PRUDENTIAL FINANCIAL INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 21, 2024
PRU$119.24-2.6%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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GLOSSARY
Throughout this Annual Report on Form 10-K, the Company may use certain abbreviations, acronyms and terms which are defined below.
| Prudential Entities | |||
|---|---|---|---|
| Assurance IQ | Assurance IQ, LLC / AIQ | POA | Prudential of Argentina |
| Company | Prudential Financial, Inc. and its subsidiaries | POB | Prudential of Brazil |
| PFI | Prudential Financial, Inc. and its subsidiaries | Pruco Life | Pruco Life Insurance Company |
| PGIM | The global investment management business of Prudential Financial, Inc. | Prudential | Prudential Financial, Inc. and its subsidiaries |
| PGFL | Prudential Gibraltar Financial Life Insurance Co., Ltd. | Prudential Financial | Prudential Financial, Inc. |
| PIIH | Prudential International Insurance Holdings, Ltd. | Prudential Funding | Prudential Funding, LLC |
| PHJ | Prudential Holdings of Japan, Inc. | Prudential Insurance/PICA | The Prudential Insurance Company of America |
| PLIC | Prudential Legacy Insurance Company of New Jersey | Prudential of Japan | The Prudential Life Insurance Company Ltd. |
| PLNJ | Pruco Life Insurance Company of New Jersey | Registrant | Prudential Financial, Inc. |
| Defined Terms | |||
|---|---|---|---|
| A.M. Best | A.M. Best Company | Great-West | Great-West Life & Annuity Insurance Company |
| AFS Debt Securities | Fixed maturities, available-for-sale, at fair value | Guideline AXXX | The Application of the Valuation of Life Insurance Policies Model Regulation |
| Affordable Care Act | The Patient Protection and Affordable Care Act and The Health Care and Education Reconciliation Act | Hartford Financial | Hartford Financial Services Group, Inc. |
| AIG | American International Group | Hartford Life Business | The Hartford Financial Services Group's individual life insurance business acquired by Prudential Financial |
| Allstate | The Allstate Corporation | HTM Debt Securities | Fixed maturities, held-to-maturity, at amortized cost |
| AuguStar | AuguStar Life Insurance Company, formerly known as The Ohio National Life Insurance Company | IB | Dynamic Income Benefit |
| Bermuda Insurance Act | The Bermuda Insurance Act 1978 and related regulations as amended from time to time | Inflation Reduction Act | The Inflation Reduction Act of 2022 |
| Board | Prudential Financial's Board of Directors | Moody's | Moody's Investor Service, Inc. |
| CIO Organization | Chief Investment Officer Organization | Morningstar | Morningstar, Inc. |
| Closed Block | Certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders' dividends on these products | Other Postretirement Benefits | Certain health care and life insurance benefits provided by the Company for its retired employees, their beneficiaries and covered dependents |
| Council / FSOC | Financial Stability Oversight Council | PBR | Principle-based reserving approach for life insurance products |
| Credit-Linked Note Structures | Agreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes | Pension Benefits | Funded and non-funded non-contributory defined benefit pension plans which cover substantially all of the Company’s employees |
| DAI | The Prudential Fixed Annuity with Daily Advantage Income Benefit® | Prismic | Prismic Life Holding Company LP |
| Deerpath | Deerpath Capital Management, LP | Prismic Re | Prismic Life Reinsurance, Ltd. |
| Dodd-Frank | Dodd-Frank Wall Street Reform and Consumer Protection Act | Regulation XXX | Valuation of Life Insurance Policies Model Regulation |
| Exchange Act | The Securities Exchange Act of 1934 | S&P | Standard & Poor's Rating Services |
| Farmer Mac | Federal Agricultural Mortgage Corporation | Somerset Re | Somerset Reinsurance Ltd. |
| Fitch | Fitch Ratings Inc. | Star and Edison Businesses | AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIGFinancial Assurance Japan K.K. and AIG Edison Service Co., Ltd., collectively |
| Fortitude | Fortitude Group Holdings, LLC | Talcott Resolution | Talcott Resolution Life Insurance Company |
| FRB | Board of Governors of the Federal Reserve System | Tax Act of 2017 | The United States Tax Cuts and Jobs Act of 2017 |
| GDPR | The European Union’s General Data Protection Regulation | U.S. GAAP | Accounting principles generally accepted in the United States of America |
| Generator | Economic Scenario Generator | Union Hamilton | Union Hamilton Reinsurance, Ltd. |
| Acronyms | |||
|---|---|---|---|
| ACL | Allowance for Credit Losses | GMIWB | Guaranteed Minimum Income and Withdrawal Benefits |
| AI | Artificial Intelligence | GMWB | Guaranteed Minimum Withdrawal Benefits |
| AIR | Additional Insurance Reserves | GSEs | Government Sponsored Entities |
