PRU
Updated: 23/09/2026, 11:32:16
Prudential Financial, Inc., together with its subsidiaries, provides financial products and services in the United States, Japan and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments. The PGIM segment offers investment management services and solutions related to public fixed income, public equity, real estate debt and equity, private credit and other alternatives, and multi-asset class strategies to institutional and retail clients, as well as its insurance and retirement businesses. The Retirement Strategies segment provides a range of retirement investment, and income products and services to retirement plan sponsors in the public, private, and not-for-profit sectors; group annuities and other products; international reinsurance; investment only products; and FlexGuard suite, Fixed annuities, and variable annuities, as well as develops and distributes individual variable and fixed annuity products. The Group Insurance segment offers various group life, and long-term and short-term group disability, as well as group corporate-, bank-, and trust-owned life insurance; and supplemental health solutions including accident, critical illness, and hospital indemnity. The Individual Life segment develops and distributes variable life, universal life, and term life insurance products. The International Businesses segment develops and distributes life insurance, retirement products, investment products, and certain accident and health products. The company provides its products and services to individual and institutional customers through its proprietary and third-party distribution networks, financial professionals, and trusted partnerships. Prudential Financial, Inc. was founded in 1875 and is headquartered in Newark, New Jersey.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$3.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Company overview
Global financial services leader and active global investment manager with approximately $1.609 trillion AUM as of December 31, 2025; operations in the US, Asia, Europe and Latin America; NYSE: PRU.
“a global financial services leader and premier active global investment manager with approximately $1.609 trillion of assets under management as of December 31, 2025, has operations in the United States, Asia, Europe and Latin America”
Company overview and geographies
Operations primarily in the U.S., Asia, Europe and Latin America; offers life insurance, annuities, retirement solutions, mutual funds and investment management to individual and institutional customers through one of the largest distribution networks in the financial services industry
“Our operations are primarily in the United States of America ("U.S."), Asia, Europe and Latin America. Through our subsidiaries and affiliates, we offer a wide array of financial products and services, including life insurance, annuities, retirement solutions, mutual funds and investment management.”
Closed Block division
Closed Block: run-off participating individual life/annuity block under Plan of Reorganization, NJ DOBI consent needed for risk transfer
“The liabilities for our individual in-force participating products were segregated, together with assets to be used exclusively for the payment of benefits and policyholder dividends, expenses and taxes with respect to these products, in the Closed Block.”
Principal operating segments
Principal operations: PGIM, U.S. Businesses (Retirement Strategies, Group Insurance, Individual Life), International Businesses, Closed Block division, and Corporate and Other (including Divested and Run-off Businesses).
“Our principal operations consist of PGIM (our global investment management business), our U.S. Businesses (consisting of our Retirement Strategies, Group Insurance and Individual Life businesses), our International Businesses, the Closed Block division and our Corporate and Other operations.”
Reportable segments and structure
PGIM; U.S. Businesses (Retirement Strategies, Group Insurance, Individual Life); International Businesses (single segment from Q1 2025, previously Life Planner and Gibraltar Life and Other); Closed Block division; Corporate and Other
“Effective in the first quarter of 2025, consistent with changes to the Company's internal management structure, our International Businesses are reflected as a single operating and reportable segment”
Disclosed operating units
PGIM, Group Insurance, Individual Life, International Businesses, Corporate & Other, Closed Block division
“PGIMHigher compensation expense(1)Lower compensation expenseLower compensation expense Lower compensation expense Group InsuranceLowest underwriting gainsHigher underwriting gainsHigher underwriting gains”
Individual Retirement Strategies target customers
Individual Retirement Strategies targets mass affluent (>$100,000 investable assets/income) and affluent (>$250,000 investable assets) US customers.
“primarily to mass affluent (households with investable assets or annual income in excess of $100,000) and affluent (households with investable assets in excess of $250,000) customers”
PGIM distribution channels
PGIM distributes via Institutional Client Group and Retail/Financial Intermediary channels (mutual funds, closed-end funds, ETFs, separately managed accounts, UCITS), plus management of the company's general account.
