Prudential Financial Files 2024 Annual Report

TL;DR

PRU filed its 2024 10-K. All good.

AI Summary

Prudential Financial, Inc. filed its annual report for the fiscal year ended December 31, 2024. The company is incorporated in New Jersey and its principal executive offices are located at 751 Broad Street, Newark, NJ. Prudential Financial's common stock trades on the New York Stock Exchange under the ticker symbol PRU.

Why It Matters

This filing provides a comprehensive overview of Prudential Financial's performance and financial health for the past fiscal year, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: low — This is a standard annual report filing for a large, established public company.

Key Numbers

• 001-16707 — Commission File Number (Identifies the company's filings with the SEC.)
• 22-3703799 — I.R.S. Employer Identification Number (Company's tax identification number.)

Key Players & Entities

• Prudential Financial, Inc. (company) — Registrant
• December 31, 2024 (date) — Fiscal year end
• New Jersey (location) — State of incorporation
• 751 Broad Street, Newark, NJ 07102 (location) — Principal executive offices
• PRU (company) — Common Stock trading symbol
• New York Stock Exchange (company) — Exchange where securities are registered

FAQ

Key Financial Figures

• $0.01 — he registrant's Common Stock (par value $0.01) held by non-affiliates of the registra
• $1.512 — l investment manager with approximately $1.512 trillion of assets under management as
• $200 m — e and Other operations of approximately $200 million, equivalent to a 20% interest, in
• $100,000 — le assets or annual income in excess of $100,000) and affluent (households with investab
• $250,000 — lds with investable assets in excess of $250,000) customers with a focus on innovative p

Filing Documents

• pru-20241231.htm (10-K) — 15133KB
• pru-20241231x10kxexh104.htm (EX-10.4) — 19KB
• pru-20241231x10kxexh105.htm (EX-10.5) — 21KB
• pru-20241231x10kxexh106.htm (EX-10.6) — 18KB
• pru-20241231x10kxexh1044.htm (EX-10.44) — 14KB
• pru-20241231x10kxexh1045.htm (EX-10.45) — 11KB
• pru-20241231x10kxexh19.htm (EX-19) — 112KB
• pru-20241231x10kxexh211.htm (EX-21.1) — 253KB
• pru-20241231x10kxexh231.htm (EX-23.1) — 3KB
• pru-20241231x10kxexh241.htm (EX-24.1) — 36KB
• pru-20241231x10kxexh311.htm (EX-31.1) — 10KB
• pru-20241231x10kxexh312.htm (EX-31.2) — 10KB
• pru-202412x31x10kxexh321.htm (EX-32.1) — 3KB
• pru-20241231x10kxexh322.htm (EX-32.2) — 3KB
• pru_bluergba.jpg (GRAPHIC) — 173KB
• 0001137774-25-000044.txt ( ) — 75938KB
• pru-20241231.xsd (EX-101.SCH) — 242KB
• pru-20241231_cal.xml (EX-101.CAL) — 225KB
• pru-20241231_def.xml (EX-101.DEF) — 2136KB
• pru-20241231_lab.xml (EX-101.LAB) — 2722KB
• pru-20241231_pre.xml (EX-101.PRE) — 2626KB
• pru-20241231_htm.xml (XML) — 19675KB

Item 1. Business

PART I Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 34

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 47 Item 1C. Cybersecurity 47

Properties

Item 2. Properties 48

Legal Proceedings

Item 3. Legal Proceedings 49

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 49 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 50

[Reserved]

Item 6. [Reserved] 50

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 51

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 132

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 138

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 308

Controls and Procedures

Item 9A. Controls and Procedures 308

Other Information

Item 9B. Other Information 308

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 308

Item 10. Directors, Executive Officers and Corporate Governance

PART III Item 10. Directors, Executive Officers and Corporate Governance 308

Executive Compensation

Item 11. Executive Compensation 308

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 309

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 309

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 309

Item 15. Exhibits, Financial Statement Schedules

PART IV Item 15. Exhibits, Financial Statement Schedules 310

Form 10-K Summary

Item 16. Form 10-K Summary 322 GLOSSARY 323 EXHIBIT INDEX 327

Forward-Looking Statements

Forward-Looking Statements Certain of the statements included in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "includes," "plans," "assumes," "estimates," "projects," "intends," "should," "will," "shall" or variations of such words are generally part of forward-looking statements. 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. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (2) losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (3) changes in interest rates, equity prices and foreign currency exchange rates that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (4) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or finan

BUSINESS

ITEM 1. BUSINESS Table of Contents Page Overview 2 PGIM 3 Retirement Strategies 5 Group Insurance 7 Individual Life 9 International Businesses 11 Corporate and Other 13 Closed Block Division 14 Seasonality of Key Financial Items 15 Reinsurance 16 Intangible and Intellectual Property 17 Regulation 18 Human Capital Resources 31 Available Information 32 Information About our Executive Officers 33 1 Table of Contents Overview Prudential Financial, Inc. ("Prudential Financial" or "PFI"), a global financial services leader and premier active global investment manager with approximately $1.512 trillion of assets under management as of December 31, 2024, has operations in the United States, Asia, Europe and Latin America. Through our subsidiaries and affiliates we offer a wide array of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. We offer these products and services to individual and institutional customers through proprietary and third-party distribution networks. Our principal executive offices are located in Newark, New Jersey, and Prudential Financial's Common Stock is publicly traded on the New York Stock Exchange under the ticker symbol "PRU." On December 18, 2001, The Prudential Insurance Company of America ("PICA") converted from a mutual life insurance company owned by its policyholders to a stock life insurance company and became a wholly-owned subsidiary of Prudential Financial. The demutualization was carried out under PICA's Plan of Reorganization, which required us to establish and operate a regulatory mechanism known as the "Closed Block." The Closed Block includes certain in-force participating insurance and annuity products and corresponding assets that are used for the payment of benefits and policyholders' dividends on these products, as well as certain related assets and liabilities. Our pr

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View this 10-K filing on SEC EDGAR