US Market News
2週前
PGIM Closed-End Funds Declare Distributions for June, July and August 2026May 29, 2026 4:18 PM
Business Wire PGIM High Yield Bond Fund, Inc. (NYSE: ISD), PGIM Global High Yield Fund, Inc. (NYSE: GHY) and PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today monthly distributions for June, July and August 2026. The distribution amounts and schedule for each fund appears below: Fund Name Ticker Distribution Per Share Change from Prior Distribution PGIM High Yield Bond Fund, Inc. ISD $0.105 – PGIM Global High Yield Fund, Inc. GHY $0.105 – PGIM Short Duration High Yield Opportunities Fund SDHY $0.108 – Month Ex-Date Record Date Payable Date June 6/11/2026 6/11/2026 6/30/2026 July 7/9/2026 7/9/2026 7/31/2026 August 8/13/2026 8/13/2026 8/31/2026 The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors. In early 2027, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution’s composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information. ABOUT PGIM PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com. 1As of March 31, 2025. Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Credit. PGIM Credit is an investment group of PGIM, Inc. These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid. An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing. This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice. Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Credit is the public and private fixed income investment group within PGIM, Inc., an affiliate of the investment manager and a registered investment advisor. PGIM Credit is not a separate legal entity. Investment advisory services to the Fund are provided by PGIM, Inc. and PGIM Limited. PGIM, Inc. conducts the public fixed income investment advisory activities associated with PGIM Credit and, where applicable, provides private credit investment advisory services. PGIM Limited conducts investment advisory activities with respect to securities in certain non-U.S. markets. Effective April 8, 2026, PGIM Fixed Income and PGIM Private Credit (formerly known as PGIM Private Capital) were combined and renamed PGIM Credit. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Credit, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate. 5513955 Expiration: 05/31/2027 CONNECT WITH US:
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Travis Fishstein
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travis.fishstein@pgim.com Original: PGIM Closed-End Funds Declare Distributions for June, July and August 2026
US Market News
2週前
Quarterra and PGIM Celebrate Groundbreaking at Alexandria Crossing ApartmentsMay 28, 2026 6:01 AM
PR Newswire (US) Mid-rise apartment development to offer prime regional connectivityALEXANDRIA, Va., May 28, 2026 /PRNewswire/ -- Quarterra, an industry-leading multifamily development and investment management firm, and PGIM, the global investment management business of Prudential Financial, Inc. and the second-largest real estate investment manager in the world, celebrated the commencement of construction on Alexandria Crossing at their groundbreaking ceremony earlier this month. Alongside the project's lead lender, ING Capital LLC, Quarterra and PGIM are proud to bring the new luxury apartment community to the heart of Alexandria, offering a premier residential destination that blends modern living with unparalleled connectivity. Alexandria Crossing is designed as a sophisticated mid-rise community, comprised of seven stories and featuring 385 apartment homes. The development will offer a diverse range of floor plans, from efficient studios to spacious three-bedroom residences, with units ranging from 398 to 1,378 square feet. Committed to environmental responsibility, the community is engineered to meet the National Green Building Standard (NGBS) Gold Certification for environmental sustainability.The broader master development also includes a significant residential expansion by Lennar, one of the nation's leading homebuilders, featuring 44 "two-over-two" for-sale townhomes — architecturally styled as four-level townhouses but internally split into two separate, multi-level residences — and 33 for-sale traditional townhomes."Alexandria Crossing represents our commitment to creating high-quality, sustainable housing that meets the needs of modern urban dwellers," said Drew Dunn, Senior Development Manager with Quarterra. "With its unmatched location and regional accessibility, combined with a curated amenities package, we are creating a community that is as convenient as it is comfortable."Located at 6239 Shields Avenue, Alexandria Crossing will offer residents prime connectivity to regional attractions, recreation, employers and necessities. The community fronts along US Route 1, providing immediate access to major thoroughfares including I-495, I-395 and the GW Memorial Parkway. The community site is just 0.8 miles from the Huntington Metro Station (Yellow Line) and adjacent to a future Bus Rapid Transit (BRT) stop. The transit access creates easy commutes to major employers, including the National Science Foundation, Virginia Tech Innovation Campus, Amazon HQ2, the Pentagon and Fort Belvoir.The community is situated immediately adjacent to the Kings Crossing Shopping Center, which includes retail and restaurants, as well as medical and service providers. Directly across Route 1 is the South Alex development, featuring groceries, coffee shops and destination dining.Residents can also enjoy nearby recreation destinations, including Mount Vernon District Park, Martha Washington Library, and various nature trails and bike paths. The community is within 10 minutes of the renowned restaurant scene in Old Town Alexandria and Carlyle Plaza, with the McCutcheon/Mount Vernon Farmers Market nearby.Designed for an active and social lifestyle, Alexandria Crossing will offer a suite of high-end amenities, including:Courtyards: Two courtyards will feature a resort-style pool with cabanas and a sun shelf, walking trails and outdoor dining areas. The courtyards will be connected by an interior sunroom with a kitchenette.Fitness Center: A state-of-the-art facility equipped with interactive fitness screens and flex spaces for all training levels.Clubhouse and Resident Lounge: Active spaces for entertaining, highlighted by a pool table, shuffleboard and a fireplace.Dog Park/Spa: An elevated outdoor dog park with obstacles and seating, as well and an indoor pet spa with built-in washing stations.Business Center: Modern business facilities, including a podcasting room, private conference room, four micro offices and oversized conference table.Open Space: An additional 0.62 acres of public open space incorporates the Terminus Green community park, a pollinator garden with benches and swing, and a linear park with multi-use green space, natural play elements and seating.Other property features include 131 bicycle racks, 40 resident storage units and an eight-level parking garage with 489 stalls, including eight EV charging spaces.Alexandria Crossing is Quarterra's first multifamily development in Alexandria and second in Virginia. About Quarterra
Quarterra is a real estate investment firm focused on creating long-term value through the development of high-quality multifamily communities nationwide. With 12 regional offices across 20 states, Quarterra combines institutional scale with local market expertise to deliver purposefully designed rental communities in high-growth markets. For more information, visit www.Quarterra.com.About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.2 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.1 As of December 31, 2025, net AUM is $139B and AUA is $50B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "The Largest Real Estate Investment Managers" list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.2 As of December 31, 2025.About ING
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.Media Contact
Marlena DeFalco
LinnellTaylor Marketing
marlena@linnelltaylor.com View original content to download multimedia:https://www.prnewswire.com/news-releases/quarterra-and-pgim-celebrate-groundbreaking-at-alexandria-crossing-apartments-302783858.htmlSOURCE Quarterra Original: Quarterra and PGIM Celebrate Groundbreaking at Alexandria Crossing Apartments
US Market News
3週前
Prismic Life Announces Completion of Oversubscribed Capital RaiseMay 20, 2026 8:35 AM
Business Wire Prismic Life Holding Company, LP (Prismic) today announced the successful completion of its previously announced capital raise. The approximately US$1.9 billion of total commitments reflects an oversubscribed closing, exceeding its original US$1.6 billion target. The additional capital expands Prismic’s capacity and flexibility to support a broader range of reinsurance opportunities. Prismic is sponsored by Prudential Financial, Inc. (NYSE: PRU) (PFI) and Warburg Pincus, global leaders in insurance and investment management. This capital raise included investments from a global consortium of world-class institutional investors, underscoring continued demand for Prismic’s differentiated reinsurance platform. Prismic is a Bermuda-exempted limited partnership and the holding company of Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd., each a licensed Class E Bermuda-based life and annuity reinsurance company. Including this close, Prismic has raised more than US$3.3 billion in capital to support the reinsurance of liabilities, including PFI’s U.S. and Japanese liabilities as well as third-party business, such as the recent Daiichi Life transaction. Prismic Group Chair and CEO Nandini Mongia commented, “This capital raise marks another important milestone for the Prismic platform. The oversubscription reflects confidence in our strategy, enhances our ability to execute efficiently on future transactions, and allows us to deliver innovative reinsurance solutions that support clients’ capital, risk, and balance-sheet management needs.” “Prismic is an important part of Prudential’s broader toolkit for flexible capital allocation,” said Andy Sullivan, chairman and CEO of Prudential Financial. “The platform provides Prudential access to third-party capital and strategic optionality that supports our long-term growth strategy.” “The oversubscribed raise highlights Prismic’s long-term growth potential,” added Jeffrey Perlman, CEO of Warburg Pincus. “Its integrated approach remains highly differentiated, and we are pleased to continue partnering with Prudential and Prismic as the platform grows.” Prismic will continue to leverage global investment management capabilities from PGIM, the US$1.4 trillion* global investment management business of PFI, and Warburg Pincus across public and private markets. Prismic was advised by PGIM, Inc., RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited. About Prismic Life
Prismic Life is a Bermuda-based, growth-oriented life and annuity reinsurance platform that leverages Prudential Financial and Warburg Pincus’ sponsorship and the market-leading asset management capabilities of PGIM and Warburg Pincus to deliver value to clients. Prismic Life’s expertise and scalable operating model enable the firm to provide risk and balance sheet management solutions, while offering investors access to reinsurance as an asset class. Launched on Sept. 1, 2023, Prismic Life currently manages over US$17 billion of liabilities. For more information about Prismic Life, please visit prismiclife.com. About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately US$1.6 trillion in assets under management as of March 31, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com. About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than US$100 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate and capital solutions strategies. The firm is headquartered in New York with more than 15 offices globally. For more information, please visit warburgpincus.com or follow us on LinkedIn and YouTube. *As of March 31, 2026. Prudential Forward-Looking Statements
Certain of the statements included in this release, such as those regarding the capital raise and expected results and impacts thereof, including the expected allocation of capital to assets managed by PGIM, the business plan of Prismic and our expectations relating to reinsurance, 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. Prudential’s 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. 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’s Annual Report on Form 10-K. Prudential does not undertake to update any particular forward-looking statement included in this document. The securities subject to the equity investment referred to in this press release have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release is for informational purposes only and is not an offer to sell or purchase nor the solicitation of an offer to sell or purchase securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520537530/en/ Prismic Media Contact: Christian Ercole; christian.ercole@prismiclife.com Original: Prismic Life Announces Completion of Oversubscribed Capital Raise
US Market News
4週前
CORRECTING and REPLACING PGIM Closed-End Funds declare distributions for March, April and May 2026May 15, 2026 11:04 AM
Business Wire May monthly distribution payable date of release issued February 27, 2026, should read: 5/29/2026 (instead of 5/31/2026). The updated release reads: PGIM CLOSED-END FUNDS DECLARE DISTRIBUTIONS FOR MARCH, APRIL AND MAY 2026 PGIM High Yield Bond Fund, Inc. (NYSE: ISD), PGIM Global High Yield Fund, Inc. (NYSE: GHY) and PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today monthly distributions for March, April and May 2026. The distribution amounts and schedule for each fund appear below: Fund Name Ticker Distribution Per Share Change from Prior Distribution PGIM High Yield Bond Fund, Inc. ISD $0.105 – PGIM Global High Yield Fund, Inc. GHY $0.105 – PGIM Short Duration High Yield Opportunities Fund SDHY $0.108 – Month Ex-Date Record Date Payable Date March 3/12/2026 3/12/2026 3/31/2026 April 4/9/2026 4/9/2026 4/30/2026 May 5/14/2026 5/14/2026 5/29/2026 The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors. In early 2027, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution’s composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information. ABOUT PGIM PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com. 1 As of Dec. 31, 2025. Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager. These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid. An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing. This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice. Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate. 5493849 Expiration: 02/28/2027 CONNECT WITH US:
