Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 FORM 10-Q
 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Transition Period from              to             
 
Commission File Number 001-16707
 
Prudential Financial, Inc.
(Exact Name of Registrant as Specified in its Charter) 
New Jersey
22-3703799
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
751 Broad Street
Newark, NJ 07102
(973) 802-6000
(Address and Telephone Number of Registrant’s Principal Executive Offices)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class
 Trading Symbols(s)
Name of Each Exchange on Which Registered
Common Stock, Par Value $.01
 PRU
New York Stock Exchange
5.75% Junior Subordinated Notes
PJH
New York Stock Exchange
5.70% Junior Subordinated Notes
PRH
New York Stock Exchange
5.625% Junior Subordinated Notes
PRS
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large Accelerated Filer
x
 
Accelerated Filer
☐
 
Non-accelerated Filer
☐
 
Smaller Reporting Company
☐
 
 
 
 
Emerging Growth Company
☐
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  x
 
As of April 30, 2020, 395 million shares of the registrant’s Common Stock (par value $0.01) were outstanding.


TABLE OF CONTENTS
 
 
 
Page
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.



Forward-Looking Statements

Certain of the statements included in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) the ongoing impact of the COVID-19 pandemic on the global economy, financial markets and our business (2) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (3) losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (4) changes in interest rates, equity prices and foreign currency exchange rates that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (5) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (6) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (7) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events, and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data, (d) reliance on third-parties or (e) labor and employment matters; (8) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) U.S. state insurance laws and developments regarding group-wide supervision, capital and reserves, (e) insurer capital standards outside the U.S. and (f) privacy and cybersecurity regulation; (9) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (10) an inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (11) ratings downgrades; (12) market conditions that may adversely affect the sales or persistency of our products; (13) competition; (14) reputational damage; (15) the costs, effects, timing, or success of our plans to accelerate our strategy; and (16) costs associated with the acquisition of Assurance IQ, LLC and its integration into our strategy. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document. See “Risk Factors” included in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and the Annual Report on Form 10-K for the year ended December 31, 2019 for discussion of certain risks relating to our businesses and investment in our securities.



i

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Financial Position
March 31, 2020 and December 31, 2019 (in millions, except share amounts)
 
 
March 31,
2020
 
December 31,
2019
ASSETS
 
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost: 2020-$349,665; 2019-$346,574; 2020-net of $158 allowance for credit losses)(1)
 
$
389,714

 
$
391,096

Fixed maturities, held-to-maturity, at amortized cost (2020-net of $9 allowance for credit losses; fair value: 2020-$2,249; 2019-$2,302)(1)(2)
 
1,895

 
1,933

Fixed maturities, trading, at fair value (amortized cost: 2020-$3,931; 2019-$3,917)(1)
 
3,621

 
3,884

Assets supporting experience-rated contractholder liabilities, at fair value(1)
 
21,580

 
21,597

Equity securities, at fair value (cost: 2020-$5,695; 2019-$5,560)(1)
 
6,176

 
7,522

Commercial mortgage and other loans (net of $240 and $121 allowance for credit losses; includes $670 and $228 of loans measured at fair value under the fair value option at March 31, 2020 and December 31, 2019, respectively)(1)(2)
 
63,559

 
63,559

Policy loans
 
12,099

 
12,096

Other invested assets (2020-net of $1 allowance for credit losses; includes $7,895 and $5,646 of assets measured at fair value at March 31, 2020 and December 31, 2019, respectively)(1)(2)
 
18,071

 
15,606

Short-term investments (2020-net of $4 allowance for credit losses)
 
7,961

 
5,467

Total investments
 
524,676

 
522,760

Cash and cash equivalents(1)
 
31,646

 
16,327

Accrued investment income(1)
 
3,221

 
3,330

Deferred policy acquisition costs(2)
 
19,738

 
19,912

Value of business acquired
 
1,070

 
1,110

Other assets(1)(2)
 
20,694

 
20,832

Separate account assets
 
272,667

 
312,281

TOTAL ASSETS
 
$
873,712

 
$
896,552

LIABILITIES AND EQUITY
 
 
 
 
LIABILITIES
 
 
 
 
Future policy benefits
 
$
310,817

 
$
293,527

Policyholders’ account balances
 
155,898

 
152,110

Policyholders’ dividends(2)
 
6,396

 
6,988

Securities sold under agreements to repurchase
 
10,557

 
9,681

Cash collateral for loaned securities
 
3,396

 
4,213

Income taxes(2)
 
11,117

 
11,378

Short-term debt
 
2,539

 
1,933

Long-term debt
 
20,149

 
18,646

Other liabilities(1)(2)
 
17,853

 
20,802

Notes issued by consolidated variable interest entities (includes $799 and $800 measured at fair value under the fair value option at March 31, 2020 and December 31, 2019, respectively)(1)
 
1,251

 
1,274

Separate account liabilities
 
272,667

 
312,281

Total liabilities
 
812,640

 
832,833

COMMITMENTS AND CONTINGENT LIABILITIES (See Note 14)
 

 

EQUITY
 
 
 
 
Preferred Stock ($.01 par value; 10,000,000 shares authorized; none issued)
 
0

 
0

Common Stock ($.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both March 31, 2020 and December 31, 2019)
 
