PRUDENTIAL FINANCIAL INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Seasonality of Key Financial Items
The following chart summarizes our key areas of seasonality in our results of operations:
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |
| PGIM | Higher compensation expense(1) | |||
|---|---|---|---|---|
| IndividualLife | Lowest underwriting gains | Highest underwriting gains | ||
| International Businesses | Highest premiums | Lower premiums | Lowest premiums | |
| Corporate &Other | Higher compensation expense(1) and lower Assurance IQ revenue | Lower Assurance IQ revenue | Lower Assurance IQ revenue | Higher Assurance IQ revenue (annual Medicare enrollment) |
| AllBusinesses | Impact of annual assumption updates(2) | Higher expenses(3) | ||
(1)Long-term compensation expense for retirement eligible employees is recognized when awards are granted, typically in the first quarter of each year.
(2)Impact of annual reviews and update of assumptions and other refinements. Excludes PGIM.
(3)Expenses are typically higher than the quarterly average in the fourth quarter.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.