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Travis Fishstein
+1 973-382-6093
travis.fishstein@pgim.com Original: CORRECTING and REPLACING PGIM Closed-End Funds declare distributions for March, April and May 2026
US Market News
1月前
Prudential Financial, Inc. Announces First Quarter 2026 ResultsMay 5, 2026 4:18 PM
Business Wire Prudential Financial, Inc. (NYSE: PRU) today reported first quarter 2026 results. Net income attributable to Prudential Financial, Inc. of $597 million or $1.68 per Common share versus net income of $707 million or $1.96 per share for the year-ago quarter. After-tax adjusted operating income of $1.278 billion or $3.61 per Common share versus $1.188 billion or $3.29 per share for the year-ago quarter. Book value per Common share of $91.28 versus $83.59 per share for the year-ago quarter; adjusted book value per Common share of $99.79 versus $96.37 per share for the year-ago quarter. Parent company highly liquid assets(1) of $3.7 billion versus $4.9 billion for the year-ago quarter, primarily attributable to a $1.0 billion hybrid securities redemption in May 2025. Assets under management(2) of $1.576 trillion versus $1.522 trillion for the year-ago quarter. Capital returned to shareholders totaled $746 million, including $250 million of share repurchases and $496 million of dividends, versus $736 million in the year-ago quarter. Dividends paid in the first quarter were $1.40 per Common share, representing a yield on adjusted book value of over 5%. On April 21, 2026, Prudential issued a press release and held a call with the investment community to discuss the extension of the Prudential of Japan voluntary sales suspension. For more information, please visit our website at investor.prudential.com. “We delivered a solid first quarter, reflecting the progress we have made over the past year to operate with greater consistency and discipline,” said Andy Sullivan, Chairman and Chief Executive Officer of Prudential Financial. “Momentum is growing across our businesses as we sharpen focus and strengthen execution. PGIM delivered strong investment performance and is on track to achieve its margin expansion target. Our U.S. Businesses reflected the actions taken to enhance competitive positioning, enabling us to capture demand and improve the underlying fundamentals across retirement and insurance. While the results of our International Businesses were impacted by the sales suspension at Prudential of Japan, our broader Japan platform remains diversified and resilient. Outside of Japan, Emerging Markets delivered a robust first quarter, driven by record earnings in Brazil. We have a strong foundation, distinctive capabilities, and we are building a stronger Prudential — positioned to deliver durable value across cycles.” OVERVIEW Net income attributable to Prudential Financial, Inc. ("Prudential" or the "Company") was $597 million ($1.68 per Common share) for the first quarter of 2026, compared to net income of $707 million ($1.96 per Common share) for the first quarter of 2025. After-tax adjusted operating income was $1.278 billion ($3.61 per Common share) for the first quarter of 2026, compared to $1.188 billion ($3.29 per Common share) for the first quarter of 2025. 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 release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3) RESULTS OF ONGOING OPERATIONS Prudential'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 $190 million for the first quarter of 2026, up 22% compared to $156 million in the year-ago quarter. This increase primarily reflects higher asset management fees and other related revenues, mainly driven by agency earnings, partially offset by higher expenses resulting from growth initiatives. PGIM assets under management of $1.433 trillion increased 3% from the year-ago quarter, primarily driven by equity market appreciation and strong investment performance. Total net outflows in the quarter of $0.1 billion reflected affiliated net outflows of $1.9 billion, mostly offset by third-party net inflows of $1.8 billion. Third-party institutional net inflows were $1.6 billion as public and private fixed income and real estate inflows were partially offset by public equity outflows. Third-party retail net inflows of $0.2 billion were primarily driven by public fixed income inflows, partially offset by public equity outflows. U.S. Businesses U.S. Businesses, which includes the Company's Retirement, Group Insurance, Individual Life, and U.S. Legacy Products segments, reported adjusted operating income of $956 million for the first quarter of 2026, up 3% compared to $931 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by higher expenses in all businesses related to investments in enhancing service and distribution, and lower net fee income resulting from the continued run-off of the traditional variable annuity block. Retirement: Reported adjusted operating income of $572 million in the quarter, up 9% compared to $526 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by higher expenses to support business growth and the investments mentioned above, and less favorable underwriting results. Net account values of $356 billion increased 8% from the year-ago quarter, reflecting the benefits of market appreciation and business growth. Total sales in the quarter of $7.4 billion included $3.3 billion of retail annuities sales, reflecting strong momentum following the December 2025 launch of the Company's latest registered index-linked annuity product, and $1.4 billion of pension risk transfer activity across four middle-market transactions. Group Insurance: Reported adjusted operating income of $38 million in the quarter, compared to $89 million in the year-ago quarter. Excluding the impact of a favorable reserve refinement of approximately $30 million last year, this decrease primarily reflects less favorable disability underwriting results, due to higher claims incidence and severity, and higher expenses related to investments supporting business growth and operational efficiency in claims and service, partially offset by more favorable mortality in the working-age population in life underwriting results. Sales of $526 million in the quarter increased 32% from the year-ago quarter, driven by strong growth in disability, including supplemental health products, and continued momentum in the Premier middle-market segment. Individual Life: Reported adjusted operating income of $139 million in the quarter, more than doubling compared to $52 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results, due to more favorable mortality from lower claims severity, and higher net investment spread results. Sales of $251 million in the quarter increased 23% from the year-ago quarter, primarily driven by variable accumulation product sales. U.S. Legacy Products: Effective January 1, 2026, Prudential established the U.S. Legacy Products reporting segment, consisting of traditional variable annuities with guaranteed living benefit riders and certain other annuities products, previously included in the former Individual Retirement Strategies segment, as well as guaranteed universal life policies previously included in the Individual Life segment. This new reporting segment represents run-off blocks consisting of products that are no longer being sold in U.S. markets. Reported adjusted operating income of $207 million in the quarter, down 22% compared to $264 million in the year-ago quarter. This decrease primarily reflects lower net fee income, resulting from the continued run-off of the traditional variable annuity block, partially offset by market appreciation, as well as less favorable underwriting results related to the guaranteed universal life block. Net legacy annuities account values of $74 billion decreased 8% from the year-ago quarter, driven by net outflows from the continued run-off of the block, partially offset by market appreciation. International Businesses International Businesses reported adjusted operating income of $810 million for the first quarter of 2026, down 4% compared to $848 million in the year-ago quarter. This decrease primarily reflects higher expenses related to the Prudential of Japan sales suspension, partially offset by higher net investment spread results and more favorable underwriting results primarily driven by new business growth in Brazil, which had a record earnings quarter. Constant dollar basis sales(4) of $424 million in the quarter decreased 27% from the year-ago quarter, primarily driven by the Prudential of Japan sales suspension. Corporate & Other Corporate & Other reported a loss, on an adjusted operating income basis, of $330 million for the first quarter of 2026, compared to a loss of $415 million in the year-ago quarter. This lower loss primarily reflects lower expenses and favorable foreign exchange remeasurement impacts. NET INCOME Net income in the quarter included $621 million of pre-tax net realized investment losses and related charges and adjustments, including $101 million of pre-tax net credit-related losses, $295 million of pre-tax losses related to the net change in value of market risk benefits, $53 million of pre-tax earnings from divested and run-off businesses, and $15 million of pre-tax gains related to market experience updates. Net income for the year-ago quarter included $351 million of pre-tax losses related to the net change in value of market risk benefits, $246 million of pre-tax net realized investment losses and related charges and adjustments, including $84 million of pre-tax net credit-related losses, $73 million of pre-tax losses from divested and run-off businesses, and $39 million of pre-tax gains related to market experience updates. EARNINGS CONFERENCE CALL Members of Prudential’s senior management team will host a conference call on Wednesday, May 6, 2026, at 11:00 a.m. ET to review these results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through May 20. To access a replay via phone starting at 3:00 p.m. ET on May 6 through May 20, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13759428. FORWARD-LOOKING STATEMENTS Certain of the statements included in this release, including those regarding our strategy and prospects for future performance, included the margin expansion target for PGIM, and the suspension of sales at Prudential of Japan, and our ability to deliver durable value 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. 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 include, among others, that our remediation efforts at Prudential of Japan may be unsuccessful or take longer than we expect, that we may uncover additional misconduct, that the sales suspension may continue for longer than we expect, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, and morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products. Additional factors and uncertainties that could cause actual results to differ 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. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document. 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, 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 capital and other factors. 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. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items. Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and 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 and redeemable 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, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable 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 IRS and foreign tax regulations inclusive of pertinent adjustments. Adjusted operating income does not equate to “Net income” as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our 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 above. Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, 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, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. For more information about highly liquid assets, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. (2) For more information about assets under management, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Segment Measures” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. (3) While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280. (4) For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of March 31, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com. Financial Highlights (in millions, unaudited) Three Months Ended March 31, 2026 2025 Adjusted operating income (loss) before income taxes (1): PGIM $ 190 $ 156 U.S. Businesses 956 931 International Businesses 810 848 Corporate and Other (330 ) (415 ) Total adjusted operating income (loss) before income taxes $ 1,626 $ 1,520 Reconciling Items: Realized investment gains (losses), net, and related charges and adjustments $ (621 ) $ (246 ) Change in value of market risk benefits, net of related hedging gains (losses) (295 ) (351 ) Market experience updates 15 39 Divested and Run-off Businesses: Closed Block division (11 ) (22 ) Other Divested and Run-off Businesses 64 (51 ) Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (42 ) 3 Other adjustments (2) (3 ) 28 Total reconciling items, before income taxes (893 ) (600 ) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 733 $ 920 Income Statement Data: Net income (loss) attributable to Prudential Financial, Inc. $ 597 $ 707 Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 9 35 Net income (loss) 606 742 Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 9 35 Income (loss) attributable to Prudential Financial, Inc. 597 707 Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (7 ) (6 ) Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities 604 713 Less: Total reconciling items, before income taxes (893 ) (600 ) Less: Income taxes, not applicable to adjusted operating income (loss) (219 ) (125 ) Total reconciling items, after income taxes (674 ) (475 ) After-tax adjusted operating income (loss) (1) 1,278 1,188 Income taxes, applicable to adjusted operating income 348 332 Adjusted operating income (loss) before income taxes (1) $ 1,626 $ 1,520 See footnotes on last page. Financial Highlights (in millions, except per share data, unaudited) Three Months Ended March 31, 2026 2025 Earnings per share of Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ 1.68 $ 1.96 Less: Reconciling Items: Realized investment gains (losses), net, and related charges and adjustments (1.78 ) (0.69 ) Change in value of market risk benefits, net of related hedging gains (losses) (0.84 ) (0.99 ) Market experience updates 0.04 0.11 Divested and Run-off Businesses: Closed Block division (0.03 ) (0.06 ) Other Divested and Run-off Businesses 0.18 (0.14 ) Difference in earnings allocated to participating unvested share-based payment awards 0.02 0.02 Other adjustments (2) (0.01 ) 0.08 Total reconciling items, before income taxes (2.42 ) (1.67 ) Less: Income taxes, not applicable to adjusted operating income (loss) (0.49 ) (0.34 ) Total reconciling items, after income taxes (1.93 ) (1.33 ) After-tax adjusted operating income (loss) $ 3.61 $ 3.29 Weighted average number of outstanding common shares - basic 347.7 354.3 Weighted average number of outstanding common shares - diluted 349.4 356.1 For earnings per share of Common Stock calculation: Net income (loss) attributable to Prudential Financial, Inc. $ 597 $ 707 Less: Earnings allocated to participating unvested share-based payment awards 9 10 Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 588 $ 697 After-tax adjusted operating income (loss) (1) $ 1,278 $ 1,188 Less: Earnings allocated to participating unvested share-based payment awards 17 16 After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,261 $ 1,172 Prudential Financial, Inc. Equity (as of end of period): GAAP book value (total PFI equity) at end of period $ 31,975 $ 29,883 Less: Accumulated other comprehensive income (AOCI) (3,450 ) (4,741 ) GAAP book value excluding AOCI 35,425 34,624 Less: Cumulative change in fair value of funds withheld embedded derivatives 60 62 Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 409 108 Adjusted book value $ 34,956 $ 34,454 End of period number of common shares - diluted 350.3 357.5 GAAP book value per common share - diluted $ 91.28 $ 83.59 GAAP book value excluding AOCI per share - diluted $ 101.13 $ 96.85 Adjusted book value per common share - diluted $ 99.79 $ 96.37 See footnotes on last page. Financial Highlights (in millions, or as otherwise noted, unaudited) Three Months Ended March 31, 2026 2025 PGIM: PGIM: Assets Managed by PGIM (in billions, as of end of period) : Institutional customers - Third Party $ 638.8 $ 620.2 Retail customers - Third Party 259.0 240.6 Affiliated 535.5 524.5 Total PGIM $ 1,433.3 $ 1,385.3 Institutional Customers - Assets Under Management (in billions): Gross additions, excluding money market $ 24.7 $ 23.8 Net additions (withdrawals), excluding realizations, distributions and money market (3) $ 1.6 $ 7.6 Retail Customers - Assets Under Management (in billions): Gross additions, excluding money market $ 21.6 $ 17.7 Net additions (withdrawals), excluding money market $ 0.2 $ (0.2 ) Affiliated - Assets Under Management (in billions): Gross additions, excluding money market $ 18.2 $ 20.6 Net additions (withdrawals), excluding realizations, distributions and money market $ (1.9 ) $ (0.1 ) U.S. Businesses: Retirement: Gross sales and additions (4) $ 7,369 $ 10,524 Net sales and additions (withdrawals) $ (688 ) $ 3,232 Total account value at end of period, net $ 355,745 $ 328,521 Group Insurance: Annualized New Business Premiums (5): Group life $ 211 $ 225 Group disability 315 175 Total $ 526 $ 400 Individual Life: Annualized New Business Premiums (5): Term life $ 38 $ 32 Universal life 17 18 Variable life 196 154 Total $ 251 $ 204 U.S. Legacy Products: Total annuities account value at end of period, net (6) $ 74,061 $ 80,531 Total guaranteed universal life policyholder account balance, net (7) $ 5,648 $ 5,626 International Businesses: International Businesses: Annualized New Business Premiums (5)(8): Actual exchange rate basis $ 429 $ 576 Constant exchange rate basis $ 424 $ 578 See footnotes on last page. Financial Highlights (in billions, as of end of period, unaudited) March 31, 2026 2025 Assets and Assets Under Management and Administration: Total assets $ 765.4 $ 739.3 Assets under management (at fair market value): PGIM $ 1,433.3 $ 1,385.3 U.S. Businesses 115.3 111.3 International Businesses 20.8 19.3 Corporate and Other 6.4 6.2 Total assets under management 1,575.8 1,522.1 Assets under administration 190.9 180.4 Total assets under management and administration $ 1,766.7 $ 1,702.5 (1) Adjusted operating income is a non-GAAP measure of performance. See "Non-GAAP Measures" within the earnings release for additional information. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. (3) Prior period amounts have been updated to conform to current period presentation. (4) Represents retail annuities, longevity reinsurance, fee-based stable value, pension risk transfer, spread-based stable value, structured settlements and funding agreement-backed notes. (5) 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. (6) Represents discontinued annuities, guaranteed living benefits, alliance deposits and supplementary contracts. (7) Includes fixed rate funds and deferred revenues on guaranteed universal life products. (8) 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 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505232507/en/ MEDIA CONTACT: Ashley Pope, ashley.pope@prudential.com INVESTOR RELATIONS CONTACT: Tina Madon, investor.relations@prudential.com Original: Prudential Financial, Inc. Announces First Quarter 2026 Results
US Market News
2月前
Prudential of Japan Extends Voluntary Sales Suspension by an Additional 180 DaysApril 21, 2026 4:05 PM
Business Wire
Voluntary extension reflects the time required for the operational, governance, organizational, and related changes necessary for POJ to resume sales
Extended suspension enables advancement of changes to certain critical aspects of POJ’s legacy management system and agency operating model
Support for existing POJ customers and servicing of in-force policies remain unaffected
Prudential Financial’s Chairman & CEO and CFO will host a conference call with the investment community today at 5:30 p.m. ET to discuss this extension, the estimated financial impacts, and the path forward
The Prudential Life Insurance Company, Ltd. (“Prudential of Japan” or “POJ”) and its parent company, Prudential Financial, Inc. (NYSE: PRU) (“Prudential Financial”), announced today a decision to voluntarily extend the suspension of new sales activity at Prudential of Japan by an additional 180 days.
The extension follows the 90-day voluntary sales suspension that began on February 9, 2026, and reflects Prudential’s conclusion that the scope and complexity of the required changes within POJ are greater than previously anticipated and will take additional time to design and implement. These include the operational, governance, organizational, and related changes necessary to resume sales. Prudential also initiated an independent, third-party review of POJ’s management system earlier this year as part of its governance process. That review is ongoing and is expected to take several months to complete.
“I apologize to our customers for the disruption this situation has caused and for falling short of the expectations we expect of ourselves,” said Hiromitsu Tokumaru, president and chief executive officer of Prudential of Japan. “Acting in the best interests of our customers is a core value of Prudential and a cornerstone of what we stand for. We are determined to rebuild the trust of our customers through the demonstration of our commitment to customer care, experience, and integrity that best defines us.”
During the extended suspension period, POJ will continue advancing reforms across key areas, including compensation and evaluation systems, sales activity conduct management, head office and sales branch governance, and other actions designed to prevent reoccurrence of any misconduct and strengthen accountability. The extended suspension will also help enable POJ to transform the captive Life Planner model to better align incentives and decision-making with customer interests. The suspension applies only to new sales and does not affect existing policyholders or in-force policy servicing.
“Our highest priority is restoring the trust we have built over decades with customers and society in Japan,” said Brad Hearn, president and chief executive officer of Prudential Holdings of Japan. “This extension is a deliberate decision to prioritize the changes needed to critical elements of POJ’s business model to support long-term consumer outcomes. POJ has strong capabilities, a well-established brand, and a long-standing presence in Japan. We believe the business will emerge better positioned to serve customers in this market.”
Prudential of Japan remains financially sound and able to meet its obligations. Japan continues to be a core component of Prudential Financial’s global footprint, and the parent company is providing full support and resources as these reforms advance. The voluntary suspension does not apply to Prudential Financial’s or PGIM’s other business units in Japan, including Gibraltar Life and Prudential Gibraltar Financial Life.
“As we said earlier this year, we would not resume new sales until we were comfortable that POJ’s compliance and oversight environment supports doing so,” said Andy Sullivan, chairman and chief executive officer of Prudential Financial. “We have moved decisively to strengthen enterprise-level engagement in Japan, and my leadership team and I are ensuring that the changes underway are comprehensive, durable, and fully aligned with our group-wide standards. I am confident that we will return POJ to the market as a stronger, more resilient business with a modernized operating model that supports our customers over the long term.”
Prudential Financial’s Chairman & CEO and CFO will host a conference call on Tuesday, April 21 at 5:30 p.m. ET to discuss this announcement in more detail. The conference call will be broadcast live over the company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through May 5. To access a replay via phone starting at 10:00 p.m. ET on April 21 through May 5, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13759963.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.
Forward-Looking Statements
Certain of the statements included in this release, including those regarding the expected duration of the new sales suspension in Japan and the remedial steps we intend to implement, 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. 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 include, among others: that our remediation efforts may be unsuccessful or take longer than we expect, that we may uncover additional misconduct, that the sales suspension may continue for longer than we expect; losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; 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; and uncertainty regarding remediation of the matters discussed herein. Additional factors and uncertainties that could cause actual results to differ 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. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260421440077/en/
Prudential Media Contact: Ashley Pope; ashley.pope@prudential.com
Prudential Investor Contact: Tina Madon; investor.relations@prudential.com
Original: Prudential of Japan Extends Voluntary Sales Suspension by an Additional 180 Days
US Market News
3月前
Five PGIM Funds Recognized by 2026 LSEG Lipper Fund AwardsMarch 12, 2026 9:30 AM
Business Wire
PGIM,1 the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has been recognized by the 2026 LSEG Lipper Fund Awards across multiple categories for consistently strong, risk-adjusted performance relative to industry peers.
For more than three decades, the LSEG Lipper Fund Awards have celebrated funds and fund management firms that demonstrate excellence in delivering consistent out-performance. The awards are based on Lipper’s quantitative, proprietary methodology, which evaluates funds across three-, five-, and 10-year periods.
“This is now the 16th consecutive year that PGIM funds have been recognized by Lipper,” said Stuart Parker, head of Global Wealth at PGIM. “The continued acknowledgment is a testament to the strength of our investment platform and the commitment of our talented investment professionals.”
The following funds received awards for outstanding performance in their respective categories:
Global Real Estate Funds
10 Years – PGIM Select Real Estate Fund; R6
Real Estate Funds
5 Years – PGIM U.S. Real Estate Fund; R6
10 Years – PGIM U.S. Real Estate Fund; Z
Global Natural Resources Funds
10 Years – PGIM Jennison Natural Resources Fund; R6
Health/Biotechnology Funds
5 Years – PGIM Jennison Health Sciences Fund; R6
International Large-Cap Core
3 Years – PGIM Quant Solutions International Equity Fund; R6
“We remain focused on growing our diversified lineup of strategies and delivering strong outcomes for clients through market cycles,” added Parker.
