1.7 billion in the current
quarter reflect the continuing success of our FlexGuard Indexed
Variable Annuity.
Individual Life:
- Reported adjusted operating income of $146 million in the
current quarter, compared to a loss of $64 million in the year-ago
quarter. This increase includes a net favorable comparative impact
from our annual assumption update and other refinements of $99
million. Excluding this item, current quarter results primarily
reflect higher net investment spread results, driven by higher
variable investment income.
- Sales of $180 million in the current quarter were down 2% from
the year-ago quarter, as lower Universal Life and Term sales were
mostly offset by higher Variable Life sales, reflecting our product
repricing and pivot strategy.
Assurance IQ reported a loss, on an adjusted operating
income basis, of $38 million in the current quarter, compared to a
loss of $16 million in the year-ago quarter. This reflects a 92%
increase in revenues that were more than offset by increased
expenses to support business growth.
International Businesses
International Businesses, consisting of Life Planner and
Gibraltar Life & Other, reported adjusted operating income of
$803 million for the second quarter of 2021, compared to $691
million in the year-ago quarter. This increase includes a net
favorable comparative impact from our annual assumption update and
other refinements of $80 million. Excluding this item, current
quarter results primarily reflect higher net investment spread
results, business growth, and lower expenses, partially offset by
lower earnings from joint venture investments and less favorable
underwriting results.
Life Planner:
- Reported adjusted operating income of $407 million in the
current quarter, compared to $302 million in the year-ago quarter.
This increase includes a net favorable comparative impact from our
annual assumption update and other refinements of $44 million.
Excluding this item, current quarter results primarily reflect
higher net investment spread results and business growth, partially
offset by less favorable underwriting results, including elevated
COVID-19 claims.
- Constant dollar basis sales of $244 million in the current
quarter increased 49% from the year-ago quarter, primarily driven
by less severe sales restrictions from COVID-19.
Gibraltar Life & Other:
- Reported adjusted operating income of $396 million in the
current quarter, compared to $389 million in the year-ago quarter.
This increase includes a net favorable comparative impact from our
annual assumption update and other refinements of $36 million.
Excluding this item, current quarter results primarily reflect
lower earnings from joint venture investments and lower net
investment spread results, partially offset by lower expenses.
- Constant dollar basis sales of $263 million in the current
quarter increased 33% from the year-ago quarter, primarily driven
by less severe sales restrictions from COVID-19 and higher U.S.
dollar-denominated fixed annuity sales in the Life Consultant
channel.
Corporate & Other
Corporate & Other reported a loss, on an adjusted
operating income basis, of $300 million for the second quarter of
2021, compared to a loss of $541 million in the year-ago quarter.
This lower loss includes a net favorable comparative impact from
our annual assumption update and other refinements of $5 million.
Excluding this item, current quarter results primarily reflect
lower expenses, higher income from pension and other employee
benefit plans, higher investment income, and lower interest
expense.
NET INCOME
Net income in the current quarter included $364 million
of pre-tax net realized investment gains and related charges and
adjustments, including $67 million of net impairment and
credit-related gains, $286 million of pre-tax net gains from
divested and run-off businesses, and $225 million of pre-tax gains
related to market experience updates.
Net loss for the year-ago quarter included $2.7 billion of
pre-tax net realized investment losses and related charges and
adjustments, largely driven by the non-cash effect of
non-performance risk related to products that contain embedded
derivatives, due to tightening credit spreads, as well as $139
million of impairment-related losses, and $546 million of pre-tax
net losses from divested and run-off businesses.
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES(1)
Certain of the statements included in this release, including
those regarding our plans to return capital to shareholders, share
repurchases, priorities, 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. Statements regarding our
plans to return capital to shareholders, share repurchases,
priorities, and other business strategies are subject to the risk
that we will be unable to execute our strategy because of market or
competitive conditions or other factors, including the impact of
the COVID-19 pandemic. Prudential Financial, Inc. does not
undertake to update any particular forward-looking statement
included in this document.
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
www.investor.prudential.com.
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management will host a conference
call on Wednesday, August 4, 2021, at 11:00 a.m. ET to discuss with
the investment community the Company’s second 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 members of
the professional financial community are invited to listen to the
call and participate in the Q&A by dialing one of the following
numbers: (877) 336-4437 (domestic) or (234) 720-6985
(international) and using access code 2805600. All others may join
the conference call in listen-only mode by dialing one of the above
numbers. A replay will remain on the Investor Relations website
through August 18. To access a replay via phone starting at 4:00
p.m. ET on August 4 through August 18 dial (866) 207-1041
(domestic) or (402) 970-0847 (international) and use replay code
9598364.
(1) Description of Non-GAAP Measures:
Adjusted operating income is the 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 of our
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. Additionally, adjusted operating income
excludes the changes in fair value of equity securities that are
recorded in net income. Additionally, market experience updates,
reflecting the immediate impacts in current period results from
changes in current market conditions on estimates of profitability,
are excluded from adjusted operating income, which we believe
enhances the understanding of underlying performance trends.