“Retail and Financial Intermediary Distribution offers actively managed investment solutions, including mutual funds, listed and unlisted closed-end funds, exchange-traded funds (“ETFs”), and separately managed accounts”
Product distribution via captive and third-party distributors
Products sold primarily through captive/affiliated distributors (commission-based) and third-party distributing firms that are rarely exclusive and may market competitors' products
“Our products are sold primarily through captive/affiliated distributors and third-party distributing firms. Our captive/affiliated distributors are made up of sales personnel who are generally compensated based on commissions.”
Institutional Retirement Strategies products
Institutional Retirement Strategies: pension risk transfer group annuities, GICs/funding agreements, structured settlements, longevity reinsurance (primarily UK), and investment-only stable value wraps.
“Pension risk transfers, which include non-participating group annuity insurance and reinsurance contracts issued to pension plan sponsors and intermediaries”
PGIM investment asset classes
PGIM offers public fixed income, private credit and alternatives (direct lending, mezzanine, secondaries), public equity, real estate, and multi-asset solutions to institutional, retail and affiliated insurance clients.
“Public Fixed IncomeGlobal active asset management capabilities across public fixed income markets that offer liquidity and risk management for investors.”
Individual Retirement Strategies products
Individual Retirement products: FlexGuard indexed-variable annuities with downside protection, single-premium fixed annuities, and variable annuities; traditional variable annuity sales discontinued in 2020.
“Sales of our traditional variable annuities were discontinued in 2020.”
PGIM revenue model
PGIM revenues primarily from asset management fees based on AUM, plus performance-based incentive fees, commercial mortgage origination/servicing, transaction fees, and returns on seed/co-investments.
“Our revenues primarily come in the form of asset management fees, which are typically calculated based upon a percentage of assets under management.”
Prismic Life Reinsurance ownership
Co-launched Prismic Life Reinsurance (Bermuda) in September 2023 with Warburg Pincus and institutional investors; PFI owns ~20% of Prismic Life Holding Company LP through Corporate and Other.
“we, together with Warburg Pincus and a group of institutional investors, launched Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company”
Prismic Re joint venture with Warburg Pincus
In September 2023, launched Prismic Life Reinsurance, Ltd. with Warburg Pincus; own ~20% equity interest in Prismic Life Holding Company LP (Bermuda), which owns Prismic Re and Prismic Re International; increased reinsurance capacity
“In September 2023, we, together with Warburg Pincus and a group of institutional investors, launched Prismic Life Reinsurance, Ltd. ("Prismic Re"), a licensed Bermuda-based life and annuity reinsurance company.”
PGIM competitive factors
PGIM competes with numerous asset managers on investment performance, talent, client relationships; private credit and commercial real estate lending compete on price, terms, execution, and borrower relationships.
“Our private credit and commercial real estate lending businesses compete based on price, terms, execution, and the strength of our relationship with the borrower.”
Transformation to higher growth, more capital efficient company
Focused on transforming market-leading businesses to become a higher growth, more capital efficient company; investing in growth businesses and markets worldwide
“We are focused on evolving our strategy to transform our market-leading businesses to become a higher growth, more capital efficient company.”
Mutually-reinforcing business system as competitive advantage
Mutually-reinforcing business system provides competitive advantages, earnings diversification and capital benefits from a balanced risk profile; mix of protection, retirement and investment management businesses
“Management expects that results will continue to benefit from our mutually-reinforcing business system, which includes a mix of businesses that complement each other to provide competitive advantages, earnings diversification and capital benefits from a balanced risk profile.”
PGIM outlook
PGIM focused on strong investment performance, centralizing distribution, unifying asset management capabilities, broadening market share via acquisitions and organic initiatives including serving third-party reinsurers
“We are currently centralizing our distribution channels and unifying our asset management capabilities to better serve our clients and support sustainable growth.”