| ALM | Asset Liability Management | HDI | Highest Daily Lifetime Income |
| AOCI | Accumulated Other Comprehensive Income (Loss) | IAIG | Internationally Active Insurance Groups |
| ASC | Accounting Standards Codification | IAIS | International Association of Insurance Supervisors |
| ASU | Accounting Standards Update | IMO | Independent Marketing Organizations |
| AUD | Australian Dollar | IMR | Interest Maintenance Reserves |
| BEAT | Base Erosion and Anti-Abuse Tax | IRA | Individual Retirement Account |
| BMA | Bermuda Monetary Authority | IRS | Internal Revenue Service |
| bps | Basis Points | LIBOR | London Inter-Bank Offered Rate |
| CAMT | Corporate Alternative Minimum Tax | LPs/LLCs | Limited Partnerships and Limited Liability Companies |
| CARES Act | Coronavirus Aid, Relief, and Economic Security Act | LRR | Loss Recognition Reserves |
| CCPA | California Consumer Privacy Act | MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations |
| CECL | Current Expected Credit Loss | MRBs | Market Risk Benefits |
| CFC | Capital and Finance Committee | NAIC | National Association of Insurance Commissioners |
| CFTC | Commodity Futures Trading Commission | NAV | Net Asset Value |
| CIO | Chief Information Officer | NFA | National Futures Association |
| CISO | Chief Information Security Officer | NJDOBI | New Jersey Department of Banking and Insurance |
| CLO | Collateralized Loan Obligation | NOLs | Net Operating Losses |
| CMS | U.S. Centers for Medicare and Medicaid Services | NPR | Non-Performance Risk |
| COSO | Committee of Sponsoring Organizations of the Treadway Commission | NTG | Net-To-Gross |
| COVID-19 | 2019 Novel Coronavirus | NY DFS | New York State Department of Financial Services |
| CPRA | California Privacy Rights Act | OCI | Other Comprehensive Income (Loss) |
| CSA | Credit Support Annex | OECD | Organization of Economic Cooperation and Development |
| DAC | Deferred Policy Acquisition Costs | OTC | Over-The-Counter |
| DOL | U.S. Department of Labor | OTTI | Other-Than-Temporary Impairments |
| DPL | Deferred Profit Liability | PALAC | Prudential Annuities Life Assurance Corporation |
| DRD | Dividend Received Deduction | PCAOB | Public Company Accounting Oversight Board |
| DSI | Deferred Sales Inducements | PDI | Prudential Defined IncomeSM |
| E.U. | The European Union | PFL | Profits Followed by Losses |
| EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization | PIIA | The Prudential Immediate Income Annuity |
| ERC | Executive Risk Committee | POK | The Prudential Life Insurance Company of Korea, Ltd. / Prudential of Korea |
| ERISA | Employee Retirement Income Security Act | POT | The Prudential Life Insurance Company of Taiwan Inc. |
| ERMC | Enterprise Risk Management Council | PPACA | The Patient Protection and Affordable Care Act |
| ESG | Environmental, Social and Governance | PPC | Japan Policyholders Protection Corporation |
| ESR | Economic Solvency Ratio | PPI | Prudential Premier® Investment Variable Annuity |
| ETFs | Exchange-traded Funds | PREI | Prudential Real Estate Investors |
| FANIP | Funding Agreement Notes Issuance Program | PRIAC | Prudential Retirement Insurance and Annuity Company |
| FASB | Financial Accounting Standards Board | QPAMs | Qualified Professional Asset Managers |
| FHLBB | Federal Home Loan Bank of Boston | RAF | Risk Appetite Framework |
| FHLBNY | Federal Home Loan Bank of New York | RBC | Risk-Based Capital |
| FINRA | Financial Industry Regulatory Authority | RICO | Racketeer Influenced and Corrupt Organizations Act |
| FLIAC | Fortitude Life Insurance and Annuity Company | RMSA | Retiree Medical Savings Account |
| FMI | Future Mortality Improvement | ROP | Return of Purchase Payment |
| FSA | Financial Services Agency | SEC | Securities and Exchange Commission |
| FSB | Financial Stability Board | SECURE | Setting Every Community up for Retirement Enhancement Act |
| G20 | Group of Twenty nations | SIFI | Systemically Important Financial Institution |
| Generative AI | Generative Artificial Intelligence | SMR | Solvency Margin Ratio |
| GICs | Guaranteed Investment Contracts | SOFR | Secured Overnight Funding Rate |
| GILTI | Global Intangible Low-Taxed Income | SVO | Securities Valuation Office |
| GMAB | Guaranteed Minimum Accumulation Benefits | TBA | To Be Announced |
| GMDB | Guaranteed Minimum Death Benefits | TDR | Troubled Debt Restructuring |
| GMIB | Guaranteed Minimum Income Benefits | U.K. | The United Kingdom |
| Acronyms (Continued) | |||
|---|---|---|---|
| U.S. | The United States of America | VIEs | Variable Interest Entities |
| UCITS | Undertakings for the Collective Investment in Transferable Securities | VM-21 | Valuation Manual, Section 21 |
| URR | Unearned Revenue Reserve | VOBA | Value of Business Acquired |
| USD | United States Dollar | YRT | Yearly Renewable Term |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.