PGIM offers over 200 product solutions across a broad spectrum of asset classes, investment styles and vehicles.
Visit pgim.com to learn more.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
1 As of Dec. 31, 2025.
ABOUT LSEG LIPPER FUND AWARDS
The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.
The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.
Detailed information regarding 2026 Lipper Fund Awards rankings:
PGIM Select Real Estate Fund, #1 Global Real Estate Fund (Class R6) for the 10-year period out of 105 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 69 out of 126 funds; 3-year period: 6 out of 124 funds; 5-year period: 9 out of 119 funds as of 11/30/2025. Inception date: Class R6: 8/1/2014. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2025 for the Global Real Estate Fund category were: 81 out of 126 funds, 8 out of 125 funds, 13 out of 120 funds, and 1 out of 99 funds, respectively. Past performance is no guarantee of future results.
PGIM U.S. Real Estate Fund, #1 Real Estate Fund (Class R6) for the 5-year period and (Class Z) for the 10-year period out of 164 and 130 funds, respectively, ended 11/30/2025. Class R6 total return ranking for the 1-year period: 37 out of 211 funds; 3-year period: 9 out of 204 funds as of 11/30/2025. Inception date: Class R6: 5/25/2017. . Class Z total return ranking for the 1-year period: 40 out of 211 funds; 3-year period: 10 out of 204 funds; 5-year period: 3 out of 193 funds as of 11/30/2025. Inception date: Class Z: 12/21/2010. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Class R6 Lipper total return ranking for the 1-, 3-, and 5-year periods as of 12/31/2025 for the Real Estate Fund category were: 67 out of 211 funds, 9 out of 204 funds, and 2 out of 197 funds, respectively. Class Z Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2025 for the Real Estate Fund category were: 73 out of 211 funds, 10 out of 204 funds, 3 out of 197 funds, and 3 out of 157 funds, respectively. Past performance is no guarantee of future results.
PGIM Jennison Natural Resources Fund, #1 Global Natural Resources Fund (Class R6) for the 10-year period out of 54 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 10 out of 61 funds; 3-year period: 22 out of 56 funds; 5-year period: 22 out of 53 funds as of 11/30/2025. Inception date: Class R6: 12/27/2010. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2025 for the Global Natural Resources Fund category were: 9 out of 67 funds, 22 out of 62 funds, 27 out of 58 funds, and 10 out of 55 funds, respectively. Past performance is no guarantee of future results.
PGIM Jennison Health Sciences Fund, #1 Health/Biotechnology Fund (Class R6) for the 5-year period out of 91 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 46 out of 129 funds; 3-year period: 18 out of 126 funds as of 11/30/2025. Inception date: Class R6: 1/27/2016. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, and 5-year periods as of 12/31/2025 for the Health/Biotechnology Fund category were: 48 out of 129 funds, 20 out of 126 funds, and 14 out of 116 funds, respectively. Past performance is no guarantee of future results.
PGIM Quant Solutions International Equity Fund, #1 International Large-Cap Core Fund (Class R6) for the 3-year period out of 254 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 7 out of 322 funds; 5-year period: 22 out of 294 funds as of 11/30/2025. Inception date: Class R6: 12/28/2016. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, and 5-year periods as of 12/31/2025 for the International Large-Cap Core Fund category were: 5 out of 325 funds, 2 out of 303 funds, and 21 out of 294 funds, respectively. Past performance is no guarantee of future results.
Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.
Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. Jennison Associates is a registered investment advisor. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. PGIM Real Estate is a unit of PGIM, Inc., a registered investment advisor. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, PGIM Quantitative Solutions, PGIM Real Estate, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional.
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5282499
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MEDIA
PGIM
Travis Fishstein
+1 973-382-6093
travis.fishstein@pgim.com
Original: Five PGIM Funds Recognized by 2026 LSEG Lipper Fund Awards
US Market News
3月前
PGIM Closed-End Funds declare distributions for March, April and May 2026February 27, 2026 4:18 PM
Business Wire
PGIM High Yield Bond Fund, Inc. (NYSE: ISD), PGIM Global High Yield Fund, Inc. (NYSE: GHY) and PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today monthly distributions for March, April and May 2026. The distribution amounts and schedule for each fund appear below:
Fund Name
Ticker
Distribution
Per Share
Change from Prior Distribution
PGIM High Yield Bond Fund, Inc.
ISD
$0.105
–
PGIM Global High Yield Fund, Inc.
GHY
$0.105
–
PGIM Short Duration High Yield Opportunities Fund
SDHY
$0.108
–
Month
Ex-Date
Record Date
Payable Date
March
3/12/2026
3/12/2026
3/31/2026
April
4/9/2026
4/9/2026
4/30/2026
May
5/14/2026
5/14/2026
5/31/2026
The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors.
In early 2027, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution’s composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1 As of Dec. 31, 2025.
Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund.
Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.
These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.
An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.
Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.
5255523 Expiration: 02/28/2027
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MEDIA CONTACT:
Travis Fishstein
+1 973-382-6093
travis.fishstein@pgim.com
Original: PGIM Closed-End Funds declare distributions for March, April and May 2026
US Market News
4月前
Montana Capital Partners announces final close of MCP Opportunity Secondary Program VI (OSP VI)February 11, 2026 7:30 AM
Business Wire
Montana Capital Partners (“MCP”) today announced the final close of MCP Opportunity Secondary Program VI (“OSP VI”), the sixth fund in MCP’s private equity secondaries series. OSP VI closed with a total programme size of US$1.4billion, in line with OSP VI’s most recent predecessor fund.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211915766/en/“OSP VI builds on over a decade of secondaries experience, allowing us to systematically identify relative value in mid-market private equity investments.” — Dr. Stephan Wessel, CEO, Montana Capital Partners
OSP VI pursues a relative value strategy across GP-led and LP-led transactions in North America and Western Europe, targeting investment opportunities in the private equity mid-market.
Building on a first close in 2024, the programme secured substantial re-ups from long-standing partners — including sovereign wealth funds, pension funds, insurance companies, family offices, and foundations from Europe, Asia, the Middle East, and the US — alongside commitments from new, highly-regarded institutional investors.
“The close of OSP VI comes amid increased demand for mid-market private equity secondary strategies,” said Dr. Stephan Wessel, CEO of MCP. “We continue to observe steady deal flow across GP-led and LP-led opportunities, enabling us to deploy over 50% of our new fund already. Additionally, we have syndicated a significant number of transactions to our co-investors.”
Successfully executed investments include a diversified portfolio acquired through a private transaction in partnership with a leading Chinese insurance company and MCP’s 2025 landmark transaction with Prudential Financial, Inc. (PFI), through which MCP acquired a portfolio of mid-market inflection buyout assets on behalf of OSP VI and select MCP co-investors. The current seed portfolio blends diversified LP-led transactions with high-conviction GP-led opportunities across North America and Western Europe.
“OSP VI builds on over a decade of secondaries experience, allowing us to systematically identify relative value in mid-market private equity investments," Stephan Wessel added. “We have developed a scaled platform that integrates market access across our secondary and primary businesses with PGIM’s global footprint. Combined with our rigorous, data-driven investment process, this positions us well to pursue compelling investment opportunities in the secondary market.”
OSP VI is the first fund closed after the acquisition of MCP by PGIM in 2021. MCP now manages a platform of more than US$5billion1 with a team of more than 45 professionals across Switzerland and the US and has deployed more than US$5billion across secondary investments to date.
ABOUT MCP
Montana Capital Partners AG ("MCP") is a US$5.1 billion1 global private equity secondaries investment manager with a focus on the mid-market.
MCP provides customised liquidity solutions with a focus on proactive sourcing and a balanced portfolio construction across GP-led and LP-led transactions. Across its offices in Baar, Switzerland, and New York, mcp and has invested in more than 140 transactions since its inception.
MCP is part of PGIM, the global investment management business of PFI (NYSE: PRU) with US$1.5 trillion in AUM, benefiting from its combined market positioning and global footprint. For more information visit mcp.eu.
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing US$1.5 trillion in assets2, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1 As of 30 Sept. 2025. Together with its affiliates
2 As of 30 Sept. 2025.
For media use only. All investments involve risk, including the possible loss of capital.
These materials are not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services and should not be used as the basis for any investment decision. No liability whatsoever is accepted for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this report.
In the United Kingdom, information is issued by PGIM Fund Management Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Fund Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Fund Management Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Fund Management Limited or PGIM Limited in reliance of provisions, exemptions, or licences available under the temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Fund Management Limited and PGIM Limited have their registered office at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Fund Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). These materials are issued by PGIM Luxembourg S.A., PGIM Fund Management Limited and/or PGIM Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA.
REF: 5174804
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MEDIA CONTACT
Paul René Frigo
+49 (0)69 244 341 730
paul.frigo@pgim.com
Original: Montana Capital Partners announces final close of MCP Opportunity Secondary Program VI (OSP VI)
US Market News
4月前
AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health SubsidiariesFebruary 6, 2026 2:39 PM
Business Wire
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU], collectively referred to as Prudential. Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of PFI and all Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of the group. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)
The ratings reflect Prudential’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.
Prudential’s very strong balance sheet assessment is supported by its very strong Best’s Capital Adequacy Ratio (BCAR) assessment, which is reflective of the group’s efforts balance sheet over the past few years. The group’s investments supporting its insurance liabilities are of the highest quality with moderate exposure to below investment grade bonds, mortgage loans and structured securities. The insurance entities leverage the expertise of PFI’s global asset manager, PGIM. Furthermore, Prudential’s access to capital markets and additional financial flexibility through PFI adds to its balance sheet strength. The organization exhibits strong liquidity measures and more-than-adequate cash and short-term security holdings as of PFI’s last reported quarter ending Sept. 30, 2025. One of Prudential’s offsetting balance sheet strength attributes is the reliance on internal captives. Internal reinsurance allows the group to manage its capital more efficiently and more effectively on an economic basis and enables an aggregation and transfer of risk; however, AM Best notes that this partially reduces the overall quality of the group’s capital.