6

 
6

Additional paid-in capital
 
25,506

 
25,532

Common Stock held in treasury, at cost (272,456,220 and 267,472,781 shares at March 31, 2020 and December 31, 2019, respectively)
 
(19,841
)
 
(19,453
)
Accumulated other comprehensive income (loss)
 
22,600

 
24,039

Retained earnings
 
32,176

 
32,991

Total Prudential Financial, Inc. equity
 
60,447

 
63,115

Noncontrolling interests
 
625

 
604

Total equity
 
61,072

 
63,719

TOTAL LIABILITIES AND EQUITY
 
$
873,712

 
$
896,552

__________
(1)
See Note 4 for details of balances associated with variable interest entities.
(2)
March 31, 2020 amounts include the impacts of the January 1, 2020 adoption of ASU 2016-13. See Note 2 for details.
See Notes to Unaudited Interim Consolidated Financial Statements

1

PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Operations
Three Months Ended March 31, 2020 and 2019 (in millions, except per share amounts)
 
 
Three Months Ended
March 31,
 
2020
 
2019
REVENUES
 
 
 
Premiums
$
7,664

 
$
7,900

Policy charges and fee income
1,489

 
1,471

Net investment income
4,202

 
4,216

Asset management and service fees
1,033

 
1,016

Other income (loss)
(2,591
)
 
1,254

Realized investment gains (losses), net
1,667

 
(766
)
Total revenues
13,464

 
15,091

BENEFITS AND EXPENSES
 
 
 
Policyholders’ benefits
9,006

 
8,438

Interest credited to policyholders’ account balances
392

 
1,345

Dividends to policyholders
(77
)
 
577

Amortization of deferred policy acquisition costs
957

 
435

General and administrative expenses
3,524

 
3,156

Total benefits and expenses
13,802

 
13,951

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
(338
)
 
1,140

Total income tax expense (benefit)
(58
)
 
232

INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
(280
)
 
908

Equity in earnings of operating joint ventures, net of taxes
10

 
29

NET INCOME (LOSS)
(270
)
 
937

Less: Income (loss) attributable to noncontrolling interests
1

 
5

NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.
$
(271
)
 
$
932

EARNINGS PER SHARE
 
 
 
Basic earnings per share-Common Stock:
 
 
 
Net income (loss) attributable to Prudential Financial, Inc.
$
(0.70
)
 
$
2.25

Diluted earnings per share-Common Stock:
 
 
 
Net income (loss) attributable to Prudential Financial, Inc.
$
(0.70
)
 
$
2.22








See Notes to Unaudited Interim Consolidated Financial Statements

2

PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Comprehensive Income
Three Months Ended March 31, 2020 and 2019 (in millions)
 
 
Three Months Ended
March 31,
 
2020
 
2019
NET INCOME (LOSS)
$
(270
)
 
$
937

Other comprehensive income (loss), before tax:
 
 
 
Foreign currency translation adjustments for the period
(295
)
 
(105
)
Net unrealized investment gains (losses)
(1,354
)
 
8,289

Defined benefit pension and postretirement unrecognized periodic benefit (cost)
72

 
64

Total
(1,577
)
 
8,248

Less: Income tax expense (benefit) related to other comprehensive income (loss)
(138
)
 
1,944

Other comprehensive income (loss), net of taxes
(1,439
)
 
6,304

Comprehensive income (loss)
(1,709
)
 
7,241

Less: Comprehensive income (loss) attributable to noncontrolling interests
1

 
4

Comprehensive income (loss) attributable to Prudential Financial, Inc.
$
(1,710
)
 
$
7,237

 



See Notes to Unaudited Interim Consolidated Financial Statements
 

3

PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Equity
Three Months Ended March 31, 2020 and 2019 (in millions)
 
 
Prudential Financial, Inc. Equity
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Common
Stock
Held In
Treasury
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Prudential
Financial, Inc.
Equity
 
Noncontrolling
Interests
 
Total
Equity
Balance, December 31, 2019
$
6

 
$
25,532

 
$
32,991

 
$
(19,453
)
 
$
24,039

 
$
63,115

 
$
604

 
$
63,719

Cumulative effect of adoption of accounting changes(1)
 
 
 
 
(99
)
 
 
 
 
 
(99
)
 
 
 
(99
)
Common Stock acquired
 
 
 
 
 
 
(500
)
 
 
 
(500
)
 
 
 
(500
)
Contributions from noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
31

 
31

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
(11
)
 
(11
)
Stock-based compensation programs
 
 
(26
)
 
 
 
112

 
 
 
86

 
 
 
86

Dividends declared on Common Stock
 
 
 
 
(445
)
 
 
 
 
 
(445
)
 
 
 
(445
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
(271
)
 
 
 
 
 
(271
)
 
1

 
(270
)
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
(1,439
)
 
(1,439
)
 
0

 
(1,439
)
Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
(1,710
)
 
1

 
(1,709
)
Balance, March 31, 2020
$
6


$
25,506


$
32,176


$
(19,841
)
 
$
22,600


$
60,447


$
625


$
61,072

    

 
Prudential Financial, Inc. Equity
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Common
Stock
Held In
Treasury
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Prudential
Financial, Inc.
Equity
 
