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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the quarterly period ended March 31, 2024

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the Transition Period from              to             

 

Commission File Number 001-16707

Prudential Financial, Inc.

(Exact Name of Registrant as Specified in its Charter) 

New Jersey			22-3703799
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

751 Broad Street

Newark, NJ 07102

(973) 802-6000

(Address and Telephone Number of Registrant’s Principal Executive Offices)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class			Trading Symbols(s)			Name of Each Exchange on Which Registered
Common Stock, Par Value $.01			PRU			New York Stock Exchange
5.950% Junior Subordinated Notes			PRH			New York Stock Exchange
5.625% Junior Subordinated Notes			PRS			New York Stock Exchange
4.125% Junior Subordinated Notes			PFH			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

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.   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  x

As of April 30, 2024, 359 million shares of the registrant’s Common Stock (par value $0.01) were outstanding.

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Table of Contents

TABLE OF CONTENTS

 

						Page
PART I FINANCIAL INFORMATION
Item 1.			Financial Statements:
			Unaudited Interim Consolidated Statements of Financial Position as of March 31, 2024 and December 31, 2023			1
			Unaudited Interim Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023			2
			Unaudited Interim Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023			3
			Unaudited Interim Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023			4
			Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023			5
			Notes to Unaudited Interim Consolidated Financial Statements			7
			1. Business and Basis of Presentation			7
			2. Significant Accounting Policies and Pronouncements			8
			3. Investments			9
			4. Variable Interest Entities			23
			5. Derivatives and Hedging			24
			6. Fair Value of Assets and Liabilities			32
			7. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired			48
			8. Separate Accounts			49
			9. Liability for Future Policy Benefits			52
			10. Policyholders’ Account Balances			61
			11. Market Risk Benefits			66
			12. Reinsurance			68
			13. Closed Block			71
			14. Income Taxes			73
			15. Short-Term and Long-Term Debt			75
			16. Employee Benefit Plans			76
			17. Equity			77
			18. Earnings Per Share			81
			19. Segment Information			82
			20. Related Party Transactions			86
			21. Commitments and Contingent Liabilities			87
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			92
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			149
Item 4.			Controls and Procedures			149
PART II OTHER INFORMATION
Item 1.			Legal Proceedings			150
Item 1A.			Risk Factors			150
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			150
Item 5.			Other Information			150
Item 6.			Exhibits			151
GLOSSARY						152
SIGNATURES						154

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Table of Contents

Forward-Looking Statements

Certain of the statements included in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. 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. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (2) losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (3) changes in interest rates, equity prices and foreign currency exchange rates that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (4) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (5) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (6) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events, and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data, (d) reliance on third-parties or (e) labor and employment matters; (7) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) U.S. state insurance laws and developments regarding group-wide supervision, capital and reserves, (e) insurer capital standards outside the U.S. and (f) privacy and cybersecurity regulation; (8) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (9) an inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (10) ratings downgrades; (11) market conditions that may adversely affect the sales or persistency of our products; (12) competition; (13) reputational damage; and (14) the costs, effects, timing, or success of our plans to execute our strategy. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document. See “Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, 2023 for discussion of certain risks relating to our businesses and investment in our securities.

i

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Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

PRUDENTIAL FINANCIAL, INC.

Unaudited Interim Consolidated Statements of Financial Position

March 31, 2024 and December 31, 2023 (in millions, except share amounts)

						March 31, 2024						December 31, 2023
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024-$171; 2023-$160) (amortized cost: 2024-$342,228; 2023-$334,598)(1)						$	318,510					$	316,321
Fixed maturities, trading, at fair value (amortized cost: 2024-$11,307; 2023-$10,624)(1)						10,288						9,790
Assets supporting experience-rated contractholder liabilities, at fair value						3,359						3,168
Equity securities, at fair value (cost: 2024-$4,609; 2023-$5,786)(1)						7,224						8,242
Commercial mortgage and other loans (net of $514 and $460 allowance for credit losses; includes $157 and $519 of loans measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively)(1)						58,781						59,305
Policy loans						9,907						10,047
Other invested assets (net of $1 and $1 allowance for credit losses; includes $6,763 and $6,074 of assets measured at fair value at March 31, 2024 and December 31, 2023, respectively)(1)						24,227						22,855
Short-term investments (net of allowance for credit losses: 2024-$2; 2023-$0)						5,953						5,005
Total investments						438,249						434,733
Cash and cash equivalents(1)						18,735						19,419
Accrued investment income(1)						3,361						3,287
Deferred policy acquisition costs						20,613						20,856
Value of business acquired						484						530
Market risk benefit assets						2,225						1,981
Reinsurance recoverables and deposit receivables (net of $11 and $12 allowance for credit losses; includes $224 and $149 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively)(2)						27,929						27,311
Income tax assets						958						939
Other assets (net of $3 and $3 allowance for credit losses; includes $19 and $11 of assets at fair value at March 31, 2024 and December 31, 2023, respectively)(1)(2)						13,205						13,179
Separate account assets						200,064						198,888
TOTAL ASSETS						$	725,823					$	721,123
LIABILITIES, MEZZANINE EQUITY AND EQUITY
LIABILITIES
Future policy benefits						$	272,790					$	273,281
Policyholders’ account balances						151,810						147,018
Market risk benefit liabilities						4,624						5,467
Policyholders’ dividends						1,111						1,475
Securities sold under agreements to repurchase						6,563						6,056
Cash collateral for loaned securities						6,978						6,477
Reinsurance and funds withheld payables (includes $73 and $490 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively)(2)						15,746						15,729
Short-term debt						585						618
Long-term debt						19,368						18,882
Other liabilities (includes $14 and $15 allowance for credit losses and $4,485 and $4,175 of derivatives at fair value at March 31, 2024 and December 31, 2023, respectively)(1)						15,638						16,071
Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively)(1)						1,132						1,374
Separate account liabilities						200,064						198,888
Total liabilities						696,409						691,336
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21)
MEZZANINE EQUITY
Redeemable noncontrolling interests						544						524
Total mezzanine equity						544						524
EQUITY
Preferred Stock $0.01 par value; 10,000,000 shares authorized; none issued)						0						0
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both March 31, 2024 and December 31, 2023)						6						6
Additional paid-in capital						25,741						25,746
Common Stock held in treasury, at cost (307,229,481 and 307,089,216 shares at March 31, 2024 and December 31, 2023, respectively)						(23,891)						(23,780)
Accumulated other comprehensive income (loss)(2)						(7,661)						(6,504)
Retained earnings						33,014						32,352
Total Prudential Financial, Inc. equity						27,209						27,820
Noncontrolling interests						1,661						1,443
Total equity						28,870						29,263
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY						$	725,823					$	721,123

__________

(1)See Note 4 for details of balances associated with variable interest entities.

(2)See Note 20 for additional information regarding related party transactions.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUDENTIAL FINANCIAL, INC.

Unaudited Interim Consolidated Statements of Operations

Three Months Ended March 31, 2024 and 2023 (in millions, except per share amounts)

 

									Three Months Ended March 31,
															2024						2023
REVENUES
Premiums (includes $5 and $(16) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2024 and 2023, respectively)(1)															$	15,537					$	9,363
Policy charges and fee income															1,056						1,134
Net investment income															4,764						4,320
Asset management and service fees(1)															999						917
Other income (loss)															1,338						1,019
Realized investment gains (losses), net(1)															(308)						217
Change in value of market risk benefits, net of related hedging gains (losses)															123						75
Total revenues															23,509						17,045
BENEFITS AND EXPENSES
Policyholders’ benefits(1)															16,594						10,304
Change in estimates of liability for future policy benefits(1)															(17)						25
Interest credited to policyholders’ account balances															1,283						981
Dividends to policyholders															290						319
Amortization of deferred policy acquisition costs															375						365
General and administrative expenses(1)															3,594						3,204
Total benefits and expenses															22,119						15,198
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES															1,390						1,847
Total income tax expense (benefit)															289						382
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES															1,101						1,465
Equity in earnings of joint ventures and other operating entities, net of taxes															50						12
NET INCOME (LOSS)															1,151						1,477
Less: Income (loss) attributable to noncontrolling interests															13						15
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.															$	1,138					$	1,462
EARNINGS PER SHARE
Basic earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.															$	3.13					$	3.94
Diluted earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.															$	3.12					$	3.93

__________

(1)See Note 20 for additional information regarding related party transactions.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUDENTIAL FINANCIAL, INC.

Unaudited Interim Consolidated Statements of Comprehensive Income

Three Months Ended March 31, 2024 and 2023 (in millions)

 

									Three Months Ended March 31,
															2024						2023
NET INCOME (LOSS)															$	1,151					$	1,477
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments for the period															(494)						13
Net unrealized investment gains (losses)															(4,774)						8,379
Interest rate remeasurement of future policy benefits(1)															4,213						(8,705)
Gain (loss) from changes in non-performance risk on market risk benefits															(252)						186
Defined benefit pension and postretirement unrecognized periodic benefit (cost)															13						19
Total															(1,294)						(108)
Less: Income tax expense (benefit) related to other comprehensive income (loss)															(137)						(90)
Other comprehensive income (loss), net of taxes															(1,157)						(18)
Comprehensive income (loss)															(6)						1,459
Less: Comprehensive income (loss) attributable to noncontrolling interests															13						16
Comprehensive income (loss) attributable to Prudential Financial, Inc.															$	(19)					$	1,443

__________

(1)See Note 20 for additional information regarding related party transactions.

See Notes to Unaudited Interim Consolidated Financial Statements

 

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PRUDENTIAL FINANCIAL, INC.

Unaudited Interim Consolidated Statements of Equity

Three Months Ended March 31, 2024 and 2023 (in millions)

 

			Prudential Financial, Inc. Equity
			Common Stock						Additional Paid-in Capital						Retained Earnings						Common Stock Held In Treasury						Accumulated Other Comprehensive Income (Loss)						Total Prudential Financial, Inc. Equity						Noncontrolling Interests						Total Equity
Balance, December 31, 2023			$	6					$	25,746					$	32,352					$	(23,780)					$	(6,504)					$	27,820					$	1,443					$	29,263
Common Stock acquired																					(250)												(250)												(250)
Contributions from noncontrolling interests																																							83						83
Distributions to noncontrolling interests																																							(3)						(3)
Consolidations (deconsolidations) of noncontrolling interests																																							125						125
Stock-based compensation programs									(5)												139												134												134
Dividends declared on Common Stock															(476)																		(476)												(476)
Comprehensive income:
Net income (loss)															1,138																		1,138						13						1,151
Other comprehensive income (loss), net of tax																											(1,157)						(1,157)						0						(1,157)
Total comprehensive income (loss)															1,138												(1,157)						(19)						13						(6)
Balance, March 31, 2024			$	6					$	25,741					$	33,014					$	(23,891)					$	(7,661)					$	27,209					$	1,661					$	28,870

			Prudential Financial, Inc. Equity
			Common Stock						Additional Paid-in Capital						Retained Earnings						Common Stock Held In Treasury						Accumulated Other Comprehensive Income (Loss)						Total Prudential Financial, Inc. Equity						Noncontrolling Interests						Total Equity
December 31, 2022(1)			$	6					$	25,747					$	31,714					$	(23,068)					$	(3,806)					$	30,593					$	955					$	31,548
Common Stock acquired																					(250)												(250)												(250)
Contributions from noncontrolling interests																																							93						93
Distributions to noncontrolling interests																																							(2)						(2)
Stock-based compensation programs									(104)												171												67												67
Dividends declared on Common Stock															(468)																		(468)												(468)
Comprehensive income:
Net income (loss)															1,462																		1,462						15						1,477
Other comprehensive income (loss), net of tax																											(19)						(19)						1						(18)
Total comprehensive income (loss)															1,462												(19)						1,443						16						1,459
Balance, March 31, 2023			$	6					$	25,643					$	32,708					$	(23,147)					$	(3,825)					$	31,385					$	1,062					$	32,447

__________

(1)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUDENTIAL FINANCIAL, INC.

