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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8. Separate Accounts
- SEPARATE ACCOUNTS
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 13 for additional information.
The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within “Future policy benefits” or “Market risk benefit liabilities” (or “assets,” if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses).”
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:
| December 31,2025 | December 31,2024 | |
|---|---|---|
| (in millions) | ||
| Asset Type: | ||
| U.S. Treasury securities and obligations of U.S. government authorities and agencies | $4,753 | $4,674 |
| Obligations of U.S. states and their political subdivisions | 2,514 | 2,224 |
| Foreign government bonds | 109 | 93 |
| U.S. corporate securities | 13,783 | 11,440 |
| Foreign corporate securities | 4,282 | 3,010 |
| Asset-backed securities | 3,445 | 1,283 |
| Mortgage-backed securities | 10,154 | 14,144 |
| Mutual funds: | ||
| Equity | 92,137 | 90,180 |
| Fixed Income | 30,602 | 33,828 |
| Other | 6,315 | 5,439 |
| Equity securities | 5,459 | 4,845 |
| Commercial mortgage and other loans | 53 | 54 |
| Other invested assets | 19,749 | 19,352 |
| Short-term investments | 1,276 | 1,137 |
| Cash and cash equivalents | 1,620 | 1,669 |
| Total | $196,251 | $193,372 |
For the periods ended December 31, 2025, 2024 and 2023, there wereno transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods ended are as follows:
| Year Ended December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Retirement Strategies | |||||||
| PGIM · Institutional · Individual · Group Insurance · Individual Life · Total | |||||||
| (in millions) | |||||||
| Balance, BOP | $28,645 | $9,308 | $86,974 | $25,126 | $46,891 | $196,944 | |
| Deposits | 9,597 | 397 | 560 | 157 | 4,298 | 15,009 | |
| Investment performance | 1,930 | 698 | 9,914 | 2,359 | 6,762 | 21,663 | |
| Policy charges | (64) | (11) | (1,994) | (340) | (1,250) | (3,659) | |
| Surrenders and withdrawals | (6,871) | (604) | (14,305) | (119) | (1,445) | (23,344) | |
| Benefit payments | (3,706) | (544) | (102) | (400) | (561) | (5,313) | |
| Net transfers (to) from general account | (36) | (174) | 8 | 49 | (763) | (916) | |
| Other | (217) | (93) | 2 | 84 | 140 | (84) | |
| Balance, EOP | $29,278 | $8,977 | $81,057 | $26,916 | $54,072 | $200,300 | |
| Other businesses(1) | (4,049) | ||||||
| Total separate account liabilities | $196,251 | ||||||
| Cash surrender value(2) | $29,278 | $8,977 | $80,384 | $26,828 | $52,552 | $198,019 | |
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There areno cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
| Year Ended December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Retirement Strategies | |||||||
| PGIM · Institutional · Individual · Group Insurance · Individual Life · Total | |||||||
| (in millions) | |||||||
| Balance, BOP | $32,648 | $11,011 | $94,130 | $25,021 | $39,223 | $202,033 | |
| Deposits | 15,374 | 143 | 606 | 734 | 3,728 | 20,585 | |
| Investment performance | (45) | 146 | 8,722 | 1,013 | 7,032 | 16,868 | |
| Policy charges | (69) | (11) | (2,231) | (317) | (1,168) | (3,796) | |
| Surrenders and withdrawals | (14,766) | (1,050) | (14,070) | (370) | (986) | (31,242) | |
| Benefit payments | (3,550) | (541) | (87) | (303) | (449) | (4,930) | |
| Net transfers (to) from general account | (184) | (76) | (102) | 6 | (577) | (933) | |
| Other | (763) | (314) | 6 | (658) | 88 | (1,641) | |
| Balance, EOP | $28,645 | $9,308 | $86,974 | $25,126 | $46,891 | 196,944 | |
| Other businesses(1) | (3,572) | ||||||
| Total separate account liabilities | $193,372 | ||||||
| Cash surrender value(2) | $28,645 | $9,308 | $86,081 | $25,028 | $43,333 | $192,395 | |
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There areno cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
| Year Ended December 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Retirement Strategies | |||||||
| PGIM · Institutional · Individual · Group Insurance · Individual Life · Total | |||||||
| (in millions) | |||||||
| Balance, BOP | $40,056 | $11,428 | $93,395 | $23,513 | $32,930 | $201,322 | |
| Deposits | 6,848 | 259 | 446 | 103 | 2,972 | 10,628 | |
| Investment performance | (1,045) | 830 | 12,598 | 1,828 | 6,742 | 20,953 | |
| Policy charges | (81) | (12) | (2,316) | (337) | (1,075) | (3,821) | |
| Surrenders and withdrawals | (8,109) | (660) | (9,891) | (52) | (765) | (19,477) | |
| Benefit payments | (3,477) | (562) | (95) | (290) | (342) | (4,766) | |
| Net transfers (to) from general account | (501) | (74) | (17) | 44 | (1,344) | (1,892) | |
| Other | (1,043) | (198) | 10 | 212 | 105 | (914) | |
| Balance, EOP | $32,648 | $11,011 | $94,130 | $25,021 | $39,223 | 202,033 | |
| Other businesses(1) | (3,145) | ||||||
| Total separate account liabilities | $198,888 | ||||||
| Cash surrender value(2) | $32,648 | $11,011 | $92,927 | $24,911 | $35,921 | $197,418 | |
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There areno cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.