PRUDENTIAL FINANCIAL INC
For the period ended Mar 31, 2025. Filed May 1, 2025.
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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, 2025 · Filed May 1, 2025
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Consolidated Results of Operations
The following table summarizes net income (loss) for the periods presented.
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (in millions) | ||
| Revenues | $13,470 | $23,509 |
| Benefits and expenses | 12,550 | 22,119 |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 920 | 1,390 |
| Income tax expense (benefit) | 207 | 289 |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 713 | 1,101 |
| Equity in earnings of joint ventures and other operating entities, net of taxes | 29 | 50 |
| Net income (loss) | 742 | 1,151 |
| Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 35 | 13 |
| Net income (loss) attributable to Prudential Financial, Inc. | $707 | $1,138 |
The $431 million decrease in “Net income (loss) attributable to Prudential Financial, Inc.” for the first quarter of 2025 compared to the first quarter of 2024 reflected the following notable items on a pre-tax basis:
$474 million unfavorable variance reflecting the change in value of market risk benefits, net of related hedging gains (losses); and
$183 million unfavorable variance from realized investment gains (losses), net, and related charges and adjustments.
Partially offsetting these decreases in “Net income (loss) attributable to Prudential Financial, Inc.” were the following items:
$85 million favorable variance from higher adjusted operating income from our business segments (see “Segment Results of Operations” for additional information); and
$71 million favorable variance from market experience updates.
“Net income (loss) attributable to Prudential Financial, Inc.” also reflected a $82 million favorable variance from income taxes, primarily driven by the decrease in pre-tax earnings, as described above.
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