Unaudited Interim Consolidated Statements of Cash Flows

Three Months Ended March 31, 2024 and 2023 (in millions)

			Three Months Ended March 31,
			2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$	1,151					$	1,477
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net(1)			308						(217)
Change in value of market risk benefits, net of related hedging (gains) losses			(123)						(75)
Policy charges and fee income			(571)						(540)
Interest credited to policyholders’ account balances			1,283						981
Depreciation and amortization			397						41
(Gains) losses on assets supporting experience-rated contractholder liabilities, net			(356)						(134)
Change in:
Deferred policy acquisition costs			(273)						(205)
Future policy benefits and other insurance liabilities			4,175						1,888
Income taxes			203						357
Derivatives, net			267						(354)
Other, net(1)			(1,240)						(1,876)
Cash flows from (used in) operating activities			5,221						1,343
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale			10,794						11,178
Fixed maturities, held-to-maturity			0						7
Fixed maturities, trading			570						226
Assets supporting experience-rated contractholder liabilities			361						765
Equity securities			2,266						550
Commercial mortgage and other loans			1,339						855
Policy loans			438						460
Other invested assets			511						249
Short-term investments			7,937						6,381
Payments for the purchase/origination of:
Fixed maturities, available-for-sale			(19,280)						(13,677)
Fixed maturities, trading			(1,534)						(290)
Assets supporting experience-rated contractholder liabilities			(421)						(770)
Equity securities			(1,061)						(550)
Commercial mortgage and other loans			(1,457)						(737)
Policy loans			(432)						(371)
Other invested assets			(820)						(570)
Short-term investments			(8,947)						(6,837)
Derivatives, net			(448)						(104)
Other, net			(60)						(68)
Cash flows from (used in) investing activities			(10,244)						(3,303)
CASH FLOWS FROM FINANCING ACTIVITIES
Policyholders’ account deposits			8,569						6,747
Policyholders’ account withdrawals			(4,664)						(4,592)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities			1,008						(97)
Cash dividends paid on Common Stock			(483)						(473)
Net change in financing arrangements (maturities 90 days or less)			(511)						38
Common Stock acquired			(242)						(251)
Common Stock reissued for exercise of stock options			47						28
Proceeds from the issuance of debt (maturities longer than 90 days)			1,019						495
Repayments of debt (maturities longer than 90 days)			(539)						(29)
Proceeds from notes issued by consolidated VIEs			159						59
Repayments of notes issued by consolidated VIEs			(1)						(16)
Other, net(1)			181						220
Cash flows from (used in) financing activities			4,543						2,129
Effect of foreign exchange rate changes on cash balances			(227)						5
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS			(707)						174
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR			19,463						17,299
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD			$	18,756					$	17,473

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PRUDENTIAL FINANCIAL, INC.

Unaudited Interim Consolidated Statements of Cash Flows

Three Months Ended March 31, 2024 and 2023 (in millions)

			Three Months Ended March 31,
			2024						2023
NON-CASH TRANSACTIONS DURING THE PERIOD
Treasury Stock shares issued for stock-based compensation programs			$	207					$	264
Novation of annuity contracts(2)			$	0					$	(8)
Significant pension risk transfer transactions:
Assets received, excluding Cash and cash equivalents			$	4,587					$	1,506
Liabilities assumed			8,714						2,409
Net cash received			$	4,127					$	903
Somerset Re reinsurance transaction(3):
Reinsurance recoverables under modified coinsurance, net			$	(548)					$	0
Unwind of Deferred policy acquisition costs ceded			284						0
Deferred reinsurance gain			411						0
Net cash received			$	147					$	0
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Cash and cash equivalents			$	18,735					$	17,425
Restricted cash and restricted cash equivalents (included in “Other assets”)			21						48
Total cash, cash equivalents, restricted cash and restricted cash equivalents			$	18,756					$	17,473

__________

(1)See Note 20 for additional information regarding related party transactions.

(2)“Cash flows from (used in) operating activities” and “Cash flows from (used in) investing activities” exclude non-cash activities related to the novation of certain, previously reinsured, annuity products, from Fortitude Group Holdings, LLC to the Company.

(3)See Note 12 for additional information regarding the reinsurance agreement with Somerset Reinsurance Ltd. (“Somerset Re”).

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements

1. BUSINESS AND BASIS OF PRESENTATION

 

Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement solutions, mutual funds and investment management.

The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses (consisting of the Life Planner and Gibraltar Life and Other businesses), the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included within Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments, as well as the Divested and Run-off Businesses described above.

In September 2023, the Company, through its Corporate and Other operations, invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 12.

As part of its continuous improvement process, the Company is working to become a leaner and more agile company by simplifying its management structure, empowering its employees with faster decision-making processes and investing in technology and data platforms. As part of this, the Company is implementing changes to its organizational structure and recorded a restructuring charge of $200 million to “General and administrative expenses” in the fourth quarter of 2023 within its Corporate and Other operations. The Company expects these actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen its competitiveness and fuel future growth.

Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The most significant estimates include those used in determining future policy benefits; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs issued but not yet adopted as of March 31, 2024

Standard

Description

Effective date and method of adoption

Effect on the financial statements or other significant matters

ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures

This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.

Effective for fiscal years beginning after December 15, 2024 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application.

The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.

ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker.

Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.

The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

3. INVESTMENTS

 

Fixed Maturity Securities

 

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:

 

			March 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	27,113					$	729					$	4,811					$	0					$	23,031
Obligations of U.S. states and their political subdivisions			8,619						217						558						0						8,278
Foreign government bonds			67,025						3,235						5,661						31						64,568
U.S. public corporate securities			110,786						1,765						11,139						76						101,336
U.S. private corporate securities(1)			43,096						874						2,936						12						41,022
Foreign public corporate securities			21,715						387						1,420						19						20,663
Foreign private corporate securities			35,870						447						3,976						32						32,309
Asset-backed securities(2)			15,090						229						88						1						15,230
Commercial mortgage-backed securities			10,288						31						671						0						9,648
Residential mortgage-backed securities(3)			2,626						18						219						0						2,425
Total fixed maturities, available-for-sale(1)			$	342,228					$	7,932					$	31,479					$	171					$	318,510

__________

(1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	24,874					$	1,091					$	4,169					$	0					$	21,796
Obligations of U.S. states and their political subdivisions			8,650						267						459						0						8,458
Foreign government bonds			71,556						3,895						5,208						53						70,190
U.S. public corporate securities			105,593						2,357						9,711						67						98,172
U.S. private corporate securities(1)			42,801						807						2,574						14						41,020
Foreign public corporate securities			20,473						487						1,298						19						19,643
Foreign private corporate securities			35,128						613						3,446						5						32,290
Asset-backed securities(2)			12,514						202						119						2						12,595
Commercial mortgage-backed securities			10,571						34						713						0						9,892
Residential mortgage-backed securities(3)			2,438						24						197						0						2,265
Total fixed maturities, available-for-sale(1)			$	334,598					$	9,777					$	27,894					$	160					$	316,321

__________

(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:

 

						March 31, 2024
						Less Than Twelve Months												Twelve Months or More												Total
						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
						(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies						$	5,597					$	236					$	11,354					$	4,575					$	16,951					$	4,811
Obligations of U.S. states and their political subdivisions						1,491						28						3,940						530						5,431						558
Foreign government bonds						9,857						755						17,951						4,905						27,808						5,660
U.S. public corporate securities						12,399						287						60,497						10,837						72,896						11,124
U.S. private corporate securities						5,258						126						26,589						2,810						31,847						2,936
Foreign public corporate securities						2,489						42						10,256						1,355						12,745						1,397
Foreign private corporate securities						3,246						79						21,666						3,895						24,912						3,974
Asset-backed securities						2,841						25						2,545						63						5,386						88
Commercial mortgage-backed securities						398						3						7,971						668						8,369						671
Residential mortgage-backed securities						294						2						1,535						217						1,829						219
Total fixed maturities, available-for-sale						$	43,870					$	1,583					$	164,304					$	29,855					$	208,174					$	31,438

						December 31, 2023
						Less Than Twelve Months												Twelve Months or More												Total
						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
						(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies						$	2,718					$	95					$	12,642					$	4,074					$	15,360					$	4,169
Obligations of U.S. states and their political subdivisions						862						14						3,816						445						4,678						459
Foreign government bonds						9,098						542						19,589						4,664						28,687						5,206
U.S. public corporate securities						4,881						103						61,204						9,604						66,085						9,707
U.S. private corporate securities						3,026						69						27,062						2,504						30,088						2,573
Foreign public corporate securities						1,766						37						10,812						1,246						12,578						1,283
Foreign private corporate securities						1,578						120						22,145						3,324						23,723						3,444
Asset-backed securities						846						30						5,886						89						6,732						119
Commercial mortgage-backed securities						287						3						8,251						710						8,538						713
Residential mortgage-backed securities						92						2						1,599						195						1,691						197
Total fixed maturities, available-for-sale						$	25,154					$	1,015					$	173,006					$	26,855					$	198,160					$	27,870

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

As of March 31, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $30,334 million and $26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $1,104 million and $991 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2024, the $29,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities. As of December 31, 2023, the $26,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities and foreign government securities.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2024. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of March 31, 2024, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: 

			March 31, 2024
			Available-for-Sale
			Amortized Cost						Fair Value
			(in millions)
Fixed maturities:
Due in one year or less			$	14,917					$	14,826
Due after one year through five years			55,756						54,747
Due after five years through ten years(1)			58,432						57,487
Due after ten years(1)			185,119						164,147
Asset-backed securities			15,090						15,230
Commercial mortgage-backed securities			10,288						9,648
Residential mortgage-backed securities			2,626						2,425
Total			$	342,228					$	318,510

__________

(1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement.

