filings.toolsItem 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
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Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
The following documents are filed as part of this report:
| Page | ||||||||
| 1. | Financial Statements—Item 8. Financial Statements and Supplementary Data | 126 | ||||||
| 2. | Financial Statement Schedules: | |||||||
| Schedule I—Summary of Investments Other Than Investments in Related Parties as of December 31, 2025 | 300 | |||||||
| Schedule II—Condensed Financial Information of Registrant as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023 | 301 | |||||||
| Schedule III—Supplementary Insurance Information as of and for the years ended December 31, 2025, 2024 and 2023 | 306 | |||||||
| Schedule IV—Reinsurance as of and for the years ended December 31, 2025, 2024 and 2023 | 309 | |||||||
| Any remaining schedules provided for in the applicable SEC regulations are omitted because they are either inapplicable or the relevant information is provided elsewhere within this Form 10-K. |
- Exhibits:
See the accompanying Exhibit Index.
PRUDENTIAL FINANCIAL, INC.
Schedule I
Summary of Investments Other Than Investments in Related Parties
As of December 31, 2025
(in millions)
| Type of Investment | Amortized Cost or Cost | Fair Value | Amount Shown in the Balance Sheet | |||||||||||||||||
| Fixed maturities, available-for-sale: | ||||||||||||||||||||
| Bonds: | ||||||||||||||||||||
| U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 26,334 | $ | 22,179 | $ | 22,179 | ||||||||||||||
| Obligations of U.S. states and their political subdivisions | 5,881 | 5,465 | 5,465 | |||||||||||||||||
| Foreign government securities | 62,469 | 50,614 | 50,614 | |||||||||||||||||
| Asset-backed securities | 19,130 | 19,329 | 19,329 | |||||||||||||||||
| Residential mortgage-backed securities | 5,493 | 5,381 | 5,381 | |||||||||||||||||
| Commercial mortgage-backed securities | 9,958 | 9,743 | 9,743 | |||||||||||||||||
| Public utilities | 37,064 | 35,090 | 35,090 | |||||||||||||||||
| All other corporate bonds | 191,338 | 183,273 | 183,273 | |||||||||||||||||
| Redeemable preferred stock | 329 | 381 | 381 | |||||||||||||||||
| Total fixed maturities, available-for-sale | $ | 357,996 | $ | 331,455 | $ | 331,455 | ||||||||||||||
| Equity securities: | ||||||||||||||||||||
| Common stocks: | ||||||||||||||||||||
| Other common stocks | $ | 6,245 | $ | 7,645 | $ | 7,645 | ||||||||||||||
| Mutual funds | 1,509 | 2,755 | 2,755 | |||||||||||||||||
| Nonredeemable preferred stocks | 85 | 103 | 103 | |||||||||||||||||
| Perpetual preferred stocks | 464 | 469 | 469 | |||||||||||||||||
| Total equity securities, at fair value | $ | 8,303 | $ | 10,972 | $ | 10,972 | ||||||||||||||
| Fixed maturities, trading | $ | 15,536 | $ | 14,869 | $ | 14,869 | ||||||||||||||
| Assets supporting experience-rated contractholder liabilities(1) | 3,129 | 4,842 | ||||||||||||||||||
| Commercial mortgage and other loans(2) | 64,715 | 64,715 | ||||||||||||||||||
| Policy loans | 9,958 | 9,958 | ||||||||||||||||||
| Short-term investments | 6,414 | 6,414 | ||||||||||||||||||
| Other invested assets | 27,294 | 27,294 | ||||||||||||||||||
| Total investments | $ | 493,345 | $ | 470,519 |
(1)See Note 3 to the Consolidated Financial Statements for the composition of the Company’s “Assets supporting experience-rated contractholder liabilities, at fair value.”
(2)Includes collateralized commercial mortgage and other loans of $64,544 million and uncollateralized loans of $171 million.