Noncontrolling
Interests
 
Total
Equity
Balance, December 31, 2018
$
6

 
$
24,828

 
$
30,470

 
$
(17,593
)
 
$
10,906

 
$
48,617

 
$
414

 
$
49,031

Cumulative effect of adoption of accounting changes(2)
 
 
 
 
(21
)
 
 
 
7

 
(14
)
 
 
 
(14
)
Common Stock acquired
 
 
 
 
 
 
(500
)
 
 
 
(500
)
 
 
 
(500
)
Contributions from noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
26

 
26

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
(4
)
 
(4
)
Stock-based compensation programs
 
 
(46
)
 
 
 
131

 
 
 
85

 
 
 
85

Dividends declared on Common Stock
 
 
 
 
(415
)
 
 
 
 
 
(415
)
 
 
 
(415
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
932

 
 
 
 
 
932

 
5

 
937

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
6,305

 
6,305

 
(1
)
 
6,304

Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
7,237

 
4

 
7,241

Balance, March 31, 2019
$
6

 
$
24,782

 
$
30,966

 
$
(17,962
)
 
$
17,218

 
$
55,010

 
$
440

 
$
55,450


__________
(1)
Includes the impact from the adoption of ASU 2016-13. See Note 2.
(2)
Includes the impact from the adoption of ASU 2017-08 and 2017-12. See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 for additional information.












See Notes to Unaudited Interim Consolidated Financial Statements

4

PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Cash Flows
Three Months Ended March 31, 2020 and 2019 (in millions)
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income (loss)
$
(270
)
 
$
937

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Realized investment (gains) losses, net
(1,667
)
 
766

Policy charges and fee income
(701
)
 
(601
)
Interest credited to policyholders’ account balances
392

 
1,345

Depreciation and amortization
329

 
20

(Gains) losses on assets supporting experience-rated contractholder liabilities, net
838

 
(454
)
Change in:
 
 
 
Deferred policy acquisition costs
217

 
(326
)
Future policy benefits and other insurance liabilities
2,825

 
2,504

Income taxes
(115
)
 
152

Derivatives, net
15,388

 
(159
)
Other, net
(2,470
)
 
(1,099
)
Cash flows from (used in) operating activities
14,766

 
3,085

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from the sale/maturity/prepayment of:
 
 
 
Fixed maturities, available-for-sale
9,997

 
14,063

Fixed maturities, held-to-maturity
40

 
14

Fixed maturities, trading
121

 
77

Assets supporting experience-rated contractholder liabilities
7,219

 
2,992

Equity securities
523

 
675

Commercial mortgage and other loans
1,593

 
1,080

Policy loans
572

 
576

Other invested assets
533

 
374

Short-term investments
8,713

 
8,202

Payments for the purchase/origination of:
 
 
 
Fixed maturities, available-for-sale
(13,379
)
 
(17,395
)
Fixed maturities, trading
(103
)
 
(178
)
Assets supporting experience-rated contractholder liabilities
(7,908
)
 
(3,063
)
Equity securities
(616
)
 
(737
)
Commercial mortgage and other loans
(1,632
)
 
(2,354
)
Policy loans
(505
)
 
(473
)
Other invested assets
(905
)
 
(559
)
Short-term investments
(11,131
)
 
(8,837
)
Derivatives, net
1,106

 
341

Other, net
(18
)
 
(97
)
Cash flows from (used in) investing activities
(5,780
)
 
(5,299
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Policyholders’ account deposits
14,444

 
7,417

Policyholders’ account withdrawals
(9,354
)
 
(6,823
)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities
59

 
88

Cash dividends paid on Common Stock
(448
)
 
(420
)
Net change in financing arrangements (maturities 90 days or less)
630

 
85

Common Stock acquired
(485
)
 
(484
)
Common Stock reissued for exercise of stock options
45

 
36

Proceeds from the issuance of debt (maturities longer than 90 days)
1,550

 
1,120

Repayments of debt (maturities longer than 90 days)
(1
)
 
(55
)
Proceeds from notes issued by consolidated VIEs
0

 
910

Repayments of notes issued by consolidated VIEs
(16
)
 
(638
)
Other, net
(65
)
 
330

Cash flows from (used in) financing activities
6,359

 
1,566

Effect of foreign exchange rate changes on cash balances
(22
)
 
(2
)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS
15,323

 
(650
)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR
16,474

 
15,495

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD
$
31,797

 
$
14,845

NON-CASH TRANSACTIONS DURING THE PERIOD
 
 
 
Treasury Stock shares issued for stock-based compensation programs
$
140

 
$
165

RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
 
 
Cash and cash equivalents
$
31,646

 
$
14,699

Restricted cash and restricted cash equivalents (included in “Other assets”)
151

 
146

Total cash, cash equivalents, restricted cash and restricted cash equivalents
$
31,797

 
$
14,845





See Notes to Unaudited Interim Consolidated Financial Statements

5

PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements
 
1. BUSINESS AND BASIS OF PRESENTATION
 
Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement-related services, mutual funds and investment management.

