PRUDENTIAL FINANCIAL INC
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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Consolidated Results of Operations
Results of Operations
Consolidated Results of Operations
The following table summarizes net income (loss) for the periods presented:
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in millions) | |||
| Revenues | $70,405 | $53,979 | $56,881 |
| Benefits and expenses | 67,196 | 50,907 | 58,773 |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 3,209 | 3,072 | (1,892) |
| Income tax expense (benefit) | 507 | 613 | (279) |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 2,702 | 2,459 | (1,613) |
| Equity in earnings of joint ventures and other operating entities, net of taxes | 144 | 49 | (62) |
| Net income (loss) | 2,846 | 2,508 | (1,675) |
| Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 119 | 20 | (28) |
| Net income (loss) attributable to Prudential Financial, Inc. | $2,727 | $2,488 | $(1,647) |
2024 to 2023 Annual Comparison. The $239 million increase in “Net income (loss) attributable to Prudential Financial, Inc.” reflected the following notable items on a pre-tax basis:
$360 million favorable variance from realized investment gains (losses), net, and related charges and adjustments; and
$327 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:
$453 million unfavorable variance reflecting the change in value of market risk benefits, net of related hedging gains (losses); and
$162 million unfavorable variance from market experience updates.
“Net income (loss) attributable to Prudential Financial, Inc.” also reflected a $106 million favorable variance from income taxes, primarily reflecting an increase in the non-taxable pre-tax items included above.
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