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

 

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:

			Three Months Ended March 31,
			2024						2023
			(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)			$	5,751					$	7,350
Proceeds from maturities/prepayments			4,932						3,988
Gross investment gains from sales and maturities			394						290
Gross investment losses from sales and maturities			(360)						(305)
Write-downs recognized in earnings(2)			(5)						(9)
(Addition to) release of allowance for credit losses			(11)						(131)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)			$	0					$	7
(Addition to) release of allowance for credit losses			0						0

__________ 

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $111 million and $(160) million for the three months ended March 31, 2024 and 2023, respectively.

(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.

(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0 million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively.

The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: 

			Three Months Ended March 31, 2024
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period			$	0					$	53					$	105					$	2					$	0					$	0					$	160
Additions to allowance for credit losses not previously recorded			0						0						46						0						0						0						46
Reductions for securities sold during the period			0						0						(12)						0						0						0						(12)
Additions (reductions) on securities with previous allowance			0						(22)						0						(1)						0						0						(23)
Balance, end of period			$	0					$	31					$	139					$	1					$	0					$	0					$	171

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended March 31, 2023
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period			$	0					$	1					$	136					$	1					$	0					$	0					$	138
Additions to allowance for credit losses not previously recorded			0						62						75						0						0						0						137
Reductions for securities sold during the period			0						0						(40)						0						0						0						(40)
Additions (reductions) on securities with previous allowance			0						(1)						35						0						0						0						34
Balance, end of period			$	0					$	62					$	206					$	1					$	0					$	0					$	269

			Three Months Ended March 31, 2024
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period			$	0					$	0					$	0					$	0					$	0					$	0					$	0
Current period provision for expected losses			0						0						0						0						0						0						0
Change in foreign exchange			0						0						0						0						0						0						0
Balance, end of period			$	0					$	0					$	0					$	0					$	0					$	0					$	0

			Three Months Ended March 31, 2023
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period			$	0					$	0					$	2					$	0					$	0					$	0					$	2
Current period provision for expected losses			0						0						0						0						0						0						0
Change in foreign exchange			0						0						0						0						0						0						0
Balance, end of period			$	0					$	0					$	2					$	0					$	0					$	0					$	2

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

For the three months ended March 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows. Partially offsetting these additions, was a net release within foreign government securities. For the three months ended March 31, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications and finance sectors within corporate securities, as well as foreign government securities due to adverse projected cash flows. Partially offsetting the additions was a net release within the utility and capital goods sectors within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2024 or December 31, 2023.

Assets Supporting Experience-Rated Contractholder Liabilities

 

The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:

						March 31, 2024												December 31, 2023
						Amortized Cost or Cost						Fair Value						Amortized Cost or Cost						Fair Value
						(in millions)
Fixed maturities:
Corporate securities						$	77					$	75					$	81					$	79
Foreign government bonds						587						587						606						604
Obligations of U.S. government authorities and agencies and obligations of U.S. states						196						208						202						206
Total fixed maturities(1)						860						870						889						889
Equity securities						1,548						2,489						1,607						2,279
Total assets supporting experience-rated contractholder liabilities(2)						$	2,408					$	3,359					$	2,496					$	3,168

__________ 

(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2024 and December 31, 2023.

(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both March 31, 2024 and December 31, 2023.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $299 million and $134 million during the three months ended March 31, 2024 and 2023, respectively.

Fixed Maturities, Trading

 

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $(181) million and $194 million during the three months ended March 31, 2024 and 2023, respectively.

Equity Securities

 

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $431 million and $297 million during the three months ended March 31, 2024 and 2023, respectively.

Concentrations of Financial Instruments

 

The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.

 

As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:

 

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

						March 31, 2024												December 31, 2023
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
						(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale						$	58,152					$	56,194					$	62,591					$	61,484
Fixed maturities, trading						18						18						19						19
Assets supporting experience-rated contractholder liabilities						509						501						522						514
Total						$	58,679					$	56,713					$	63,132					$	62,017

						March 31, 2024												December 31, 2023
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
						(in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale						$	3,056					$	2,887					$	3,028					$	2,992
Short-term investments						26						26						0						0
Cash equivalents						286						286						427						427
Total						$	3,368					$	3,199					$	3,455					$	3,419

Commercial Mortgage and Other Loans

 

The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

						March 31, 2024												December 31, 2023
						Amount (in millions)						% of Total						Amount (in millions)						% of Total
Commercial mortgage and agricultural property loans by property type:
Office						$	8,265					14.1		%				$	8,402					14.2		%
Retail						5,332						9.1						5,384						9.1
Apartments/Multi-Family						16,123						27.4						16,555						28.0
Industrial						15,184						25.8						15,263						25.8
Hospitality						2,070						3.5						2,086						3.5
Other						4,272						7.3						4,069						6.9
Total commercial mortgage loans						51,246						87.2						51,759						87.5
Agricultural property loans						7,504						12.8						7,426						12.5
Total commercial mortgage and agricultural property loans						58,750						100.0		%				59,185						100.0		%
Allowance for credit losses						(513)												(459)
Total net commercial mortgage and agricultural property loans						58,237												58,726
Other loans:
Uncollateralized loans						394												425
Residential property loans						26												30
Other collateralized loans						125												125
Total other loans						545												580
Allowance for credit losses						(1)												(1)
Total net other loans						544												579
Total net commercial mortgage and other loans(1)						$	58,781											$	59,305

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

__________ 

(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively.

As of March 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (30%), Texas (7%) and New York (6%), and included loans secured by properties in Europe (6%), Mexico (2%), Asia (1%) and Australia (1%).

The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated:

						Three Months Ended March 31, 2024
						Commercial Mortgage Loans						Agricultural Property Loans						Residential Property Loans						Other Collateralized Loans						Uncollateralized Loans						Total
						(in millions)
Allowance, beginning of period						$	443					$	16					$	0					$	0					$	1					$	460
Addition to (release of) allowance for expected losses						47						5						0						0						0						52
Change in foreign exchange						2						0						0						0						0						2
Allowance, end of period						$	492					$	21					$	0					$	0					$	1					$	514

						Three Months Ended March 31, 2023
						Commercial Mortgage Loans						Agricultural Property Loans						Residential Property Loans						Other Collateralized Loans						Uncollateralized Loans						Total
						(in millions)
Allowance, beginning of period						$	188					$	13					$	0					$	0					$	2					$	203
Addition to (release of) allowance for expected losses						17						2						0						0						0						19
Reduction for loans sold during the period						0						0						0						0						(1)						(1)
Allowance, end of period						$	205					$	15					$	0					$	0					$	1					$	221

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For the three months ended March 31, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in loan-specific reserves within the office sector. For the three months ended March 31, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases to reserves to reflect declining market conditions and an increase in loan-specific reserves.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:

			March 31, 2024
			Amortized Cost by Origination Year
			2024						2023						2022						2021						2020						Prior						Revolving Loans						Total
			(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	57					$	1,476					$	906					$	2,195					$	1,426					$	18,767					$	0					$	24,827
60%-69.99%			1,201						2,690						1,449						2,568						1,094						6,261						0						15,263
70%-79.99%			114						959						1,027						1,250						421						3,165						0						6,936
80% or greater			3						134						320						186						313						3,264						0						4,220
Total			$	1,375					$	5,259					$	3,702					$	6,199					$	3,254					$	31,457					$	0					$	51,246
Debt Service Coverage Ratio:
Greater than 1.2x			$	1,222					$	4,777					$	3,187					$	6,066					$	3,162					$	27,975					$	0					$	46,389
1.0 - 1.2x			153						332						363						53						38						2,141						0						3,080
Less than 1.0x			0						150						152						80						54						1,341						0						1,777
Total			$	1,375					$	5,259					$	3,702					$	6,199					$	3,254					$	31,457					$	0					$	51,246
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	39					$	361					$	900					$	2,031					$	760					$	1,880					$	112					$	6,083
60%-69.99%			58						574						625						10						53						29						50						1,399
70%-79.99%			0						0						0						0						0						0						0						0
80% or greater			0						0						0						0						0						22						0						22
Total			$	97					$	935					$	1,525					$	2,041					$	813					$	1,931					$	162					$	7,504
Debt Service Coverage Ratio:
Greater than 1.2x			$	93					$	930					$	1,512					$	2,029					$	741					$	1,734					$	162					$	7,201
1.0 - 1.2x			4						0						5						4						56						146						0						215
Less than 1.0x			0						5						8						8						16						51						0						88
Total			$	97					$	935					$	1,525					$	2041					$	813					$	1,931					$	162					$	7,504

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2023
			Amortized Cost by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans						Total
			(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	1,822					$	911					$	2,264					$	1,437					$	3,205					$	16,569					$	0					$	26,208
60%-69.99%			2,765						1,440						2,541						1,107						2,146						4,530						0						14,529
70%-79.99%			1,001						1,004						1,278						401						1,013						2,277						0						6,974
80% or greater			145						357						203						330						209						2,804						0						4,048
Total			$	5,733					$	3,712					$	6,286					$	3,275					$	6,573					$	26,180					$	0					$	51,759
Debt Service Coverage Ratio:
Greater than 1.2x			$	5,237					$	3,194					$	6,122					$	3,182					$	5,988					$	23,196					$	0					$	46,919
1.0 - 1.2x			346						366						82						38						265						1,713						0						2,810
Less than 1.0x			150						152						82						55						320						1,271						0						2,030
Total			$	5,733					$	3,712					$	6,286					$	3,275					$	6,573					$	26,180					$	0					$	51,759
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	360					$	880					$	2,027					$	774					$	455					$	1,481					$	74					$	6,051
60%-69.99%			586						668						25						50						20						4						0						1,353
70%-79.99%			7						0						0						0						0						0						0						7
80% or greater			0						0						0						0						15						0						0						15
Total			$	953					$	1,548					$	2,052					$	824					$	490					$	1,485					$	74					$	7,426
Debt Service Coverage Ratio:
Greater than 1.2x			$	948					$	1,535					$	2,040					$	750					$	489					$	1,290					$	74					$	7,126
1.0 - 1.2x			0						5						4						58						0						151						0						218
Less than 1.0x			5						8						8						16						1						44						0						82
Total			$	953					$	1,548					$	2,052					$	824					$	490					$	1,485					$	74					$	7,426

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof.

During the three months ended March 31, 2024, a commercial mortgage loan with an amortized cost of $162 million was granted a term extension with a borrower experiencing financial difficulties. The modified loan represents less than 1 percent of the portfolio. This modification added less than one year to the weighted average life of loans in this portfolio.

