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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
  FORM 8-K
___________________________
  
CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 2, 2022
 ___________________________
PRUDENTIAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
 ___________________________
New Jersey001-1670722-3703799
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification No.)
 
751 Broad Street
Newark, NJ 07102
(Address of principal executive offices and zip code)
 
(973) 802-6000
(Registrant’s telephone number, including area code)
 ___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, Par Value $.01PRUNew York Stock Exchange
5.625% Junior Subordinated NotesPRSNew York Stock Exchange
4.125% Junior Subordinated NotesPFHNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02    Results of Operations and Financial Condition.

Prudential Financial, Inc. (the "Company") furnishes herewith, as Exhibit 99.1, a news release announcing second quarter 2022 results.

Item 7.01    Regulation FD Disclosure.
A.
Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for second quarter 2022.
B.
Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Wednesday, August 3, 2022 at 11:00 A.M. ET, to discuss the Company's second quarter 2022 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

Investors and others should note that the Company routinely uses its Investor Relations website to post presentations to investors and other important information, including information that may be deemed material to investors. Accordingly, the Company encourages investors and others interested in the Company to review the information that it shares at www.investor.prudential.com. Interested parties may register to receive automatic email alerts when presentations and other information are posted to the Investor Relations website by clicking on “Subscribe to Email Alerts" at www.investor.prudential.com and following the instructions provided.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: August 2, 2022
PRUDENTIAL FINANCIAL, INC.
By:/s/ Robert D. Axel
 Name: Robert D. Axel
Title:   Senior Vice President and Principal Accounting Officer
 



Document
Exhibit 99.1
earningsreleaseheader1a09.jpg
August 2, 2022

Prudential Financial, Inc. Announces
Second Quarter 2022 Results

Net loss attributable to Prudential Financial, Inc. of $565 million or $1.53 per Common share versus net income of $2.158 billion or $5.40 per share for the year-ago quarter. The current quarter included a net after-tax charge from our annual assumption update and other refinements of $1.048 billion or $2.80 per Common share versus a benefit of $182 million or $0.45 per share in the year-ago quarter. The current quarter also included an after-tax gain due to the sales of a block of legacy variable annuities and the Full Service business of $1.140 billion or $3.04 per Common share.
After-tax adjusted operating income of $664 million or $1.74 per Common share versus $1.440 billion or $3.60 per share for the year-ago quarter. The current quarter included a net after-tax charge from our annual assumption update and other refinements of $1.124 billion or $2.94 per Common share versus $24 million or $0.06 per share in the year-ago quarter. The current quarter also included an after-tax gain due to the sale of a block of legacy variable annuities of $673 million or $1.76 per Common share.
Book value per Common share of $74.72 versus $160.31 per share for the year-ago quarter; adjusted book value per Common share of $104.19 versus $104.39 per share for the year-ago quarter.
Parent company highly liquid assets(1) of $7.1 billion versus $4.9 billion for the year-ago quarter.
Assets under management(2) of $1.410 trillion versus $1.730 trillion for the year-ago quarter.
Capital returned to shareholders of $832 million in the quarter, including $375 million of share repurchases and $457 million of dividends, versus $1.335 billion in the year-ago quarter. Dividends paid were $1.20 per Common share, representing a 5% yield on adjusted book value.

Charles Lowrey, Chairman and CEO, commented on results:

“Our second quarter results reflect macroeconomic trends, including rising interest rates, widening credit spreads, and equity market declines, as well as the strengthening of our Individual Life reserves through our annual review of assumptions. We also continued to make significant strategic progress transforming our businesses to be less market sensitive and more nimble, while making additional investments to support our long-term, sustainable growth.

We completed the sales of our Full Service business and a significant portion of our traditional variable annuities, which reduced our market sensitivity by 20%. We are increasing our presence in Africa through a programmatic acquisition in a key growth market. We also continued to expand our products and solutions, and are expecting to reach our $750 million cost savings program target one year ahead of schedule.

Our actions are supported by the strength of our rock solid balance sheet, which gives us the financial flexibility to navigate through the current macroeconomic environment, while continuing to invest in our businesses and return capital to shareholders. Our strategy continues to position us well for the future and to be a leader in expanding access to insurance, investing, and retirement security around the world. We remain confident that we are on the right path to drive long-term sustainable growth and create value for all of our stakeholders.”

