PRUDENTIAL FINANCIAL INC

Listed Company

PRHCIK 0001137774NYSELarge AcceleratedLife InsuranceNew JerseyFY ends Dec 31

Period

FY 2025

Revenue

$60.77B

Net Income

$3.58B

Total Assets

$773.74B

Equity

$32.44B

Shares Out

348.00M

Op. Cash Flow

$6.27B

+ 13F Filer

Business

PRUDENTIAL FINANCIAL INC is a global financial services company and active investment manager that provides insurance, retirement, annuity and investment management solutions. It offers life insurance, annuities, retirement-related products and services, mutual funds, investment management and related plan administration and advisory services. Its principal business segments include PGIM (global investment management), U.S. Businesses (Retirement Strategies, Group Insurance and Individual Life), International Businesses, a Closed Block division and Corporate and Other operations. The company operates across the United States, Asia, Europe and Latin America and distributes products through proprietary and third-party channels, including institutional clients, financial intermediaries, banks, brokers, agents and digital platforms.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums (includes $122, $73 and $323 of gains (losses) from changes in estimates on deferred profit liability amortization for the year ended December 31, 2025, 2024 and 2023, respectively)	30,797	42,897	27,364	36,475	33,950
Policy charges and fee income	4,666	4,298	4,527	4,615	5,433
Net Investment Income	21,473	19,909	17,865	16,037	18,287
Asset management and service fees	4,019	4,090	3,717	4,062	4,901
Other income (loss)	4,426	3,037	4,065	608	2,964
Realized investment gains (losses), net	−4,132	−3,429	−3,615	−4,507	2,115
Change in value of market risk benefits, net of related hedging gains (losses)	−475	−397	56	−409	3,597
Total revenues	60,774	70,405	53,979	56,881	71,247
Policyholders benefits	35,224	47,119	30,931	40,816	37,991
Change in estimates of liability for future policy benefits	103	−37	337	654	−35
Interest credited to policyholders account balances	5,068	4,582	3,983	2,193	3,431
Dividends to policyholders	1,076	698	1,069	198	2,874
Amortization of deferred policy acquisition costs	1,635	1,492	1,459	1,433	1,482
Goodwill impairment	0	0	177	—	—
General and administrative expenses	13,012	13,342	12,951	12,576	13,609
Total benefits and expenses	56,118	67,196	50,907	58,773	60,412
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES	4,656	3,209	3,072	−1,892	10,835
Total income tax expense (benefit)	1,053	507	613	−279	1,995
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES	3,603	2,702	2,459	−1,613	8,840
Equity in earnings of joint ventures and other operating entities, net of taxes	129	144	49	−62	98
NET INCOME (LOSS)	3,732	2,846	2,508	−1,675	8,938
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	156	119	20	−28	—
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.	3,576	2,727	2,488	−1,647	8,868
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share)	10.05	7.54	6.76	−4.49	22.56
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share)	9.99	7.5	6.74	−4.49	22.4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025-$183; 2024-$331) (amortized cost: 2025-$357,996; 2024-$341,004)	331,455	311,570	316,321	307,719	372,410
Fixed maturities, trading, at fair value (amortized cost: 2025-$15,536; 2024-$13,631)	14,869	12,530	9,790	5,951	8,823
Assets supporting experience-rated contractholder liabilities, at fair value	4,842	3,707	3,168	2,844	3,358
Equity securities, at fair value (cost: 2025-$8,303; 2024-$7,043)	10,972	9,417	8,242	7,150	8,574
Commercial mortgage and other loans (net of $469 and $574 allowance for credit losses; includes $1,056 and $702 of loans measured at fair value under the fair value option at December 31, 2025 and 2024, respectively)	64,715	62,341	59,305	56,745	58,666
Policy loans	9,958	9,795	10,047	10,046	10,386
Other invested assets (net of $2 and $2 allowance for credit losses; includes $8,285 and $7,574 of assets measured at fair value at December 31, 2025 and 2024, respectively)	27,294	26,351	22,855	21,099	21,833
Short-term investments (net of allowance for credit losses: 2025-$0; 2024-$0)	6,414	9,069	5,005	4,591	6,635
Total investments	470,519	444,780	434,733	417,441	492,199
Cash and cash equivalents	19,712	18,497	19,419	17,251	12,888
Accrued investment income	3,636	3,441	3,287	3,012	2,855
Deferred policy acquisition cost	21,530	20,448	20,856	20,546	19,763
Value of business acquired	397	435	530	621	771
Market risk benefit assets	2,330	2,331	1,981	800	944
Reinsurance recoverables and deposit receivables (net of $14 and $12 allowance for credit losses; includes $573 and $849 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)	44,077	37,680	27,311	18,993	—
Income Tax Assets	279	866	939	0	0
Other assets (net of $1 and $2 allowance for credit losses; includes $0 and $0 of assets at fair value at December 31, 2025 and 2024, respectively)	15,009	13,737	13,268	12,686	10,739
Separate account assets	196,251	193,372	198,888	197,679	246,145
TOTAL ASSETS	773,740	735,587	721,212	689,029	937,582
Future policy benefits	266,914	268,912	273,281	261,773	—
Policyholders' account balances	191,307	166,254	147,018	135,624	122,633
Market risk benefit liabilities	4,623	4,455	5,467	5,864	10,175
Policyholder's dividends	1,272	718	1,475	694	8,731
Securities sold under agreements to repurchase	9,598	6,796	6,056	6,589	10,185
Cash collateral for loaned securities	8,700	9,621	6,477	6,100	4,251
Reinsurance and funds withheld payables (includes $174 and $(118) of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)	18,844	17,084	15,729	5,733	—
Short-term debt	1,443	953	618	775	722
Long-term debt	18,856	19,187	18,882	19,908	18,622
Other liabilities (includes $16 and $14 allowance for credit losses and $6,215 and $4,751 of derivatives at fair value at December 31, 2025 and 2024, respectively)	17,692	16,679	16,071	15,720	11,755
Notes issued by consolidated variable interest entities (includes $767 and $60 measured at fair value under the fair value option at December 31, 2025 and 2024, respectively)	2,659	1,430	1,374	374	274
Separate account liabilities	196,251	193,372	198,888	197,679	246,145
Total liabilities	738,159	705,461	691,336	657,110	874,974
COMMITMENTS AND CONTINGENT LIABILITIES	—	—	—	—	—
Redeemable noncontrolling interests	2,794	1,939	1,766	371	—
Total mezzanine equity	2,794	1,939	1,766	371	—
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued)	0	0	0	0	0
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both December 31, 2025 and 2024)	6	6	6	6	6
Additional paid-in capital	26,013	25,901	25,746	25,747	25,732
Common Stock held in treasury, at cost (318,361,498 and 311,738,187 shares at December 31, 2025 and 2024, respectively)	−25,335	−24,511	−23,780	−23,068	−21,838
Accumulated other comprehensive income (loss)	−3,077	−6,711	−6,504	−3,806	21,324
Retained Earnings	34,831	33,187	32,352	31,714	36,652
Total Prudential Financial, Inc. equity	32,438	27,872	27,820	30,593	61,876
Noncontrolling Interests	349	315	290	955	732
Total equity	32,787	28,187	28,110	30,934	29,983
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	773,740	735,587	721,212	689,029	937,582