The Company’s principal operations are comprised of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the U.S. Workplace Solutions, U.S. Individual Solutions, and Assurance IQ divisions), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The U.S. Workplace Solutions division consists of the Retirement and Group Insurance businesses, the U.S. Individual Solutions division consists of the Individual Annuities and Individual Life businesses, and the Assurance IQ division consists of the Assurance IQ business. In October 2019, the Company completed the acquisition of Assurance IQ, LLC (“Assurance IQ”), a leading consumer solutions platform that offers a range of solutions that help meet consumers’ financial needs. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments and businesses that have been or will be divested or placed in run-off, excluding the Closed Block division.
 
Basis of Presentation
 
The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information on the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Use of Estimates
 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
The most significant estimates include those used in determining deferred policy acquisition costs (“DAC”) and related amortization; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and fixed annuity products; value of business acquired (“VOBA”) and its amortization; amortization of deferred sales inducements (“DSI”); measurement of goodwill and any related impairment; valuation of investments including derivatives, measurement of allowance for credit losses, and recognition of other-than-temporary impairments (“OTTI”); future policy benefits including guarantees; pension and other postretirement benefits; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

COVID-19

During the first quarter of 2020, the outbreak of the novel coronavirus (“COVID-19”) has resulted in extreme stress and disruption in the global economy and financial markets, and has adversely impacted, and may continue to adversely impact, our results of operations, financial condition and cash flows. Due to the highly uncertain nature of these conditions, it is not possible to estimate the ultimate impacts at this time. The risks may have manifested, and may continue to manifest, in our financial

6
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

statements in the areas of, among others, i) investments: increased risk of loss on our investments due to default or deterioration in credit quality or value; ii) insurance liabilities and related balances: potential changes to assumptions regarding investment returns, mortality, morbidity and policyholder behavior which are reflected in our insurance liabilities and certain related balances (e.g., DAC, VOBA, etc.); and iii) goodwill: the macroeconomic environment may also result in the need to recognize an impairment of goodwill which could negatively impact our results of operations and financial condition. We cannot predict what impact the COVID-19 pandemic will ultimately have on the global economy, markets or our businesses.

Reclassifications
 
Certain amounts in prior periods have been reclassified to conform to the current period presentation.

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2020, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

Adoption of ASU 2016-13

The Company adopted ASU 2016-13, and related ASUs, effective January 1, 2020 using the modified retrospective method for certain financial assets carried at amortized cost and certain off-balance sheet exposures. The modified retrospective method results in a cumulative effect adjustment to opening retained earnings. The Company adopted the guidance related to fixed maturities, available-for-sale on a prospective basis.

This ASU requires the use of a new current expected credit loss (“CECL”) model to account for expected credit losses on certain financial assets reported at amortized cost (e.g., loans held for investment, fixed maturities held-to-maturity, reinsurance receivables, etc.) and certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans and certain loan commitments). The guidance requires an entity to estimate lifetime credit losses related to such financial assets and credit exposures based on relevant information about past events, current conditions, and reasonable and supportable forecasts that may affect the collectability of the reported amounts. The standard also modifies the other-than-temporary-impairment (“OTTI”) guidance for fixed maturities, available-for-sale requiring the use of an allowance rather than a direct write-down of the investment.

The impacts of this ASU on the Company’s Consolidated Financial Statements primarily include (1) A Cumulative Effect Adjustment Upon Adoption; (2) Changes to the Presentation of the Consolidated Statements of Financial Position and Consolidated Statements of Operations; and (3) Changes to Accounting Policies. Each of these impacts is described below. This section is meant to serve as an update to, and should be read in conjunction with, Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

(1) Cumulative Effect Adjustment Upon Adoption

7
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Summary of Transition Impact on the Consolidated Statements of Financial Position
Upon Adoption on January 1, 2020
 
Increase/(Decrease)
 
(in millions)
Fixed maturities, held-to-maturity
$
(9
)
Commercial mortgage and other loans
(115
)
Other invested assets
(1
)
Deferred policy acquisition costs
9

Other assets
(6
)
Total assets
$
(122
)
 
 
Policyholders' dividends
$
(14
)
Other liabilities
21

Income taxes
(30
)
Total liabilities
(23
)
 
 
Retained earnings
(99
)
Total equity
(99
)
Total liabilities and equity
$
(122
)

The prospective adoption of the portions of the standard related to fixed maturities, available-for-sale resulted in no impact to opening retained earnings.

(2) Changes to the Presentation of the Consolidated Statements of Financial Position and Consolidated Statements of Operations

The allowance for credit losses is presented parenthetically on relevant line items in the Consolidated Statements of Financial Position. In the Consolidated Statements of Operations, realized investment gains (losses), net are presented on one line item and will no longer reflect the breakout of OTTI on fixed maturity securities; OTTI on fixed maturity securities transferred to other comprehensive income (“OCI”); and other realized investment gains (losses), net. The presentation of this detail in prior periods is immaterial.

(3) Changes to Accounting Policies

This section has been updated to include the changes in our accounting policies resulting from the adoption of ASU 2016-13.