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Financial Positions as of December 31, 2025 and 2024
(in millions)
| 2025 | 2024 | |||||||||||||
| ASSETS | ||||||||||||||
| Fixed maturities, available-for-sale, at fair value (amortized cost: 2025- $1,425; 2024- $1,477) | $ | 1,335 | $ | 1,335 | ||||||||||
| Equity securities, at fair value (cost: 2025- $174; 2024- $25) | 174 | 25 | ||||||||||||
| Other invested assets | 2,051 | 3,361 | ||||||||||||
| Total investments | 3,560 | 4,721 | ||||||||||||
| Cash and cash equivalents | 1,204 | 1,051 | ||||||||||||
| Due from subsidiaries | 3,327 | 3,460 | ||||||||||||
| Loans receivable from subsidiaries | 5,393 | 5,251 | ||||||||||||
| Investment in subsidiaries | 47,056 | 41,054 | ||||||||||||
| Property, plant and equipment | 363 | 381 | ||||||||||||
| Income taxes receivable | 491 | 418 | ||||||||||||
| Other assets | 445 | 475 | ||||||||||||
| TOTAL ASSETS | $ | 61,839 | $ | 56,811 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| LIABILITIES | ||||||||||||||
| Due to subsidiaries | $ | 4,139 | $ | 3,800 | ||||||||||
| Loans payable to subsidiaries | 5,684 | 5,602 | ||||||||||||
| Short-term debt | 561 | 25 | ||||||||||||
| Long-term debt | 18,378 | 18,793 | ||||||||||||
| Income taxes payable | 128 | 167 | ||||||||||||
| Other liabilities | 511 | 552 | ||||||||||||
| Total liabilities | 29,401 | 28,939 | ||||||||||||
| EQUITY | ||||||||||||||
| Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued) | 0 | 0 | ||||||||||||
| Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of December 31, 2025 and December 31, 2024) | 6 | 6 | ||||||||||||
| Additional paid-in capital | 26,013 | 25,901 | ||||||||||||
| Common Stock held in treasury, at cost (318,361,498 and 311,738,187 shares as of December 31, 2025 and 2024, respectively) | (25,335) | (24,511) | ||||||||||||
| Accumulated other comprehensive income (loss)(1) | (3,077) | (6,711) | ||||||||||||
| Retained earnings | 34,831 | 33,187 | ||||||||||||
| Total equity | 32,438 | 27,872 | ||||||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 61,839 | $ | 56,811 |
See Notes to Condensed Financial Information of Registrant
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023
(in millions)
| 2025 | 2024 | 2023 | ||||||||||||||||||
| REVENUES | ||||||||||||||||||||
| Net investment income | $ | 360 | $ | 376 | $ | 345 | ||||||||||||||
| Realized investment gains (losses), net | 7 | (2) | (4) | |||||||||||||||||
| Affiliated interest revenue | 317 | 392 | 408 | |||||||||||||||||
| Other income (loss) | 20 | 17 | 14 | |||||||||||||||||
| Total revenues | 704 | 783 | 763 | |||||||||||||||||
| EXPENSES | ||||||||||||||||||||
| General and administrative expenses | 128 | 164 | 173 | |||||||||||||||||
| Interest expense | 1,360 | 1,322 | 1,282 | |||||||||||||||||
| Total expenses | 1,488 | 1,486 | 1,455 | |||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND JOINT VENTURES AND OTHER OPERATING ENTITIES | (784) | (703) | (692) | |||||||||||||||||
| Total income tax expense (benefit) | (214) | (192) | (152) | |||||||||||||||||
| INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES AND JOINT VENTURES AND OTHER OPERATING ENTITIES | (570) | (511) | (540) | |||||||||||||||||
| Equity in earnings of subsidiaries | 4,117 | 3,191 | 3,023 | |||||||||||||||||
| Equity in earnings of joint ventures and other operating entities, net of taxes | 29 | 47 | 5 | |||||||||||||||||
| NET INCOME (LOSS) | $ | 3,576 | $ | 2,727 | $ | 2,488 | ||||||||||||||
| Other Comprehensive Income (loss) | 3,634 | (207) | (2,698) | |||||||||||||||||
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 7,210 | $ | 2,520 | $ | (210) |
See Notes to Condensed Financial Information of Registrant
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023
(in millions)