Prudential offers a very wide range of products in the life/annuity product space that is complemented by the asset management services offered by PGIM. AM Best recognizes its leading market positions in the pension risk transfer business, institutional stable value, indexed universal life and variable universal life protection and accumulation products. Strong sales have supported the group’s operating performance, which is driven by its diversified business lines of both insurance from its individual and group segments and non-insurance asset management services. Furthermore, AM Best recognizes Prudential’s stable net investment income growth over the past five years.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for the following subsidiaries of Prudential Financial, Inc.:
The Prudential Insurance Company of America
Pruco Life Insurance Company
Pruco Life Insurance Company of New Jersey
The following Long-Term IRs have been assigned with stable outlooks:
PRICOA Global Funding I— “aa-” (Superior) program rating
--“aa-” (Superior) on $500 million 4.35% medium term notes, due 2030
--“aa-” (Superior) on $500 million 4.65% medium term notes, due 2033
The following Short-Term IRs have been affirmed:
Prudential Financial, Inc.—
-- AMB-1 (Outstanding) on $3 billion commercial paper program
Prudential Funding, LLC—
-- AMB-1 (Outstanding) on $6 billion commercial paper program
PRICOA Short-Term Funding, LLC—
-- AMB-1 (Outstanding) on $3 billion Funding Agreement Backed Commercial Paper
The following Long-Term IRs have been affirmed with stable outlooks:
Prudential Financial, Inc.—
-- “a-” (Excellent) on JPY 23.0 billion 2.62% senior unsecured notes, due 2026
-- “a-” (Excellent) on JPY 17.5 billion 2.76% senior unsecured notes, due 2026
-- “a-” (Excellent) on JPY 9 billion 3.099% senior unsecured notes, due 2027
-- “a-” (Excellent) on $500 million 5.75% senior unsecured notes, due 2033
-- “a-” (Excellent) on $350 million 6.625% senior unsecured notes, due 2040
-- “a-” (Excellent) on $325 million 5.80% senior unsecured notes, due 2041
-- “a-” (Excellent) on $895.8 million 3.905% senior unsecured notes, due 2047
-- “a-” (Excellent) on $1.039 billion 3.935% senior unsecured notes, due 2049
-- “bbb” (Good) on $750 million 4.5% fixed to floating junior subordinated notes, due 2047
-- “bbb” (Good) on $1.0 billion 5.70% junior subordinated notes, due 2048
-- “bbb” (Good) on $800 million 3.70% junior subordinated notes, due 2050
-- “bbb” (Good) on $1.0 billion 5.125% junior subordinated notes, due 2052
-- “bbb” (Good) on $1.2 billion 6.0% junior subordinated notes, due 2052
-- “bbb” (Good) on $500 million 6.75% junior subordinated notes, due 2053
-- “bbb” (Good) on $1.0 billion 6.5% junior subordinated notes, due 2054
-- “bbb” (Good) on $500 million 5.625% junior subordinated notes, due 2058
-- “bbb” (Good) on $500 million 4.125% junior subordinated notes, due 2060
-- “bbb” (Good) on $300 million 5.95% junior subordinated notes, due 2062
Prudential Financial, Inc.— “a-” (Excellent) program rating
-- “a-” (Excellent) on all outstanding notes issued under the program
PRICOA Global Funding I— “aa-” (Superior) program rating
-- “aa-” (Superior) on all outstanding notes issued under the program
Prudential Funding, LLC— “a+” (Excellent) program rating
The following indicative Long-Term IRs have been affirmed with stable outlooks:
Prudential Financial, Inc.—
-- “a-” (Excellent) on senior unsecured debt
-- “bbb+” (Good) on subordinated debt
-- “bbb” (Good) on preferred stock
Prudential Financial Capital Trust II and III—
-- “bbb” (Good) on preferred securities
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260206214956/en/
Wayne Kaminski, FLMI, ARA, MBA
Associate Director
+1 908 882 1916
wayne.kaminski@ambest.com
Kate Steffanelli
Associate Director
+1 908 882 2337
kate.steffanelli@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Original: AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health Subsidiaries
US Market News
4月前
Prudential Financial, Inc. Announces Full Year and Fourth Quarter 2025 ResultsFebruary 3, 2026 4:18 PM
Business Wire
Prudential Financial, Inc. (NYSE: PRU) today reported full year and fourth quarter 2025 results.
2025 net income attributable to Prudential Financial, Inc. of $3.576 billion or $9.99 per Common share increased compared to net income of $2.727 billion or $7.50 per share for 2024.
2025 after-tax adjusted operating income of $5.161 billion or $14.43 per Common share increased compared to $4.588 billion or $12.62 per share for 2024.
Fourth quarter 2025 net income attributable to Prudential Financial, Inc. of $905 million or $2.55 per Common share versus net loss of $57 million or $0.17 per share for the year-ago quarter. The current quarter included a net after-tax organizational charge of $107 million or $0.30 per Common share.
Fourth quarter 2025 after-tax adjusted operating income of $1.168 billion or $3.30 per Common share versus $1.068 billion or $2.96 per share for the year-ago quarter. The current quarter included a net after-tax organizational charge of $107 million or $0.30 per Common share.
Book value per Common share of $92.05 versus $77.62 per share for the year-ago quarter; adjusted book value per Common share of $100.17 versus $95.82 per share for the year-ago quarter.
Parent company highly liquid assets(1) of $3.8 billion versus $4.6 billion for the year-ago quarter. In May 2025, there was a $1.0 billion hybrid securities redemption.
Assets under management(2) of $1.609 trillion versus $1.512 trillion for the year-ago quarter.
Capital returned to shareholders of $730 million in the fourth quarter, including $250 million of share repurchases and $480 million of dividends, versus $720 million in the year-ago quarter. Dividends paid in the fourth quarter were $1.35 per Common share, representing a yield on adjusted book value of over 5%.
As previously announced, the Company's Board of Directors has authorized the repurchase of up to $1.0 billion of outstanding Common Stock during the period from January 1, 2026 through December 31, 2026. In addition, the Company declared a quarterly dividend of $1.40 per Common share, payable on March 12, 2026, to shareholders of record as of February 17, 2026. This represents an increase of 4% over the prior year dividend level and the 18th consecutive year the dividend has increased.
Today, Prudential of Japan announced a voluntary, 90-day suspension of new sales at Prudential of Japan to address previously disclosed employee misconduct issues. The press release is available on our website at news.prudential.com.
“Last year, we set out three priorities that are essential to delivering stronger performance, more consistent results, and sustained long-term value for our shareholders,” said Andy Sullivan, Chief Executive Officer of Prudential Financial. “Our 2025 financial results reflected the tangible progress we have made in evolving and delivering on our strategy, improving our execution, and fostering a high-performance culture.
2025 was a transformative year for PGIM, as we integrated our asset management capabilities into one unified platform, positioning us as one of the largest and most differentiated credit managers in the industry. Our U.S. and International businesses delivered solid sales, reflecting the actions taken over the last year to sharpen our focus and leverage our competitive strengths as we benefited from the secular tailwinds driving growth in the retirement markets globally. We also continued to maintain cost discipline and invest in our businesses, while delivering meaningful capital returns to shareholders, totaling nearly $3 billion in 2025.
As we turn to 2026, I want to emphasize that our commitment to putting our customers first is core to who we are as a company, and it guides every action we take to deliver meaningful value and earn the trust of those who rely on us. For this reason, we are voluntarily suspending new sales at Prudential of Japan for 90 days to support the implementation of a comprehensive set of measures intended to address previously disclosed incidents of misconduct by certain POJ employees. These measures, which include reimbursing impacted customers and strengthening oversight of our sales practices, governance, and risk management, are an important first step to restoring trust in Prudential’s brand in this important market. We will emerge as a stronger company in Japan, and globally, with a strategy, set of businesses, and customer-focused culture that positions us to win and drive value for our shareholders.”
OVERVIEW
Net income attributable to Prudential Financial, Inc. was $3.576 billion ($9.99 per Common share) for 2025, compared to $2.727 billion ($7.50 per Common share) for 2024. After-tax adjusted operating income was $5.161 billion ($14.43 per Common share) for 2025, compared to $4.588 billion ($12.62 per Common share) for 2024.
Net income attributable to Prudential Financial, Inc. was $905 million ($2.55 per Common share) for the fourth quarter of 2025, compared to a net loss of $57 million ($0.17 per Common share) for the fourth quarter of 2024. After-tax adjusted operating income was $1.168 billion ($3.30 per Common share) for the fourth quarter of 2025, compared to $1.068 billion ($2.96 per Common share) for the fourth quarter of 2024.
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.(3)
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 $249 million for the fourth quarter of 2025, compared to $259 million in the year-ago quarter. This decrease primarily reflects higher expenses and lower other related revenues, driven by lower seed and co-investment income, partially offset by higher asset management fees.
PGIM assets under management of $1.466 trillion were up 7% from the year-ago quarter, driven by equity market and fixed income appreciation and strong investment performance. Full year total net inflows of $0.5 billion reflected third-party net inflows of $2.1 billion, partially offset by affiliated net outflows of $1.6 billion. Third-party institutional net inflows were $6.1 billion as public fixed income inflows were partially offset by public equity outflows. Third-party retail net outflows of $4.0 billion were mainly driven by public equity outflows, partially offset by public fixed income inflows.
U.S. Businesses
U.S. Businesses reported adjusted operating income of $1.051 billion for the fourth quarter of 2025, compared to $860 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, more favorable underwriting results, and lower expenses, partially offset by lower net fee income.
Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $881 million for the fourth quarter of 2025, compared to $851 million in the year-ago quarter.
Institutional Retirement Strategies:
Reported adjusted operating income of $425 million in the current quarter, compared to $427 million in the year-ago quarter. This decrease primarily reflects higher expenses and less favorable underwriting results mostly offset by higher net investment spread results.
Net account values of $300 billion increased 7% from the year-ago quarter, reflecting market appreciation and modest business growth. Full year sales of $25.9 billion included over $12 billion in longevity risk transfer transactions as we continued to expand our European footprint.
Individual Retirement Strategies:
Reported adjusted operating income of $456 million in the current quarter, compared to $424 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by lower net fee income, driven by the run-off of our legacy traditional variable annuity block.
Net account values of $137 billion increased 8% from the year-ago quarter, driven by market appreciation and net inflows from registered index-linked and fixed annuity products, partially offset by net outflows from the run-off of our legacy traditional variable annuity block. Full year sales of $13.6 billion decreased 3% from prior year, driven by lower sales of registered index-linked annuities, partially offset by higher sales in fixed annuities.
Group Insurance:
Reported adjusted operating income of $77 million in the current quarter, compared to $66 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results, partially offset by higher expenses to support business growth.
Full year sales of $611 million increased 11% from prior year, driven by growth in both group life and disability.
Individual Life:
Reported adjusted operating income of $93 million in the current quarter, compared to a $57 million loss in the year-ago quarter. This increase primarily reflects more favorable underwriting results, lower expenses due to one-time transaction costs that occurred in the year-ago quarter, and higher net investment spread results.
Full year sales of $955 million increased 5% from prior year, primarily driven by higher universal life and variable life sales.
International Businesses
International Businesses reported adjusted operating income of $757 million for the fourth quarter of 2025, compared to $742 million in the year-ago quarter. This increase primarily reflects higher net investment spread results and more favorable underwriting results, partially offset by higher expenses.
Full year constant dollar basis sales(4) of $2.2 billion increased 4% from prior year, driven by growth in retirement and savings products in Japan and broader distribution in Brazil.
Corporate & Other
Corporate & Other reported a loss, on an adjusted operating income basis, of $552 million for the fourth quarter of 2025, compared to a loss of $490 million in the year-ago quarter. This higher loss primarily reflects higher expenses driven by an organizational charge and unfavorable foreign exchange remeasurement impacts.
