PRUDENTIAL FINANCIAL INC
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Results of Operations
The following table summarizes net income (loss) for the periods presented.
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in millions) | ||||
| Revenues | $14,883 | $13,498 | $38,392 | $30,543 |
| Benefits and expenses | 13,468 | 12,877 | 35,587 | 28,075 |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 1,415 | 621 | 2,805 | 2,468 |
| Income tax expense (benefit) | 264 | 123 | 553 | 505 |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 1,151 | 498 | 2,252 | 1,963 |
| Equity in earnings of joint ventures and other operating entities, net of taxes | 20 | (2) | 70 | 10 |
| Net income (loss) | 1,171 | 496 | 2,322 | 1,973 |
| Less: Income attributable to noncontrolling interests | (27) | (15) | (14) | 0 |
| Net income (loss) attributable to Prudential Financial, Inc. | $1,198 | $511 | $2,336 | $1,973 |
Three Month Comparison. The $687 million increase in “Net income (loss) attributable to Prudential Financial, Inc.” for the second quarter of 2024 compared to the second quarter of 2023 reflected the following notable items on a pre-tax basis:
$885 million favorable variance from realized investment gains (losses), net, and related charges and adjustments;
$160 million favorable variance from higher adjusted operating income from our business segments (see “Segment Results of Operations” for additional information);
$50 million favorable variance from market experience updates; and
$27 million favorable variance from our Divested and Run-off Businesses.
Partially offsetting these increases in “Net income (loss) attributable to Prudential Financial, Inc.” was a $313 million unfavorable 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 $141 million unfavorable variance from income taxes, primarily driven by the increase in pre-tax earnings, as described above.
Six Month Comparison. The $363 million increase in “Net income (loss) attributable to Prudential Financial, Inc.” for the first six months of 2024 compared to the first six months of 2023 reflected the following notable items on a pre-tax basis:
$419 million favorable variance from realized investment gains (losses), net, and related charges and adjustments; and
$349 million favorable variance from higher adjusted operating income from our business segments (see “Segment Results of Operations” for additional information).
Partially offsetting these increases in “Net income (loss) attributable to Prudential Financial, Inc.” were the following items:
$265 million unfavorable variance reflecting the change in value of market risk benefits, net of related hedging gains (losses);
$99 million unfavorable variance from our Divested and Run-off Businesses; and
$30 million unfavorable variance from market experience updates.
“Net income (loss) attributable to Prudential Financial, Inc.” also reflected a $48 million unfavorable variance from income taxes, primarily driven by the increase in pre-tax earnings, as described above.
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