Skip to content
AnalystLens

Prudential Financial 8-K Report, Financial Results (Feb 6, 2024)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 6, 2024
Period End
February 6, 2024
Securities
PRUPFHPRSPRH
In the record · 2016–202610-K1110-Q328-K198

PRU filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 198 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’17Dec ’17
  2. Leadership change8-K · Feb ’20Feb ’20
  3. Deal closed8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Mar ’26Mar ’26

01—Abstract

Summary

Summary of the 8-K filed February 6, 2024. Cited figures are marked; the original filing is the authoritative source.

Prudential Financial, Inc. (NYSE: PRU) reported fourth quarter and full-year 2023 results in a news release furnished as Exhibit 99.1 with this Form 8-K, filed February 6, 2024.

For 2023, net income attributable to Prudential Financial, Inc. was $2.488 billiona, or $6.74 per Common share, compared with a net loss of $1.647 billion, or $4.49 per share, in 2022. After-tax adjusted operating income rose to $4.286 billion, or $11.62 per Common share, from $3.914 billion, or $10.31 per share. For the fourth quarter, net income was $1.317 billion ($3.61 per share) versus a net loss of $52 million, and after-tax adjusted operating income was $943 million ($2.58 per share) versus $932 million.

The filing highlights a shift in business mix and capital position. U.S. Businesses adjusted operating income was $988 millionb in the fourth quarter, up from $710 million, driven by higher net investment spread results and lower expenses. Corporate & Other reported a larger loss, which the release attributes primarily to a $200 million restructuring charge.

Net income in the quarter also reflected a $177 millionc pre-tax goodwill impairment related to Assurance IQ. Book value per Common share was $76.77, while adjusted book value per share was $96.64. Assets under management reached $1.450 trillion.

The company also noted the launch of Prismic, a life and annuity reinsurance company. Capital return and outlook were also disclosed. The Board authorized up to $1.0 billiond of share repurchases for January 1 through December 31, 2024, and declared a quarterly dividend of $1.30 per share, payable March 14, 2024, to holders of record as of February 20, 2024, a 4% increase over the prior-year level.

Management will host a conference call on February 7, 2024, at 11:00 a.m. ET to discuss the results.

02—Key points

Key Highlights

  1. 2023 net income attributable to Prudential Financial was $2.488 billion ($6.74 per share), versus a net loss of $1.647 billion ($4.49 per share) in 2022.
  2. 2023 after-tax adjusted operating income was $4.286 billion ($11.62 per share), up from $3.914 billion ($10.31 per share).
  3. Fourth quarter 2023 net income was $1.317 billion ($3.61 per share), including a $177 million pre-tax goodwill impairment tied to Assurance IQ.
  4. U.S. Businesses adjusted operating income rose to $988 million in the fourth quarter from $710 million, while Corporate & Other included a $200 million restructuring charge.
  5. Book value per Common share was $76.77 and adjusted book value per share was $96.64 at year-end 2023.
  6. Board authorized up to $1.0 billion of share repurchases for 2024 and declared a $1.30 quarterly dividend, a 4% increase and the 16th consecutive annual increase.
  7. Assets under management reached $1.450 trillion, and the company launched Prismic, a life and annuity reinsurance company.

03—Questions

Frequently Asked Questions

  1. What were Prudential's full-year 2023 earnings?

    Net income attributable to Prudential Financial, Inc. was $2.488 billion, or $6.74 per Common share, compared with a net loss of $1.647 billion, or $4.49 per share, in 2022. After-tax adjusted operating income was $4.286 billion, or $11.62 per share.

  2. How much is the new quarterly dividend and when is it payable?

    The Company declared a quarterly dividend of $1.30 per share, payable March 14, 2024, to shareholders of record as of February 20, 2024. The filing states this is a 4% increase over the prior-year dividend level.

  3. How much stock can Prudential repurchase in 2024?

    The Board authorized the repurchase of up to $1.0 billion of outstanding Common Stock for the period January 1, 2024 through December 31, 2024.

  4. What drove the fourth-quarter results?

    U.S. Businesses adjusted operating income increased to $988 million from $710 million, mainly on higher net investment spread results and lower expenses. Corporate & Other's loss widened, primarily due to a $200 million restructuring charge, and net income included a $177 million pre-tax goodwill impairment related to Assurance IQ.

  5. Where can investors find the detailed financial information?

    The filing furnishes a news release (Exhibit 99.1) and a Quarterly Financial Supplement for fourth quarter 2023 (Exhibit 99.2). Management's earnings conference call is scheduled for February 7, 2024 at 11:00 a.m. ET, with related materials on the Investor Relations website at www.investor.prudential.com.

04—Continue

← View all 8-K filings