PRUDENTIAL FINANCIAL INC
For the period ended Jun 30, 2025. Filed Jul 31, 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.
Jun 30, 2025 · Filed Jul 31, 2025
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, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (in millions) | ||||
| Revenues | $13,726 | $14,883 | $27,196 | $38,392 |
| Benefits and expenses | 12,986 | 13,468 | 25,536 | 35,587 |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 740 | 1,415 | 1,660 | 2,805 |
| Income tax expense (benefit) | 195 | 264 | 402 | 553 |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 545 | 1,151 | 1,258 | 2,252 |
| Equity in earnings of joint ventures and other operating entities, net of taxes | 21 | 20 | 50 | 70 |
| Net income (loss) | 566 | 1,171 | 1,308 | 2,322 |
| Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 33 | (27) | 68 | (14) |
| Net income (loss) attributable to Prudential Financial, Inc. | $533 | $1,198 | $1,240 | $2,336 |
Three Month Comparison. The $665 million decrease in “Net income (loss) attributable to Prudential Financial, Inc.” for the second quarter of 2025 compared to the second quarter of 2024 reflected the following notable items on a pre-tax basis:
$691 million unfavorable variance from realized investment gains (losses), net, and related charges and adjustments; and
$129 million unfavorable variance reflecting the change in value of MRBs, net of related hedging gains (losses).
Partially offsetting these decreases in “Net income (loss) attributable to Prudential Financial, Inc.” was a $105 million favorable variance from higher adjusted operating income from our business segments, including a $52 million unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements (see “Segment Results of Operations” for additional information).
“Net income (loss) attributable to Prudential Financial, Inc.” also reflected a $69 million favorable variance from income taxes, primarily driven by the decrease in pre-tax earnings, as described above.
Six Month Comparison. The $1,096 million decrease in “Net income (loss) attributable to Prudential Financial, Inc.” for the first six months of 2025 compared to the first six months of 2024 reflected the following notable items on a pre-tax basis:
$874 million unfavorable variance from realized investment gains (losses), net, and related charges and adjustments; and
$603 million unfavorable variance reflecting the change in value of MRBs, net of related hedging gains (losses).
Partially offsetting these decreases in “Net income (loss) attributable to Prudential Financial, Inc.” was a $190 million favorable variance from higher adjusted operating income from our business segments, including the unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements, as discussed above (see “Segment Results of Operations” for additional information).
“Net income (loss) attributable to Prudential Financial, Inc.” also reflected a $151 million favorable variance from income taxes, primarily driven by the decrease in pre-tax earnings, as described above.
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