Prudential Financial Inc. Files Q3 2024 10-Q Report

TL;DR

PRU's Q3 2024 10-Q is in. Check it for the latest numbers.

AI Summary

Prudential Financial Inc. reported its Q3 2024 results on October 31, 2024. The company's filing covers the period ending September 30, 2024. Key financial data and operational details for the third quarter are presented in this 10-Q filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and disclosures for Prudential Financial, Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is reported.)
• 2024-09-30 — Report End Date (The end date of the fiscal period covered by the report.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point to the end of the prior fiscal year.)

Key Players & Entities

• PRUDENTIAL FINANCIAL INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filed as of Date
• 751 BROAD ST (address) — Business Address
• NJ (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.01 — he registrant's Common Stock (par value $0.01) were outstanding. Table of Contents

Filing Documents

• pru-20240930.htm (10-Q) — 10935KB
• pru-20240930x10qxexh311.htm (EX-31.1) — 10KB
• pru-20240930x10qxexh312.htm (EX-31.2) — 10KB
• pru-20240930x10qxexh321.htm (EX-32.1) — 4KB
• pru-20240930x10qxexh322.htm (EX-32.2) — 4KB
• 0001137774-24-000247.txt ( ) — 53449KB
• pru-20240930.xsd (EX-101.SCH) — 149KB
• pru-20240930_cal.xml (EX-101.CAL) — 165KB
• pru-20240930_def.xml (EX-101.DEF) — 1211KB
• pru-20240930_lab.xml (EX-101.LAB) — 1802KB
• pru-20240930_pre.xml (EX-101.PRE) — 1558KB
• pru-20240930_htm.xml (XML) — 14723KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Unaudited Interim Consolidated Statements of Financial Position as of September 30, 2024 and December 31, 2023 1 Unaudited Interim Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Unaudited Interim Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 3 Unaudited Interim Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 4 Unaudited Interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Notes to Unaudited Interim Consolidated Financial Statements 8 1. Business and Basis of Presentation 8 2. Significant Accounting Policies and Pronouncements 9 3. Investments 10 4. Variable Interest Entities 26 5. Derivatives and Hedging 28 6. Fair Value of Assets and Liabilities 38 7. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired 54 8. Separate Accounts 56 9. Liability for Future Policy Benefits 59 10. Policyholders' Account Balances 67 11. Market Risk Benefits 72 12. Reinsurance 74 13. Closed Block 78 14. Income Taxes 80 15. Short-Term and Long-Term Debt 82 16. Employee Benefit Plans 84 17. Equity 85 18. Earnings Per Share 89 19. Segment Information 91 20. Related Party Transactions 95 21. Commitments and Contingent Liabilities 96

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 101

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 169

Controls and Procedures

Item 4. Controls and Procedures 169

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 170

Risk Factors

Item 1A. Risk Factors 170

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 170

Other Information

Item 5. Other Information 170

Exhibits

Item 6. Exhibits 171 GLOSSARY 172

SIGNATURES

SIGNATURES 174 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Certain of the statements included in this Quarterly Report on Form 10-Q 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 fi

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements PRUDENTIAL FINANCIAL, INC. Unaudited Interim Consolidated Statements of Financial Position September 30, 2024 and December 31, 2023 (in millions, except share amounts) September 30, 2024 December 31, 2023 ASSETS Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024-$ 235 ; 2023-$ 160 ) (amortized cost: 2024-$ 357,428 ; 2023-$ 334,598 )(1) $ 340,730 $ 316,321 Fixed maturities, trading, at fair value (amortized cost: 2024-$ 12,404 ; 2023-$ 10,624 )(1) 12,065 9,790 Assets supporting experience-rated contractholder liabilities, at fair value 3,654 3,168 Equity securities, at fair value (cost: 2024-$ 4,224 ; 2023-$ 5,786 )(1) 6,771 8,242 Commercial mortgage and other loans (net of $ 603 and $ 460 allowance for credit losses; includes $ 1,098 and $ 519 of loans measured at fair value under the fair value option at September 30, 2024 and December 31, 2023, respectively)(1) 62,573 59,305 Policy loans 9,947 10,047 Other invested assets (net of $ 2 and $ 1 allowance for credit losses; includes $ 7,061 and $ 6,074 of assets measured at fair value at September 30, 2024 and December 31, 2023, respectively)(1) 25,367 22,855 Short-term investments (net of allowance for credit losses: 2024-$ 0 ; 2023-$ 0 ) 8,010 5,005 Total investments 469,117 434,733 Cash and cash equivalents(1) 20,198 19,419 Accrued investment income(1) 3,566 3,287 Deferred policy acquisition costs 21,182 20,856 Value of business acquired 488 530 Market risk benefit assets 2,134 1,981 Reinsurance recoverables and deposit receivables (net of $ 11 and $ 12 allowance for credit losses; includes $ 324 and $ 149 of embedded derivatives at fair value at September 30, 2024 and December 31, 2023, respectively)(2) 29,633 27,311 Income tax assets 479 939 Other assets (net of $ 2 and $ 3 allowance for credit losses; includes $ 0 and $ 11 of assets at fair value at September 30, 2024 and December 31, 2023, respectively)(1)(2) 12,

View Full Filing

View this 10-Q filing on SEC EDGAR