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Prudential Financial, Inc. Second Quarter 2022 Earnings Release
Page 2

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported second quarter results. Net loss attributable to Prudential Financial, Inc. was $565 million ($1.53 per Common share) for the second quarter of 2022, compared to net income of $2.158 billion ($5.40 per Common share) for the second quarter of 2021. After-tax adjusted operating income was $664 million ($1.74 per Common share) for the second quarter of 2022, compared to $1.440 billion ($3.60 per Common share) for the second quarter of 2021.
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.
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 $206 million for the second quarter of 2022, compared to $315 million in the year-ago quarter. This decrease reflects lower Other Related Revenues, driven by a decrease in seed and co-investment income, and lower asset management fees.
PGIM assets under management of $1.257 trillion were down 17% from the year-ago quarter, reflecting the impact of market depreciation resulting from higher interest rates and credit spreads, as well as declines in equity markets. While third-party net outflows of $0.2 billion in the current quarter reflect $8.3 billion of retail outflows mainly from fixed income, they were mostly offset by strong institutional inflows of $8.1 billion primarily driven by fixed income.
U.S. Businesses
U.S. Businesses reported adjusted operating income of $370 million for the second quarter of 2022, compared to $1.047 billion in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $1.410 billion as well as a gain on the sale of a block of legacy variable annuities of $852 million. Excluding these items, current quarter results primarily reflect lower net investment spread results and lower net fee income, partially offset by a gain on a strategic investment and more favorable underwriting results.
Retirement Strategies, consisting of Institutional Retirement Strategies (former Retirement segment) and Individual Retirement Strategies (former Individual Annuities segment), reported adjusted operating income of $1.703 billion for the second quarter of 2022, compared to $922 million in the year-ago quarter.

Institutional Retirement Strategies:
Reported adjusted operating income of $398 million in the current quarter, compared to $450 million in the year-ago quarter. This decrease includes a favorable comparative impact from our annual assumption update and other refinements of $14 million. Excluding this item, current quarter results primarily reflect lower net investment spread results, partially offset by higher reserve gains.

Account values of $235 billion declined 4% from the year-ago quarter, driven by unfavorable foreign exchange impacts and market depreciation. Net inflows in the current quarter totaled $0.1 billion as sales of $3.7 billion were mostly offset by withdrawals and benefit payments.

Individual Retirement Strategies:
Reported adjusted operating income of $1.305 billion in the current quarter, compared to $472 million in the year-ago quarter. This increase includes a favorable comparative impact from our annual assumption update and other refinements of $40 million as well as a gain on the sale of a block of legacy variable annuities of $852 million. Excluding these items, current quarter results primarily reflect lower fee income, net of distribution expenses and other associated costs, partially offset by a gain on a strategic investment and higher net investment spread results.

Account values of $123 billion were down 32% from the year-ago quarter, reflecting the sale of a block of legacy variable annuities, market depreciation, and net outflows. Gross sales of $1.6 billion in the current quarter reflect the continued momentum from our FlexGuard products.
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Group Insurance:
Reported adjusted operating income of $53 million in the current quarter, compared to $17 million in the year-ago quarter. This increase includes an unfavorable comparative impact from our annual assumption update and other refinements of $4 million. Excluding this item, current quarter results primarily reflect more favorable underwriting results in both group life and disability, partially offset by lower net investment spread results.

Reported earned premiums, policy charges, and fees of $1.4 billion decreased 3% from the year-ago quarter.

Individual Life:
Reported a loss, on an adjusted operating income basis, of $1.325 billion in the current quarter, compared to adjusted operating income of $146 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $1.408 billion, primarily driven by updated policyholder behavior and mortality assumptions in the current quarter. Excluding this item, current quarter results primarily reflect lower net investment spread results and higher expenses, partially offset by more favorable underwriting results.

Sales of $155 million in the current quarter decreased 14% from the year-ago quarter, driven by lower Universal Life and Term sales.

Assurance IQ reported a loss, on an adjusted operating income basis, of $61 million in the current quarter, compared to a loss of $38 million in the year-ago quarter. This higher loss includes an unfavorable impact from our annual assumption update and other refinements of $17 million in the current quarter. Excluding this item, current quarter results primarily reflect lower revenues, partially offset by lower expenses.
International Businesses
International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of $555 million for the second quarter of 2022, compared to $803 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $17 million. Excluding this item, current quarter results primarily reflect lower earnings from joint venture investments, lower net investment spread results, and less favorable underwriting results, partially offset by business growth.
Life Planner:
Reported adjusted operating income of $343 million in the current quarter, compared to $407 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $21 million. Excluding this item, current quarter results primarily reflect lower net investment spread results and less favorable underwriting results, partially offset by business growth.