| 2025 | 2024 | 2023 | ||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
| Net income (loss) | $ | 3,576 | $ | 2,727 | $ | 2,488 | ||||||||||||||
| Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||||||
| Equity in earnings of subsidiaries | (4,117) | (3,191) | (3,023) | |||||||||||||||||
| Equity in earnings of joint ventures and other operating entities, net of taxes | (29) | (47) | (5) | |||||||||||||||||
| Realized investment (gains) losses, net | (7) | 2 | 4 | |||||||||||||||||
| Dividends received from subsidiaries | 2,232 | 3,032 | 3,705 | |||||||||||||||||
| Property, plant and equipment | (1) | (3) | (15) | |||||||||||||||||
| Change in: | ||||||||||||||||||||
| Due to/from subsidiaries, net | 753 | (106) | 212 | |||||||||||||||||
| Other, operating | 46 | 145 | (487) | |||||||||||||||||
| Cash flows from (used in) operating activities | 2,453 | 2,559 | 2,879 | |||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
| Proceeds from the sale/maturity of: | ||||||||||||||||||||
| Fixed maturities, available-for-sale | 617 | 212 | 372 | |||||||||||||||||
| Short-term investments | 15,206 | 15,502 | 19,196 | |||||||||||||||||
| Payments for the purchase of: | ||||||||||||||||||||
| Equity securities, at fair value | (149) | 0 | 0 | |||||||||||||||||
| Fixed maturities, available-for-sale | (565) | (171) | (171) | |||||||||||||||||
| Short-term investments | (13,896) | (16,627) | (18,938) | |||||||||||||||||
| Capital contributions to subsidiaries | (430) | (384) | (1,651) | |||||||||||||||||
| Returns of capital contributions from subsidiaries | 0 | 300 | 599 | |||||||||||||||||
| Loans to subsidiaries, net of maturities | (142) | 197 | 584 | |||||||||||||||||
| Other, investing | (114) | 0 | 0 | |||||||||||||||||
| Cash flows from (used in) investing activities | 527 | (971) | (9) | |||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
| Cash dividends paid on Common Stock | (1,926) | (1,891) | (1,846) | |||||||||||||||||
| Common Stock acquired | (1,000) | (1,000) | (1,012) | |||||||||||||||||
| Common Stock reissued for exercise of stock options | 109 | 201 | 126 | |||||||||||||||||
| Proceeds from the issuance of debt (maturities longer than 90 days) | 1,108 | 1,123 | 495 | |||||||||||||||||
| Repayments of debt (maturities longer than 90 days) | (1,008) | (512) | (1,514) | |||||||||||||||||
| Repayments of loans from subsidiaries | (530) | (9) | (660) | |||||||||||||||||
| Proceeds from loans payable to subsidiaries | 524 | 702 | 1,256 | |||||||||||||||||
| Net change in financing arrangements (maturities of 90 days or less) | 0 | (1) | 1 | |||||||||||||||||
| Other, financing | (104) | (121) | (141) | |||||||||||||||||
| Cash flows from (used in) financing activities | (2,827) | (1,508) | (3,295) | |||||||||||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 153 | 80 | (425) | |||||||||||||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,051 | 971 | 1,396 | |||||||||||||||||
| CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 1,204 | $ | 1,051 | $ | 971 | ||||||||||||||
| SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||||||||||
| Cash paid during the period for interest | $ | 1,257 | $ | 1,231 | $ | 1,224 | ||||||||||||||
| Cash paid (refunds received) during the period for taxes | $ | (289) | $ | (448) | $ | 554 | ||||||||||||||
| NON-CASH TRANSACTIONS DURING THE YEAR | ||||||||||||||||||||
| Non-cash capital contributions to subsidiaries | $ | (63) | $ | (2,919) | $ | (753) | ||||||||||||||
| Non-cash dividends/returns of capital from subsidiaries | $ | 0 | $ | 83 | $ | 1,067 | ||||||||||||||
| Treasury Stock shares issued for stock-based compensation programs | $ | 186 | $ | 216 | $ | 275 | ||||||||||||||
See Notes to Condensed Financial Information of Registrant
PRUDENTIAL FINANCIAL, INC.
