Prudential(PRU) - 2024 Q4 - Annual Results

Financial Performance - Adjusted operating income before income taxes for PGIM increased by 14% year-over-year to $241 million in Q3 2024[9]. - U.S. Businesses reported a 3% increase in adjusted operating income before income taxes, reaching $1,040 million in Q3 2024[9]. - International Businesses experienced a 3% decrease in adjusted operating income before income taxes, totaling $766 million in Q3 2024[9]. - Total adjusted operating income before income taxes for Q3 2024 was $1,560 million, a 4% increase compared to the same quarter last year[9]. - After-tax adjusted operating income for Q3 2024 was $1,208 million, reflecting a 2% increase year-to-date[9]. - Net income attributable to Prudential Financial, Inc. for Q3 2024 was $448 million, a significant increase of 138% compared to the same quarter last year[9]. - Return on Average Equity based on net income for Q3 2024 was 6.1%, compared to 19.6% in Q4 2023[9]. - Dividends paid in Q3 2024 amounted to $471 million, a 2% increase year-to-date[9]. - Total revenues for Q3 2024 reached $19,489 million, a 46% increase compared to $13,849 million in Q2 2024[22]. - Total revenues for Q3 2024 were $4,417 million, a decrease of 5% compared to Q3 2023[67]. Revenue and Premiums - Premiums collected in Q3 2024 amounted to $12,527 million, reflecting an 85% increase from $7,277 million in Q2 2024[22]. - Total revenues for U.S. businesses in Q3 2024 were $13.98 billion, an 86% increase compared to $7.48 billion in Q4 2023[39]. - Premiums for U.S. businesses surged to $9.69 billion in Q3 2024, a 190% increase compared to $3.51 billion in Q4 2023[39]. - Total revenues for Individual Retirement Strategies reached $1,318 million in Q3 2024, marking a 12% increase from $1,157 million in Q3 2023[47]. - Total revenues for the Group Insurance segment in Q3 2024 were $1,643 million, a 3% increase compared to $1,586 million in Q2 2024[55]. Investment Income - Net investment income for Q3 2024 was $4,436 million, up 12% from $4,218 million in Q2 2024[22]. - Net investment income rose significantly by 43% year-over-year to $1,505 million in Q3 2024, compared to $1,055 million in Q3 2023[47]. - Total investment income for Q3 2024 was $4,436 million, a decrease of 13.5% from $3,892 million in Q3 2023[89]. - Net investment income for the nine months ended September 30, 2024, was $14,668 million, compared to $13,367 million for the same period in 2023, reflecting a 9.7% increase[105]. Assets and Liabilities - Total assets under management and administration increased to $1,747.7 billion in Q3 2024, compared to $1,665.9 billion in Q2 2024[20]. - Total assets increased to $760,294 million as of September 30, 2024, up from $721,123 million at the end of 2023, representing a growth of 5.4%[24]. - Total liabilities increased to $727,719 million, up from $691,336 million at the end of 2023, representing a rise of 5.3%[26]. - Total debt as of September 30, 2024, is $20,026 million, an increase from $19,500 million as of December 31, 2023, representing a growth of 2.7%[28]. Expenses - Total benefits and expenses for Q3 2024 were $17,929 million, a 52% increase from $12,289 million in Q2 2024[22]. - General and administrative expenses for Q3 2024 were $749 million, an 8% increase from $731 million in Q2 2024[31]. - General and administrative expenses for U.S. businesses were $1.34 billion in Q3 2024, reflecting a 15% increase from $1.34 billion in Q2 2024[39]. - General and administrative expenses for the nine months ended September 30, 2024, were $10,426 million, compared to $9,783 million in 2023, reflecting a rise of 6.6%[105]. Market and Product Development - The company is focusing on market expansion and new product development to drive future growth, although specific figures were not disclosed in the call[109]. - The company continues to focus on market expansion and new product development to enhance revenue streams[121]. Ratings and Stock Information - Prudential Financial, Inc. maintains strong credit ratings with long-term senior debt rated A by Standard & Poor's and Aa3 by Moody's[156]. - The Prudential Insurance Company of America holds an A+ rating from A.M. Best and AA rating from Fitch[156]. - Prudential Financial's common stock is traded on the New York Stock Exchange under the symbol PRU[157].