Retirement Strategies outlook
Institutional Retirement expects differentiated capabilities to drive momentum in pension risk transfer and international reinsurance markets, though growth episodic; Individual Retirement executing pivot replacing run-off of legacy variable annuities
“We expect our differentiated capabilities and execution to drive our business momentum in the pension risk transfer and international reinsurance markets; however, we expect that growth will not be linear due to the episodic nature of these transactions.”
Suspension of new sales at Prudential of Japan
In February 2026, voluntarily suspended new sales activity at Prudential of Japan for a 90-day period commencing February 9, 2026, following an internal investigation into employee misconduct in Japan
“we voluntarily suspended new sales activity at Prudential of Japan for a 90-day period, commencing February 9, 2026”
Prudential plc / M&G plc name agreement
'Prudential'/'Pru' name rights shared with Prudential plc and M&G plc; restricted outside the Americas
“The agreement restricts use of the “Prudential” and “Pru” names and marks in a number of countries outside the Americas, including Europe, Africa and most parts of Asia.”
Intellectual property
Trademarks: 'Prudential', Prudential logo, 'Rock' symbol, 'PGIM'; patents and trade secrets
“We also use numerous federal, state, common law and foreign service marks, including in particular “Prudential,” the “Prudential logo,” our “Rock” symbol and “PGIM.””
State insurance regulation: dividends, RBC, investment restrictions
Subsidiary dividend restrictions, RBC requirements, investment and surplus restrictions
“State insurance laws generally limit the dividends and distributions an insurance subsidiary can pay its parent and restrict dealings with affiliates.”
Comprehensive insurance regulation; NJDOBI group-wide supervisor
NJDOBI is group-wide supervisor; IAIG framework; NAIC group capital calculation
“The New Jersey Department of Banking and Insurance (“NJDOBI”) acts as the group-wide supervisor of Prudential Financial pursuant to New Jersey legislation that authorizes group-wide supervision of internationally active insurance groups (“IAIGs”).”
ERISA and fiduciary standard-of-care rules
ERISA/QPAM dependence; DOL fiduciary rule, SEC Reg BI, NAIC and Japan FSA standards of care
“Loss of QPAM status or disqualification under other applicable exemptions—due to criminal convictions or non-prosecution or deferred prosecution agreements—could negatively affect our investment management and Prudential Advisors business.”
Cybersecurity and information security risk
Cyber-attacks including ransomware are on the rise; nation-state actors tied to conflicts in Europe and the Middle East may launch retaliatory cyber-attacks; company has experienced cybersecurity events compromising personal and sensitive health information
“We have experienced cybersecurity events resulting in, among other things, the compromise of personal and confidential information, including sensitive health information, of our employees, customers and other stakeholders.”
Mortality risk (calamity, trend, base)
Mortality calamity/trend/base risks; longevity products hurt by higher improvement, life insurance by lower improvement
“Mortality calamity is the risk that mortality rates in a single year deviate adversely from our expectations as the result of drivers such as pandemics, natural or man-made disasters, military actions or terrorism.”
Morbidity and policyholder behavior risk
Morbidity exposure via disability/LTC (US) and accident & health (Japan); lapse calamity on ratings downgrade
“We are exposed to morbidity incidence risk primarily through short-term disability, long-term disability and long-term care products in the U.S., and through accident and health products in Japan.”
Counterparty risk including reinsurance recapture
Counterparty exposure via derivatives, reinsurance, securities lending/repurchase; reinsurance recapture risk in asset-intensive deals
“bespoke transactions (e.g., strategic and asset intensive reinsurance) entail less liquid investments and are typically difficult to hedge, possibly requiring us to recapture liabilities and reestablish or strengthen reserves and capital”
Investment risk
General account exposed to credit, equity, counterparty and illiquidity risk across fixed income, mortgages, structured finance and alternatives
“We are exposed to investment risk through our investments, which primarily consist of public and private fixed maturity securities, commercial mortgage and other loans, structured finance, equity securities and alternative assets including private equity, hedge funds and real estate.”