For the three months ended March 31, 2024, the Company did not have any commercial mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulty on modified loans as of March 31, 2024.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:

 

						March 31, 2024
						Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due(1)(2)						Total Past Due						Total Loans						Non-Accrual Status(3)
						(in millions)
Commercial mortgage loans						$	51,007					$	0					$	0					$	239					$	239					$	51,246					$	239
Agricultural property loans						7,379						78						0						47						125						7,504						62
Residential property loans						26						0						0						0						0						26						0
Other collateralized loans						125						0						0						0						0						125						0
Uncollateralized loans						394						0						0						0						0						394						25
Total						$	58,931					$	78					$	0					$	286					$	364					$	59,295					$	326

__________

(1)As of March 31, 2024, there were no loans in this category accruing interest.

(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

						December 31, 2023
						Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due(1)(2)						Total Past Due						Total Loans						Non-Accrual Status(3)
						(in millions)
Commercial mortgage loans						$	51,665					$	34					$	0					$	60					$	94					$	51,759					$	94
Agricultural property loans						7,392						15						15						4						34						7,426						38
Residential property loans						30						0						0						0						0						30						0
Other collateralized loans						125						0						0						0						0						125						0
Uncollateralized loans						425						0						0						0						0						425						25
Total						$	59,637					$	49					$	15					$	64					$	128					$	59,765					$	157

__________

(1)As of December 31, 2023, there were no loans in this category accruing interest.

(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Loans on non-accrual status recognized interest of less than $1 million for both the three months ended March 31, 2024 and 2023. Loans on non-accrual status that did not have a related allowance for credit losses were $122 million and $126 million as of March 31, 2024 and December 31, 2023, respectively.

The Company did not have any losses on commercial mortgage and other loans purchased with credit deterioration as of March 31, 2024 or December 31, 2023.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Other Invested Assets

 

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

						March 31, 2024						December 31, 2023
						(in millions)
LPs/LLCs:
Equity method:
Private equity						$	9,307					$	8,929
Hedge funds						3,215						3,164
Real estate-related						2,859						2,578
Subtotal equity method						15,381						14,671
Fair value:
Private equity						1,642						1,247
Hedge funds						2,081						2,078
Real estate-related						795						800
Subtotal fair value						4,518						4,125
Total LPs/LLCs						19,899						18,796
Real estate held through direct ownership(1)						1,773						1,794
Derivative instruments						1,377						1,100
Other(2)						1,178						1,165
Total other invested assets						$	24,227					$	22,855

_________ 

(1)As of March 31, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $153 million and $158 million, respectively.

(2)Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

			March 31, 2024						December 31, 2023
			(in millions)
Fixed maturities			$	2,803					$	2,727
Equity securities			8						6
Commercial mortgage and other loans			216						224
Policy loans			237						259
Other invested assets			35						23
Short-term investments and cash equivalents			62						48
Total accrued investment income			$	3,361					$	3,287

Write-downs on accrued investment income were less than $1 million for both the three months ended March 31, 2024 and 2023.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Investment Income

 

The following table sets forth “Net investment income” by investment type, for the periods indicated: 

						Three Months Ended March 31,
						2024						2023
						(in millions)
Fixed maturities, available-for-sale(1)						$	3,592					$	3,235
Fixed maturities, held-to-maturity(1)						0						50
Fixed maturities, trading						116						55
Assets supporting experience-rated contractholder liabilities						14						13
Equity securities						38						40
Commercial mortgage and other loans						611						543
Policy loans						122						124
Other invested assets						321						310
Short-term investments and cash equivalents						298						238
Gross investment income						5,112						4,608
Less: investment expenses						(348)						(288)
Net investment income						$	4,764					$	4,320

__________ 

(1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset.

Realized Investment Gains (Losses), Net

 

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:

 

						Three Months Ended March 31,
						2024						2023
						(in millions)
Fixed maturities(1)						$	18					$	(155)
Commercial mortgage and other loans						(51)						(12)
Investment real estate						2						32
LPs/LLCs						19						(16)
Derivatives						(233)						358
Other						(63)						10
Realized investment gains (losses), net						$	(308)					$	217

__________ 

(1)Excludes fixed maturity securities classified as trading.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

			March 31, 2024						December 31, 2023
			(in millions)
Fixed maturity securities, available-for-sale with an allowance			$	(73)					$	(72)
Fixed maturity securities, available-for-sale without an allowance			(23,474)						(18,045)
Derivatives designated as cash flow hedges(1)			1,199						869
Derivatives designated as fair value hedges(1)			(51)						(60)
Other investments(2)			54						57
Net unrealized gains (losses) on investments			$	(22,345)					$	(17,251)

__________ 

(1)For additional information regarding cash flow and fair value hedges, see Note 5.

(2)Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.”

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:

			March 31, 2024																								December 31, 2023
			Remaining Contractual Maturities of the Agreements																								Remaining Contractual Maturities of the Agreements
			Overnight & Continuous						Up to 30 Days						30 to 90 Days						Total						Overnight & Continuous						Up to 30 Days						30 to 90 Days						Total
			(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	6,402					$	0					$	0					$	6,402					$	5,693					$	0					$	0					$	5,693
U.S. public corporate securities			0						161						0						161						0						118						0						118
Commercial mortgage-backed securities			0						0						0						0						245						0						0						245
Total securities sold under agreements to repurchase			$	6,402					$	161					$	0					$	6,563					$	5,938					$	118					$	0					$	6,056

The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			March 31, 2024																		December 31, 2023
			Remaining Contractual Maturities of the Agreements																		Remaining Contractual Maturities of the Agreements
			Overnight & Continuous						Up to 30 Days						Total						Overnight & Continuous						Up to 30 Days						Total
			(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	1					$	0					$	1					$	1					$	0					$	1
Obligations of U.S. states and their political subdivisions			43						0						43						67						0						67
Foreign government bonds			173						4						177						242						0						242
U.S. public corporate securities			5,185						334						5,519						4,399						420						4,819
Foreign public corporate securities			876						83						959						649						76						725
Equity securities			278						1						279						623						0						623
Total cash collateral for loaned securities(1)			$	6,556					$	422					$	6,978					$	5,981					$	496					$	6,477

__________ 

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

4. VARIABLE INTEREST ENTITIES

 

In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

Consolidated Variable Interest Entities

 

The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.

			Consolidated VIEs for which the Company is the Investment Manager(1)												Other Consolidated VIEs(1)
			March 31, 2024						December 31, 2023						March 31, 2024						December 31, 2023
			(in millions)
Fixed maturities, available-for-sale			$	717					$	539					$	1,413					$	836
Fixed maturities, trading			560						943						0						0
Equity securities			86						106						0						0
Commercial mortgage and other loans			712						764						0						0
Other invested assets			5,151						4,319						534						485
Cash and cash equivalents			304						302						1						0
Accrued investment income			7						7						2						3
Other assets			712						1,023						603						636
Total assets of consolidated VIEs			$	8,249					$	8,003					$	2,553					$	1,960
Other liabilities			$	164					$	588					$	0					$	0
Notes issued by consolidated VIEs(2)			1,097						1,374						35						0
Total liabilities of consolidated VIEs			$	1,261					$	1,962					$	35					$	0

__________

(1)Total assets of consolidated VIEs reflect $4,176 million and $4,003 million as of March 31, 2024 and December 31, 2023, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of March 31, 2024, the maturities of these obligations were between 0 and 13 years.

 

Unconsolidated Variable Interest Entities

 

The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,207 million and $1,165 million as of March 31, 2024 and December 31, 2023, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position.

In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

Limited Partnerships and Limited Liability Companies

 

In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $19,899 million and $18,796 million as of March 31, 2024 and December 31, 2023, respectively.

 

5. DERIVATIVES AND HEDGING

 

Types of Derivative and Hedging Instruments

The Company utilizes various derivatives and hedging instruments to manage certain of its risks. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to:

•Interest rate contracts: futures, swaps, forwards, options, caps and floors

•Equity contracts: futures, options and total return swaps

•Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments

•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives are:

•To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”).

For detailed information regarding these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Primary Risks Managed by Derivatives

 

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $1,380 million and $1,103 million as of March 31, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,485 million and $4,181 million as of March 31, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Primary Underlying Risk /Instrument Type			March 31, 2024																		December 31, 2023
									Fair Value																		Fair Value
			Gross Notional						Assets						Liabilities						Gross Notional						Assets						Liabilities
			(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps			$	3,396					$	27					$	(314)					$	3,582					$	55					$	(252)
Interest Rate Forwards			0						0						0						0						0						0
Foreign Currency
Foreign Currency Forwards			4,776						52						(177)						4,748						43						(195)
Currency/Interest Rate
Foreign Currency Swaps			28,495						2,222						(538)						27,933						1,952						(676)
Total Derivatives Designated as Hedge Accounting Instruments			$	36,667					$	2,301					$	(1,029)					$	36,263					$	2,050					$	(1,123)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps			$	223,711					$	10,079					$	(23,743)					$	224,445					$	8,604					$	(21,599)
Interest Rate Futures			9,140						8						(1)						10,448						7						(26)
Interest Rate Options			32,346						309						(1,258)						32,718						292						(1,095)
Interest Rate Forwards			3,269						53						(48)						3,678						39						(14)
Foreign Currency
Foreign Currency Forwards			28,615						1,442						(1,316)						27,686						965						(954)
Foreign Currency Options			0						0						0						0						0						0
Currency/Interest Rate
Foreign Currency Swaps			7,632						569						(144)						7,771						502						(164)
Credit
Credit Default Swaps			6,859						130						(17)						3,446						64						0
Equity
Equity Futures			615						0						0						672						1						(2)
Equity Options			61,236						3,191						(2,140)						51,792						1,688						(1,662)
Total Return Swaps			9,921						79						(339)						9,237						48						(514)
Other
Other(1)			1,250						0						0						1,250						0						0
Synthetic GICs			77,683						1						(1)						78,009						1						(1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments			$	462,277					$	15,861					$	(29,007)					$	451,152					$	12,211					$	(26,031)
Total Derivatives(2)(3)			$	498,944					$	18,162					$	(30,036)					$	487,415					$	14,261					$	(27,154)

__________

(1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.

(2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,717 million (including the Prismic funds withheld related embedded derivative net liability of $224 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of March 31, 2024 and December 31, 2023, respectively, primarily included in “Policyholder account balances” and “Reinsurance and funds withheld payables.”    

(3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

As of March 31, 2024, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.

			March 31, 2024												December 31, 2023
Balance Sheet Line Item in which Hedged Item is Recorded			Carrying Amount of the Hedged Assets (Liabilities)						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1)						Carrying Amount of the Hedged Assets (Liabilities)						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1)
			(in millions)
Fixed maturities, available-for-sale, at fair value			$	219					$	14					$	224					$	19
Policyholders’ account balances			$	(759)					$	281					$	(810)					$	219
Future policy benefits			$	(2,368)					$	362					$	(2,441)					$	298

__________

(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.

Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules.

Offsetting Assets and Liabilities

 

The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.