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Policy charges and fee income	−2,028	−2,128	−2,186	−2,230	−2,134
Interest credited to policyholders' account balances	5,068	4,582	3,983	2,193	3,431
Depreciation and amortization	128	383	—	117	206
Depreciation and amortization	—	—	−70	—	—
(Gains) losses on assets supporting experience-rated contractholder liabilities, net	−648	−595	−503	1,128	299
Deferred policy acquisition costs	−1,215	−1,111	−869	−722	−1,043
Future policy benefits and other insurance liabilities	3,493	4,803	5,489	6,132	8,741
Reinsurance related-balances	−2,263	−2,731	−683	−868	—
Income Taxes	−493	−146	−442	−1,594	259
Derivatives, net	377	897	−746	−2,533	−2,330
Other, net	−4,487	−2,124	−3,707	−609	−1,903
Cash flows from (used in) operating activities	6,271	8,502	6,510	5,158	9,812
Fixed maturities, available-for-sale	45,218	59,059	44,097	50,823	64,759
Fixed maturities, held-to-maturity	0	0	22	38	239
Fixed maturities, trading	4,151	3,398	1,559	1,641	3,626
Assets supporting experience-rated contractholder liabilities	1,356	1,474	2,286	11,410	18,863
Equity securities	7,741	5,790	4,348	3,697	4,290
Commercial mortgage and other loans	7,762	5,466	3,985	5,580	9,367
Policy loans	1,846	1,972	1,806	1,738	2,019
Other invested assets	2,784	1,936	1,260	1,789	2,972
Short-term investments	33,226	33,316	32,684	40,653	32,696
Fixed maturities, available-for-sale	−67,592	−72,997	−47,580	−60,070	−65,174
Fixed maturities, trading	−6,339	−7,041	−4,174	−659	−5,675
Assets supporting experience-rated contractholder liabilities	−1,895	−1,773	−2,290	−11,799	−21,394
Equity securities	−8,473	−6,576	−4,296	−3,451	−4,430
Commercial mortgage and other loans	−9,572	−9,134	−6,359	−5,497	−9,434
Policy loans	−1,610	−1,601	−1,544	−1,248	−1,216
Other invested assets	−3,074	−3,884	−3,049	−2,832	−3,628
Short-term investments	−31,039	−37,244	−32,872	−37,894	−32,329
Derivatives, net	−175	−696	−1,329	−1,881	−429
Other, net	−207	−50	−676	−98	−596
Cash flows from (used in) investing activities	−25,892	−28,585	−12,122	−7,638	−5,342
Policyholders account deposits	39,889	35,913	28,521	30,094	31,795
Policyholders account withdrawals	−20,251	−19,388	−18,307	−24,149	−29,227
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities	1,881	3,884	−156	−1,541	42
Cash dividends paid on Common Stock	−1,926	−1,891	−1,846	−1,817	−1,814
Net change in financing arrangements (maturities 90 days or less)	449	−583	10	−214	297
Common Stock acquired	−1,000	−1,000	−1,012	−1,488	−2,500
Common Stock reissued for exercise of stock options	109	201	126	163	200
Proceeds from the issuance of debt (maturities longer than 90 days)	1,195	1,423	716	2,706	268
Repayments of debt (maturities longer than 90 days)	−1,546	−814	−1,982	−1,184	−1,708
Proceeds from notes issued by consolidated VIEs	1,564	1,436	1,360	137	0
Repayments of notes issued by consolidated VIEs	−439	−617	−336	0	0
Other, net	848	830	645	2,226	−364
Cash flows from (used in) financing activities	20,773	19,394	7,739	4,933	−3,011
Effect of foreign exchange rate changes on cash balances	77	−254	37	−159	−309
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	1,229	−943	2,164	4,365	−921
Income taxes paid, net of refunds	1,398	756	895	1,090	1,668
Interest paid	1,907	1,995	1,555	1,452	1,452
Treasury Stock shares issued for stock-based compensation programs	187	217	282	236	138
Assets transferred upon surrender of IRA contracts	0	0	2,019	0	0

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 6,624 positions

Reported AUM

$75.24B

Holdings

6.6K

Top sector

$75.24B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$75.24B	100.0%

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