Constant dollar basis sales(3) of $240 million in the current quarter increased 2% from the year-ago quarter, primarily driven by growth in Brazil.

Gibraltar Life & Other:
Reported adjusted operating income of $212 million in the current quarter, compared to $396 million in the year-ago quarter. This decrease includes a favorable comparative impact from our annual assumption update and other refinements of $4 million. Excluding this item, current quarter results primarily reflect lower earnings from joint venture investments, lower net investment spread results, and less favorable underwriting results.

Constant dollar basis sales(3) of $240 million in the current quarter decreased 8% from the year-ago quarter, primarily driven by lower protection product sales in the Bank channel.
Corporate & Other
Corporate & Other reported a loss, on an adjusted operating income basis, of $259 million for the second quarter of 2022, compared to a loss of $336 million in the year-ago quarter. This lower loss includes an unfavorable
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Prudential Financial, Inc. Second Quarter 2022 Earnings Release
Page 4
comparative impact from our annual assumption update and other refinements of $1 million. Excluding this item, current quarter results primarily reflect lower expenses, higher income from pension and other employee benefit plans, and higher net investment income.
NET INCOME
Net loss in the current quarter included $2.350 billion of pre-tax net realized investment losses and related charges and adjustments, largely reflecting the impacts of rising interest rates, and also $104 million of net impairment and credit-related losses, $531 million of pre-tax gains related to market experience updates, and $415 million of pre-tax earnings from divested and run-off businesses, including a pre-tax gain of $690 million on the sale of the Full Service business.
Net income for the year-ago quarter included $358 million of pre-tax net realized investment gains and related charges and adjustments, including $61 million of net impairment and credit-related gains, $370 million of pre-tax earnings from divested and run-off businesses, and $225 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, August 3, 2022, at 11:00 a.m. ET to discuss with the investment community the Company’s second quarter results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes early in the event necessary software needs to be downloaded. Institutional investors, analysts, and other members of the professional financial community are invited to listen to the call and participate in the Q&A by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). All others may join the conference call in listen-only mode by dialing one of the above numbers. A replay will remain on the Investor Relations website through August 17. To access a replay via phone starting at 3:00 p.m. ET on August 3 through August 17 dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13725141.

prurocklogoa04.jpg
FORWARD-LOOKING STATEMENTS
Certain of the statements included in this release, including those regarding our strategy to become a higher growth and less market sensitive company, our cost savings program, our plans relating to share repurchases and dividends, our efforts to enhance customer experience and expand our products and solutions to more people, our strategy to create sustainable, long-term growth, our efforts to expand access to investing, insurance, and retirement security around the world, and other business strategies, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. 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
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Prudential Financial, Inc. Second Quarter 2022 Earnings Release
Page 5
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,” 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 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. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income.

Adjusted operating income excludes 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, changes in the fair value of contingent consideration, 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) 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
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Prudential Financial, Inc. Second Quarter 2022 Earnings Release
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(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 entitled “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 entitled “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)For more information about constant dollar basis sales, see the section entitled “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 more than $1.4 trillion in assets under management as of June 30, 2022, 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 more than a century. For more information, please visit news.prudential.com.

MEDIA CONTACT: Bill Launder, (973) 802-8760, bill.launder@prudential.com
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Financial Highlights
(in millions, unaudited)
Three Months EndedSix Months Ended
June 30June 30
2022202120222021
Adjusted operating income (loss) before income taxes (1):
  PGIM$206 $315 $394 $966 
  U.S. Businesses370 1,047 1,313 1,890 
  International Businesses555 803 1,356 1,674 
  Corporate and Other(259)(336)(625)(658)
Total adjusted operating income before income taxes$872 $1,829 $2,438 $3,872 
   Reconciling Items:
      Realized investment gains (losses), net, and related charges and adjustments$(2,350)$358 $(3,710)$1,413 
      Market experience updates531 225 525 529 
      Divested and Run-off Businesses:
          Closed Block division13 31 36 65 
          Other Divested and Run-off Businesses402 339 103 384 
      Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests21 (1)(50)
      Other adjustments (2)— (13)(17)(26)
           Total reconciling items, before income taxes(1,383)944 (3,064)2,315 
Income (loss) before income taxes and equity in earnings of operating joint ventures$(511)$2,773 $(626)$6,187 
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc.$(565)$2,158 $(596)$4,986 
Income (loss) attributable to noncontrolling interests(7)25 (20)
Net income (loss)(572)2,183 (616)4,987 
Less: Earnings attributable to noncontrolling interests(7)25 (20)
Income (loss) attributable to Prudential Financial, Inc.(565)2,158 (596)4,986 
Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests(43)(6)(28)44 
Income (loss) (after-tax) before equity in earnings of operating joint ventures(522)2,164 (568)4,942 
      Less: Total reconciling items, before income taxes(1,383)944 (3,064)2,315 
      Less: Income taxes, not applicable to adjusted operating income(197)220 (614)431 
           Total reconciling items, after income taxes(1,186)724 (2,450)1,884 
After-tax adjusted operating income (1)664 1,440 1,882 3,058 
Income taxes, applicable to adjusted operating income208 389 556 814 
Adjusted operating income before income taxes (1)$872 $1,829 $2,438 $3,872 
  See footnotes on last page.