 

			March 31, 2024
			Gross Amounts of Recognized Financial Instruments						Gross Amounts Offset in the Statements of Financial Position						Net Amounts Presented in the Statements of Financial Position						Financial Instruments/ Collateral(1)						Net Amount
			(in millions)
Offsetting of Financial Assets:
Derivatives			$	18,054					$	(16,782)					$	1,272					$	(489)					$	783
Securities purchased under agreement to resell			162						0						162						(162)						0
Total assets			$	18,216					$	(16,782)					$	1,434					$	(651)					$	783
Offsetting of Financial Liabilities:
Derivatives			$	30,035					$	(25,551)					$	4,484					$	(4,317)					$	167
Securities sold under agreement to repurchase			6,563						0						6,563						(6,563)						0
Total liabilities			$	36,598					$	(25,551)					$	11,047					$	(10,880)					$	167

 

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2023
			Gross Amounts of Recognized Financial Instruments						Gross Amounts Offset in the Statements of Financial Position						Net Amounts Presented in the Statements of Financial Position						Financial Instruments/ Collateral(1)						Net Amount
			(in millions)
Offsetting of Financial Assets:
Derivatives			$	14,169					$	(13,158)					$	1,011					$	(240)					$	771
Securities purchased under agreement to resell			388						0						388						(363)						25
Total assets			$	14,557					$	(13,158)					$	1,399					$	(603)					$	796
Offsetting of Financial Liabilities:
Derivatives			$	27,154					$	(22,973)					$	4,181					$	(3,775)					$	406
Securities sold under agreement to repurchase			6,056						0						6,056						(5,811)						245
Total liabilities			$	33,210					$	(22,973)					$	10,237					$	(9,586)					$	651

__________

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above, see “—Counterparty Credit Risk” below. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information regarding the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

Cash Flow, Fair Value and Net Investment Hedges

 

The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its fair value, cash flow or net investment hedge accounting relationships.

 

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.

			Three Months Ended March 31, 2024
			Realized Investment Gains (Losses)						Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)						Net Investment Income						Other Income (Loss)						Interest Expense						Interest Credited to Policyholders’ Account Balances						Policyholders’ Benefits						Change in AOCI(1)
			(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate			$	4					$	0					$	0					$	0					$	0					$	(50)					$	(59)					$	0
Currency			0						0						0						0						0						0						(16)						0
Total gains (losses) on derivatives designated as hedge instruments			4						0						0						0						0						(50)						(75)						0
Gains (losses) on the hedged item:
Interest Rate			(4)						0						3						0						0						62						48						0
Currency			0						0						0						0						0						0						14						0
Total gains (losses) on hedged item			(4)						0						3						0						0						62						62						0
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency			0						0						0						0						0						0						(2)						10
Total amortization for gain (loss) excluded from assessment of the effectiveness			0						0						0						0						0						0						(2)						10
Total gains (losses) on fair value hedges net of hedged item			0						0						3						0						0						12						(15)						10
Cash flow hedges
Interest Rate			0						0						(3)						0						0						0						0						(10)
Currency			0						0						0						0						0						0						0						15
Currency/Interest Rate			3						0						76						78						0						0						0						325
Total gains (losses) on cash flow hedges			3						0						73						78						0						0						0						330
Net investment hedges
Currency			0						0						0						0						0						0						0						11
Currency/Interest Rate			0						0						0						0						0						0						0						0
Total gains (losses) on net investment hedges			0						0						0						0						0						0						0						11
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate			(662)						(961)						0						0						0						0						0						0
Currency			(26)						0						0						2						0						0						0						0
Currency/Interest Rate			106						0						0						1						0						0						0						0
Credit			52						0						0						0						0						0						0						0
Equity			1,449						(493)						0						0						0						0						0						0
Other			0						0						0						0						0						0						0						0
Embedded Derivatives(2)			(1,070)						0						0						0						0						0						0						0
Total gains (losses) on derivatives not qualifying as hedge accounting instruments			(151)						(1,454)						0						3						0						0						0						0
Total			$	(148)					$	(1,454)					$	76					$	81					$	0					$	12					$	(15)					$	351

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended March 31, 2023
			Realized Investment Gains (Losses)						Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)						Net Investment Income						Other Income (Loss)						Interest Expense						Interest Credited to Policyholders’ Account Balances						Policyholders’ Benefits						Change in AOCI(1)
			(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate			$	(3)					$	0					$	0					$	0					$	0					$	37					$	43					$	0
Currency			0						0						(1)						0						0						0						49						0
Total gains (losses) on derivatives designated as hedge instruments			(3)						0						(1)						0						0						37						92						0
Gains (losses) on the hedged item:
Interest Rate			4						0						3						0						0						(37)						(48)						0
Currency			0						0						1						0						0						0						(47)						0
Total gains (losses) on hedged item			4						0						4						0						0						(37)						(95)						0
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency			0						0						0						0						0						0						(2)						(20)
Total amortization for gain (loss) excluded from assessment of the effectiveness			0						0						0						0						0						0						(2)						(20)
Total gains (losses) on fair value hedges net of hedged item			1						0						3						0						0						0						(5)						(20)
Cash flow hedges
Interest Rate			(22)						0						(1)						0						0						0						0						43
Currency			5						0						0						0						0						0						0						(38)
Currency/Interest Rate			36						0						83						(80)						0						0						0						(277)
Total gains (losses) on cash flow hedges			19						0						82						(80)						0						0						0						(272)
Net investment hedges
Currency			0						0						0						0						0						0						0						(1)
Currency/Interest Rate			0						0						0						0						0						0						0						0
Total gains (losses) on net investment hedges			0						0						0						0						0						0						0						(1)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate			546						267						0						0						0						0						0						0
Currency			(161)						0						0						1						0						0						0						0
Currency/Interest Rate			(28)						0						0						(2)						0						0						0						0
Credit			46						0						0						0						0						0						0						0
Equity			189						(238)						0						0						0						0						0						0
Other			0						0						0						0						0						0						0						0
Embedded Derivatives			(245)						0						0						0						0						0						0						0
Total gains (losses) on derivatives not qualifying as hedge accounting instruments			347						29						0						(1)						0						0						0						0
Total			$	367					$	29					$	85					$	(81)					$	0					$	0					$	(5)					$	(293)

__________

(1)Excluding changes related to net investment hedges using non-derivative instruments of $39 million and $(1) million for the three months ended March 31, 2024 and 2023, respectively.

(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $283 million for the three months ended March 31, 2024.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

			(in millions)
Balance, December 31, 2023			$	869
Amount recorded in AOCI:
Interest Rate			(12)
Currency			17
Currency/Interest Rate			481
Total amount recorded in AOCI			486
Amount reclassified from AOCI to income:
Interest Rate			3
Currency			(2)
Currency/Interest Rate			(157)
Total amount reclassified from AOCI to income			(156)
Balance, March 31, 2024			$	1,199

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2024 values, it is estimated that a pre-tax gain of approximately $315 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2025.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 27 years.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $49 million for the three months ended March 31, 2024 and $(2) million for the three months ended March 31, 2023, respectively.

Credit Derivatives

 

The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years for index reference.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			March 31, 2024
			NAIC Rating Designation of Underlying Credit Obligation(1)
			NAIC 1						NAIC 2						NAIC 3						NAIC 4						NAIC 5						NAIC 6(2)						Total
			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value
			(in millions)
Single name reference(3)			$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0
Index reference(3)			0			0			0			0			5,286			73			0			0			0			0			801			57			6,087			130
Total			$	0		$	0		$	0		$	0		$	5,286		$	73		$	0		$	0		$	0		$	0		$	801		$	57		$	6,087		$	130

			December 31, 2023
			NAIC Rating Designation of Underlying Credit Obligation(1)
			NAIC 1						NAIC 2						NAIC 3						NAIC 4						NAIC 5						NAIC 6(2)						Total
			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value			Gross Notional			Fair Value
			(in millions)
Single name reference(3)			$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0
Index reference(3)			0			0			0			0			2,723			19			0			0			89			5			634			40			3,446			64
Total			$	0		$	0		$	0		$	0		$	2,723		$	19		$	0		$	0		$	89		$	5		$	634		$	40		$	3,446		$	64

_________

(1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used.

(2)The NAIC rating designation is due to approximately 5% and 3% as of March 31, 2024 and December 31, 2023, respectively, of the index reference name rated as NAIC 6.

(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.

In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of March 31, 2024 and December 31, 2023, the Company had $772 million and $0 million of outstanding notional amounts and reported at fair value as a liability of $17 million and an asset of $0 million, respectively.

Counterparty Credit Risk

The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counter (“OTC”) parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.

As of March 31, 2024, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

6. FAIR VALUE OF ASSETS AND LIABILITIES

 

Fair Value Measurement—Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

 

Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Assets and Liabilities by Hierarchy Level—The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

			March 31, 2024
			Level 1						Level 2						Level 3						Netting(1)						Total
			(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	0					$	23,031					$	0					$						$	23,031
Obligations of U.S. states and their political subdivisions			0						8,272						6												8,278
Foreign government bonds			0						64,561						7												64,568
U.S. corporate public securities			0						101,268						68												101,336
U.S. corporate private securities(2)			0						37,907						3,115												41,022
Foreign corporate public securities			0						20,584						79												20,663
Foreign corporate private securities			0						30,606						1,703												32,309
Asset-backed securities(3)			0						13,578						1,652												15,230
Commercial mortgage-backed securities			0						8,713						935												9,648
Residential mortgage-backed securities			0						2,400						25												2,425
Subtotal			0						310,920						7,590												318,510
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			0						208						0												208
Foreign government bonds			0						587						0												587
Corporate securities			0						75						0												75
Equity securities			1,121						1,368						0												2,489
Subtotal			1,121						2,238						0												3,359
Market risk benefit assets			0						0						2,225												2,225
Fixed maturities, trading			0						8,958						1,330												10,288
Equity securities			4,985						1,733						506												7,224
Commercial mortgage and other loans			0						157						0												157
Other invested assets(5)			37						18,125						865						(16,782)						2,245
Short-term investments			301						4,294						32												4,627
Cash equivalents			1,252						7,443						0												8,695
Reinsurance recoverables and deposit receivables			0						(79)						303												224
Other assets			0						0						19												19
Separate account assets(6)(7)			8,799						164,374						338												173,511
Total assets			$	16,495					$	518,163					$	13,208					$	(16,782)					$	531,084
Market risk benefit liabilities			$	0					$	0					$	4,624					$						$	4,624
Policyholders’ account balances			0						0						9,864												9,864
Reinsurance and funds withheld payables			0						73						0												73
Other liabilities			9						30,026						1						(25,551)						4,485
Notes issued by consolidated VIEs			0						0						405												405
Total liabilities			$	9					$	30,099					$	14,894					$	(25,551)					$	19,451

