PRUDENTIAL FINANCIAL INC
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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10. Goodwill and Other Intangibles
- GOODWILL AND OTHER INTANGIBLES
The changes in the carrying value of goodwill by reportable segment are as follows:
| PGIM | InternationalBusinesses | Corporate and Other | Other | Total | |
|---|---|---|---|---|---|
| (in millions) | |||||
| Goodwill balance, December 31, 2022: | $549 | $115 | $202 | $10 | $876 |
| Acquisitions(1) | 373 | 0 | 0 | 0 | 373 |
| Impairments(2) | 0 | 0 | (177) | 0 | (177) |
| Divestitures(3) | 0 | 0 | (23) | 0 | (23) |
| Foreign currency translation | 30 | (7) | (1) | 0 | 22 |
| Goodwill balance, December 31, 2023: | 952 | 108 | 1 | 10 | 1,071 |
| Foreign currency translation and other | (6) | (12) | 0 | 0 | (18) |
| Goodwill balance, December 31, 2024: | 946 | 96 | 1 | 10 | 1,053 |
| Foreign currency translation and other | 47 | 1 | (1) | (10) | 37 |
| Goodwill balance, December 31, 2025: | $993 | $97 | $0 | $0 | $1,090 |
(1)During 2023, PGIM acquired a majority stake in Deerpath Capital Management, LP, a leading U.S.-based private credit and direct lending manager. The goodwill associated with that acquisition includes a measurement period adjustment made during 2024.
(2)Corporate and Other includes the impairment of the remaining goodwill allocated with Assurance IQ.
(3)Corporate and Other includes a sale of a foreign operation classified as a divested business.
The Company tests goodwill for impairment annually, as of December 31, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, as discussed in further detail in Note 2. The Company performed the annual goodwill impairment test using the quantitative approach for its reporting units at December 31, 2025. The estimated fair values of both PGIM and International Businesses incorporated a market approach based on an earnings multiple and exceeded their carrying values, resulting inno goodwill impairment as of December 31, 2025.
Other Intangibles
Other intangible balances at December 31, are as follows:
| 2025 · 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Carrying Amount · AccumulatedAmortization · Net Carrying Amount · Gross Carrying Amount · AccumulatedAmortization · Net Carrying Amount | |||||||||||
| (in millions) | |||||||||||
| Subject to amortization: | |||||||||||
| Mortgage servicing rights | $918 | $(650) | $268 | $897 | $(630) | $267 | |||||
| Customer relationships | 271 | (197) | 74 | 260 | (173) | 87 | |||||
| Software and other | 35 | (26) | 9 | 41 | (30) | 11 | |||||
| Not subject to amortization | 39 | N/A | 39 | 41 | N/A | 41 | |||||
| Total | $390 | $406 | |||||||||
The fair values of net mortgage servicing rights were $271 million and $269 million at December 31, 2025 and 2024, respectively. Amortization expense for other intangibles was $73 million, $80 million and $89 million for the years ending December 31, 2025, 2024 and 2023, respectively. The amortization expense amounts for 2025, 2024 and 2023 do not include impairments recorded for mortgage servicing rights or other intangibles. See the nonrecurring fair value measurements section of Note 6 for additional information regarding these impairments.
The following table provides estimated future amortization for the periods indicated:
| 2026 | 2027 | 2028 | 2029 | 2030 | |
|---|---|---|---|---|---|
| (in millions) | |||||
| Estimated future amortization expense of other intangibles | $69 | $62 | $56 | $40 | $32 |
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