Schedule II
Condensed Financial Information of Registrant
Notes to Condensed Financial Information of Registrant
1. ORGANIZATION AND PRESENTATION
Prudential Financial, Inc. (“Prudential Financial”) was incorporated on December 28, 1999, as a wholly-owned subsidiary of The Prudential Insurance Company of America (“PICA”). On December 18, 2001, PICA converted from a mutual life insurance company to a stock life insurance company and became an indirect, wholly-owned subsidiary of Prudential Financial.
The condensed financial information of Prudential Financial, Inc. (the “Parent Company”) should be read in conjunction with the consolidated financial statements of Prudential Financial, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). The condensed financial statements of Prudential Financial reflect its direct wholly-owned subsidiaries using the equity method of accounting.
In September 2023, Prudential Financial invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”) and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”), which are licensed Bermuda-based life and annuity reinsurance companies. Beginning with the fourth quarter of 2023, the operating results of Prudential Financial reflect our share of earnings in Prismic on a quarter lag. As this investment is accounted for under the equity method, Prismic, Prismic Re, and Prismic Re International are considered related parties.
2. OTHER INVESTMENTS
Prudential Financial’s other investments as of December 31, 2025 and 2024 consisted primarily of highly liquid debt investments and intercompany enterprise liquidity account funds.
3. DEBT
A summary of Prudential Financial’s short- and long-term debt is as follows:
| December 31, | |||||||||||||||||||||||
| Maturity Dates | Rate(1) | 2025 | 2024 | ||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||||
| Short-term debt: | |||||||||||||||||||||||
| Commercial paper(2) | $ | 25 | $ | 25 | |||||||||||||||||||
| Current portion of long-term debt | 536 | 0 | |||||||||||||||||||||
| Total short-term debt | $ | 561 | $ | 25 | |||||||||||||||||||
| Long-term debt: | |||||||||||||||||||||||
| Fixed rate senior notes | 2026-2051 | 1.50%-6.63% | $ | 10,823 | $ | 10,245 | |||||||||||||||||
| Junior subordinated notes | 2047-2062 | 3.70%-6.75% | 7,555 | 8,548 | |||||||||||||||||||
| Total long-term debt | $ | 18,378 | $ | 18,793 |
(1)Ranges of interest rates are for the year ended December 31, 2025.
(2)The weighted average interest rate on outstanding commercial paper was 3.85% and 4.38% at December 31, 2025 and December 31, 2024, respectively.
Long-term Debt
In order to manage exposure to interest rate movements, Prudential Financial utilizes derivative instruments, primarily interest rate swaps, in conjunction with some of its debt issuances. The impact of these derivative instruments is not reflected in the rates presented in the table above. Interest expense was $0 million for the years ended December 31, 2025, 2024 and 2023, as there were no such derivatives that qualified for hedge accounting treatment.
Schedule of Long-term Debt Maturities
The following table presents Prudential Financial’s contractual maturities for long-term debt as of December 31, 2025:
| Calendar Year | |||||||||||||||||||||||||||||||||||
| 2027 | 2028 | 2029 | 2030 | 2031 and thereafter | Total | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Long-term debt | $ | 63 | $ | 412 | $ | 71 | $ | 665 | $ | 17,167 | $ | 18,378 |
4. DIVIDENDS AND RETURNS OF CAPITAL
For the years ended December 31, Prudential Financial received cash dividends and/or returns of capital from the following subsidiaries:
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| International Insurance and Investments Holding Companies | $ | 1,118 | $ | 1,385 | $ | 216 | ||||||||||||||
| The Prudential Insurance Company of America | 900 | 1,550 | 3,100 | |||||||||||||||||
| PGIM Holding Company | 202 | 61 | 84 | |||||||||||||||||
| Other Companies(1) | 12 | 336 | 904 | |||||||||||||||||
| Total | $ | 2,232 | $ | 3,332 | $ | 4,304 |
(1)2023 includes $900 million of dividends and returns of capital from a rabbi trust.
5. COMMITMENTS AND GUARANTEES
Prudential Financial has issued a subordinated guarantee covering a subsidiary’s domestic commercial paper program. As of December 31, 2025, there was $850 million outstanding under this commercial paper program.
Prudential Financial has provided guarantees of the payment of principal and interest on intercompany loans between affiliates. As of December 31, 2025, Prudential Financial had issued guarantees of outstanding loans totaling $5.0 billion between international insurance subsidiaries and other affiliates.