NET INCOME
Net income in the current quarter included $282 million of pre-tax net realized investment losses and related charges and adjustments, including $84 million of pre-tax net credit-related losses, $22 million of pre-tax losses related to the net change in value of market risk benefits, $15 million of pre-tax losses from divested and run-off businesses, and $23 million of pre-tax gains related to market experience updates.
Net loss for the year-ago quarter included $1.525 billion of pre-tax net realized investment losses and related charges and adjustments, including $202 million of pre-tax net credit-related losses, $77 million of pre-tax losses related to the net change in value of market risk benefits, $72 million of pre-tax losses from divested and run-off businesses, and $60 million of pre-tax gains related to market experience updates.
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management will host a conference call on Wednesday, February 4, 2026, at 11:00 a.m. ET to review these results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through February 18. To access a replay via phone starting at 3:00 p.m. ET on February 4 through February 18, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13757901.
FORWARD-LOOKING STATEMENTS
Certain of the statements included in this release, including those regarding our strategy and prospects for future performance, our plans with respect to dividends and share repurchases, and the investigation into misconduct in Japan and our remediation efforts related thereto, 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. 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 include, among others, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; 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; and uncertainty regarding investigations into and remediation of matters such as the misconduct in Japan. Additional factors and uncertainties that could cause actual results to differ 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. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.
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, 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 capital and other factors.
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. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.
Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and 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, 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 IRS and foreign tax regulations inclusive of pertinent adjustments.
Adjusted operating income does not equate to “Net income” as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our 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 above.
Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, 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, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. For more information about highly liquid assets, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
(2)
For more information about assets under management, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Segment Measures” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
(3)
While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.
(4)
For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.
Financial Highlights
(in millions, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Adjusted operating income (loss) before income taxes (1):
PGIM
$
249
$
259
$
878
$
875
U.S. Businesses
1,051
860
4,086
3,728
International Businesses
757
742
3,247
3,106
Corporate and Other
(552
)
(490
)
(1,574
)
(1,783
)
Total adjusted operating income (loss) before income taxes
$
1,505
$
1,371
$
6,637
$
5,926
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments
$
(282
)
$
(1,525
)
$
(1,618
)
$
(2,150
)
Change in value of market risk benefits, net of related hedging gains (losses)
(22
)
(77
)
(475
)
(397
)
Market experience updates
23
60
68
(52
)
Divested and Run-off Businesses:
Closed Block division
(38
)
(52
)
(68
)
(113
)
Other Divested and Run-off Businesses
23
(20
)
107
30
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests
6
97
(20
)
(16
)
Other adjustments (2)
(1
)
(3
)
25
(19
)
Total reconciling items, before income taxes
(291
)
(1,520
)
(1,981
)
(2,717
)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$
1,214
$
(149
)
$
4,656
$
3,209
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc.
$
905
$
(57
)
$
3,576
$
2,727
Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
36
130
156
119
Net income (loss)
941
73
3,732
2,846
Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests
36
130
156
119
Income (loss) attributable to Prudential Financial, Inc.
905
(57
)
3,576
2,727
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests
(40
)
(94
)
(27
)
25
Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities
945
37
3,603
2,702
Less: Total reconciling items, before income taxes
(291
)
(1,520
)
(1,981
)
(2,717
)
Less: Income taxes, not applicable to adjusted operating income (loss)
(68
)
(489
)
(423
)
(831
)
Total reconciling items, after income taxes
(223
)
(1,031
)
(1,558
)
(1,886
)
After-tax adjusted operating income (loss) (1)
1,168
1,068
5,161
4,588
Income taxes, applicable to adjusted operating income
337
303
1,476
1,338
Adjusted operating income (loss) before income taxes (1)
$
1,505
$
1,371
$
6,637
$
5,926
See footnotes on last page.
Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.
$
2.55
$
(0.17
)
$
9.99
$
7.50
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments
(0.80
)
(4.27
)
(4.57
)
(5.98
)
Change in value of market risk benefits, net of related hedging gains (losses)
(0.06
)
(0.22
)
(1.34
)
(1.10
)
Market experience updates
0.07
0.17
0.19
(0.14
)
Divested and Run-off Businesses:
Closed Block division
(0.11
)
(0.15
)
(0.19
)
(0.31
)
Other Divested and Run-off Businesses
0.07
(0.06
)
0.30
0.08
Difference in earnings allocated to participating unvested share-based payment awards
—
0.02
0.05
0.06
Other adjustments (2)
—
(0.01
)
0.07
(0.05
)
Total reconciling items, before income taxes
(0.83
)
(4.52
)
(5.49
)
(7.44
)
Less: Income taxes, not applicable to adjusted operating income (loss)
(0.08
)
(1.39
)
(1.05
)
(2.32
)
Total reconciling items, after income taxes
(0.75
)
(3.13
)
(4.44
)
(5.12
)
After-tax adjusted operating income (loss)
$
3.30
$
2.96
$
14.43
$
12.62
Weighted average number of outstanding common shares - basic
349.0
355.4
351.8
357.5
Weighted average number of outstanding common shares - diluted
350.9
357.3
353.7
359.3
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.
$
905
$
(57
)
$
3,576
$
2,727
Less: Earnings allocated to participating unvested share-based payment awards
10
5
41
32
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation
$
895
$
(62
)
$
3,535
$
2,695
After-tax adjusted operating income (loss) (1)
$
1,168
$
1,068
$
5,161
$
4,588
Less: Earnings allocated to participating unvested share-based payment awards
11
12
57
53
After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1)
$
1,157
$
1,056
$
5,104
$
4,535
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period
$
32,438
$
27,872
Less: Accumulated other comprehensive income (AOCI)
(3,077
)
(6,711
)
GAAP book value excluding AOCI
35,515
34,583
Less: Cumulative change in fair value of funds withheld embedded derivatives
(24
)
141
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses)
238
34
Adjusted book value
$
35,301
$
34,408
End of period number of common shares - diluted
352.4
359.1
GAAP book value per common share - diluted
$
92.05
$
77.62
GAAP book value excluding AOCI per share - diluted
$
100.78
$
96.30
Adjusted book value per common share - diluted
$
100.17
$
95.82
See footnotes on last page.
Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period) (3):
Institutional customers - Third Party
$
652.0
$
601.1
Retail customers - Third Party
267.0
244.9
Affiliated
547.1
529.2
Total PGIM
$
1,466.1
$
1,375.2
Institutional Customers - Assets Under Management (in billions) (3):
Gross additions, excluding money market
$
20.6
$
23.6
$
85.3
$
101.4
Net additions (withdrawals), excluding realizations, distributions and money market
$
(4.4
)
$
2.2
$
6.1
$
21.7
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market
$
21.5
$
19.0
$
71.4
$
65.6
Net additions (withdrawals), excluding money market
$
(1.3
)
$
0.2
$
(4.0
)
$
1.4
Affiliated - Assets Under Management (in billions) (3):
Gross additions, excluding money market
$
17.3
$
55.7
$
73.5
$
125.4
Net additions (withdrawals), excluding realizations, distributions and money market
$
(3.9
)
$
9.0
$
(1.6
)
$
24.6
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions
$
3,686
$
10,249
$
25,944
$
36,331
Net additions (withdrawals)
$
(3,207
)
$
4,122
$
424
$
11,004
Total account value at end of period, net
$
299,618
$
279,191
Individual Retirement Strategies:
Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:
Gross sales (4)
$
3,574
$
3,636
$
13,560
$
14,038
Sales, net of full surrenders and death benefits
$
533
$
765
$
1,881
$
2,974
Total account value at end of period, net
$
136,781
$
127,120
Group Insurance:
Annualized New Business Premiums (5):
Group life
$
29
$
38
$
325
$
289
Group disability
27
25
286
261
Total
$
56
$
63
$
611
$
550
Individual Life:
Annualized New Business Premiums (5):
Term life
$
36
$
35
$
144
$
134
Universal life
32
24
110
85
Variable life
201
267
701
687
Total
$
269
$
326
$
955
$
906
International Businesses:
International Businesses:
Annualized New Business Premiums (5)(6):
Actual exchange rate basis
$
522
$
498
$
2,194
$
2,122
Constant exchange rate basis
$
525
$
507
$
2,205
$
2,124
See footnotes on last page.
Financial Highlights
(in billions, as of end of period, unaudited)
December 31,
2025
2024
Assets and Assets Under Management and Administration:
Total assets
$
773.7
$
735.6
Assets under management (at fair market value):
PGIM
$
1,466.1
$
1,375.2
U.S. Businesses
116.9
112.6
International Businesses
19.7
18.4
Corporate and Other
6.4
6.2
Total assets under management
1,609.1
1,512.4
Assets under administration
195.1
173.5
Total assets under management and administration
$
1,804.2
$
1,685.9
(1)
Adjusted operating income is a non-GAAP measure of performance. See "Non-GAAP Measures" within the earnings release for additional information.
(2)
Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3)
Prior period amounts have been updated to conform to current period presentation.
(4)
Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.
(5)
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.
(6)
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 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203024550/en/
MEDIA CONTACT: Emily Blum, Emily.Blum@prudential.com
Original: Prudential Financial, Inc. Announces Full Year and Fourth Quarter 2025 Results
US Market News
4月前
Prudential of Japan Implements Voluntary 90-Day Suspension of New Sales to Address Previously Disclosed Employee MisconductFebruary 3, 2026 4:13 PM
Business Wire
Prudential of Japan implementing action plan to address employee misconduct issues
Establishing independent program to reimburse impacted customers
Support for existing POJ customers and servicing of in-force policies is not impacted
The Prudential Life Insurance Company, Ltd. (“Prudential of Japan” or “POJ”) and its parent company, Prudential Financial, Inc. (“PRU”), today announced a voluntary 90-day suspension of new sales activity at Prudential of Japan.
The suspension of new sales activity, which begins Feb. 9, 2026, will support Prudential of Japan’s implementation of comprehensive operational, organizational, and governance changes to address previously disclosed incidents of misconduct by employees. Prudential of Japan will also introduce actions to rebuild trust in its business and care for impacted customers, including establishing an independent customer reimbursement program.
“I would like to deeply apologize for the harm this matter has caused to our customers and stakeholders,” said Hiromitsu Tokumaru, president and chief executive officer of Prudential of Japan. “The decision to enter into a voluntary suspension of new sales activity is an important step to rebuild trust and implement necessary changes to our organization.”
In January of this year, Prudential of Japan announced findings of an internal investigation into instances of misconduct by certain employees of Prudential of Japan, which include inappropriate investment solicitations. Prudential of Japan also announced actions to address the misconduct, including measures to reimburse impacted customers, restructure employee incentive compensation, as well as strengthen oversight of sales practices, governance, and risk management. The plans also include enhanced education, training, and recruitment standards for Prudential of Japan employees.
Kan Mabara, president and CEO of POJ, has left Prudential of Japan as of Feb. 1, 2026 and will not be an advisor to the company. He has been succeeded by Tokumaru, previously president and CEO of Prudential Gibraltar Financial Life, who brings over 20 years of industry experience and a commitment to restoring customer trust at POJ. Tokumaru has not previously been involved with POJ’s management.