Fixed maturities, available-for-sale

Fixed maturities, available-for-sale (“AFS debt securities”) are reported at fair value in the Statements of Financial Position. Interest income, and amortization of premium and accretion of discount are included in “Net investment income” under the effective yield method. For mortgage-backed and asset-backed securities, the effective yield is based on estimated cash flows, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also vary based on other assumptions relating to the underlying collateral, including default rates and changes in value. These assumptions can significantly impact income recognition and the amount of impairments recognized in earnings and OCI. For mortgage-backed and asset-backed securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is impaired. For impaired mortgage-backed and asset-backed securities rated below AA, the effective yield is adjusted prospectively only if subsequent favorable or adverse changes in expected cash flows are not reflected in the allowance for credit losses. Prior to the adoption of this standard, the effective yield was adjusted prospectively regardless of whether the investment was impaired or not.

AFS debt securities with unrealized losses are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. In evaluating whether the amortized cost basis is recoverable, the Company considers several factors including, but not limited to the extent of the decline and the reasons for the decline in value (credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer.

8
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


When an AFS debt security is in an unrealized loss position and (1) the Company has the intent to sell the AFS debt security, or (2) it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, or (3) the Company has deemed the AFS debt security to be uncollectable, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The impairment is reported in “Realized investment gains (losses), net.” The new cost basis is not adjusted for subsequent increases in estimated fair value.

For an AFS debt security in an unrealized loss position that does not meet these conditions, the Company analyzes its ability to recover the amortized cost by comparing the net present value of projected future cash flows (the “net present value”) with the amortized cost of the security. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security prior to impairment. The Company may use the estimated fair value of collateral, if any, as a proxy for the net present value if it believes that the security is dependent on the liquidation of collateral for recovery of its investment. If the net present value is less than the amortized cost of the investment, an allowance for losses is recognized in earnings for the difference between amortized cost and the net present value and is limited to the difference between amortized cost and fair value of the AFS debt security. Any difference between the fair value and the net present value of the debt security at the impairment measurement date remains in “Other comprehensive income (loss).” Changes in the allowance for losses are reported in “Realized investment gains (losses), net.”

Prior to the adoption of this standard, any impairments on AFS debt securities were reported as an adjustment to the amortized cost basis of the security. Subsequent to the impairment, the AFS debt security was treated as if it were newly acquired at the date of impairment, and any increases in cash flows expected to be collected were accreted into net investment income over the life of the investment.

Fixed maturities, held-to-maturity

Fixed maturities, held-to-maturity are reported in the Statements of Financial Position at amortized cost net of the CECL allowance. The CECL allowance is generally determined based on probability of default and loss given default assumptions according to sector, credit quality and remaining time to maturity. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Prior to the adoption of this standard, fixed maturities, held-to-maturity deemed to be OTTI were written down to the net present value of expected cash flows. Any difference between the fair value and the net present value of the debt security at the impairment measurement date was recorded in “Other comprehensive income (loss).”

Interest income, and amortization of premium and accretion of discount are included in “Net investment income” under the effective yield method. For mortgage-backed and asset-backed securities, the effective yield is based on estimated timing and amount of cash flows, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also vary based on other assumptions regarding the underlying collateral, including default rates and changes in value. These assumptions can significantly impact income recognition and the amount of impairment recognized in earnings and OCI. For mortgage-backed and asset-backed securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is impaired or purchased with credit deterioration. For impaired mortgage-backed and asset-backed securities rated below AA, the effective yield is adjusted prospectively only if subsequent favorable or adverse changes in expected cash flows are not reflected in the allowance for credit losses.

Prior to the adoption of this standard, the effective yield was adjusted prospectively regardless of whether the investment was impaired or not.

Commercial mortgage and other loans

Commercial mortgage and other loans are reported in the Statements of Financial Position at amortized cost net of the CECL allowance. Additionally, certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current

9
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

conditions, and reasonable and supportable forecasts. The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans, and other collateralized and uncollateralized loans.
 
For commercial mortgage and agricultural mortgage loans (and related unfunded commitments where the Company cannot unconditionally cancel the commitment), the allowance is calculated using an internally developed CECL model.

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt-service-coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt-service-coverage ratios less than 1.0 times indicate that a property’s operations do not generate enough income to cover the loan’s current debt payments. A debt-service-coverage ratio greater than 1.0 times indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage and agricultural mortgage loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a credit re-rating process, whereby the internal credit rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary credit quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt-service-coverage ratios related to the Company’s commercial mortgage and agricultural mortgage loan portfolios. Generally, every loan is re-rated at least annually.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net.” As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities,” and the change in the allowance is reported in “Realized investment gains (losses), net.”

When a commercial mortgage or other loan is deemed to be uncollectible, any allowance is reversed and a direct write-down of the carrying amount of the loan is recorded through “Realized investment gains (losses), net.” The carrying amount of the loan is not adjusted for subsequent recoveries in value.

The CECL allowance for other collateralized and uncollateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Prior to the adoption of this standard, the impairments on commercial mortgage and other loans were collectively reviewed at a portfolio level for impairment based on probable incurred but not specifically identified losses with any such losses reflected in an allowance for credit losses. When a loan was individually identified to be impaired, the loan was individually evaluated for an allowance. Changes in these allowances were reported in “Realized investment gains (losses), net.” Additionally, an allowance for credit losses was not required on unfunded loan commitments.


