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 September 30, 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 ...

For the quarter ended September 2024, Prudential (PRU) reported revenue of $19.48 billion, up 92.4% over the same period last year. EPS came in at $3.48, compared to $3.44 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $14.57 billion, representing a surprise of +33.71%. The company delivered an EPS surprise of +0.29%, with the consensus EPS estimate being $3.47.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ho ...

Prudential (PRU) came out with quarterly earnings of $3.48 per share, beating the Zacks Consensus Estimate of $3.47 per share. This compares to earnings of $3.44 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.29%. A quarter ago, it was expected that this financial services company would post earnings of $3.43 per share when it actually produced earnings of $3.39, delivering a surprise of -1.17%.Over the last four quarters, ...

Table of Contents Exhibit 99.2 Prudential Financial, Inc. (PRU) Quarterly Financial Supplement Third Quarter 2024 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------| | | | | | | | Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securiti ...

Wall Street analysts expect Prudential (PRU) to post quarterly earnings of $3.47 per share in its upcoming report, which indicates a year-over-year increase of 0.9%. Revenues are expected to be $14.57 billion, up 43.9% from the year-ago quarter.The consensus EPS estimate for the quarter has undergone an upward revision of 0.7% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to a ...

Prudential Financial Inc. (PRU) closed at $121.10 on Monday, near its 52-week high of $128.53. This proximity underscores investor confidence. It has the ingredients for further price appreciation. The stock is trading above the 50-day and 200-day simple moving averages (SMA) of $117.29 and $113.28, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.Shares of this multi-line insurer have gained 16.8% ...

Buying this stock truly is getting "a piece of the rock."For years, the top advertising slogan for Prudential Financial (PRU 0.36%) was "Get a piece of the rock." The global financial services and investment management company still uses the iconic image of the Rock of Gibraltar in its logo.I just got a piece of the rock. Instead of buying insurance or another financial product from Prudential, though, I invested in the company. Here's why I just loaded up on this dirt cheap, high-yield dividend stock.1. It ...

Prudential Financial, Inc. (NYSE:PRU) KBW Insurance Conference September 4, 2024 10:50 AM ET Company Participants Charlie Lowrey - Chairman and CEO Conference Call Participants Ryan Krueger - Managing Director, KBW Ryan Krueger All right. Good morning, everyone. I'm Ryan Krueger, the Life Insurance Analyst at KBW. Really pleased to be joined today with Charlie -- by Charlie Lowrey, the Chairman and CEO of Prudential. Charlie Lowrey Thank you for having me. Question-and-Answer Session Q - Ryan Krueger So to ...