“On behalf of Prudential of Japan, we apologize for letting our customers down,” said Brad Hearn, president and chief executive officer of Prudential Holdings of Japan. “The conduct that led to this outcome is completely unacceptable and inconsistent with the standards of excellence we set for ourselves. We are taking focused actions intended to prevent future misconduct; support and reimburse our impacted customers; and restore the deep trust that is the cornerstone of our business.”
“Doing right by our customers is core to who we are at Prudential and we take this matter extremely seriously,” said Andy Sullivan, chief executive officer of Prudential Financial. “We are taking decisive actions to address the compliance, operational, and governance issues identified by the investigation. Rebuilding customer trust is a top priority. For nearly 40 years, Prudential has been a symbol of exceptional customer care in Japan, and we are committed to restoring the standing that has long set us apart.”
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Dec. 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.
FORWARD-LOOKING STATEMENTS
Certain of the statements included in this release, including those regarding the remedial steps we intend to implement, 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. 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 include, among others, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; 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; and uncertainty regarding investigations into and remediation of matters such as the misconduct in Japan. Additional factors and uncertainties that could cause actual results to differ 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. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203950475/en/
Prudential Media Contact: Bill Launder; bill.launder@prudential.com
Prudential Investor Contact: Tina Madon; tina.madon@prudential.com
Original: Prudential of Japan Implements Voluntary 90-Day Suspension of New Sales to Address Previously Disclosed Employee Misconduct
MiamiGent
14年前
PRU Prudential Financial, Inc. Announces 2011 ResultsPROVIDED BY Business Wire - 4:07 PM 02/08/2012
NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc.)
Net income of Financial Services Businesses attributable to Prudential Financial, Inc. (PRU) for year 2011 of $3.531 billion, or $7.22 per Common share compared to $5.75 per Common share for 2010.
After-tax adjusted operating income for the Financial Services Businesses for year 2011 of $3.134 billion, or $6.41 per Common share compared to $6.17 per Common share for 2010.
Strong sales and flows in major businesses for year 2011; record-high Retirement gross deposits and sales of $44.6 billion, up 29% from a year earlier; annualized new business premiums in International Insurance surpass $3 billion milestone, including $728 million initial contribution from acquired Star and Edison businesses and 24% organic growth from a year earlier; total assets under management surpass $900 billion mark at year end.
Fourth quarter 2011 net income of Financial Services Businesses attributable to Prudential Financial, Inc. (PRU) of $606 million, or $1.26 per Common share compared to 45 cents per Common share in the year-ago quarter.
Fourth quarter 2011 after-tax adjusted operating income for the Financial Services Businesses of $948 million, or $1.97 per Common share compared to $1.76 per Common share in the year-ago quarter.
Operational highlights for the fourth quarter:
-- Individual Annuity account values, $113.5 billion at December 31, up 7% from a year earlier; gross sales for the quarter of $4.4 billion; net sales $2.9 billion.
-- Retirement account values, $229.5 billion at December 31, up 12% from a year earlier; total Retirement gross deposits and sales of $14.7 billion and net additions of $6.7 billion for the quarter.
-- Asset Management segment assets under management, $619.1 billion at December 31, up 15% from a year earlier; net institutional additions for the quarter, excluding money market activity, $3.7 billion.
-- Individual Life annualized new business premiums of $75 million, up 12% from a year ago.
-- Group Insurance annualized new business premiums of $86 million, compared to $109 million a year ago.
-- International Insurance constant dollar basis annualized new business premiums of $799 million, including $218 million from the acquired Star and Edison operations, compared to $522 million a year ago.
Financial items:
Significant items included in current quarter adjusted operating income:
-- Pre-tax benefit of $180 million in Individual Annuities to release reserves for guaranteed death and income benefits and reduce amortization of deferred policy acquisition and other costs, reflecting market-driven separate account performance.
-- Pre-tax benefit of approximately $20 million in Individual Life from reduced net amortization of deferred policy acquisition and other costs due to market-driven separate account performance.
-- Pre-tax benefit of $96 million in International Insurance’s Gibraltar Life operation from the sale of the Company’s stake in Afore XXI, a private pension fund manager in Mexico.
-- Pre-tax charge of $94 million in International Insurance’s Gibraltar Life operation for integration costs relating to the acquisition of AIG Star Life Insurance Co., Ltd. and AIG Edison Life Insurance Company.
-- Gross unrealized losses on general account fixed maturity investments of the Financial Services Businesses of $4.3 billion at December 31, 2011, compared to $3.1 billion at December 31, 2010; net unrealized gains of $10.5 billion at December 31, 2011 compared to $5.7 billion at December 31, 2010.
-- GAAP book value for Financial Services Businesses, $35.7 billion or $75.04 per Common share at December 31, 2011, compared to $31.0 billion or $63.11 per Common share at December 31, 2010. Book value per Common share excluding unrealized gains and losses on investments and pension / postretirement benefits, $66.63 at December 31, 2011 compared to $59.48 at December 31, 2010.
-- During the fourth quarter, the Company acquired 4.9 million shares of its Common Stock under its share repurchase authorization at a total cost of $250 million, for an average price of $50.40 per share. From the commencement of share repurchases in July 2011 through December 31, 2011, the Company has acquired 19.8 million shares of its Common Stock under its share repurchase authorization at a total cost of approximately $1.0 billion, for an average price of $50.53 per share.
Prudential Financial, Inc. (PRU) today reported net income of its Financial Services Businesses attributable to Prudential Financial, Inc. (PRU) of $3.531 billion ($7.22 per Common share) for the year ended December 31, 2011, compared to $2.714 billion ($5.75 per Common share) for 2010. After-tax adjusted operating income for the Financial Services Businesses was $3.134 billion ($6.41 per Common share) for 2011, compared to $2.916 billion ($6.17 per Common share) for 2010. Information regarding adjusted operating income, a non-GAAP measure, is provided below.
For the fourth quarter of 2011, net income for the Financial Services Businesses attributed to Prudential Financial, Inc. (PRU) amounted to $606 million ($1.26 per Common share) compared to $213 million (45 cents per Common share) for the fourth quarter of 2010. After-tax adjusted operating income for the fourth quarter of 2011 for the Financial Services Businesses amounted to $948 million ($1.97 per Common share) compared to $848 million ($1.76 per Common share) for the fourth quarter of 2010.
The Company acquired AIG Star Life Insurance Co., Ltd. and AIG Edison Life Insurance Company on February 1, 2011. Results of the Financial Services Businesses include the results of these businesses from the date of acquisition. Giving effect to the impact of acquisition financing reflecting debt securities and Common shares issued in late 2010 and results of operations, the acquisition resulted in adjusted operating income of approximately 10 cents per Common share for the Financial Services Businesses in the fourth quarter of 2011, before absorption of integration costs during the quarter which amounted to approximately 13 cents per share. Since Gibraltar Life, inclusive of the acquired businesses, is included in the Company’s reported results of operations on a one month lag basis, results of the Financial Services Businesses for the year ended December 31, 2011 include the results for the initial ten months of operations of Star and Edison from the date of acquisition.
As a result of the Company’s sale of its real estate brokerage franchise and relocation services business in December 2011, the results of this business have been classified as divested businesses and excluded from adjusted operating income for all periods presented.
“Our results for the fourth quarter and year were strong and reflect the business momentum we continue to build. Sustained commitment to our selected markets and our financial strength are driving our enhanced competitive position. We focus on maintaining a mix of businesses that have solid financial prospects in a variety of market conditions. During the year, addition of the Star and Edison businesses in Japan and divestiture of several non-core operations have made us a stronger, more focused company. The merger of Star and Edison into Gibraltar Life was successfully completed on January 1, 2012, and the integration of these companies continues on track. We also surpassed significant milestones over the last year, including assets under management over $900 billion and annualized new business premiums over $3 billion in International Insurance. Our solid results through challenging markets enhance our confidence that we will achieve our longer-term objectives,” said Chairman and Chief Executive Officer John Strangfeld.
Adjusted operating income is not calculated under generally accepted accounting principles (GAAP). Information regarding adjusted operating income, a non-GAAP measure, is discussed later in this press release under “Forward-Looking Statements and Non-GAAP Measures,” and a reconciliation of adjusted operating income to the most comparable GAAP measure is provided in the tables that accompany this release.
Financial Services Businesses
Prudential Financial’s Common Stock (PRU) reflects the performance of its Financial Services Businesses, which consist of its U.S. Retirement Solutions and Investment Management, U.S. Individual Life and Group Insurance, and International Insurance divisions and its Corporate and Other operations.
In the following business-level discussion, adjusted operating income refers to pre-tax results.
The U.S. Retirement Solutions and Investment Management division reported adjusted operating income of $688 million for the fourth quarter of 2011, compared to $624 million in the year-ago quarter.
The Individual Annuities segment reported adjusted operating income of $391 million in the current quarter, compared to $345 million in the year-ago quarter. Current quarter results benefited $121 million from net reductions in reserves for guaranteed minimum death and income benefits, and $59 million from a net reduction in amortization of deferred policy acquisition and other costs, reflecting an updated estimate of profitability for this business. Results for the year-ago quarter included a net benefit of $146 million from adjustment of these items to reflect an update of estimated profitability. These benefits to results for both the current quarter and the year-ago quarter were largely driven by increases in market value of customer accounts during the respective periods. Excluding the effect of the foregoing items, adjusted operating income for the Individual Annuities segment increased $12 million from the year-ago quarter. This increase reflected higher asset-based fees due to growth in variable annuity account values, net of an increased level of related amortization of deferred policy acquisition and other costs in the current quarter. The net benefit from higher asset-based fees was partly offset by higher expenses and financing costs in the current quarter.
The Retirement segment reported adjusted operating income of $142 million for the current quarter, compared to $147 million in the year-ago quarter. The decrease reflected a lower contribution from investment results, which was partly offset by higher fees associated with growth in account values and lower expenses in the current quarter.
The Asset Management segment reported adjusted operating income of $155 million for the current quarter, compared to $132 million in the year-ago quarter. The increase came primarily from higher asset management fees reflecting growth in assets under management, net of expenses. Current quarter results also benefited from higher performance-based fees.
The U.S. Individual Life and Group Insurance division reported adjusted operating income of $201 million for the fourth quarter of 2011, compared to $200 million in the year-ago quarter.
The Individual Life segment reported adjusted operating income of $146 million for the current quarter, compared to $131 million in the year-ago quarter. The increase came primarily from adjustments of net amortization of deferred policy acquisition costs and other items based on separate account performance in relation to our assumptions, which had a favorable impact of approximately $20 million on current quarter results and about $10 million on results for the year-ago quarter. In addition, current quarter results benefited from a greater contribution from underwriting results, which reflected growth of universal life and term insurance business in force.
The Group Insurance segment reported adjusted operating income of $55 million in the current quarter, compared to $69 million in the year-ago quarter. The decrease reflected a higher level of expenses in the current quarter, a lower contribution from investment results, and less favorable group disability claims experience than that of the year-ago quarter. These items were partly offset by a greater contribution from group life underwriting results in the current quarter, reflecting growth of business in force and more favorable claims experience.