Adjusted operating income excludes the results of Divested and
Run-off Businesses, which are not relevant to our ongoing
operations. Discontinued operations and earnings attributable to
noncontrolling interests, each of which is presented as a separate
component of net income under GAAP, are also excluded from adjusted
operating income. Adjusted operating income also excludes other
items, such as certain components of the consideration for the
Assurance IQ acquisition, which are recognized as compensation
expense over the requisite service periods, as well as changes in
the fair value of contingent consideration. The tax effect
associated with pre-tax adjusted operating income is based on
applicable IRS and foreign tax regulations inclusive of pertinent
adjustments.
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.
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
more than $1.5 trillion in assets under management as of June 30,
2021, has operations in the United States, Asia, Europe, and Latin
America. Prudential’s diverse and talented employees help to make
lives better by creating financial opportunity for more people.
Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
Financial Highlights
(in millions, unaudited)
Three Months Ended
Six Months Ended
June 30
June 30
2021
2020
2021
2020
Adjusted operating income (loss) before
income taxes (1):
PGIM
$
315
$
324
$
966
$
488
U.S. Businesses
1,088
455
1,940
1,074
International Businesses
803
691
1,674
1,387
Corporate and Other
(300
)
(541
)
(586
)
(883
)
Total adjusted operating income before
income taxes
$
1,906
$
929
$
3,994
$
2,066
Reconciling Items:
Realized investment gains (losses), net,
and related charges and adjustments
$
364
$
(2,749
)
$
1,389
$
(3,252
)
Market experience updates
225
56
529
(882
)
Divested and Run-off Businesses:
Closed Block division
31
(22
)
65
(23
)
Other Divested and Run-off Businesses
255
(524
)
285
(593
)
Equity in earnings of operating joint
ventures and earnings attributable to noncontrolling interests
5
(54
)
(49
)
(63
)
Other adjustments (2)
(13
)
32
(26
)
77
Total reconciling items, before income
taxes
867
(3,261
)
2,193
(4,736
)
Income (loss) before income taxes and
equity in earnings of operating joint ventures
$
2,773
$
(2,332
)
$
6,187
$
(2,670
)
Income Statement Data:
Net income (loss) attributable to
Prudential Financial, Inc.
$
2,158
$
(2,409
)
$
4,986
$
(2,680
)
Income attributable to noncontrolling
interests
25
4
1
5
Net income (loss)
2,183
(2,405
)
4,987
(2,675
)
Less: Earnings attributable to
noncontrolling interests
25
4
1
5
Income (loss) attributable to
Prudential Financial, Inc.
2,158
(2,409
)
4,986
(2,680
)
Less: Equity in earnings of operating
joint ventures, net of taxes and earnings attributable to
noncontrolling interests
(6
)
38
44
47
Income (loss) (after-tax) before equity
in earnings of operating joint ventures
2,164
(2,447
)
4,942
(2,727
)
Less: Total reconciling items, before
income taxes
867
(3,261
)
2,193
(4,736
)
Less: Income taxes, not applicable to
adjusted operating income
217
(74
)
430
(372
)
Total reconciling items, after income
taxes
650
(3,187
)
1,763
(4,364
)
After-tax adjusted operating income
(1)
1,514
740
3,179
1,637
Income taxes, applicable to adjusted
operating income
392
189
815
429
Adjusted operating income before income
taxes (1)
$
1,906
$
929
$
3,994
$
2,066
See footnotes on last page.
Financial Highlights
(in millions, except per share data,
unaudited)
Three Months Ended
Six Months Ended
June 30
June 30
2021
2020
2021
2020
Earnings per share of Common Stock
(diluted):
Net income (loss) attributable to
Prudential Financial, Inc.
$
5.40
$
(6.12
)
$
12.39
$
(6.80
)
Less: Reconciling Items:
Realized investment gains (losses), net,
and related charges and adjustments
0.92
(6.94
)
3.50
(8.17
)
Market experience updates
0.57
0.14
1.33
(2.22
)
Divested and Run-off Businesses:
Closed Block division
0.08
(0.06
)
0.16
(0.06
)
Other Divested and Run-off Businesses
0.65
(1.32
)
0.72
(1.49
)
Difference in earnings allocated to
participating unvested share-based payment awards
(0.03
)
0.01
(0.07
)
0.01
Other adjustments (2)
(0.03
)
0.08
(0.07
)
0.19
Total reconciling items, before income
taxes
2.16
(8.09
)
5.57
(11.74
)
Less: Income taxes, not applicable to
adjusted operating income
0.55
(0.12
)
1.08
(0.88
)
Total reconciling items, after income
taxes
1.61
(7.97
)
4.49
(10.86
)
After-tax adjusted operating
income
$
3.79
$
1.85
$
7.90
$
4.06
Weighted average number of outstanding
common shares (basic)
391.1
394.6
393.7
395.8
Weighted average number of outstanding
common shares (diluted)
394.1
396.1
396.4
397.8
For earnings per share of Common Stock
calculation:
Net income (loss) attributable to
Prudential Financial, Inc.