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2023
			Level 1						Level 2						Level 3						Netting(1)						Total
			(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	0					$	21,796					$	0					$						$	21,796
Obligations of U.S. states and their political subdivisions			0						8,451						7												8,458
Foreign government bonds			0						70,182						8												70,190
U.S. corporate public securities			0						98,097						75												98,172
U.S. corporate private securities(2)			0						38,199						2,821												41,020
Foreign corporate public securities			0						19,576						67												19,643
Foreign corporate private securities			0						30,447						1,843												32,290
Asset-backed securities(3)			0						12,236						359												12,595
Commercial mortgage-backed securities			0						8,954						938												9,892
Residential mortgage-backed securities			0						2,265						0												2,265
Subtotal			0						310,203						6,118												316,321
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			0						206						0												206
Foreign government bonds			0						604						0												604
Corporate securities			0						79						0												79
Equity securities			1,004						1,275						0												2,279
Subtotal			1,004						2,164						0												3,168
Market risk benefit assets			0						0						1,981												1,981
Fixed maturities, trading			0						9,361						429												9,790
Equity securities(4)			5,953						1,538						512												8,003
Commercial mortgage and other loans			0						519						0												519
Other invested assets(5)			27						14,234						846						(13,158)						1,949
Short-term investments			125						3,746						29												3,900
Cash equivalents			2,240						8,058						4												10,302
Reinsurance recoverables and deposit receivables			0						(75)						224												149
Other assets			0						0						11												11
Separate account assets(6)(7)			8,925						161,793						1,094												171,812
Total assets			$	18,274					$	511,541					$	11,248					$	(13,158)					$	527,905
Market risk benefit liabilities			$	0					$	0					$	5,467					$						$	5,467
Policyholders’ account balances			0						0						7,752												7,752
Reinsurance and funds withheld payables			0						490						0												490
Other liabilities			35						27,112						1						(22,973)						4,175
Notes issued by consolidated VIEs			0						0						778												778
Total liabilities			$	35					$	27,602					$	13,998					$	(22,973)					$	18,662

__________

(1)“Netting” amounts represent cash collateral of $(8,769) million and $(9,815) million as of March 31, 2024 and December 31, 2023, respectively.

(2)Excludes notes with fair value of $13,592 million (carrying amount of $13,582 million) and $12,370 million (carrying amount of $12,370 million) as of March 31, 2024 and December 31, 2023, respectively, which have been offset with the associated debt under a netting agreement.

(3)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(4)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million.

(5)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4,518 million and $4,125 million, respectively.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(6)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $26,553 million and $27,076 million, respectively.

(7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities—The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.

			As of March 31, 2024
			Fair Value						Valuation Techniques						Unobservable Inputs						Minimum						Maximum						Weighted Average						Impact of Increase in Input on Fair Value(1)
			(in millions)
Assets:
Corporate securities(2)(3)			$	4,083					Discounted cash flow						Discount rate						0.68%						20.72%						11.16%						Decrease
									Market comparables						EBITDA multiples(4)						5.4X						8.8X						6.9X						Increase
									Liquidation						Liquidation value						42.00%						42.00%						42.00%						Increase
Commercial mortgage-backed securities			$	935					Discounted cash flow						Liquidity premium						0.60%						0.75%						0.68%						Decrease
Market risk benefit assets(7)			$	2,225					Discounted cash flow						Lapse rate(9)						1%						20%												Increase
															Spread over SOFR(10)						0.33%						1.78%												Increase
															Utilization rate(11)						38%						95%												Decrease
															Withdrawal rate						See table footnote (12) below.
															Mortality rate(13)						0%						15%												Increase
															Equity volatility curve						15%						25%												Decrease
Equity securities			$	228					Discounted cash flow(5)						Discount rate						0.16%						12%												Decrease
									Market comparables						EBITDA multiples(4)						1.0X						12.2X						5.1X						Increase
									Net Asset Value						Share price						$3						$1,714						$776						Increase
Liabilities:
Market risk benefit liabilities(7)			$	4,624					Discounted cash flow						Lapse rate(9)						1%						20%												Decrease
															Spread over SOFR(10)						0.33%						1.78%												Decrease
															Utilization rate(11)						38%						95%												Increase
															Withdrawal rate						See table footnote (12) below.
															Mortality rate(13)						0%						15%												Decrease
															Equity volatility curve						15%						25%												Increase
Policyholders’ account balances(8)			$	9,864					Discounted cash flow						Lapse rate(9)						1%						80%												Decrease
															Spread over SOFR(10)						0.33%						1.80%												Decrease
															Mortality rate(13)						0%						23%												Decrease
															Option Budget(14)						(1)%						7%												Increase

 

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			As of December 31, 2023
			Fair Value						Valuation Techniques						Unobservable Inputs						Minimum						Maximum						Weighted Average						Impact of Increase in Input on Fair Value(1)
			(in millions)
Assets:
Corporate securities(2)(3)			$	1,311					Discounted cash flow						Discount rate						0.57%						20.00%						8.65%						Decrease
									Market comparables						EBITDA multiples(4)						5.5X						8.8X						7.4X						Increase
									Liquidation						Liquidation value						3.55%						68.00%						57.63%						Increase
Commercial mortgage-backed securities			$	938					Discounted cash flow						Liquidity premium						0.60%						0.75%						0.70%						Decrease
Market risk benefit assets(7)			$	1,981					Discounted cash flow						Lapse rate(9)						1%						20%												Increase
															Spread over SOFR(10)						0.41%						1.82%												Increase
															Utilization rate(11)						38%						95%												Decrease
															Withdrawal rate						See table footnote (12) below.
															Mortality rate(13)						0%						15%												Increase
															Equity volatility curve						15%						25%												Decrease
Equity securities			$	246					Discounted cash flow(5)						Discount rate						0.16%						20%												Decrease
									Market comparables						EBITDA multiples(4)						1.0X						10.0X						6.3X						Increase
									Net Asset Value						Share price						$3						$1,714						$733						Increase
Liabilities:
Market risk benefit liabilities(7)			$	5,467					Discounted cash flow						Lapse rate(9)						1%						20%												Decrease
															Spread over SOFR(10)						0.41%						1.82%												Decrease
															Utilization rate(11)						38%						95%												Increase
															Withdrawal rate						See table footnote (12) below.
															Mortality rate(13)						0%						15%												Decrease
															Equity volatility curve						15%						25%												Increase
Policyholders’ account balances(8)			$	7,752					Discounted cash flow						Lapse rate(9)						1%						80%												Decrease
															Spread over SOFR(10)						0.41%						1.85%												Decrease
															Mortality rate(13)						0%						23%												Decrease
															Option Budget(14)						(1)%						7%												Increase

___________ 

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.

(3)Excludes notes which have been offset with the associated debt under a netting agreement.

(4)Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(5)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(6)Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations.

(7)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(8)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(9)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.

(10)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.

(11)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(12)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(13)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

(14)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs—In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities—The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.

Commercial Mortgage-backed Securities—Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.

Market Risk Benefits—The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended March 31, 2024(7)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3			Transfers out of Level 3			Fair Value, end of period			Unrealized gains (losses) for assets still held(2)
			(in millions)
Fixed maturities, available-for-sale:
U.S. states			$	7		$	(1)		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	6		$	(1)
Foreign government			8			0			0			0			0			(1)			0			0			0			7			0
Corporate securities(3)			4,806			(46)			402			(5)			0			(287)			(13)			108			0			4,965			(50)
Structured securities(4)			1,297			3			1,265			0			0			(12)			(1)			60			0			2,612			(1)
Other assets:
Fixed maturities, trading			429			2			564			(22)			0			(46)			(1)			404			0			1,330			7
Equity securities			512			(19)			21			(4)			0			(4)			9			0			(9)			506			(22)
Other invested assets			846			(8)			29			(2)			0			0			0			0			0			865			(8)
Short-term investments			29			(2)			5			0			0			0			0			0			0			32			(2)
Cash equivalents			4			0			0			0			0			0			(4)			0			0			0			0
Reinsurance recoverables and deposit receivables			224			37			55			0			0			(13)			0			0			0			303			24
Other assets			11			0			8			0			0			0			0			0			0			19			0
Separate account assets(5)			1,094			(46)			56			(763)			0			(2)			0			0			(1)			338			(7)
Liabilities:
Policyholders’ account balances(6)			(7,752)			(1,495)			0			0			(618)			0			1			0			0			(9,864)			(216)
Other liabilities			(1)			0			0			0			0			0			0			0			0			(1)			0
Notes issued by consolidated VIEs			(778)			(8)			0			0			(10)			0			391			0			0			(405)			(8)

			Three Months Ended March 31, 2024
			Total realized and unrealized gains (losses)																		Unrealized gains (losses) for assets still held(2)
			Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders’ account balances			Included in other comprehensive income (losses)			Net investment income						Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders’ account balances			Included in other comprehensive income (losses)
			(in millions)
Fixed maturities, available-for-sale			$	(33)		$	0		$	0		$	(16)		$	5					$	(28)		$	0		$	0		$	(24)
Other assets:
Fixed maturities, trading			0			1			0			0			1						0			7			0			0
Equity securities			0			(19)			0			0			0						0			(22)			0			0
Other invested assets			(1)			(7)			0			0			0						(1)			(7)			0			0
Short-term investments			(3)			0			0			0			1						(2)			0			0			0
Cash equivalents			0			0			0			0			0						0			0			0			0
Reinsurance recoverables and deposit receivables			37			0			0			0			0						24			0			0			0
Other assets			0			0			0			0			0						0			0			0			0
Separate account assets(5)			0			0			(46)			0			0						0			0			(7)			0
Liabilities:
Policyholders’ account balances			(1,495)			0			0			0			0						(216)			0			0			0
Other liabilities			0			0			0			0			0						0			0			0			0
Notes issued by consolidated VIEs			0			(8)			0			0			0						0			(8)			0			0

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended March 31, 2023(7)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3			Transfers out of Level 3			Fair Value, end of period			Unrealized gains (losses) for assets still held(2)
			(in millions)
Fixed maturities, available-for-sale:
U.S. states			$	7		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	7		$	0
Foreign government			8			0			0			0			0			1			0			0			0			9			0
Corporate securities(3)			3,858			9			527			(128)			0			(323)			(2)			0			0			3,941			21
Structured securities(4)			1,289			(35)			240			(1)			0			(12)			0			37			(80)			1,438			(36)
Other assets:
Fixed maturities, trading			304			5			33			0			0			(4)			1			0			0			339			3
Equity securities			627			17			7			(59)			0			(6)			215			1			(1)			801			0
Other invested assets			539			1			270			(7)			0			0			0			0			0			803			1
Short-term investments			18			2			3			0			0			(7)			0			0			0			16			0
Cash equivalents			0			0			0			0			0			0			0			0			0			0			0
Reinsurance recoverables and deposit receivables			141			(18)			35			0			0			(2)			0			0			0			156			(17)
Other assets(8)			11			0			0			0			0			0			0			0			0			11			0
Separate account assets(5)			1,081			39			143			(67)			0			(26)			0			0			(1)			1,169			37
Liabilities:
Policyholders’ account balances(6)			(3,492)			(251)			0			0			(401)			0			(100)			0			0			(4,244)			(442)
Other liabilities			(1)			0			0			0			0			0			0			0			0			(1)			0
Notes issued by consolidated VIEs			0			0			0			0			0			0			0			0			0			0			0

			Three Months Ended March 31, 2023
			Total realized and unrealized gains (losses)																		Unrealized gains (losses) for assets still held(2)
			Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders’ account balances			Included in other comprehensive income (losses)			Net investment income						Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders’ account balances			Included in other comprehensive income (losses)
			(in millions)
Fixed maturities, available-for-sale			$	(3)		$	0		$	0		$	(24)		$	1					$	7		$	0		$	0		$	(22)
Other assets:
Fixed maturities, trading			0			4			0			0			1						0			3			0			0
Equity securities			0			17			0			0			0						0			0			0			0
Other invested assets			0			1			0			0			0						0			1			0			0
Short-term investments			2			0			0			0			0						0			0			0			0
Cash equivalents			0			0			0			0			0						0			0			0			0
Reinsurance recoverables and deposit receivables			(18)			0			0			0			0						(17)			0			0			0
Other assets(8)			0			0			0			0			0						0			0			0			0
Separate account assets(5)			0			0			39			0			0						0			0			37			0
Liabilities:
Policyholders’ account balances			(251)			0			0			0			0						(442)			0			0			0
Other liabilities			0			0			0			0			0						0			0			0			0
Notes issued by consolidated VIEs			0			0			0			0			0						0			0			0			0

__________

(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.