The International Insurance segment reported adjusted operating income of $692 million for the fourth quarter of 2011, compared to $588 million in the year-ago quarter.
Adjusted operating income of the segment’s Life Planner insurance operations was $336 million for the current quarter, compared to $328 million in the year-ago quarter. The $8 million increase in adjusted operating income reflected continued business growth, which was partially offset by less favorable mortality experience in the current quarter.
The segment’s Gibraltar Life and Other operations reported adjusted operating income of $356 million for the current quarter, compared to $260 million in the year-ago quarter. Current quarter results include a benefit of $96 million from the sale of the Company’s stake in Afore XXI, a private pension fund manager in Mexico. In addition, results for the current quarter reflect absorption of $94 million of integration costs related to the Star and Edison businesses acquired on February 1, 2011. Results for the year-ago quarter include a benefit of $66 million from the partial sale of an investment, through a consortium, in China Pacific Group. Excluding these items, adjusted operating income increased $160 million from the year-ago quarter, including an estimated contribution of $128 million from operations of the Star and Edison businesses. The remainder of the increase came primarily from business growth reflecting expanding sales of protection life insurance products.
Foreign currency exchange rates, including the impact of the Company’s currency hedging programs, had a favorable impact of $11 million on segment results in comparison to the year-ago quarter, including $9 million within Gibraltar Life and Other operations.
Corporate and Other operations resulted in a loss, on an adjusted operating income basis, of $281 million in the fourth quarter of 2011, compared to a loss of $239 million in the year-ago quarter. The increased loss was primarily driven by interest expense, net of investment income, reflecting a greater level of capital debt in the current quarter, and by higher expenses.
Assets under management amounted to $901 billion at December 31, 2011, compared to $784 billion a year earlier.
Net income of the Financial Services Businesses attributable to Prudential Financial, Inc. (PRU) amounted to $606 million for the fourth quarter of 2011, compared to $213 million in the year-ago quarter.
Current quarter net income includes $568 million of pre-tax net realized investment losses and related charges and adjustments. Net realized investment losses for the current quarter include net losses of $367 million from products that contain embedded derivatives and associated derivative portfolios that are part of a hedging program related to the risks of these products as well as mark-to-market of derivatives under a capital hedge program. Net realized investment losses also include losses from impairments and sales of credit-impaired investments amounting to $142 million, and net changes in value relating to foreign currency exchange rates and changes in market value of derivatives primarily related to the Company’s investment duration management programs amounting to $95 million. These losses were partially offset by net gains from general portfolio activities.
At December 31, 2011, gross unrealized losses on general account fixed maturity investments of the Financial Services Businesses amounted to $4.256 billion, including $2.999 billion on high and highest quality securities based on NAIC or equivalent ratings. Gross unrealized losses include $906 million related to asset-backed securities collateralized by sub-prime mortgages. Gross unrealized losses on general account fixed maturity investments of the Financial Services Businesses at December 31, 2011 include $2.642 billion of declines in value of 20% or more of amortized cost. Gross unrealized losses on general account fixed maturity investments of the Financial Services Businesses amounted to $3.100 billion at December 31, 2010. Net unrealized gains on general account fixed maturity investments of the Financial Services Businesses amounted to $10.493 billion at December 31, 2011, compared to $5.726 billion at December 31, 2010.
Net income for the current quarter also reflects pre-tax increases of $53 million in recorded asset values and $47 million in recorded liabilities representing changes in value which are expected to ultimately accrue to contractholders. These changes primarily represent interest rate related mark-to-market adjustments. Net income for the current quarter also includes $39 million of pre-tax income from divested businesses, which reflects a gain of $49 million from the sale of the Company’s real estate brokerage franchise and relocation services business in December 2011.
Net income of the Financial Services Businesses for the year-ago quarter included $906 million of pre-tax net realized investment losses and related charges and adjustments, decreases of $218 million in recorded assets and $200 million in recorded liabilities for which changes in value are expected to ultimately accrue to contractholders, and pre-tax losses of $8 million from divested businesses, in each case before income taxes.
Closed Block Business
Prudential’s Class B Stock, which is not traded on any exchange, reflects the performance of its Closed Block Business.
The Closed Block Business includes our in-force participating life insurance and annuity policies, and assets that are being used for the payment of benefits and policyholder dividends on these policies, as well as other assets and equity that support these policies. We have ceased offering these participating policies.
The Closed Block Business reported income from continuing operations before income taxes of $119 million for the fourth quarter of 2011, compared to a loss from continuing operations before income taxes of $52 million for the year-ago quarter.
The Closed Block Business reported net income attributable to Prudential Financial, Inc. (PRU) of $80 million for the fourth quarter of 2011 and a net loss of $36 million for the year-ago quarter.
For the year ended December 31, 2011, the Closed Block Business reported income from continuing operations before income taxes of $197 million, compared to $725 million for 2010. The Closed Block Business reported net income attributable to Prudential Financial, Inc. (PRU) of $135 million for 2011, compared to $481 million for 2010.
Consolidated Results
There is no legal separation of the Financial Services Businesses and the Closed Block Business, and holders of the Common Stock and the Class B Stock are both common stockholders of Prudential Financial, Inc. (PRU)
On a consolidated basis, which includes the results of both the Financial Services Businesses and the Closed Block Business, Prudential Financial, Inc. (PRU) reported net income attributable to Prudential Financial, Inc. (PRU) of $686 million for the fourth quarter of 2011 compared to $177 million for the year-ago quarter, and reported net income attributable to Prudential Financial, Inc. (PRU) of $3.666 billion for the year ended December 31, 2011 and $3.195 billion for 2010.
Share Repurchases
During the fourth quarter of 2011, the Company acquired 4.9 million shares of its Common Stock at a total cost of $250 million, for an average price of $50.40 per share. From the commencement of repurchases in July 2011, through December 31, 2011, the Company acquired 19.8 million shares of its Common Stock at a total cost of approximately $1.0 billion, for an average price of $50.53 per share. These repurchases were under an authorization by Prudential’s Board of Directors in June 2011 to repurchase at management’s discretion up to $1.5 billion of the Company’s outstanding Common Stock through June 2012.
Forward-Looking Statements and Non-GAAP Measures
Certain of the statements included in this release 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. (PRU) and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. (PRU) 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) general economic, market and political conditions, including the performance and fluctuations of fixed income, equity, real estate and other financial markets; (2) the availability and cost of additional debt or equity capital or external financing for our operations; (3) interest rate fluctuations or prolonged periods of low interest rates; (4) the degree to which we choose not to hedge risks, or the potential ineffectiveness or insufficiency of hedging or risk management strategies we do implement, with regard to variable annuity or other product guarantees; (5) any inability to access our credit facilities; (6) reestimates of our reserves for future policy benefits and claims; (7) differences between actual experience regarding mortality, morbidity, persistency, surrender experience, interest rates or market returns and the assumptions we use in pricing our products, establishing liabilities and reserves or for other purposes; (8) changes in our assumptions related to deferred policy acquisition costs, value of business acquired or goodwill; (9) changes in assumptions for retirement expense; (10) changes in our financial strength or credit ratings; (11) statutory reserve requirements associated with term and universal life insurance policies under Regulation XXX and Guideline AXXX; (12) investment losses, defaults and counterparty non-performance; (13) competition in our product lines and for personnel; (14) difficulties in marketing and distributing products through current or future distribution channels; (15) changes in tax law; (16) economic, political, currency and other risks relating to our international operations; (17) fluctuations in foreign currency exchange rates and foreign securities markets; (18) regulatory or legislative changes, including the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act; (19) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (20) adverse determinations in litigation or regulatory matters and our exposure to contingent liabilities, including in connection with our divestiture or winding down of businesses; (21) domestic or international military actions, natural or man-made disasters including terrorist activities or pandemic disease, or other events resulting in catastrophic loss of life; (22) ineffectiveness of risk management policies and procedures in identifying, monitoring and managing risks; (23) effects of acquisitions, divestitures and restructurings, including possible difficulties in integrating and realizing the projected results of acquisitions, including risks associated with the acquisition of certain insurance operations in Japan; (24) interruption in telecommunication, information technology or other operational systems or failure to maintain the security, confidentiality or privacy of sensitive data on such systems; (25) changes in statutory or U.S. GAAP accounting principles, practices or policies; (26) Prudential Financial, Inc.’s primary reliance, as a holding company, on dividends or distributions from its subsidiaries to meet debt payment obligations and the ability of the subsidiaries to pay such dividends or distributions in light of our ratings objectives and/or applicable regulatory restrictions; and (27) risks due to the lack of legal separation between our Financial Services Businesses and our Closed Block Business. Prudential Financial, Inc. (PRU) does not intend, and is under no obligation, to update any particular forward-looking statement included in this document.
Adjusted operating income is a non-GAAP measure of performance of our Financial Services Businesses. 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 excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of a hedging 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 classified as other trading account assets.
Adjusted operating income also excludes investment gains and losses on trading account assets supporting insurance 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. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of these transactions. In addition, adjusted operating income excludes the results of divested businesses, which are not relevant to our ongoing operations. Discontinued operations, which is presented as a separate component of net income under GAAP, is also excluded from adjusted operating income.
We believe that the presentation of adjusted operating income as we measure it for management purposes enhances understanding of the results of operations of the Financial Services Businesses by highlighting the results from ongoing operations and the underlying profitability of our businesses. However, adjusted operating income is not a substitute for income determined in accordance with GAAP, and the adjustments made to derive adjusted operating income are important to an understanding of our overall results of operations. The schedules accompanying this release provide a reconciliation of adjusted operating income for the Financial Services Businesses to income from continuing operations in accordance with GAAP.
The information referred to above, as well as the risks of our businesses described in our Annual Report on Form 10-K for the year ended December 31, 2010, should be considered by readers when reviewing forward-looking statements contained in this release. Additional historical information relating to our financial performance is located on our Web site at www.investor.prudential.com.
Earnings Conference Call
Members of Prudential’s senior management will host a conference call on Thursday, February 9, 2012 at 11 a.m. ET, to discuss with the investment community the Company’s fourth quarter results. The conference call will be broadcast live over the Company’s Investor Relations Web site at www.investor.prudential.com. Please log on fifteen minutes early in the event necessary software needs to be downloaded. The call will remain on the Investor Relations Web site for replay through February 24. Institutional investors, analysts, and other members of the professional financial community are invited to listen to the call and participate in Q&A by dialing (877) 777-1971 (domestic callers) or (612) 332-0226 (international callers). All others are encouraged to dial into the conference call in listen-only mode, using the same numbers. To listen to a replay of the conference call starting at 2:00 p.m. on February 9, through February 16, dial (800) 475-6701 (domestic callers) or (320) 365-3844 (international callers). The access code for the replay is 225933.
Prudential Financial, Inc. (PRU) , a financial services leader with approximately $901 billion of assets under management as of December 31, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
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