Core insurance and market risks
Key risks: counterparty/credit losses, insurance experience deviations, interest rate/equity/FX movements, market-sensitive guarantees, liquidity needs (derivative collateral, mismatches, lapse/mortality events), cyber/data security, regulatory change, ratings downgrades, competition.
“(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”
AI-related operational, regulatory and competitive risks
Development and adoption of AI including generative and agentic AI increases operational risks; risks include deepfakes, fraud, misinformation, privacy violations, cyber threats; AI deployment depends on third-party processing hardware and network capacity whose availability/pricing the company cannot control
“our ability to continue to develop and efficiently deploy AI technologies depends on access to specific third-party equipment and other physical infrastructure, such as processing hardware and network capacity, as to which we cannot control the availability or pricing”
Third-party outsourcing and vendor risk
Business model relies heavily on third parties to deliver contracted services; use of non-U.S. vendors exposes to business disruptions and political risks; limited control over minority-interest investments and constrained joint-venture remedies
“We use affiliates and third-party vendors located outside the U.S. to provide certain services and functions, which also exposes us to business disruptions and political risks as a result of risks inherent in conducting business outside of the United States.”
Japan employee misconduct investigation
Ongoing uncertainty regarding the investigation into and remediation of employee misconduct in Japan (International Businesses segment).
“(16) uncertainty regarding the outcome and consequences of the investigation into and remediation of employee misconduct in Japan”
Cyber insurance may be inadequate
Cyber insurance liabilities may not be covered or fully covered; insurance coverage may increase in cost or cease to be available on commercially reasonable terms
“our insurance coverage with respect to cyber incidents may increase in cost or cease to be available on commercially reasonable terms, or at all, in the future”
Integrated risk management framework and strategic risks
Risk categories: investment, insurance, market, liquidity, operational, model, strategic
“The Company’s risks include investment, insurance, market, liquidity, operational, and model risk as well as strategic risks that may cause the Company’s core business model to change”
Tariff and trade exposure
Forward-looking risk: economic conditions and impacts caused by the imposition of tariffs and retaliatory actions.
“(15) the economic conditions, and impacts on the Company thereof, caused by the imposition of tariffs and retaliatory actions”
PFI's entire operations (insurance, annuities, retirement, investment management) sit in financial services; PGIM revenue depends on AUM-based fees.
“Our revenues primarily come in the form of asset management fees, which are typically calculated based upon a percentage of assets under management.”
PGIM profitability is substantially impacted by macro market movements including interest rates, credit spreads and equity market performance; rate changes also affect product profitability and hedging collateral.
“Our profitability is substantially impacted by macro market movements (e.g., interest rates, credit spreads, and equity market performance)”
NJDOBI is the group-wide supervisor; consent needed to transfer Closed Block risks; dividend and capital actions regulated.
“We are permitted under the Plan of Reorganization, with the prior consent of the Commissioner of Banking and Insurance for the State of New Jersey, to enter into agreements to transfer all or any part of the risks underlying the Closed Block policies.”
PFI faces regulatory change risk from financial sector reform, tax laws, fiduciary rules, US state insurance laws/group-wide supervision, non-US insurer capital standards, and privacy/cybersecurity regulation.
“(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”
Sales depend on captive agents and third-party distributing firms that may recommend competitors' products; failure to attract/retain/motivate them could adversely affect sales.
“Our sales could be adversely affected if we are unable to attract, retain or motivate captive sales agents or third-party distributing firms”
Retirement Strategies focused on expanding access to retirement security; pension risk transfer market momentum driven by plan sponsor and retiree needs.
“We remain focused on helping customers meet their investment and retirement needs by expanding access to retirement security and broadening distribution through new relationships, platforms and advisors.”
Company expects to use AI including generative and agentic AI to deliver products and support critical functions; dependency on third-party hardware/network capacity; misuse creates legal, reputational, competitive risks.
“AI technologies offer potential benefits in areas such as customer service personalization and process automation, and we expect to use AI to help deliver products and services and support critical functions.”
Institutional Retirement Strategies distributes retirement products internationally, primarily within the UK (e.g., pension risk transfer and longevity reinsurance demand).