$
2,158
$
(2,409
)
$
4,986
$
(2,680
)
Less: Earnings allocated to participating
unvested share-based payment awards
31
6
75
11
Net income (loss) attributable to
Prudential Financial, Inc. for earnings per share of Common Stock
calculation
$
2,127
$
(2,415
)
$
4,911
$
(2,691
)
After-tax adjusted operating income
(1)
$
1,514
$
740
$
3,179
$
1,637
Less: Earnings allocated to participating
unvested share-based payment awards
21
9
48
20
After-tax adjusted operating income for
earnings per share of Common Stock calculation (1)
$
1,493
$
731
$
3,131
$
1,617
Prudential Financial, Inc. Equity (as
of end of period):
GAAP book value (total PFI equity) at end
of period
$
63,048
$
65,897
Less: Accumulated other comprehensive
income (AOCI)
23,277
30,837
GAAP book value excluding AOCI
39,771
35,060
Less: Cumulative effect of foreign
exchange rate remeasurement and currency
translation adjustments corresponding to
realized gains/losses
(1,287
)
(1,593
)
Adjusted book value
41,058
36,653
End of period number of common shares
(diluted)
393.3
398.1
GAAP book value per common share -
diluted
160.31
165.53
GAAP book value excluding AOCI per share -
diluted
101.12
88.07
Adjusted book value per common share -
diluted
104.39
92.07
See footnotes on last page.
Financial Highlights
(in millions, or as otherwise noted,
unaudited)
Three Months Ended
Six Months Ended
June 30
June 30
2021
2020
2021
2020
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of
end of period):
Institutional customers
$
618.6
$
571.2
Retail customers
401.2
320.2
General account
491.6
503.1
Total PGIM
$
1,511.4
$
1,394.5
Institutional Customers - Assets Under
Management (in billions):
Gross additions, other than money
market
$
23.0
$
15.0
$
44.2
$
35.6
Net additions (withdrawals), other than
money market
$
5.6
$
(5.7
)
$
6.7
$
(1.5
)
Retail Customers - Assets Under Management
(in billions):
Gross additions, other than money
market
$
19.2
$
24.6
$
48.9
$
48.2
Net additions (withdrawals), other than
money market
$
(0.3
)
$
9.4
$
4.1
$
8.1
U.S. Businesses:
Retirement:
Full Service:
Deposits and sales
$
7,420
$
5,455
$
18,353
$
14,407
Net additions (withdrawals)
$
(586
)
$
(1,585
)
$
987
$
(1,301
)
Total account value at end of period
$
341,974
$
266,433
Institutional Investment Products:
Gross additions
$
661
$
4,545
$
10,421
$
11,438
Net additions (withdrawals)
$
(5,083
)
$
1,018
$
(965
)
$
2,401
Total account value at end of period
$
243,843
$
231,142
Group Insurance:
Group Insurance Annualized New Business
Premiums (3):
Group life
$
16
$
8
$
191
$
181
Group disability
35
18
155
126
Total
$
51
$
26
$
346
$
307
Individual Annuities:
Fixed and Variable Annuity Sales and
Account Values:
Gross sales
$
1,693
$
1,346
$
3,548
$
3,273
Sales, net of full surrenders and death
benefits
$
(990
)
$
(64
)
$
(1,627
)
$
(656
)
Total account value at end of period
$
182,411
$
159,276
Individual Life:
Individual Life Insurance Annualized New
Business Premiums (3):
Term life
$
34
$
40
$
65
$
80
Guaranteed universal life
18
34
30
63
Other universal life
16
23
31
53
Variable life
112
87
258
175
Total
$
180
$
184
$
384
$
371
International Businesses:
International Businesses:
International Businesses Annualized New
Business Premiums (3)(4):
Actual exchange rate basis
$
492
$
352
$
998
$
962
Constant exchange rate basis
$
507
$
362
$
1,025
$
977
See footnotes on last page.
Financial Highlights
(in billions, as of end of period,
unaudited)
June 30
2021
2020
Assets and Assets Under Management and
Administration:
Total assets
$
926.5
$
915.4
Assets under management (at fair market
value):
PGIM
$
1,511.4
$
1,394.5
U.S. Businesses (5)
197.7
175.4
International Businesses
13.2
12.4
Corporate and Other (5)
7.7
23.0
Total assets under management
1,730.0
1,605.3
Client assets under administration
372.2
285.8
Total assets under management and
administration
$
2,102.2
$
1,891.1
See footnotes on last page.
(1)
Adjusted operating income is a non-GAAP
measure of performance. See FORWARD-LOOKING STATEMENTS AND 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. Also includes certain components of the
consideration for the Assurance IQ acquisition, which are
recognized as compensation expense over the requisite service
periods, as well as changes in the fair value of the associated
contingent consideration.
(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' 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.
(4)
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 103 per U.S. dollar.
U.S. dollar-denominated activity is included based on the amounts
as transacted in U.S. dollars.
(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/20210803005960/en/
MEDIA CONTACT: Bill Launder, (973) 802-8760,
bill.launder@prudential.com
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