In 2013, Prudential Financial entered into a $500 million indemnity and guarantee agreement with Wells Fargo Bank Northwest, N.A. Under this agreement, Prudential Financial guaranteed obligations with respect to an affiliated loan from PICA to an affiliate. The loan proceeds were utilized to construct the Prudential Tower home office in Newark, New Jersey.
Prudential Financial is also subject to other financial guarantees, net worth maintenance agreements and indemnity arrangements, including those made in the normal course of business guaranteeing the performance of, or representations made by, Prudential Financial subsidiaries. Prudential Financial has provided indemnities and guarantees related to acquisitions and dispositions, investments, debt issuances and other transactions, including those provided as part of its ongoing operations that are triggered by, among other things, breaches of representations, warranties or covenants provided by Prudential Financial or its subsidiaries. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. This includes guarantees issued on $2.3 billion of letters of credit obtained by the Lotus Reinsurance Company Ltd. from a third-party financial institution, for the benefit of PICA and Pruco Life as beneficiaries, to support U.S. statutory reserve credit related to reinsurance agreements with PICA and Pruco Life. As of December 31, 2025, $2.3 billion of letters of credit have been issued to PICA and Pruco Life under the facility, and the likelihood of PICA and Pruco Life drawing upon them is remote. The guarantees are automatically renewed annually unless notice of termination is given by either party. The current value of the guarantees is estimated to be immaterial. This also includes guarantees issued on $1.5 billion of standby committed letters of credit and $0.5 billion of standby uncommitted letters of credit obtained by Prismic Re from third-party financial institutions, for the benefit of PICA as beneficiary, to support U.S. statutory reserve credit related to a reinsurance agreement with PICA. As of December 31, 2025, no letters of credit have been issued to PICA under the facility, and the likelihood of PICA drawing upon them is remote. The guarantees are renewable on an annual basis. The current value of the guarantees is estimated to be immaterial.
PRUDENTIAL FINANCIAL, INC.
Schedule III
Supplementary Insurance Information
As of and for the Year Ended December 31, 2025
(in millions)
| Segment | Deferred Policy Acquisition Costs | Future Policy Benefits, Losses, Claims Expenses | Unearned Premiums | Other Policy Claims and Benefits Payable | Premiums, Policy Charges and Fee Income | Net Investment Income | Benefits, Claims, Losses and Settlement Expenses | Amortization of DAC | Other Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||
| PGIM | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 181 | $ | 0 | $ | 0 | $ | 3,215 | |||||||||||||||||||||||||||||||||||
| U.S. Businesses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Retirement Strategies | 283 | 85,693 | 0 | 23,067 | 11,017 | 5,055 | 14,383 | 23 | 354 | ||||||||||||||||||||||||||||||||||||||||||||
| Individual Retirement Strategies | 4,329 | 1,321 | 0 | 61,324 | 1,205 | 2,891 | 1,505 | 528 | 1,511 | ||||||||||||||||||||||||||||||||||||||||||||
| Retirement Strategies | 4,612 | 87,014 | 0 | 84,391 | 12,222 | 7,946 | 15,888 | 551 | 1,865 | ||||||||||||||||||||||||||||||||||||||||||||
| Group Insurance | 154 | 5,609 | 94 | 4,832 | 6,147 | 543 | 5,160 | 9 | 1,226 | ||||||||||||||||||||||||||||||||||||||||||||
| Individual Life | 7,593 | 28,351 | 0 | 34,320 | 3,310 | 2,891 | 3,498 | 433 | 1,813 | ||||||||||||||||||||||||||||||||||||||||||||
| Total U.S. Businesses | 12,359 | 120,974 | 94 | 123,543 | 21,679 | 11,380 | 24,546 | 993 | 4,904 | ||||||||||||||||||||||||||||||||||||||||||||
| International Businesses | 9,678 | 95,165 | 70 | 61,715 | 11,660 | 6,040 | 12,322 | 692 | 2,463 | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (651) | 9,127 | 0 | 1,809 | 405 | 1,815 | 980 | (62) | 2,143 | ||||||||||||||||||||||||||||||||||||||||||||
| Total PFI excluding Closed Block division | 21,386 | 225,266 | 164 | 187,067 | 33,744 | 19,416 | 37,848 | 1,623 | 12,725 | ||||||||||||||||||||||||||||||||||||||||||||
| Closed Block division | 144 | 41,484 | 0 | 5,512 | 1,719 | 2,057 | 3,520 | 12 | 287 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 21,530 | $ | 266,750 | $ | 164 | $ | 192,579 | $ | 35,463 | $ | 21,473 | $ | 41,368 | $ | 1,635 | $ | 13,012 |
PRUDENTIAL FINANCIAL, INC.