10
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

As further described in Note 14, the Company’s PGIM business provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities (“GSEs”). The Company has agreed to indemnify the GSEs for a portion of the credit risk associated with certain of the mortgages it services. Management has established a CECL allowance that factors in historical loss information, current conditions and reasonable and supportable forecasts. The allowance also considers the remaining lives of the loans subject to the indemnification. The CECL allowance is included in “Other liabilities” and changes in the CECL allowance are reported in “Realized investment gains (losses), net.” Prior to the adoption of this standard, a credit loss allowance was not required.

Reinsurance

Reinsurance recoverables are reported on the Statements of Financial Position in “Other Assets” net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. Additions to or releases of the allowance are reported in “Policyholders’ benefits.”

Prior to the adoption of this standard, an allowance for credit losses for reinsurance recoverables was established only when it was deemed probable that a reinsurer may fail to make payments to us in a timely manner.

Trade Receivables

Trade receivables related to Assurance IQ, are reported in the Statements of Financial Position in “Other assets” net of the CECL allowance. The CECL allowance considers the credit quality of the counterparties and is generally determined based on probability of default and loss given default assumptions. Additions to or releases of the allowance are reported in “General and administrative expenses.” Prior to the adoption of this standard, the reserve was limited to an allowance for doubtful accounts.

Other ASUs adopted during the three months ended March 31, 2020
Standard
 
Description
 
Effective date and method of adoption
 
Effect on the financial statements or other significant matters
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
 
This ASU simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test, which measures a goodwill impairment by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of the goodwill. Under the ASU, a goodwill impairment should be recorded for the amount by which the carrying amount of a reporting unit exceeds its fair value (capped by the total amount of goodwill allocated to the reporting unit).
 
January 1, 2020 using the prospective method.
 
The adoption of the ASU did not have a significant impact on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

 
This ASU provides optional relief for certain contracts impacted by reference rate reform. The standard permits an entity to consider contract modification due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The ASU also temporarily (until December 31, 2022) allows hedge relationships to continue without de-designation upon changes due to reference rate reform.
 
March 12, 2020 to December 31, 2022 using the prospective method.
 
This ASU did not have a significant impact on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.

The Company made the election under ASU 2020-04 for all applicable contracts as they converted from the current reference rate to the new reference rate.



ASU issued but not yet adopted as of March 31, 2020 — ASU 2018-12

ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB on August 15, 2018 and is expected to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements. In October 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date to affirm its decision to defer the effective date of ASU 2018-12 to January 1, 2022 (with early adoption permitted), representing a one year extension from the original effective date of January 1, 2021. This

11
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

ASU will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. Outlined below are four key areas of change, although there are other less significant changes not noted below. In addition to the impacts to the balance sheet upon adoption, the Company also expects an impact to how earnings emerge thereafter.




12
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

ASU 2018-12 Amended Topic
 
Description
 
Method of adoption
 
Effect on the financial statements or other significant matters
Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products
 
Requires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations.
 
An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity will apply the amendments to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in “Accumulated other comprehensive income”(“AOCI”) or (2) a full retrospective transition method.
 
The options for method of adoption and the impacts of such methods are under assessment.
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products
 
Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield and will be required to be updated each quarter with the impact recorded through OCI.
 
As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI.
 
Upon adoption, under either transition method, there will be an adjustment to AOCI as a result of remeasuring in-force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment upon adoption will largely reflect the difference between the discount rate locked-in at contract inception versus current discount rates at transition. The magnitude of such adjustment is currently being assessed.
Amortization of deferred acquisition costs (DAC) and other balances
 
Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability.
 
An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity will apply the amendments to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a retrospective transition method for DAC and other balances.
 
The options for method of adoption and the impacts of such methods are under assessment. Under the modified retrospective transition method, the Company would not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI.
Market Risk Benefits
 
Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record market risk benefit assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change that is attributable to changes in an entity’s NPR which is recognized in OCI.
 
An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative effect adjustment on the balance sheet as of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption.

 
Upon adoption, the Company expects an impact to retained earnings for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities) and an impact from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. The magnitude of such adjustments is currently being assessed.



13
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)



3. INVESTMENTS
 
Fixed Maturity Securities
 
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 
 
March 31, 2020
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Allowance for Credit Losses
 
Fair
Value
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
32,021

 
$
11,622

 
$
0

 
$
0

 
$
43,643

Obligations of U.S. states and their political subdivisions
10,111

 
1,399

 
21

 
0

 
11,489

Foreign government bonds
97,589

 
19,645

 
113

 
38

 
117,083

U.S. public corporate securities
89,101

 
9,465

 
2,588

 
56

 
95,922

U.S. private corporate securities(1)
34,765

 
1,489

 
772

 
37

 
35,445

Foreign public corporate securities
26,308

 
2,395

 
701

 
26

 
27,976

Foreign private corporate securities
27,765

 
359

 
2,313

 
0

 
25,811

Asset-backed securities(2)
13,859

 
98

 
577

 
0

 
13,380

Commercial mortgage-backed securities
14,951

 
653

 
31

 
1

 
15,572

Residential mortgage-backed securities(3)
3,195

 
207

 
9

 
0

 
3,393

       Total fixed maturities, available-for-sale(1)
$
349,665

 
$
47,332

 
$
7,125

 
$
158

 
$
389,714


 
 
March 31, 2020
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Allowance for Credit Losses
 