Financial Performance - For Q2 2024, net income attributable to Prudential Financial, Inc. increased by $687 million to $1,198 million compared to Q2 2023[455]. - For the first six months of 2024, net income attributable to Prudential Financial, Inc. rose by $363 million to $2,336 million compared to the same period in 2023[456]. - Adjusted operating income for U.S. Businesses in Q2 2024 was $1,070 million, up from $956 million in Q2 2023, reflecting a favorable impact from annual reviews and updates of assumptions[464]. - The Retirement Strategies segment reported adjusted operating income of $1,036 million in Q2 2024, compared to $876 million in Q2 2023, driven by higher net investment spread results[468]. - The International Businesses segment's adjusted operating income decreased to $702 million in Q2 2024 from $784 million in Q2 2023, impacted by unfavorable foreign currency exchange rates[472]. - Realized investment gains for Q2 2024 were $128 million, a significant recovery from a loss of $757 million in Q2 2023[464]. - The company reported a net loss of $9.5 billion in total third-party flows for the three months ended June 30, 2024[524]. - Total revenues for PGIM reached $5,287 million in Q2 2024, compared to $3,856 million in Q2 2023, indicating a growth of 37.1%[537]. - Adjusted operating income for Q2 2024 was $206 million, up from $179 million in Q2 2023, reflecting a 15.1% increase[511]. Assets and Liabilities - Prudential Financial has approximately $1.482 trillion in assets under management as of June 30, 2024[427]. - The U.S. operations, excluding the Closed Block Division, have insurance liabilities and policyholder account balances totaling $217 billion as of June 30, 2024[442]. - Prudential's Japanese operations have insurance liabilities and policyholder account balances amounting to $148 billion as of June 30, 2024[450]. - The general account supporting U.S. Businesses has approximately $200 billion in fixed maturity securities and commercial mortgage loans, with an average portfolio yield of about 4.8%[440]. - The general account for Japanese operations includes approximately $140 billion in fixed maturity securities and commercial mortgage loans, with an average portfolio yield of around 2.9%[448]. - The company’s Japanese operations held $80.5 billion in USD-denominated assets supporting USD-denominated liabilities as of June 30, 2024[483]. Investment and Capital Management - Prudential made an initial equity investment of approximately $200 million for a 20% interest in Prismic Life Holding Company LP, which reinsures about $9 billion of reserves related to structured settlement annuities[431]. - The company anticipates annual principal payments and prepayments requiring reinvestment to be approximately 7.5% of the fixed maturity security and commercial mortgage loan portfolios through 2025 for U.S. operations[440]. - The company completed a reinsurance agreement for approximately $10 billion of account values in May 2023, enhancing its risk management strategy[536]. - The company entered into a reinsurance agreement with AuguStar for approximately $10 billion of account values of traditional variable annuity contracts with guaranteed living benefits[565]. - The company implemented a yen hedging strategy to mitigate equity volatility from foreign currency exchange rate movements[481]. Market and Economic Conditions - The company increased its long-term expectation for the 10-year U.S. Treasury rate and 10-year Japanese Government Bond yield by 25 basis points to 3.50% and 1.25%, respectively[503]. - The change in value of market risk benefits resulted in a $297 million unfavorable variance in Q2 2024 compared to a $16 million gain in Q2 2023[464]. - The impact of intercompany arrangements resulted in a net detriment of $6 million to consolidated revenues and adjusted operating income for the three months ended June 30, 2024[491]. Business Segments and Operations - Adjusted operating income for U.S. Businesses rose to $1,070 million in Q2 2024, compared to $956 million in Q2 2023, marking an increase of 11.9%[532]. - Revenues from Institutional Retirement Strategies surged to $4,041 million in Q2 2024, up from $2,737 million in Q2 2023, reflecting a 47.8% increase[537]. - Total Institutional Retirement Strategies ending net account value increased to $264,999 million as of June 30, 2024, compared to $258,533 million in 2023, reflecting a growth of 2.9%[552]. - Individual Retirement Strategies net account values rose to $123,899 million as of June 30, 2024, up from $114,713 million in 2023, marking an increase of 8.5%[558]. - The company reported a total of $4,011 million in additions to Institutional Retirement Strategies for the three months ended June 30, 2024, down from $5,686 million in 2023[552]. - The company reported a decrease in policyholders' benefits due to a decline in business in force, particularly in Japan, which was partially offset by growth in Brazil[612]. Sales and Premiums - Annualized new business premiums for the Individual Life, Group Insurance, and International Businesses segments are analyzed, reflecting current sales performance rather than revenues under U.S. GAAP[476]. - The total annualized new business premiums for the three months ended June 30, 2024, decreased by $11 million to $46 million, primarily due to lower sales in group disability and group life businesses[587]. - The total annualized new business premiums for the six months ended June 30, 2024, increased by $48 million to $424 million, driven by higher sales in group disability and group life businesses[588]. - Sales of Individual Retirement Strategies products for the three months ended June 30, 2024, reached $3,486 million, compared to $1,901 million in the same period of 2023, representing an increase of 83.5%[558]. - Total annualized new business premiums for Life Planner on a constant exchange rate basis increased to $257 million in Q2 2024 from $235 million in Q2 2023, reflecting a growth of 9.36%[619]. Expenses and Costs - Total expenses for Q2 2024 were $757 million, up from $670 million in Q2 2023, marking a 12.9% increase[509]. - Benefits and expenses for Institutional Retirement Strategies increased by $1,182 million in Q2 2024, primarily due to higher policyholders' benefits related to increased premiums[543]. - The benefits and expenses for the six months ended June 30, 2024, increased by $56 million, primarily due to higher general and administrative expenses and less favorable claims experience[585]. - The Group Insurance total benefits ratio for the three months ended June 30, 2024, was 78.7%, an improvement from 82.1% in the same period of 2023[577]. - Adjusted operating income for the second quarter of 2024 was $(87) million, a decrease of $28 million from $(59) million in 2023, primarily due to unfavorable impacts related to policyholder behavior assumptions[591].

Prudential (PRU) reported $13.84 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 9.5%. EPS of $3.39 for the same period compares to $2.94 a year ago.The reported revenue represents a surprise of +0.41% over the Zacks Consensus Estimate of $13.78 billion. With the consensus EPS estimate being $3.43, the EPS surprise was -1.17%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...