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Financial Highlights
(in millions, except per share data, unaudited)
Three Months EndedSix Months Ended
June 30June 30
2022202120222021
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$(1.53)$5.40 $(1.62)$12.39 
   Less: Reconciling Items:
       Realized investment gains (losses), net, and related charges and adjustments(6.23)0.91 (9.81)3.56 
       Market experience updates1.41 0.57 1.39 1.33 
       Divested and Run-off Businesses:
          Closed Block division0.03 0.08 0.10 0.16 
          Other Divested and Run-off Businesses1.07 0.86 0.27 0.97 
       Difference in earnings allocated to participating unvested share-based payment awards0.01 (0.03)0.03 (0.07)
       Other adjustments (2)— (0.03)(0.04)(0.07)
            Total reconciling items, before income taxes(3.71)2.36 (8.06)5.88 
       Less: Income taxes, not applicable to adjusted operating income(0.44)0.56 (1.53)1.09 
            Total reconciling items, after income taxes(3.27)1.80 (6.53)4.79 
After-tax adjusted operating income$1.74 $3.60 $4.91 $7.60 
  Weighted average number of outstanding common shares (basic)374.4 391.1 375.3 393.7 
  Weighted average number of outstanding common shares (diluted)377.1 394.1 378.1 396.4 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.$(565)$2,158 $(596)$4,986 
       Less: Earnings allocated to participating unvested share-based payment awards31 13 75 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation$(571)$2,127 $(609)$4,911 
After-tax adjusted operating income (1)$664 $1,440 $1,882 $3,058 
       Less: Earnings allocated to participating unvested share-based payment awards20 26 46 
After-tax adjusted operating income for earnings per share of Common Stock calculation (1)$655 $1,420 $1,856 $3,012 
Prudential Financial, Inc. Equity (as of end of period):
       GAAP book value (total PFI equity) at end of period$28,235 $63,048 
       Less: Accumulated other comprehensive income (AOCI)(10,178)23,277 
       GAAP book value excluding AOCI38,413 39,771 
       Less: Cumulative effect of foreign exchange rate remeasurement and currency
                 translation adjustments corresponding to realized gains/losses(962)(1,287)
       Adjusted book value$39,375 $41,058 
       End of period number of common shares (diluted)377.9 393.3 
       GAAP book value per common share - diluted74.72 160.31 
       GAAP book value excluding AOCI per share - diluted101.65 101.12 
       Adjusted book value per common share - diluted104.19 104.39 
  See footnotes on last page.
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Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months EndedSix Months Ended
June 30June 30
2022202120222021
PGIM:
PGIM:
     Assets Managed by PGIM (in billions, as of end of period):
           Institutional customers$560.7 $618.6 
           Retail customers314.3 401.2 
           General account382.4 491.6 
              Total PGIM$1,257.4 $1,511.4 
     Institutional Customers - Assets Under Management (in billions):
          Gross additions, other than money market$24.6 $23.0 $41.4 $44.2 
          Net additions, other than money market$8.1 $5.6 $8.4 $6.7 
     Retail Customers - Assets Under Management (in billions):
          Gross additions, other than money market $16.1 $19.2 $36.3 $48.9 
          Net additions (withdrawals), other than money market$(8.3)$(0.3)$(12.9)$4.1 
U.S. Businesses:
Retirement Strategies:
  Institutional Retirement Strategies:
     Gross additions$3,700 $661 $5,978 $10,421 
     Net additions (withdrawals) $140 $(5,083)$(2,481)$(965)
     Total account value at end of period$234,594 $243,843 
  Individual Retirement Strategies:
    Fixed and Variable Annuity Sales and Account Values:
       Gross sales$1,598 $1,693 $3,141 $3,548 
       Sales, net of full surrenders and death benefits$38 $(990)$(607)$(1,627)
       Total account value at end of period$123,138 $182,411 
Group Insurance:
  Group Insurance Annualized New Business Premiums (3):
     Group life$26 $16 $206 $191 
     Group disability17 35 147 155 
           Total$43 $51 $353 $346 
Individual Life:
  Individual Life Insurance Annualized New Business Premiums (3):
     Term life$23 $34 $47 $65 
     Universal life (4)22 34 44 61 
     Variable life110 112 214 258 
           Total $155 $180 $305 $384 
International Businesses:
International Businesses:
  International Businesses Annualized New Business Premiums (3)(5):
      Actual exchange rate basis$457 $492 $918 $998 
      Constant exchange rate basis$480 $498 $952 $1,008 
  See footnotes on last page.
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Financial Highlights
(in billions, as of end of period, unaudited)
June 30
20222021
Assets and Assets Under Management and Administration:
     Total assets$695.6 $926.5 
     Assets under management (at fair market value):
       PGIM$1,257.4 $1,511.4 
       U.S. Businesses132.2 162.6 
       International Businesses13.6 13.2 
       Corporate and Other6.4 42.8 
           Total assets under management1,409.6 1,730.0 
     Assets under administration145.9 372.2 
           Total assets under management and administration$1,555.5 $2,102.2 
  See footnotes on last page.