(6)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(7)Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information.

(8)Prior period amounts have been reclassified to conform to current period presentation.

Derivative Fair Value Information

 

The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.

			As of March 31, 2024
			Level 1						Level 2						Level 3						Netting(1)						Total
			(in millions)
Derivative Assets:
Interest Rate			$	8					$	10,468					$	1					$						$	10,477
Currency			0						1,494						0												1,494
Credit			0						130						0												130
Currency/Interest Rate			0						2,791						0												2,791
Equity			29						3,241						0												3,270
Other			0						0						0												0
Netting(1)																					(16,782)						(16,782)
Total derivative assets			$	37					$	18,124					$	1					$	(16,782)					$	1,380
Derivative Liabilities:
Interest Rate			$	2					$	25,362					$	1					$						$	25,365
Currency			0						1,493						0												1,493
Credit			0						17						0												17
Currency/Interest Rate			0						682						0												682
Equity			8						2,471						0												2,479
Other			0						0						0												0
Netting(1)																					(25,551)						(25,551)
Total derivative liabilities			$	10					$	30,025					$	1					$	(25,551)					$	4,485

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			As of December 31, 2023
			Level 1						Level 2						Level 3						Netting(1)						Total
			(in millions)
Derivative Assets:
Interest Rate			$	7					$	8,990					$	1					$						$	8,998
Currency			0						1,008						0												1,008
Credit			0						64						0												64
Currency/Interest Rate			0						2,454						0												2,454
Equity			19						1,718						0												1,737
Other			0						0						0												0
Netting(1)																					(13,158)						(13,158)
Total derivative assets			$	26					$	14,234					$	1					$	(13,158)					$	1,103
Derivative Liabilities:
Interest Rate			$	26					$	22,960					$	1					$						$	22,987
Currency			0						1,149						0												1,149
Credit			0						0						0												0
Currency/Interest Rate			0						840						0												840
Equity			10						2,168						0												2,178
Other			0						0						0												0
Netting(1)																					(22,973)						(22,973)
Total derivative liabilities			$	36					$	27,117					$	1					$	(22,973)					$	4,181

__________ 

(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods.

			Three Months Ended March 31, 2024
			Fair Value, beginning of period			Total realized and unrealized gains (losses)(1)			Purchases			Sales			Issuances			Settlements						Other			Transfers into Level 3(2)			Transfers out of Level 3(2)			Fair Value, end of period			Unrealized gains (losses) for assets still held(1)
			(in millions)
Net Derivative - Equity			$	0		$	0		$	0		$	0		$	0		$	0					$	0		$	0		$	0		$	0		$	0
Net Derivative - Interest Rate			0			0			0			0			0			0						0			0			0			0			0

			Three Months Ended March 31, 2023
			Fair Value, beginning of period			Total realized and unrealized gains (losses)(1)			Purchases			Sales			Issuances			Settlements						Other			Transfers into Level 3(2)			Transfers out of Level 3(2)			Fair Value, end of period			Unrealized gains (losses) for assets still held(1)
			(in millions)
Net Derivative - Equity			$	0		$	0		$	0		$	0		$	0		$	0					$	0		$	0		$	0		$	0		$	0
Net Derivative - Interest Rate			0			0			0			0			0			0						0			0			0			0			0

__________ 

(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”

(2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Nonrecurring Fair Value Measurements—The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).

									Three Months Ended March 31,
															2024						2023
Gains (Losses):
Commercial mortgage loans(1)															$	0					$	0
Investment real estate															$	0					$	0
Investment in JV/LP and Other															$	(7)					$	(17)

			March 31, 2024						December 31, 2023
			(in millions)
Carrying value after measurement as of period end:
Commercial mortgage loans(1)			$	0					$	34
Investment real estate(2)			$	0					$	113
Investment in JV/LP and Other(2)			$	128					$	186

__________ 

(1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral.

(2)Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other”. Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP and Other.”

Fair Value Option

 

The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made by the Company to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the Company to achieve consistent accounting for certain assets and liabilities. Changes in fair value are reflected in “Realized investment gains (losses), net” for commercial mortgage and other loans and “Other income (loss)” for other assets and notes issued by consolidated VIEs. Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Interest income on commercial mortgage and other loans is included in “Net investment income.” Interest income on these loans is recorded based on the effective interest rate as determined at the closing of the loan.

 

The following tables present information regarding assets and liabilities where the fair value option has been elected.

			Three Months Ended March 31,
			2024						2023
			(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value			$	8					$	0

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended March 31,
			2024						2023
			(in millions)
Commercial mortgage and other loans:
Interest income			$	2					$	1
Notes issued by consolidated VIEs:
Interest expense			$	7					$	0

			March 31, 2024						December 31, 2023
			(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end			$	157					$	519
Aggregate contractual principal as of period end			$	156					$	512
Other assets:
Fair value as of period end			$	19					$	11
Notes issued by consolidated VIEs:
Fair value as of period end			$	405					$	778
Aggregate contractual principal as of period end			$	405					$	787

__________ 

(1)As of March 31, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Fair Value of Financial Instruments

 

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

			March 31, 2024
			Fair Value																								Carrying Amount(1)
			Level 1						Level 2						Level 3						Total						Total
			(in millions)
Assets:
Commercial mortgage and other loans			$	0					$	37					$	55,127					$	55,164					$	58,624
Policy loans			8						0						9,899						9,907						9,907
Other invested assets			0						97						35						132						132
Short-term investments			1,287						39						0						1,326						1,326
Cash and cash equivalents			9,860						180						0						10,040						10,040
Accrued investment income			0						3,361						0						3,361						3,361
Reinsurance recoverables and deposit receivables			0						7						5,358						5,365						5,365
Other assets			22						3,168						2						3,192						3,192
Total assets			$	11,177					$	6,889					$	70,421					$	88,487					$	91,947
Liabilities:
Policyholders’ account balances—investment contracts			$	0					$	30,525					$	38,730					$	69,255					$	74,253
Securities sold under agreements to repurchase			0						6,563						0						6,563						6,563
Cash collateral for loaned securities			0						6,978						0						6,978						6,978
Reinsurance and funds withheld payables(2)			0						9,745						(24)						9,721						9,721
Short-term debt(3)			0						505						80						585						585
Long-term debt(4)			567						17,256						756						18,579						19,368
Notes issued by consolidated VIEs			0						0						727						727						727
Other liabilities			0						6,307						32						6,339						6,339
Separate account liabilities—investment contracts			0						23,193						19,602						42,795						42,795
Total liabilities			$	567					$	101,072					$	59,903					$	161,542					$	167,329

 

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2023
			Fair Value																								Carrying Amount(1)
			Level 1						Level 2						Level 3						Total						Total
			(in millions)
Assets:
Commercial mortgage and other loans			$	0					$	41					$	55,611					$	55,652					$	58,786
Policy loans			8						0						10,039						10,047						10,047
Other invested assets			0						97						0						97						97
Short-term investments			1,092						13						0						1,105						1,105
Cash and cash equivalents			8,709						408						0						9,117						9,117
Accrued investment income			0						3,287						0						3,287						3,287
Reinsurance recoverables and deposit receivables			0						5						5,171						5,176						5,176
Other assets			43						3,059						0						3,102						3,102
Total assets			$	9,852					$	6,910					$	70,821					$	87,583					$	90,717
Liabilities:
Policyholders’ account balances—investment contracts			$	0					$	31,089					$	37,794					$	68,883					$	72,604
Securities sold under agreements to repurchase			0						6,056						0						6,056						6,056
Cash collateral for loaned securities			0						6,477						0						6,477						6,477
Reinsurance and funds withheld payables(2)			0						9,553						(23)						9,530						9,530
Short-term debt(3)			0						535						83						618						618
Long-term debt(4)			564						16,938						766						18,268						18,882
Notes issued by consolidated VIEs			0						0						596						596						596
Other liabilities			0						6,950						32						6,982						6,982
Separate account liabilities—investment contracts			0						24,050						21,315						45,365						45,365
Total liabilities			$	564					$	101,648					$	60,563					$	162,775					$	167,110

__________ 

(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,963 million (carrying value of $7,963 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of March 31, 2024 and December 31, 2023. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.

(3)Excludes debt with fair value of $2,010 million (carrying amount of $2,000 million) and $2,000 million (carrying amount of $2,000 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement.

(4)Excludes debt with fair value of $11,582 million (carrying amount of $11,582 million) and $10,370 million (carrying amount of $10,370 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

7. DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED

Deferred Policy Acquisition Costs (“DAC”)

The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:

			Three Months Ended March 31, 2024
			Retirement Strategies						Individual Life												International Businesses												Total
			Individual Variable						Term Life						Variable/ Universal Life						Life Planner						Gibraltar Life and Other
			(in millions)
Balance, BOP			$	3,676					$	2,237					$	5,364					$	4,909					$	4,442					$	20,628
Capitalization			85						44						151						155						138						573
Amortization expense			(94)						(52)						(61)						(83)						(81)						(371)
Other adjustments(1)			0						(2)						(285)						5						0						(282)
Foreign currency adjustment			0						0						0						(138)						(94)						(232)
Balance, EOP			$	3,667					$	2,227					$	5,169					$	4,848					$	4,405					20,316
Other businesses																																	297
Total DAC balance																																	$	20,613

__________

(1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.

