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Prudential Financial Inc. 4.125% Junior Subordinated Notes due 2060 (PFH+0.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes detailed financial results, highlighting a net income attributable to Prudential Financial, Inc. of $2,727 million for 2024, compared to $2,488 million in 2023. This increase was driven by higher adjusted operating income and favorable realized investment gains.
PGIM, Prudential's global investment management business, reported an adjusted operating income of $875 million, up from $713 million in 2023, primarily due to higher asset management fees and other related revenues.
In the U.S. Businesses segment, Retirement Strategies reported an adjusted operating income of $3,619 million, reflecting higher net investment spread results and a favorable impact from annual assumption updates.
Group Insurance's adjusted operating income slightly decreased to $314 million, with improved underwriting results offset by higher operating expenses.
The Individual Life segment reported a loss of $205 million, impacted by higher expenses and costs associated with recent reinsurance transactions.
International Businesses reported an adjusted operating income of $3,106 million, with higher net investment spread results and earnings from joint ventures, partially offset by unfavorable foreign currency impacts.
The Corporate and Other segment reported a reduced loss of $1,783 million, reflecting lower net charges from corporate activities.
Prudential's total assets under management increased to $1,512.4 billion, driven by market appreciation and net inflows in PGIM's investment management operations.
The filing also outlines the company's strategic focus on leveraging its business system for growth, enhancing operational efficiencies, and expanding its international footprint, particularly in high-growth emerging markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Prudential Financial Inc. 4.125% Junior Subordinated Notes due 2060 annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.