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(1)Adjusted operating income is a non-GAAP measure of performance. See NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional U.S. GAAP measure, is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standard Codification (ASC) 280 – Segment Reporting. When presented by segment, we have prepared the reconciliation of adjusted operating income to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.
(2)Represents adjustments not included in the above reconciling items. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration, and goodwill impairments.
(3)Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company’s domestic individual life and international operations are included in annualized new business premiums based on a 10% credit.
(4)Prior period amounts have been reclassified to conform to current period presentation.
(5)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 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Document
Table of Contents

Exhibit 99.2
Prudential Financial, Inc. (PRU)
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Quarterly Financial Supplement
Second Quarter 2022
Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information, and consolidated financial information. All financial information in this document is unaudited.
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Table of Contents

Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
TABLE OF CONTENTS
Page
 
ii

Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
In October 2021, we announced the creation of Retirement Strategies, a new U.S. business that would serve the retirement needs of both our institutional and individual customers by bringing the institutional investment and pension solutions offered through our Retirement business together with the financial solutions and capabilities of our Individual Annuities business. As of the second quarter of 2022, this new structure has been fully operationalized; therefore, the results of our former Retirement segment (now known as the “Institutional Retirement Strategies” operating segment) and our former Individual Annuities segment (now known as the “Individual Retirement Strategies” operating segment) have been aggregated into the Retirement Strategies segment. Prior periods have been updated to conform to this new presentation.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
20212022Year-to-date
2Q3Q4Q1Q2Q20212022% change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM315 327 350 188 206 966 394 -59%
U.S. Businesses1,047 1,090 895 943 370 1,890 1,313 -31%
International Businesses803 887 829 801 555 1,674 1,356 -19%
Corporate and Other(336)(460)(489)(366)(259)(658)(625)5%
Total adjusted operating income before income taxes1,829 1,844 1,585 1,566 872 3,872 2,438 -37%
Income taxes, applicable to adjusted operating income 389 357 358 348 208 814 556 -32%
After-tax adjusted operating income1,440 1,487 1,227 1,218 664 3,058 1,882 -38%
Income (loss) attributable to Prudential Financial, Inc.2,158 1,530 1,208 (31)(565)4,986 (596)-112%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1)14.2 %14.5 %11.8 %11.8 %6.6 %15.4 %9.3 %
Return on Average Equity (based on net income (loss))14.3 %9.8 %7.8 %-0.2 %-6.3 %15.9 %-2.7 %
Distributions to Shareholders
Dividends paid460 451 443 462 457 927 919 -1%
Share repurchases875 875 375 375 375 1,250 750 -40%
Total capital returned1,335 1,326 818 837 832 2,177 1,669 -23%
Per Share Data
Net income (loss) (diluted) (2)5.40 3.90 3.13 (0.10)(1.53)12.39 (1.62)-113%
Adjusted Operating Income (diluted)3.60 3.78 3.18 3.17 1.74 7.60 4.91 -35%
Shareholder dividends1.15 1.15 1.15 1.20 1.20 2.30 2.40 4%
Book value160.31 160.29 161.26 115.28 74.72 
Book value excluding AOCI and FX (3)104.39 106.85 108.72 107.16 104.19 
Shares Outstanding
Weighted average number of common shares (basic)391.1 383.8 377.7 376.1 374.4 393.7 375.3 -5%
Weighted average number of common shares (diluted)394.1 386.8 380.9 379.1 377.1 396.4 378.1 -5%
End of period common shares (basic)386.8 378.9 376.3 375.7 372.6 
End of period common shares (diluted)393.3 386.1 383.7 381.5 377.9 
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income and adjusted to remove amounts included for foreign currency exchange rate remeasurement as described on page 3.
(2) For the three months ended June 30, 2022 and March 31, 2022, and for the six months ended June 30, 2022 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended June 30, 2022 and March 31, 2022, and for the six months ended June 30, 2022 all potential stock options and compensation programs were considered antidilutive.
(3) AOCI represents accumulated other comprehensive income and FX represents the remeasurement of foreign currency. See page 3 for further details.
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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20212022Year-to-date
2Q3Q4Q1Q2Q20212022
Earnings per share of Common Stock (diluted):
   After-tax adjusted operating income3.60 3.78 3.18 3.17 1.74 7.60 4.91 
Reconciling items:
       Realized investment gains (losses), net, and related charges and adjustments0.91 0.25 0.30 (3.59)(6.23)3.56 (9.81)
       Market experience updates0.57 (0.51)1.10 (0.02)1.41 1.33 1.39 
       Divested and Run-off Businesses:
         Closed Block division0.08 0.07 0.13 0.06 0.03 0.16 0.10 
         Other Divested and Run-off Businesses0.86 0.12 0.75 (0.79)1.07 0.97 0.27 
       Difference in earnings allocated to participating unvested share-based payment awards(0.03)— — 0.03 0.01 (0.07)0.03 
   Other adjustments (1)(0.03)(0.02)(2.83)(0.04)— (0.07)(0.04)
         Total reconciling items, before income taxes2.36 (0.09)(0.55)(4.35)(3.71)5.88 (8.06)
       Income taxes, not applicable to adjusted operating income0.56 (0.21)(0.50)(1.08)(0.44)1.09 (1.53)
           Total reconciling items, after income taxes1.80 0.12 (0.05)(3.27)(3.27)4.79 (6.53)
Net income (loss) attributable to Prudential Financial, Inc.5.40 3.90 3.13 (0.10)(1.53)12.39 (1.62)
Weighted average number of outstanding common shares (basic)391.1 383.8 377.7 376.1 374.4 393.7 375.3 
Weighted average number of outstanding common shares (diluted)394.1 386.8 380.9 379.1 377.1 396.4 378.1 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.2,158 1,530 1,208 (31)(565)4,986 (596)
       Less: Earnings allocated to participating unvested share-based payment awards31 23 17 75 13 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation2,127 1,507 1,191 (38)(571)4,911 (609)
After-tax adjusted operating income1,440 1,487 1,227 1,218 664 3,058 1,882 
       Less: Earnings allocated to participating unvested share-based payment awards20 23 17 17 46 26 
After-tax adjusted operating income for earnings per share of Common Stock calculation1,420 1,464 1,210 1,201 655 3,012 1,856 
___________
(1) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.



