PRUDENTIAL FINANCIAL INC
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 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 EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in millions) | ||||
| Revenues | $19,490 | $8,352 | $57,882 | $38,895 |
| Benefits and expenses | 18,937 | 9,410 | 54,524 | 37,485 |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 553 | (1,058) | 3,358 | 1,410 |
| Income tax expense (benefit) | 140 | (251) | 693 | 254 |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 413 | (807) | 2,665 | 1,156 |
| Equity in earnings of joint ventures and other operating entities, net of taxes | 38 | 16 | 108 | 26 |
| Net income (loss) | 451 | (791) | 2,773 | 1,182 |
| Less: Income attributable to noncontrolling interests | 3 | 11 | (11) | 11 |
| Net income (loss) attributable to Prudential Financial, Inc. | $448 | $(802) | $2,784 | $1,171 |
Three Month Comparison. The $1,250 million increase in “Net income (loss) attributable to Prudential Financial, Inc.” for the third quarter of 2024 compared to the third quarter of 2023 reflected the following notable items on a pre-tax basis:
$1,686 million favorable variance from realized investment gains (losses), net, and related charges and adjustments;
$160 million favorable variance from our Divested and Run-off Businesses; and
$105 million favorable variance reflecting the change in value of market risk benefits, net of related hedging gains (losses).
Partially offsetting these increases in “Net income (loss) attributable to Prudential Financial, Inc.” were the following items:
$270 million unfavorable variance from market experience updates; and
$44 million unfavorable variance from lower adjusted operating income from our business segments (see “Segment Results of Operations” for additional information).
“Net income (loss) attributable to Prudential Financial, Inc.” also reflected a $391 million unfavorable variance from income taxes, primarily driven by the increase in pre-tax earnings, as described above.
Nine Month Comparison. The $1,613 million increase in “Net income (loss) attributable to Prudential Financial, Inc.” for the first nine months of 2024 compared to the first nine months of 2023 reflected the following notable items on a pre-tax basis:
$2,105 million favorable variance from realized investment gains (losses), net, and related charges and adjustments; and
$305 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:
$300 million unfavorable variance from market experience updates; and
$160 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 $439 million unfavorable variance from income taxes, primarily driven by the increase in pre-tax earnings, as described above.
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