			Three Months Ended March 31, 2023
			Retirement Strategies						Individual Life												International Businesses												Total
			Individual Variable						Term Life						Variable/ Universal Life						Life Planner						Gibraltar Life and Other
			(in millions)
Balance, BOP			$	4,171					$	2,288					$	5,000					$	4,710					$	4,231					$	20,400
Capitalization			59						33						142						159						155						548
Amortization expense			(98)						(53)						(60)						(81)						(75)						(367)
Other adjustments			0						0						0						5						0						5
Foreign currency adjustment			0						0						0						2						(13)						(11)
Balance, EOP			$	4,132					$	2,268					$	5,082					$	4,795					$	4,298					20,575
Other businesses																																	166
Total DAC balance																																	$	20,741

.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Deferred Sales Inducements (“DSI”)

The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:

			Three Months Ended March 31,
			2024						2023
			(in millions)
Balance, BOP			$	410					$	446
Capitalization			2						2
Amortization expense			(9)						(10)
Balance, EOP			403						438
Other businesses			31						34
Total DSI balance			$	434					$	472

Value of Business Acquired (“VOBA”)

The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:

			Three Months Ended March 31,
			2024						2023
			(in millions)
Balance, BOP			$	511					$	597
Amortization expense			(11)						(14)
Foreign currency adjustment			(33)						(5)
Balance, EOP			467						578
Other businesses			17						23
Total VOBA balance			$	484					$	601

The following table provides VOBA balances for the applicable businesses for the period ended March 31:

			2024
			(in millions)
Gibraltar Life			$	467
Aoba Life			17
Total			$	484

The following table provides estimated future amortization for the periods indicated:

			2024 (April-December)						2025						2026						2027						2028						Thereafter						Total
			(in millions)
Estimated future VOBA amortization			$	33					$	40					$	37					$	33					$	30					$	311					$	484

8. SEPARATE ACCOUNTS

 

The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within future policy benefits or market risk benefits. Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net.”

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

			March 31, 2024						December 31, 2023
			(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	4,169					$	4,411
Obligations of U.S. states and their political subdivisions			2,152						2,116
Foreign government bonds			108						101
U.S. corporate securities			12,566						12,782
Foreign corporate securities			3,201						3,288
Asset-backed securities			1,256						1,211
Mortgage-backed securities			14,156						14,253
Mutual funds:
Equity			92,751						88,397
Fixed Income			35,762						37,065
Other			5,919						5,587
Equity securities			4,651						5,410
Commercial mortgage and other loans			64						67
Other invested assets			19,679						20,739
Short-term investments			1,443						1,202
Cash and cash equivalents			2,187						2,259
Total			$	200,064					$	198,888

For the periods ended March 31, 2024 and December 31, 2023, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

			Three Months Ended March 31, 2024
									Retirement Strategies
			PGIM						Institutional						Individual						Group Insurance						Individual Life						Total
			(in millions)
Balance, BOP			$	32,648					$	11,011					$	94,130					$	25,021					$	39,223					$	202,033
Deposits			8,411						51						151						160						752						9,525
Investment performance			(537)						(60)						4,308						265						3,155						7,131
Policy charges			(18)						(2)						(563)						(31)						(280)						(894)
Surrenders and withdrawals			(8,270)						(716)						(3,354)						(8)						(240)						(12,588)
Benefit payments			(858)						(137)						(20)						(56)						(116)						(1,187)
Net transfers (to) from general account			(35)						(24)						6						0						(123)						(176)
Other			(456)						(49)						1						(137)						48						(593)
Balance, EOP			$	30,885					$	10,074					$	94,659					$	25,214					$	42,419					$	203,251
Other businesses(1)																																	(3,187)
Total separate account liabilities																																	$	200,064
Cash surrender value(2)			$	30,885					$	10,074					$	93,526					$	25,157					$	38,958					$	198,600

__________

(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.

(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

			Three Months Ended March 31, 2023
									Retirement Strategies
			PGIM						Institutional						Individual						Group Insurance						Individual Life						Total
			(in millions)
Balance, BOP			$	40,056					$	11,428					$	93,395					$	23,513					$	32,930					$	201,322
Deposits			1,279						51						94						6						667						2,097
Investment performance			174						454						4,627						702						1,938						7,895
Policy charges			(21)						(3)						(594)						(42)						(262)						(922)
Surrenders and withdrawals			(1,012)						(45)						(2,285)						(2)						(178)						(3,522)
Benefit payments			(857)						(137)						(23)						(77)						(97)						(1,191)
Net transfers (to) from general account			(168)						(14)						(11)						0						(67)						(260)
Other			(190)						128						3						561						20						522
Balance, EOP			$	39,261					$	11,862					$	95,206					$	24,661					$	34,951					205,941
Other businesses(1)																																	(3,647)
Total separate account liabilities																																	$	202,294
Cash surrender value(2)			$	39,261					$	11,862					$	93,618					$	24,542					$	31,955					$	201,238

__________

(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.

(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

9. LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

•Benefit Reserves;

•Deferred Profit Liability (“DPL”); and

•Additional Insurance Reserves (“AIR”)

Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

			Three Months Ended March 31, 2024
			Present Value of Expected Net Premiums
			Retirement Strategies						Individual Life						International Businesses												Corporate and Other
			Institutional						Term Life						Life Planner						Gibraltar Life and Other						Long-Term Care						Total
			(in millions)
Balance, BOP			$	71,407					$	11,274					$	29,064					$	26,367					$	3,286					$	141,398
Effect of cumulative changes in discount rate assumptions, BOP			11,869						228						596						622						16						13,331
Balance at original discount rate, BOP			83,276						11,502						29,660						26,989						3,302						154,729
Effect of actual variances from expected experience and other activity			176						(57)						(352)						(191)						49						(375)
Adjusted balance, BOP			83,452						11,445						29,308						26,798						3,351						154,354
Issuances			8,799						199						671						285						0						9,954
Net premiums / considerations collected			(10,124)						(345)						(1,091)						(938)						(86)						(12,584)
Interest accrual			708						134						218						182						40						1,282
Foreign currency adjustment			(875)						0						(981)						(863)						0						(2,719)
Other adjustments			0						(1)						40						(1)						0						38
Balance at original discount rate, EOP			81,960						11,432						28,165						25,463						3,305						150,325
Effect of cumulative changes in discount rate assumptions, EOP			(13,442)						(443)						(881)						(856)						(87)						(15,709)
Balance, EOP			$	68,518					$	10,989					$	27,284					$	24,607					$	3,218					$	134,616
Other businesses, EOP																																	88
Total balance, EOP																																	$	134,704

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended March 31, 2024
			Present Value of Expected Future Policy Benefits
			Retirement Strategies						Individual Life						International Businesses												Corporate and Other
			Institutional						Term Life						Life Planner						Gibraltar Life and Other						Long-Term Care						Total
			(in millions)
Balance, BOP			$	141,135					$	19,852					$	79,822					$	79,036					$	12,139					$	331,984
Effect of cumulative changes in discount rate assumptions, BOP			14,751						334						563						7,355						603						23,606
Balance at original discount rate, BOP			155,886						20,186						80,385						86,391						12,742						355,590
Effect of actual variances from expected experience and other activity			162						(65)						(359)						(180)						42						(400)
Adjusted balance, BOP			156,048						20,121						80,026						86,211						12,784						355,190
Issuances			8,799						199						671						285						0						9,954
Interest accrual			1,493						237						648						552						153						3,083
Benefit payments			(3,114)						(404)						(1,228)						(1,349)						(77)						(6,172)
Foreign currency adjustment			(886)						0						(2,825)						(3,152)						0						(6,863)
Other adjustments			(48)						(4)						94						(3)						0						39
Balance at original discount rate, EOP			162,292						20,149						77,386						82,544						12,860						355,231
Effect of cumulative changes in discount rate assumptions, EOP			(17,715)						(769)						(2,347)						(8,578)						(1,033)						(30,442)
Balance, EOP			$	144,577					$	19,380					$	75,039					$	73,966					$	11,827					$	324,789
Other businesses, EOP																																	1,701
Total balance, EOP																																	$	326,490

			Three Months Ended March 31, 2024
			Net Liability for Future Policy Benefits - Benefit Reserves
			Retirement Strategies						Individual Life						International Businesses												Corporate and Other
			Institutional						Term Life						Life Planner						Gibraltar Life and Other						Long-Term Care						Total
			(in millions)
Balance, EOP, pre-flooring			$	76,060					$	8,391					$	47,755					$	49,360					$	8,608					$	190,174
Flooring impact, EOP			56						0						19						7						0						82
Balance, EOP, post-flooring			76,116						8,391						47,774						49,367						8,608						190,256
Less: Reinsurance recoverables			5,340						690						98						285						0						6,413
Balance after reinsurance recoverables, EOP, post-flooring			$	70,776					$	7,701					$	47,676					$	49,082					$	8,608					$	183,843
Other businesses, EOP(1)																																	1,547
Total balance after reinsurance recoverables, EOP																																	$	185,390

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PRUDENTIAL FINANCIAL, INC.

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended March 31, 2023
			Present Value of Expected Net Premiums
			Retirement Strategies						Individual Life						International Businesses												Corporate and Other
			Institutional						Term Life						Life Planner						Gibraltar Life and Other						Long-Term Care						Total
			(in millions)
Balance, BOP			$	52,620					$	11,282					$	30,689					$	28,951					$	2,932					$	126,474
Effect of cumulative changes in discount rate assumptions, BOP			14,349						572						1,354						1,326						103						17,704
Balance at original discount rate, BOP			66,969						11,854						32,043						30,277						3,035						144,178
Effect of actual variances from expected experience and other activity			141						(17)						(193)						(159)						45						(183)
Adjusted balance, BOP			67,110						11,837						31,850						30,118						3,080						143,995
Issuances			2,932						143						647						443						0						4,165
Net premiums / considerations collected			(3,637)						(353)						(1,178)						(1,079)						(77)						(6,324)
Interest accrual			517						136						230						204						37						1,124
Foreign currency adjustment			1,867						0						(31)						(120)						0						1,716
Other adjustments			0						(4)						40						1						0						37
Balance at original discount rate, EOP			68,789						11,759						31,558						29,567						3,040						144,713
Effect of cumulative changes in discount rate assumptions, EOP			(13,465)						(321)						(618)						(611)						(30)						(15,045)
Balance, EOP			$	55,324					$	11,438					$	30,940					$	28,956					$	3,010					$	129,668
Other businesses, EOP																																	92
Total balance, EOP																																	$	129,760

			Three Months Ended March 31, 2023
			Present Value of Expected Future Policy Benefits
			Retirement Strategies						Individual Life						International Businesses												Corporate and Other
			Institutional						Term Life						Life Planner						Gibraltar Life and Other						Long-Term Care						Total
			(in millions)
Balance, BOP			$	117,754					$	19,288					$	78,639					$	80,331					$	10,685					$