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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20212022
2Q3Q4Q1Q2Q
Capitalization Data (1):
Senior Debt:
   Short-term Debt909 909 722 544 558 
   Long-term Debt12,055 11,070 11,003 11,082 11,008 
Junior Subordinated Long-term Debt7,615 7,617 7,619 8,607 8,604 
Prudential Financial, Inc. Equity:
    Including accumulated other comprehensive income63,048 61,887 61,876 43,978 28,235 
    Excluding accumulated other comprehensive income (2)39,771 40,051 40,552 39,773 38,413 
       Amount included above for remeasurement of foreign currency (3)(1,287)(1,205)(1,164)(1,107)(962)
       Excluding accumulated other comprehensive income and adjusted to remove amount
         included for remeasurement of foreign currency (3)41,058 41,256 41,716 40,880 39,375 
Book Value per Share of Common Stock:
    Including accumulated other comprehensive income160.31 160.29 161.26 115.28 74.72 
    Excluding accumulated other comprehensive income (2)101.12 103.73 105.69 104.25 101.65 
       Amount included above for remeasurement of foreign currency (3)(3.27)(3.12)(3.03)(2.91)(2.54)
       Excluding accumulated other comprehensive income and adjusted to remove amount
         included for remeasurement of foreign currency (3)104.39 106.85 108.72 107.16 104.19 
    End of period number of common shares (diluted)393.3 386.1 383.7 381.5 377.9 
Common Stock Price Range (based on closing price):
    High108.51 108.01 114.00 121.38 121.06 
    Low92.71 95.71 100.05 102.05 91.33 
    Close102.47 105.20 108.24 118.17 95.68 
Common Stock market capitalization (1)39,635 39,860 40,731 44,396 35,650 
__________
(1) As of end of period.
(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.
(3) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.
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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
OPERATIONS HIGHLIGHTS
20212022
2Q3Q4Q1Q2Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers618.6 625.3 629.4 593.7 560.7 
Retail customers401.2 395.4 401.4 364.7 314.3 
General account491.6 493.2 493.0 456.2 382.4 
Total PGIM1,511.4 1,513.9 1,523.8 1,414.6 1,257.4 
U.S. Businesses162.6 160.0 163.1 151.9 132.2 
International Businesses13.2 12.1 12.8 13.8 13.6 
Corporate and Other42.8 40.6 42.6 39.8 6.4 
Total assets under management1,730.0 1,726.6 1,742.3 1,620.1 1,409.6 
Assets under administration372.2 372.4 382.5 370.7 145.9 
Total assets under management and administration2,102.2 2,099.0 2,124.8 1,990.8 1,555.5 
Distribution Representatives (1):
Prudential Advisors3,005 2,979 2,846 2,835 2,817 
International Life Planners6,071 6,138 6,024 6,056 5,924 
Gibraltar Life Consultants7,088 7,094 7,100 7,022 6,910 
Prudential Advisor Productivity (in thousands)80 83 106 76 83 
__________
(1) As of end of period.
(2) At fair market value.