Schedule III
Supplementary Insurance Information
As of and for the Year Ended December 31, 2024
(in millions)
| Segment | Deferred Policy Acquisition Costs | Future Policy Benefits, Losses, Claims Expenses | Unearned Premiums | Other Policy Claims and Benefits Payable | Premiums, Policy Charges and Fee Income | Net Investment Income | Benefits, Claims, Losses and Settlement Expenses | Amortization of DAC | Other Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||
| PGIM | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 15 | $ | 0 | $ | 2 | $ | 3,097 | |||||||||||||||||||||||||||||||||||
| U.S. Businesses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Retirement Strategies | 208 | 84,717 | 0 | 18,761 | 22,979 | 4,603 | 26,392 | 10 | 286 | ||||||||||||||||||||||||||||||||||||||||||||
| Individual Retirement Strategies | 4,091 | 1,181 | 0 | 46,105 | 1,312 | 2,124 | 1,042 | 430 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||
| Retirement Strategies | 4,299 | 85,898 | 0 | 64,866 | 24,291 | 6,727 | 27,434 | 440 | 2,065 | ||||||||||||||||||||||||||||||||||||||||||||
| Group Insurance | 159 | 5,425 | 246 | 5,032 | 5,807 | 531 | 4,949 | 6 | 1,157 | ||||||||||||||||||||||||||||||||||||||||||||
| Individual Life | 7,093 | 26,541 | 0 | 33,046 | 2,910 | 3,147 | 3,862 | 443 | 1,926 | ||||||||||||||||||||||||||||||||||||||||||||
| Total U.S. Businesses | 11,551 | 117,864 | 246 | 102,944 | 33,008 | 10,405 | 36,245 | 889 | 5,148 | ||||||||||||||||||||||||||||||||||||||||||||
| International Businesses | 9,304 | 99,633 | 66 | 54,881 | 12,103 | 5,715 | 12,059 | 646 | 2,314 | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (563) | 8,639 | 0 | 4,100 | 394 | 1,726 | 995 | (57) | 2,495 | ||||||||||||||||||||||||||||||||||||||||||||
| Total PFI excluding Closed Block division | 20,292 | 226,136 | 312 | 161,925 | 45,505 | 17,861 | 49,299 | 1,480 | 13,054 | ||||||||||||||||||||||||||||||||||||||||||||
| Closed Block division | 156 | 42,464 | 0 | 5,047 | 1,690 | 2,048 | 3,100 | 12 | 288 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 20,448 | $ | 268,600 | $ | 312 | $ | 166,972 | $ | 47,195 | $ | 19,909 | $ | 52,399 | $ | 1,492 | $ | 13,342 |
PRUDENTIAL FINANCIAL, INC.
