PRUDENTIAL FINANCIAL INC

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 13, 2025

PRU$119.24-2.6%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

GLOSSARY

Throughout this Annual Report on Form 10-K, the Company may use certain abbreviations, acronyms and terms which are defined below.

Prudential Entities
Assurance IQ	Assurance IQ, LLC / AIQ	POB	Prudential of Brazil
Company	Prudential Financial, Inc. and its subsidiaries	Pruco Life	Pruco Life Insurance Company
PFI	Prudential Financial, Inc. and its subsidiaries	Prudential	Prudential Financial, Inc. and its subsidiaries
PGIM	The global investment management business of Prudential Financial, Inc.	Prudential Financial	Prudential Financial, Inc.
PGFL	Prudential Gibraltar Financial Life Insurance Co., Ltd.	Prudential Funding	Prudential Funding, LLC
PHJ	Prudential Holdings of Japan, Inc.	Prudential Insurance/PICA	The Prudential Insurance Company of America
PLIC	Prudential Legacy Insurance Company of New Jersey	Prudential of Japan	The Prudential Life Insurance Company Ltd.
PLNJ	Pruco Life Insurance Company of New Jersey	Registrant	Prudential Financial, Inc.

Defined Terms
A.M. Best	A.M. Best Company	Guideline AXXX	The Application of the Valuation of Life Insurance Policies Model Regulation
AFS Debt Securities	Fixed maturities, available-for-sale, at fair value	Hartford Financial	Hartford Financial Services Group, Inc.
AIG	American International Group	Hartford Life Business	The Hartford Financial Services Group's individual life insurance business acquired by Prudential Financial
Allstate	The Allstate Corporation	HTM Debt Securities	Fixed maturities, held-to-maturity, at amortized cost
AuguStar	AuguStar Life Insurance Company, formerly known as The Ohio National Life Insurance Company	IB	Dynamic Income Benefit
Bermuda Insurance Act	The Bermuda Insurance Act 1978 and related regulations as amended from time to time	Inflation Reduction Act	The Inflation Reduction Act of 2022
Board	Prudential Financial's Board of Directors	Moody's	Moody's Investor Service, Inc.
CIO Organization	Chief Investment Officer Organization	Morningstar	Morningstar, Inc.
Closed Block	Certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders' dividends on these products	Other Postretirement Benefits	Certain health care and life insurance benefits provided by the Company for its retired employees, their beneficiaries and covered dependents
Council / FSOC	Financial Stability Oversight Council	PBR	Principle-based reserving approach for life insurance products
Credit-Linked Note Structures	Agreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes	Pension Benefits	Funded and non-funded non-contributory defined benefit pension plans which cover substantially all of the Company’s employees
DAI	The Prudential Fixed Annuity with Daily Advantage Income Benefit®	Prismic	Prismic Life Holding Company LP
Deerpath	Deerpath Capital Management, LP	Prismic Re	Prismic Life Reinsurance, Ltd.
Dodd-Frank	Dodd-Frank Wall Street Reform and Consumer Protection Act	Regulation XXX	Valuation of Life Insurance Policies Model Regulation
Exchange Act	The Securities Exchange Act of 1934	S&P	Standard & Poor's Rating Services
Farmer Mac	Federal Agricultural Mortgage Corporation	Somerset Re	Somerset Reinsurance Ltd.
Fitch	Fitch Ratings Inc.	Star and Edison Businesses	AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIGFinancial Assurance Japan K.K. and AIG Edison Service Co., Ltd., collectively
Fortitude	Fortitude Group Holdings, LLC	Talcott Resolution	Talcott Resolution Life Insurance Company
FRB	Board of Governors of the Federal Reserve System	Tax Act of 2017	The United States Tax Cuts and Jobs Act of 2017
Funds Withheld	Assets the Company retains the legal ownership of under certain reinsurance arrangements	The Colorado AI Law	Senate bill passed in Colorado, which regulates certain AI systems, and imposes obligations on AI system deployers and developers doing business in Colorado
GDPR	The European Union’s General Data Protection Regulation	U.S. GAAP	Accounting principles generally accepted in the United States of America
Generator	Generator of Economic Scenarios	Union Hamilton	Union Hamilton Reinsurance, Ltd.
Great-West	Great-West Life & Annuity Insurance Company	Wilton Re	Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited

Acronyms
ACL	Allowance for Credit Losses	GMIWB	Guaranteed Minimum Income and Withdrawal Benefits
AI	Artificial Intelligence	GSEs	Government Sponsored Entities
AIR	Additional Insurance Reserves	HDI	Highest Daily Lifetime Income
ALM	Asset Liability Management	HGTO	Head of Global Technology and Operations
AOCI	Accumulated Other Comprehensive Income (Loss)	IAIG	Internationally Active Insurance Groups
ASC	Accounting Standards Codification	IAIS	International Association of Insurance Supervisors
ASU	Accounting Standards Update	IMO	Independent Marketing Organizations
AUD	Australian Dollar	IMR	Interest Maintenance Reserves
BEAT	Base Erosion and Anti-Abuse Tax	IRA	Individual Retirement Account
BMA	Bermuda Monetary Authority	IRS	Internal Revenue Service
bps	Basis Points	LIBOR	London Inter-Bank Offered Rate
CAMT	Corporate Alternative Minimum Tax	LPs/LLCs	Limited Partnerships and Limited Liability Companies
CCPA	California Consumer Privacy Act	LRR	Loss Recognition Reserves
CECL	Current Expected Credit Loss	MD&A	Management's Discussion and Analysis of Financial Condition and Results of Operations
CFC	Capital and Finance Committee	MRBs	Market Risk Benefits
CFTC	Commodity Futures Trading Commission	NAIC	National Association of Insurance Commissioners
CISO	Chief Information Security Officer	NAV	Net Asset Value
CLO	Collateralized Loan Obligation	NFA	National Futures Association
CODM	Chief Operating Decision Maker	NJDOBI	New Jersey Department of Banking and Insurance
COSO	Committee of Sponsoring Organizations of the Treadway Commission	NOLs	Net Operating Losses
CPRA	California Privacy Rights Act	NPR	Non-Performance Risk
CSA	Credit Support Annex	NTG	Net-To-Gross
DAC	Deferred Policy Acquisition Costs	NY DFS	New York State Department of Financial Services
DOL	U.S. Department of Labor	OCI	Other Comprehensive Income (Loss)
DPL	Deferred Profit Liability	OECD	Organization of Economic Cooperation and Development
DRD	Dividend Received Deduction	ORSA	Own Risk and Solvency Assessment
DSI	Deferred Sales Inducements	OTC	Over-The-Counter
E.U.	The European Union	OTTI	Other-Than-Temporary Impairments
EBITDA	Earnings Before Interest, Taxes, Depreciation and Amortization	PALAC	Prudential Annuities Life Assurance Corporation
ERC	Executive Risk Committee	PCAOB	Public Company Accounting Oversight Board
ERISA	Employee Retirement Income Security Act	PDI	Prudential Defined IncomeSM
ERMC	Enterprise Risk Management Council	PGIMW	PGIM Wadhwani LLP
ESG	Environmental, Social and Governance	PIIA	The Prudential Immediate Income Annuity
ESR	Economic Solvency Ratio	POA	Prudential of Argentina
ETFs	Exchange-traded Funds	POK	The Prudential Life Insurance Company of Korea, Ltd. / Prudential of Korea
FANIP	Funding Agreement Notes Issuance Program	POT	The Prudential Life Insurance Company of Taiwan Inc.
FASB	Financial Accounting Standards Board	PPC	Japan Policyholders Protection Corporation
FHLBB	Federal Home Loan Bank of Boston	PPI	Prudential Premier® Investment Variable Annuity
FHLBNY	Federal Home Loan Bank of New York	PREI	Prudential Real Estate Investors
FINRA	Financial Industry Regulatory Authority	PRIAC	Prudential Retirement Insurance and Annuity Company
FLIAC	Fortitude Life Insurance and Annuity Company	PTEs	Prohibited Transaction Class Exemptions
FMI	Future Mortality Improvement	QPAMs	Qualified Professional Asset Managers
FSA	Financial Services Agency	RAF	Risk Appetite Framework
FSB	Financial Stability Board	RBC	Risk-Based Capital
G20	Group of Twenty nations	RICO	Racketeer Influenced and Corrupt Organizations Act
Generative AI	Generative Artificial Intelligence	RMSA	Retiree Medical Savings Account
GICs	Guaranteed Investment Contracts	ROP	Return of Purchase Payment
GILTI	Global Intangible Low-Taxed Income	SEC	Securities and Exchange Commission
GMAB	Guaranteed Minimum Accumulation Benefits	SECURE	Setting Every Community up for Retirement Enhancement Act
GMDB	Guaranteed Minimum Death Benefits	SIFI	Systemically Important Financial Institution
GMIB	Guaranteed Minimum Income Benefits	SMR	Solvency Margin Ratio
GMWB	Guaranteed Minimum Withdrawal Benefits	SOFR	Secured Overnight Funding Rate

Acronyms (Continued)
SVO	Securities Valuation Office	URR	Unearned Revenue Reserve
TBA	To Be Announced	USD	United States Dollar
TDR	Troubled Debt Restructuring	VIEs	Variable Interest Entities
U.K.	The United Kingdom	VM-21	Valuation Manual, Section 21
U.S.	The United States of America	VOBA	Value of Business Acquired
UCITS	Undertakings for the Collective Investment in Transferable Securities	YRT	Yearly Renewable Term

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.