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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
COMBINED STATEMENTS OF OPERATIONS
(in millions)
20212022Year-to-date
2Q3Q4Q1Q2Q20212022% change
Revenues (1):
  Premiums6,086 12,651 6,723 7,300 6,634 12,973 13,934 7%
  Policy charges and fee income1,393 1,589 1,512 1,454 1,615 2,885 3,069 6%
  Net investment income3,490 3,666 3,617 3,413 3,241 6,877 6,654 -3%
  Asset management fees, commissions and other income1,649 1,757 1,892 1,490 2,284 3,639 3,774 4%
     Total revenues12,618 19,663 13,744 13,657 13,774 26,374 27,431 4%
Benefits and expenses (1):
  Insurance and annuity benefits6,692 13,520 7,626 8,035 8,694 14,222 16,729 18%
  Interest credited to policyholders' account balances667 665 667 655 663 1,351 1,318 -2%
  Interest expense370 367 362 364 401 745 765 3%
  Deferral of acquisition costs(608)(646)(599)(581)(522)(1,299)(1,103)15%
  Amortization of acquisition costs503 525 510 535 605 1,045 1,140 9%
  General and administrative expenses3,165 3,388 3,593 3,083 3,061 6,438 6,144 -5%
      Total benefits and expenses10,789 17,819 12,159 12,091 12,902 22,502 24,993 11%
Adjusted operating income before income taxes1,829 1,844 1,585 1,566 872 3,872 2,438 -37%
  Income taxes, applicable to adjusted operating income389 357 358 348 208 814 556 -32%
After-tax adjusted operating income1,440 1,487 1,227 1,218 664 3,058 1,882 -38%
Reconciling items:
   Realized investment gains (losses), net, and related charges and adjustments358 98 116 (1,360)(2,350)1,413 (3,710)-363%
   Market experience updates225 (199)420 (6)531 529 525 -1%
   Divested and Run-off Businesses:
      Closed Block division31 27 48 23 13 65 36 -45%
      Other Divested and Run-off Businesses339 48 284 (299)402 384 103 -73%
   Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests(3)12 (22)21 (50)(1)98%
   Other adjustments (2)(13)(9)(1,077)(17)— (26)(17)35%
      Total reconciling items, before income taxes944 (38)(197)(1,681)(1,383)2,315 (3,064)-232%
  Income taxes, not applicable to adjusted operating income220 (98)(188)(417)(197)431 (614)-242%
      Total reconciling items, after income taxes724 60 (9)(1,264)(1,186)1,884 (2,450)-230%
Income (loss) before income taxes and equity in earnings of operating joint ventures 2,773 1,806 1,388 (115)(511)6,187 (626)-110%
Income tax expense (benefit)609 259 170 (69)11 1,245 (58)-105%
Income (loss) before equity in earnings of operating joint ventures2,164 1,547 1,218 (46)(522)4,942 (568)-111%
Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests(6)(17)(10)15 (43)44 (28)-164%
Income (loss) attributable to Prudential Financial, Inc.2,158 1,530 1,208 (31)(565)4,986 (596)-112%
Earnings attributable to noncontrolling interests25 35 34 (13)(7)(20)-2100%
Net income (loss)2,183 1,565 1,242 (44)(572)4,987 (616)-112%
Less: Income (loss) attributable to noncontrolling interests25 35 34 (13)(7)(20)-2100%
Net income (loss) attributable to Prudential Financial, Inc.2,158 1,530 1,208 (31)(565)4,986 (596)-112%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, revenues of Divested and Run-off Businesses, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition, and include revenues representing equity in earnings of operating joint ventures other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 38 and 39 for reconciliation.