Schedule III
Supplementary Insurance Information
As of and for the Year Ended December 31, 2023
(in millions)
| Segment | Deferred Policy Acquisition Costs | Future Policy Benefits, Losses, Claims Expenses | Unearned Premiums | Other Policy Claims and Benefits Payable | Premiums, Policy Charges and Fee Income | Net Investment Income | Benefits, Claims, Losses and Settlement Expenses | Amortization of DAC | Other Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||
| PGIM | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 268 | $ | 0 | $ | 2 | $ | 2,937 | |||||||||||||||||||||||||||||||||||
| U.S. Businesses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Retirement Strategies | 139 | 75,431 | 0 | 17,520 | 6,375 | 4,161 | 9,209 | 10 | 210 | ||||||||||||||||||||||||||||||||||||||||||||
| Individual Retirement Strategies | 3,881 | 1,229 | 0 | 30,860 | 1,335 | 1,453 | 713 | 387 | 1,663 | ||||||||||||||||||||||||||||||||||||||||||||
| Retirement Strategies | 4,020 | 76,660 | 0 | 48,380 | 7,710 | 5,614 | 9,922 | 397 | 1,873 | ||||||||||||||||||||||||||||||||||||||||||||
| Group Insurance | 137 | 5,348 | 251 | 5,342 | 5,699 | 517 | 4,869 | 9 | 1,088 | ||||||||||||||||||||||||||||||||||||||||||||
| Individual Life | 7,600 | 24,748 | 0 | 32,266 | 3,180 | 2,879 | 4,152 | 456 | 1,590 | ||||||||||||||||||||||||||||||||||||||||||||
| Total U.S. Businesses | 11,757 | 106,756 | 251 | 85,988 | 16,589 | 9,010 | 18,943 | 862 | 4,551 | ||||||||||||||||||||||||||||||||||||||||||||
| International Businesses | 9,351 | 113,428 | 73 | 51,971 | 13,231 | 5,281 | 12,525 | 622 | 2,488 | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (420) | 9,186 | 0 | 4,594 | 396 | 1,347 | 1,035 | (40) | 2,880 | ||||||||||||||||||||||||||||||||||||||||||||
| Total PFI excluding Closed Block division | 20,688 | 229,370 | 324 | 142,553 | 30,216 | 15,906 | 32,503 | 1,446 | 12,856 | ||||||||||||||||||||||||||||||||||||||||||||
| Closed Block division | 168 | 43,587 | 0 | 5,940 | 1,675 | 1,959 | 3,480 | 13 | 272 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 20,856 | $ | 272,957 | $ | 324 | $ | 148,493 | $ | 31,891 | $ | 17,865 | $ | 35,983 | $ | 1,459 | $ | 13,128 |
PRUDENTIAL FINANCIAL, INC.
Schedule IV
Reinsurance
As of and For the Years Ended December 31, 2025, 2024 and 2023
($ in millions)
| Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | ||||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||
| Life Insurance Face Amount In Force | $ | 4,227,621 | $ | 1,022,549 | $ | 154,535 | $ | 3,359,607 | 4.6 | % | ||||||||||||||||||||||
| Premiums: | ||||||||||||||||||||||||||||||||
| Life Insurance | $ | 23,367 | $ | 2,447 | $ | 6,990 | $ | 27,910 | 25.0 | % | ||||||||||||||||||||||
| Accident and Health Insurance | 3,004 | 117 | 0 | 2,887 | 0.0 | |||||||||||||||||||||||||||
| Total Premiums | $ | 26,371 | $ | 2,564 | $ | 6,990 | $ | 30,797 | 22.7 | % | ||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||
| Life Insurance Face Amount In Force | $ | 4,125,517 | $ | 979,667 | $ | 159,355 | $ | 3,305,205 | 4.8 | % | ||||||||||||||||||||||
| Premiums: | ||||||||||||||||||||||||||||||||
| Life Insurance | $ | 36,320 | $ | 2,384 | $ | 6,167 | $ | 40,103 | 15.4 | % | ||||||||||||||||||||||
| Accident and Health Insurance | 2,902 | 108 | 0 | 2,794 | 0.0 | |||||||||||||||||||||||||||
| Total Premiums | $ | 39,222 | $ | 2,492 | $ | 6,167 | $ | 42,897 | 14.4 | % | ||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||
| Life Insurance Face Amount In Force | $ | 4,173,524 | $ | 891,770 | $ | 165,988 | $ | 3,447,742 | 4.8 | % | ||||||||||||||||||||||
| Premiums: | ||||||||||||||||||||||||||||||||
| Life Insurance | $ | 26,585 | $ | 7,028 | $ | 5,005 | $ | 24,562 | 20.4 | % | ||||||||||||||||||||||
| Accident and Health Insurance | 2,890 | 88 | 0 | 2,802 | 0.0 | |||||||||||||||||||||||||||
| Total Premiums | $ | 29,475 | $ | 7,116 | $ | 5,005 | $ | 27,364 | 18.3 | % |
Previous: Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES · Next: Item 16. FORM 10-K SUMMARY