Amortized Cost,
Net of Allowance
 
(in millions)
Fixed maturities, held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Foreign government bonds
$
896

 
$
262

 
$
0

 
$
1,158

 
$
0

 
$
896

Foreign public corporate securities
624

 
58

 
0

 
682

 
9

 
615

Foreign private corporate securities
83

 
2

 
0

 
85

 
0

 
83

Residential mortgage-backed securities(3)
301

 
23

 
0

 
324

 
0

 
301

       Total fixed maturities, held-to-maturity(4)
$
1,904

 
$
345

 
$
0

 
$
2,249

 
$
9

 
$
1,895

__________
(1)
Excludes notes with amortized cost of $5,616 million (fair value, $5,616 million), which have been offset with the associated debt under a netting agreement.
(2)
Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types.
(3)
Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(4)
Excludes notes with amortized cost of $4,998 million (fair value, $5,001 million), which have been offset with the associated debt under a netting agreement.
 

14
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
December 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
OTTI in AOCI(4)
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
30,625

 
$
5,195

 
$
161

 
$
35,659

 
$
0

Obligations of U.S. states and their political subdivisions
10,068

 
1,437

 
8

 
11,497

 
0

Foreign government bonds
98,356

 
20,761

 
63

 
119,054

 
(34
)
U.S. public corporate securities
87,566

 
11,030

 
257

 
98,339

 
(6
)
U.S. private corporate securities(1)
34,410

 
2,243

 
120

 
36,533

 
0

Foreign public corporate securities
26,841

 
3,054

 
70

 
29,825

 
(1
)
Foreign private corporate securities
27,619

 
1,201

 
580

 
28,240

 
0

Asset-backed securities(2)
13,067

 
147

 
40

 
13,174

 
(77
)
Commercial mortgage-backed securities
14,978

 
610

 
14

 
15,574

 
0

Residential mortgage-backed securities(3)
3,044

 
159

 
2

 
3,201

 
(1
)
       Total fixed maturities, available-for-sale(1)
$
346,574

 
$
45,837

 
$
1,315

 
$
391,096

 
$
(119
)

 
 
December 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(in millions)
Fixed maturities, held-to-maturity:
 
 
 
 
 
 
 
Foreign government bonds
$
891

 
$
282

 
$
0

 
$
1,173

Foreign public corporate securities
649

 
64

 
0

 
713

Foreign private corporate securities
83

 
2

 
0

 
85

Residential mortgage-backed securities(3)
310

 
21

 
0

 
331

       Total fixed maturities, held-to-maturity(5)
$
1,933

 
$
369

 
$
0

 
$
2,302

__________
(1)
Excludes notes with amortized cost of $4,751 million (fair value, $4,757 million), which have been offset with the associated debt under a netting agreement.
(2)
Includes collateralized loan obligations, auto loans, education loans, home equity and other asset types.
(3)
Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(4)
Represents the amount of unrealized losses remaining in AOCI, from the impairment measurement date. Amount excludes $362 million of net unrealized gains on impaired available-for-sale securities and $1 million of net unrealized gains on impaired held-to-maturity securities relating to changes in the value of such securities subsequent to the impairment measurement date.
(5)
Excludes notes with amortized cost of $4,998 million (fair value, $5,401 million), which have been offset with the associated debt under a netting agreement.

15
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
The following table sets forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the date indicated:
 
 
 
March 31, 2020
 
 
Less Than
Twelve Months
 
Twelve Months
or More
 
Total
 
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
 
(in millions)
Fixed maturities, available-for-sale:
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
 
$
468

 
$
3

 
$
187

 
$
0

 
$
655

 
$
3

Obligations of U.S. states and their political subdivisions
 
520

 
21

 
0

 
0

 
520

 
21

Foreign government bonds
 
3,869

 
105

 
56

 
7

 
3,925

 
112

U.S. public corporate securities
 
21,011

 
2,127

 
1,256

 
415

 
22,267

 
2,542

U.S. private corporate securities
 
12,201

 
650

 
1,002

 
122

 
13,203

 
772

Foreign public corporate securities
 
7,756

 
562

 
356

 
105

 
8,112

 
667

Foreign private corporate securities
 
14,218

 
1,236

 
4,829

 
1,078

 
19,047

 
2,314

Asset-backed securities
 
8,565

 
393

 
2,952

 
184

 
11,517

 
577

Commercial mortgage-backed securities
 
1,654

 
28

 
79

 
3

 
1,733

 
31

Residential mortgage-backed securities
 
165

 
9

 
2

 
0

 
167

 
9

Total fixed maturities, available-for-sale
 
$
70,427

 
$
5,134

 
$
10,719

 
$
1,914

 
$
81,146

 
$
7,048

 
The following table sets forth the fair value and gross unrealized losses on fixed maturity securities aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the date indicated:

 
 
December 31, 2019
 
 
Less Than
Twelve Months
 
Twelve Months
or More
 
Total
 
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
 
(in millions)
Fixed maturities(1):
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
 
