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Prudential Financial 8-K Report, Financial Results (Jan 15, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed January 15, 2025
Period End
January 15, 2025
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 January 15, 2025. Cited figures are marked; the original filing is the authoritative source.

Prudential Financial, Inc. (PRU) filed this Form 8-K under Item 2.02 and Item 7.01 (Regulation FD Disclosure) to provide preliminary information for the quarter ended December 31, 2024, ahead of its quarterly earnings release and financial supplement scheduled for February 4, 2025.

The company reported that PGIM assets under management were $1.38 trilliona as of December 31, 2024, and that PGIM's other related revenues, net of related expenses, were approximately $65 million for the quarter. It also estimated that alternative investment income of the General Account (excluding the Closed Block Division and Funds Withheld portfolios) was approximately $10 to $30 million above near-term expectations. The company stated these figures are estimated and unaudited, that financial closing procedures were not complete, and that actual results could differ materially.

The filing also voluntarily revises previously reported adjusted operating income after an immaterial error was identified in the fourth quarter of 2024 affecting indexed variable and fixed annuity products within the Retirement Strategies segment. After-tax adjusted operating income decreases by $115 millionb, or $0.31 per Common share, for the nine months ended September 30, 2024, and by $24 million, or $0.07 per Common share, for the nine months ended September 30, 2023. The company states that the revisions have no impact on GAAP net income, book value, statutory results, or the historical or expected future cash flows of these products.

A revised Quarterly Financial Supplement for the third quarter of 2024 is furnished as Exhibit 99.1. For investors, the key points are the preliminary fourth-quarter PGIM and General Account indicators and the downward revision to adjusted operating income, which affects the segment performance measure but not GAAP earnings or book value. The exhibit's third-quarter 2024 figures show, for example, nine-month 2024 after-tax adjusted operating income of $3,520 millionc before revision and net income attributable to Prudential Financial of $2,784 million.

02—Key points

Key Highlights

  1. Preliminary Q4 2024 disclosure: PGIM assets under management were $1.38 trillion as of December 31, 2024, ahead of the February 4, 2025 earnings release.
  2. PGIM other related revenues, net of related expenses, were approximately $65 million for the quarter ended December 31, 2024.
  3. General Account alternative investment income (excluding Closed Block Division and Funds Withheld) estimated at approximately $10 to $30 million above near-term expectations for Q4 2024.
  4. Voluntary revision reduces after-tax adjusted operating income by $115 million, or $0.31 per Common share, for the nine months ended September 30, 2024.
  5. Prior-year revision reduces after-tax adjusted operating income by $24 million, or $0.07 per Common share, for the nine months ended September 30, 2023.
  6. The error affected indexed variable and fixed annuity products in the Retirement Strategies segment; the company says there is no impact on GAAP net income, book value, statutory results, or cash flows.
  7. Revised Q3 2024 Quarterly Financial Supplement (Exhibit 99.1) furnished, with revised items highlighted in yellow; the company notes the preliminary figures are unaudited and subject to closing procedures.

03—Questions

Frequently Asked Questions

  1. What preliminary fourth-quarter 2024 information did Prudential disclose?

    The company disclosed that PGIM assets under management were $1.38 trillion as of December 31, 2024, and that PGIM's other related revenues, net of related expenses, were approximately $65 million for the quarter. It also estimated General Account alternative investment income, excluding the Closed Block Division and Funds Withheld portfolios, at approximately $10 to $30 million above near-term expectations.

  2. Why did Prudential revise its historical adjusted operating income?

    During the fourth quarter of 2024, the company identified an immaterial error in applying adjusted operating income, its segment performance measure. The error overstated adjusted operating income for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024 and in each quarter of 2023. The company decided to voluntarily revise these amounts.

  3. Does the revision affect Prudential's GAAP net income or book value?

    No. The filing states that the revisions had no impact on GAAP net income, book value, statutory results, or the historical or expected future cash flows of these products. The change is limited to the adjusted operating income measure.

  4. How large is the revision to adjusted operating income?

    After-tax adjusted operating income decreases by $115 million, or $0.31 per Common share, for the nine months ended September 30, 2024, and by $24 million, or $0.07 per Common share, for the nine months ended September 30, 2023, compared with previously reported amounts.

  5. When will Prudential release its fourth-quarter 2024 results?

    The company's quarterly earnings release and quarterly financial supplement for the period are scheduled for release on February 4, 2025. The preliminary figures in this filing are estimated, unaudited, and subject to completion of financial closing procedures, so actual results could differ materially.

04—Continue

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