01—Abstract
Summary
Summary of the 8-K filed October 14, 2025. Cited figures are marked; the original filing is the authoritative source.
Prudential Financial, Inc. furnished this Form 8-K under Item 7.01 (Regulation FD Disclosure) to provide preliminary, unaudited financial information for the quarter ended September 30, 2025, ahead of its quarterly earnings release and financial supplement scheduled for October 29, 2025.
The company states it has not completed its financial closing procedures for the quarter, and that actual results could be materially different from these preliminary figures. The filing reports that assets under management of the PGIM segment were $1.47 trilliona as of September 30, 2025. For the quarter, PGIM's other related revenues, net of related expenses, were approximately $65 million on an adjusted operating income basis.
These other related revenues include incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations. Alternative investment income from the General Account (excluding the Closed Block Division and Funds Withheld portfolios) for the third quarter is estimated to be approximately $70 to $90 millionb above the company's near-term expectations. Investors should treat these figures as estimates subject to change until the full earnings release is published.
02—Key points
Key Highlights
- PGIM segment assets under management were $1.47 trillion as of September 30, 2025.
- PGIM other related revenues, net of related expenses, were approximately $65 million for the quarter ended September 30, 2025, on an adjusted operating income basis.
- General Account alternative investment income (excluding Closed Block Division and Funds Withheld portfolios) is estimated at approximately $70 to $90 million above the company's near-term expectations for Q3 2025.
- The figures are preliminary, estimated, and unaudited; financial closing procedures for the quarter were not complete at filing.
- Full quarterly earnings release and quarterly financial supplement are scheduled for release on October 29, 2025.
- Other related revenues include incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations.
03—Questions
Frequently Asked Questions
Why did Prudential disclose preliminary third-quarter 2025 results in advance?
The company states it is furnishing the report under Regulation FD to disclose certain preliminary financial information for the quarter ended September 30, 2025, before its quarterly earnings release and financial supplement scheduled for October 29, 2025.
How reliable are the preliminary figures?
The company describes the information as estimated and unaudited, prepared in good faith on a basis consistent with prior periods, but states that financial closing procedures are not complete and actual results could be materially different.
What is the PGIM segment's size and revenue contribution disclosed?
PGIM assets under management were $1.47 trillion as of September 30, 2025. Its other related revenues, net of related expenses, were approximately $65 million on an adjusted operating income basis for the quarter.
What does the alternative investment income estimate represent?
For the quarter, alternative investment income of the General Account (excluding Closed Block Division and Funds Withheld portfolios) is estimated at approximately $70 to $90 million above the company's near-term expectations. It includes adjusted operating income from private equity, hedge fund and real estate-related interests, plus directly owned real estate, and excludes results attributable to Divested Businesses and unaffiliated consolidated investors.
What is adjusted operating income and how does it differ from GAAP?
Adjusted operating income is the pre-tax segment profit measure used by the chief operating decision maker. It is calculated by adjusting segment pre-tax GAAP income for items such as realized investment gains and losses, changes in market risk benefit values net of hedging, market experience updates, divested and run-off businesses, joint venture equity earnings, and noncontrolling interests. It does not equal GAAP income before taxes or net income.
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