PRUDENTIAL FINANCIAL INC
For the period ended Sep 30, 2025. Filed Oct 30, 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.
Sep 30, 2025 · Filed Oct 30, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Corporate and Other
Corporate and Other includes corporate operations, after allocations to our business segments, and Divested and Run-off Businesses other than those that qualify for “discontinued operations” accounting treatment under U.S. GAAP. The following table sets forth Corporate and Other’s operating results for the periods indicated:
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (in millions) | ||||
| Operating results: | ||||
| Investment income | $58 | $50 | $180 | $143 |
| Interest expense on debt | (223) | (213) | (697) | (631) |
| Pension and employee benefits | 95 | 94 | 304 | 285 |
| Other corporate activities | (257) | (418) | (809) | (1,090) |
| Adjusted operating income | (327) | (487) | (1,022) | (1,293) |
| Realized investment gains (losses), net, and related charges and adjustments | (150) | (273) | (377) | (132) |
| Market experience updates | 1 | 3 | 4 | 6 |
| Divested and Run-off Businesses | 123 | 47 | 84 | 50 |
| Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | 19 | (9) | 21 | (49) |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $(334) | $(719) | $(1,290) | $(1,418) |
Three Month Comparison. The loss from Corporate and Other operations, on an adjusted operating income basis, decreased $160 million. Net charges from other corporate activities were lower by $161 million, primarily driven by lower net costs related to corporate initiatives, favorable foreign exchange remeasurement impacts and lower expenses related to an update of internal expense allocations. Investment income results increased $8 million, primarily driven by higher income from non-coupon investments. Interest expense on debt increased $10 million, largely reflecting the absence of income offsets from the termination of an affiliated financing agreement resulting from the reinsurance transactions in Individual Life in 2024.
Nine Month Comparison. The loss from Corporate and Other operations, on an adjusted operating income basis, decreased $271 million, primarily driven by lower net charges from other corporate activities of $281 million reflecting lower net costs related to corporate initiatives and long-term compensation plans, lower expenses related to an update of internal expense allocations, and favorable exchange rate impacts. Investment income results increased $37 million, primarily driven by higher income from non-coupon investments. Pension and employee benefits results were favorable by $19 million, primarily reflecting higher earnings from our pension and post-retirement plans from higher expected returns on plan assets and lower service costs. Interest expense on debt increased $66 million, largely reflecting the absence of income offsets from the termination of an affiliated financing agreement resulting from the reinsurance transactions in Individual Life in 2024.
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