PRUDENTIAL FINANCIAL INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Consolidated Results of Operations
The following table summarizes net income (loss) for the periods presented.
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Revenues | $23,509 | $17,045 |
| Benefits and expenses | 22,119 | 15,198 |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 1,390 | 1,847 |
| Income tax expense (benefit) | 289 | 382 |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 1,101 | 1,465 |
| Equity in earnings of joint ventures and other operating entities, net of taxes | 50 | 12 |
| Net income (loss) | 1,151 | 1,477 |
| Less: Income attributable to noncontrolling interests | 13 | 15 |
| Net income (loss) attributable to Prudential Financial, Inc. | $1,138 | $1,462 |
Three Month Comparison. The $324 million decrease in “Net income (loss) attributable to Prudential Financial, Inc.” for the first quarter of 2024 compared to the first quarter of 2023 reflected the following notable items on a pre-tax basis:
$466 million unfavorable variance from realized investment gains (losses), net, and related charges and adjustments;
$126 million unfavorable variance from our Divested and Run-off Businesses; and
$80 million unfavorable variance from market experience updates.
Partially offsetting these decreases in “Net income (loss) attributable to Prudential Financial, Inc.” were the following items:
$189 million favorable variance from higher adjusted operating income from our business segments (see “Segment Results of Operations for additional information); and
$48 million favorable variance reflecting the change in value of market risk benefits, net of related hedging gains (losses).
“Net income (loss) attributable to Prudential Financial, Inc.” also reflected a $93 million favorable variance from income taxes, primarily driven by the decrease in pre-tax earnings, as described above.
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