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Prudential Financial 8-K Report, Financial Results (Feb 4, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 4, 2025
Period End
February 4, 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 February 4, 2025. Cited figures are marked; the original filing is the authoritative source.

Prudential Financial, Inc. (NYSE: PRU) reported fourth quarter and full-year 2024 results in a news release furnished as Exhibit 99.1, alongside a Quarterly Financial Supplement furnished as Exhibit 99.2.

For full-year 2024, net income attributable to Prudential Financial, Inc. was $2.727 billiona ($7.50 per Common share), up from $2.488 billion ($6.74 per share) in 2023, and after-tax adjusted operating income was $4.588 billion ($12.62 per Common share), up from $4.380 billion ($11.88 per share). For the fourth quarter, the company reported a net loss attributable to Prudential Financial, Inc. of $57 million ($0.17 per Common share), compared with net income of $1.317 billion ($3.61 per share) a year earlier, while after-tax adjusted operating income was $1.068 billion ($2.96 per share), versus $926 million ($2.54 per share). The fourth-quarter net loss reflected $1.525 billion of pre-tax net realized investment losses and related charges and adjustments.

Book value per Common share was $77.62b at year-end, compared with $76.77 a year earlier, and adjusted book value per Common share was $95.82, compared with $96.64. Assets under management were $1.512 trillion, up from $1.450 trillion, and parent company highly liquid assets were $4.6 billion. Capital returned to shareholders in the fourth quarter totaled $720 million, including $250 million of share repurchases and $470 million of dividends.

The Board authorized repurchases of up to $1.0 billionc of Common Stock for January 1, 2025 through December 31, 2025, and declared a quarterly dividend of $1.35 per share, payable March 13, 2025 to holders of record as of February 18, 2025, an increase of 4% over the prior year level and the 17th consecutive annual increase. The filing also announces a conference call on February 5, 2025 at 11:00 a.m.

ET to discuss the results. The earnings release attributes the year's performance to strong retirement and insurance sales and significant positive PGIM net flows, while the fourth-quarter U.S. Businesses results were affected by one-time transaction impacts tied to the Guaranteed Universal Life reinsurance transaction and the consolidation of captive financing arrangements.

02—Key points

Key Highlights

  1. Full-year 2024 net income attributable to Prudential Financial, Inc. was $2.727 billion ($7.50 per share), up from $2.488 billion ($6.74 per share) in 2023.
  2. Full-year 2024 after-tax adjusted operating income was $4.588 billion ($12.62 per share), up from $4.380 billion ($11.88 per share) in 2023.
  3. Fourth-quarter 2024 net loss attributable to Prudential Financial, Inc. was $57 million ($0.17 per share), driven by $1.525 billion of pre-tax net realized investment losses and related charges.
  4. Fourth-quarter after-tax adjusted operating income was $1.068 billion ($2.96 per share), compared with $926 million ($2.54 per share) a year earlier.
  5. Quarterly dividend declared at $1.35 per share, payable March 13, 2025, an increase of 4% over the prior year level; the 17th consecutive annual increase.
  6. Board authorized repurchases of up to $1.0 billion of Common Stock for January 1, 2025 through December 31, 2025; fourth-quarter capital returned totaled $720 million.
  7. Assets under management were $1.512 trillion at year-end, up from $1.450 trillion, and book value per Common share was $77.62 versus $76.77.

03—Questions

Frequently Asked Questions

  1. How did Prudential perform in full-year 2024?

    Net income attributable to Prudential Financial, Inc. was $2.727 billion ($7.50 per Common share), compared with $2.488 billion ($6.74 per share) in 2023. After-tax adjusted operating income was $4.588 billion ($12.62 per share), compared with $4.380 billion ($11.88 per share).

  2. Why was the fourth-quarter 2024 result a net loss?

    The company reported a fourth-quarter net loss attributable to Prudential Financial, Inc. of $57 million ($0.17 per share). The filing states that the net loss 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.

  3. What dividend and share repurchase plans were announced?

    The company declared a quarterly dividend of $1.35 per share, payable March 13, 2025 to shareholders of record as of February 18, 2025. The Board authorized repurchases of up to $1.0 billion of Common Stock from January 1, 2025 through December 31, 2025.

  4. How did adjusted book value and book value per share change?

    Book value per Common share was $77.62 at year-end 2024, versus $76.77 a year earlier. Adjusted book value per Common share was $95.82, versus $96.64 for the year-ago quarter.

  5. When and how can investors access the earnings discussion?

    Senior management will host a conference call on Wednesday, February 5, 2025 at 11:00 a.m. ET, broadcast live over the Investor Relations website at investor.prudential.com. A replay will be available through February 19.

04—Continue

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