PRUDENTIAL FINANCIAL INC
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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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, 2026 · Filed Aug 5, 2026
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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 EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (in millions) | ||||
| Operating results: | ||||
| Investment income | $52 | $67 | $98 | $122 |
| Interest expense on debt | (226) | (238) | (451) | (474) |
| Pension and employee benefits | 102 | 107 | 194 | 209 |
| Other corporate activities | (207) | (216) | (450) | (552) |
| Adjusted operating income | (279) | (280) | (609) | (695) |
| Realized investment gains (losses), net, and related charges and adjustments | (97) | (120) | (98) | (227) |
| Market experience updates | 5 | 5 | 2 | 3 |
| Divested and Run-off Businesses | 135 | 12 | 199 | (39) |
| Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 5 | (19) | (8) | 2 |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $(231) | $(402) | $(514) | $(956) |
The loss from Corporate and Other operations, on an adjusted operating income basis, was relatively flat, primarily reflecting:
lower interest expense on debt, primarily driven by lower average debt balances; and
lower net charges from other corporate activities, primarily driven by lower corporate spending on initiatives and lower retained expenses due to an update of internal expense allocations, partially offset by a less favorable decrease in legal reserves.
These variances were largely offset by:
lower investment income results, primarily driven by lower average asset balances and lower short-term interest rates; and
unfavorable pension and employee benefits results, primarily driven by lower earnings from the Company’s pension plans reflecting a decrease in expected returns on plan assets.
The loss from Corporate and Other operations, on an adjusted operating income basis, decreased $86 million, primarily reflecting:
lower net charges from other corporate activities, primarily driven by lower corporate spending on initiatives, lower retained expenses due to an update of internal expense allocations, and favorable foreign exchange rate impacts, partially offset by a less favorable decrease in legal reserves; and
lower interest expense on debt, primarily driven by lower average debt balances.
lower investment income results, primarily driven by lower average asset balances and lower short-term interest rates, partially offset by higher income from non-coupon investments; and
unfavorable pension and employee benefits results, primarily driven by lower earnings from the Company’s pension plans reflecting a decrease in expected returns on plan assets.
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