“to retirement plan sponsors in the public, private, and not-for-profit sectors, both domestically and internationally, primarily within the United Kingdom”
Business model relies heavily on third parties to deliver contracted services; vendor failures or breaches create operational, regulatory and reputational risk.
“The Company's business model relies heavily on the use of third parties to deliver contracted services in a broad range of areas.”
Increasing complexity and number of privacy/cybersecurity laws and regulations from state regulators; non-compliance or AI misuse could expose to legal or regulatory risk and adverse examinations.
“there has been increased scrutiny as well as enacted and proposed additional laws and regulations, including from state regulators, regarding the use of personal and confidential information”
Loss of QPAM status could negatively affect the investment management and Prudential Advisors businesses serving ERISA plans and IRAs.
“Loss of QPAM status or disqualification under other applicable exemptions—due to criminal convictions or non-prosecution or deferred prosecution agreements—could negatively affect our investment management and Prudential Advisors business.”
Financial or customer losses, or regulatory and legal actions, could arise from disruption of systems and data, information security breach, or failure to protect sensitive data privacy.
“(a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data”
Standard-of-care rules require acting in retail customers' best interests, causing increased compliance costs across distribution.
“Complying with these rules and standards of care has resulted in and may continue to cause increased compliance costs.”
Nation-state sponsored cyber-attacks tied to conflicts in Europe and the Middle East could disrupt operations or compromise systems/data; non-U.S. vendors add political risk.
“In light of recent geopolitical events, including conflicts in Europe and the Middle East, state-sponsored or affiliated parties and/or their supporters may launch retaliatory cyber-attacks”
Individual Retirement Strategies (FlexGuard, fixed and variable annuities) targets US mass affluent (>$100K) and affluent (>$250K) households.
“primarily to mass affluent (households with investable assets or annual income in excess of $100,000) and affluent (households with investable assets in excess of $250,000) customers”
Japanese insurance operations subject to Japanese FSA standard-of-care rules and Japanese insurance guaranty mechanisms; accident and health products in Japan carry morbidity incidence risk.
“through accident and health products in Japan”
Voluntary 90-day suspension of new sales at Prudential of Japan from February 9, 2026 following employee misconduct investigation directly impacts International Businesses revenue generation.
“we voluntarily suspended new sales activity at Prudential of Japan for a 90-day period, commencing February 9, 2026”
Uncertainty remains over the investigation into and remediation of employee misconduct in Japan within International Businesses.
“uncertainty regarding the outcome and consequences of the investigation into and remediation of employee misconduct in Japan”
Underwriting gains are lowest in Q1 for Group Insurance and Individual Life, with Individual Life peaking in Q3.
“Individual LifeLowest underwriting gainsHigher underwriting gainsHighest underwriting gainsLower underwriting gains”
Competitors may adopt AI more quickly or effectively, which could cause competitive harm.
“Our competitors may also adopt AI more quickly or more effectively than we do, which could cause competitive harm.”
U.S. operations paid variable assessments ($10M in 2025 vs $71M in 2024) tied to insolvencies of other insurers; $5M reserve held.
“we paid $10 million, $71 million, and $0.7 million in assessments for 2025, 2024, and 2023, respectively”
Tariff imposition and retaliatory actions are disclosed as factors that could materially affect PFI's economic conditions and results.
“(15) the economic conditions, and impacts on the Company thereof, caused by the imposition of tariffs and retaliatory actions”
Agreement restricts use of 'Prudential'/'Pru' marks outside the Americas, requiring 'Rock' symbol with alternative word marks in those markets.
“Where these limitations apply, we combine our “Rock” symbol with alternative word marks. We believe that these limitations do not materially affect our ability to operate or expand internationally.”
Long-term compensation for retirement-eligible employees recognized when granted, typically in Q1, elevating PGIM and Corporate & Other Q1 expenses.
“Long-term compensation expense for retirement eligible employees is recognized when awards are granted, typically in the first quarter of each year.”
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