(2) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge of $837 million after-tax, $1,060 million pre-tax, in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.
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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2022
CONSOLIDATED BALANCE SHEETS
(in millions)
06/30/202109/30/202112/31/202103/31/202206/30/2022
Assets:
  Investments:
    Fixed maturities, available-for-sale, at fair value
       (net of allowance for credit losses $80; $92; $114; $192; $109) (amortized cost $338,942; $332,957; $333,459; $332,640; $319,003) 382,981 373,252 372,410 344,957 306,655 
    Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses
       (net of allowance for credit losses $7; $6; $5; $4; $3) (fair value $1,987; $1,956; $1,803; $1,679; $1,475) 1,662 1,644 1,514 1,432 1,280 
    Fixed maturities, trading, at fair value
       (amortized cost $6,690; $9,583; $8,741; $8,262; $7,354)6,567 9,548 8,823 7,724 6,272 
    Assets supporting experience-rated contractholder liabilities, at fair value24,596 3,424 3,358 3,184 2,785 
    Equity securities, at fair value
       (cost $5,413; $5,100; $5,815; $4,872; $4,502)8,018 7,727 8,574 7,397 6,402 
    Commercial mortgage and other loans
       (net of allowance for credit losses $172; $117; $119; $121; $196)64,359 57,786 58,666 59,304 56,840 
    Policy loans10,652 10,471 10,386 10,207 10,024 
    Other invested assets
       (net of allowance for credit losses $2; $2; $2; $2; $1)20,384 20,205 21,833 21,540 21,310 
    Short-term investments
       (net of allowance for credit losses $0; $0; $0; $0; $0)6,325 4,733 6,635 4,592 6,828 
        Total investments525,544 488,790 492,199 460,337 418,396 
  Cash and cash equivalents15,145 15,605 12,888 14,086 14,359 
  Accrued investment income3,037 2,808 2,855 2,838 2,798 
  Deferred policy acquisition costs19,029 18,067 18,192 18,479 18,632 
  Value of business acquired1,057 815 771 714 571 
  Income tax assets— — — — 696 
  Other assets
       (net of allowance for credit losses $15; $16; $19; $20; $21) (1)21,957 164,645 164,532 151,991 34,534 
  Separate account assets340,692 241,852 246,145 229,621 205,613 
      Total assets926,461 932,582 937,582 878,066 695,599 
Liabilities:
  Future policy benefits289,233 291,721 290,784 284,380 275,096 
  Policyholders' account balances159,548 122,337 122,633 122,465 130,352 
  Securities sold under agreements to repurchase9,557 9,899 10,185 9,085 8,006 
  Cash collateral for loaned securities4,431 4,382 4,251 4,771 5,741 
  Income tax liabilities10,196 10,540 9,513 4,501 — 
  Senior short-term debt909 909 722 544 558 
  Senior long-term debt12,055 11,070 11,003 11,082 11,008 
  Junior subordinated long-term debt7,615 7,617 7,619 8,607 8,604 
  Other liabilities
       (net of allowance for credit losses $20; $21; $21; $19; $18) (1)28,257 169,414 171,845 158,072 21,471 
  Notes issued by consolidated variable interest entities284 282 274 260 232 
  Separate account liabilities340,692 241,852 246,145 229,621 205,613 
      Total liabilities862,777 870,023 874,974 833,388 666,681 
Equity:
  Accumulated other comprehensive income (loss)23,277 21,836 21,324 4,205 (10,178)
  Other equity39,771 40,051 40,552 39,773 38,413 
     Total Prudential Financial, Inc. equity63,048 61,887 61,876 43,978