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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Consolidated Results of Operations
Results of Operations
Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a U.S. GAAP basis for the periods indicated.
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| REVENUES | |||
| Premiums | $30,797 | $42,897 | $27,364 |
| Policy charges and fee income | 4,666 | 4,298 | 4,527 |
| Net investment income | 21,473 | 19,909 | 17,865 |
| Asset management and service fees | 4,019 | 4,090 | 3,717 |
| Other income (loss) | 4,426 | 3,037 | 4,065 |
| Realized investment gains (losses), net | (4,132) | (3,429) | (3,615) |
| Change in value of market risk benefits, net of related hedging gains (losses) | (475) | (397) | 56 |
| Total revenues | 60,774 | 70,405 | 53,979 |
| BENEFITS AND EXPENSES | |||
| Policyholders’ benefits | 35,224 | 47,119 | 30,931 |
| Change in estimates of liability for future policy benefits | 103 | (37) | 337 |
| Interest credited to policyholders’ account balances | 5,068 | 4,582 | 3,983 |
| Dividends to policyholders | 1,076 | 698 | 1,069 |
| Amortization of deferred policy acquisition costs | 1,635 | 1,492 | 1,459 |
| Goodwill impairment | 0 | 0 | 177 |
| General and administrative expenses | 13,012 | 13,342 | 12,951 |
| Total benefits and expenses | 56,118 | 67,196 | 50,907 |
| INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 4,656 | 3,209 | 3,072 |
| Total income tax expense (benefit) | 1,053 | 507 | 613 |
| INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 3,603 | 2,702 | 2,459 |
| Equity in earnings of joint ventures and other operating entities, net of taxes | 129 | 144 | 49 |
| NET INCOME (LOSS) | 3,732 | 2,846 | 2,508 |
| Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 156 | 119 | 20 |
| NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $3,576 | $2,727 | $2,488 |
“Net income (loss) attributable to Prudential Financial, Inc.” increased $849 million, inclusive of a $546 million unfavorable variance from income taxes, primarily driven by the increase in pre-tax earnings, as described below, and the impact of certain tax law and rate changes in the current year. See “—Income Taxes” for additional information.
On a pre-tax basis, “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” increased $1,447 million, reflecting the following notable items:
“Total revenues” decreased $9,631 million, primarily due to the following:
“Premiums” — $12,100 million unfavorable variance, primarily reflecting lower pension risk transfer premiums due to lower sales in the current year, with corresponding offsets in “Policyholders’ benefits,” as discussed below; and
“Realized investment gains (losses), net” — $703 million unfavorable variance, primarily reflecting unfavorable derivative results, excluding Funds Withheld portfolios, as well as unfavorable impacts from Funds Withheld related embedded derivatives, which are offset by changes in the value of the investments in these portfolios that are primarily recorded in “Other income (loss)” or through “Other comprehensive income.” These variances were partially offset by lower losses from the sales of fixed income securities, and less unfavorable impacts from net credit losses and impairments. See “—General Account Investments—Realized Investment Gains and Losses” for additional information.
“Net investment income” — $1,564 million favorable variance, primarily reflecting business growth and higher reinvestment rates. See “—General Account Investments—Investment Results” for additional information; and
“Other income (loss)” — $1,389 million favorable variance, primarily reflecting favorable changes in the market value of fixed income securities designated as trading, including those within our Funds Withheld portfolios, as discussed above.
“Total benefits and expenses” decreased $11,078 million, primarily due to the following:
“Policyholders’ benefits” — $11,895 million favorable variance, primarily reflecting lower pension risk transfer premiums, as discussed above; and
“General and administrative expenses” — $330 million favorable variance, net of deferrals, primarily reflecting lower operating expenses, partially offset by higher variable expenses supporting business growth.
“Interest credited to policyholders’ account balances” — $486 million unfavorable variance, primarily reflecting business growth.
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