$
4,950

 
$
161

 
$
267

 
$
0

 
$
5,217

 
$
161

Obligations of U.S. states and their political subdivisions
 
273

 
8

 
0

 
0

 
273

 
8

Foreign government bonds
 
2,332

 
60

 
126

 
3

 
2,458

 
63

U.S. public corporate securities
 
3,944

 
85

 
2,203

 
172

 
6,147

 
257

U.S. private corporate securities
 
2,283

 
44

 
1,563

 
76

 
3,846

 
120

Foreign public corporate securities
 
1,271

 
23

 
496

 
47

 
1,767

 
70

Foreign private corporate securities
 
1,466

 
33

 
5,666

 
547

 
7,132

 
580

Asset-backed securities
 
3,979

 
12

 
4,433

 
28

 
8,412

 
40

Commercial mortgage-backed securities
 
1,193

 
10

 
164

 
4

 
1,357

 
14

Residential mortgage-backed securities
 
207

 
1

 
88

 
1

 
295

 
2

Total
 
$
21,898

 
$
437

 
$
15,006

 
$
878

 
$
36,904

 
$
1,315


16
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

__________ 
(1)
As of December 31, 2019, there were no securities classified as held-to-maturity in a gross unrealized loss position.

As of March 31, 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $4,955 million related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $2,093 million related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2020, the $1,914 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the energy, consumer non-cyclical and capital goods sectors.

As of December 31, 2019, the gross unrealized losses on fixed maturity securities were composed of $973 million related to “1” highest quality or “2” high quality securities based on the NAIC or equivalent rating and $342 million related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2019, the $878 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the energy, consumer non-cyclical and finance sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2020. These conclusions were based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of March 31, 2020, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following tables set forth the amortized cost or amortized cost, net of allowance and fair value of fixed maturities by contractual maturities, as of the date indicated:
 
 
March 31, 2020
 
Available-for-Sale
 
Held-to-Maturity
 
Amortized Cost
 
Fair Value
 
Amortized Cost, Net of Allowance
 
Fair Value
 
(in millions)
Fixed maturities:
 
 
 
 
 
 
 
Due in one year or less
$
20,145

 
$
20,478

 
$
0

 
$
0

Due after one year through five years
50,674

 
51,885

 
114

 
116

Due after five years through ten years
65,012

 
69,429

 
588

 
654

Due after ten years(1)
181,829

 
215,577

 
892

 
1,155

Asset-backed securities
13,859

 
13,380

 
0

 
0

Commercial mortgage-backed securities
14,951

 
15,572

 
0

 
0

Residential mortgage-backed securities
3,195

 
3,393

 
301

 
324

Total
$
349,665

 
$
389,714

 
$
1,895

 
$
2,249

__________
(1)
Excludes available-for-sale notes with amortized cost of $5,616 million (fair value, $5,616 million) and held-to-maturity notes with amortized cost of $4,998 million (fair value, $5,001 million), which have been offset with the associated debt under a netting agreement.

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.
 
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs, impairments and the allowance for credit losses of fixed maturities, for the periods indicated:

17
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
Proceeds from sales(1)
 
$
5,153

 
$
10,162

Proceeds from maturities/prepayments
 
4,883

 
4,488

Gross investment gains from sales and maturities
 
468

 
483

Gross investment losses from sales and maturities
 
(61
)
 
(188
)
OTTI recognized in earnings(2)
 
N/A

 
(35
)
Write-downs recognized in earnings(3)
 
(91
)
 
N/A

(Addition to) release of allowance for credit losses(4)
 
(158
)
 
N/A

Fixed maturities, held-to-maturity:
 
 
 
 
Proceeds from maturities/prepayments(5)
 
$
41

 
$
14

Allowance for credit losses(4)
 
0

 
N/A

__________ 
(1)
Includes $39 million and $587 million of non-cash related proceeds due to the timing of trade settlements for the three months ended March 31, 2020 and 2019, respectively.
(2)
For the three months ended March 31, 2019, amounts exclude the portion of OTTI amounts remaining in “Other comprehensive income (loss)” (“OCI”), representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of impairment.
(3)
For the three months ended March 31, 2020, amounts represent write-downs on securities approaching maturity related to foreign exchange movements and securities actively marketed for sale.
(4)
Effective January 1, 2020, credit losses on available-for-sale and held-to-maturity fixed maturity securities are recorded within the “allowance for credit losses.”
(5)
Includes $1 million and $0 million of non-cash related proceeds due to the timing of trade settlements for the three months ended March 31, 2020 and 2019, respectively.

The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the date indicated: 
 
March 31, 2020
 
U.S. Treasury Securities and Obligations of U.S. States
 
Foreign Government Bonds
 
U.S. and Foreign Corporate Securities
 
Asset-Backed Securities
 
Commercial Mortgage-Backed Securities
 
Residential Mortgage-Backed Securities
 
Total
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of year
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

Additions to allowance for credit losses not previously recorded
0

 
38

 
119

 
0

 
1

 
0

 
158

Balance, end of period
$
0

 
$
38

 
$
119

 
$
0

 
$
1

 
$
0

 
$
158




18
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
March 31, 2020
 
U.S. Treasury Securities and Obligations of U.S. States
 
Foreign Government Bonds
 
U.S. and Foreign Corporate Securities
 
Asset-Backed Securities
 
Commercial Mortgage-Backed Securities
 
Residential Mortgage-Backed Securities
 
Total
 
(in millions)
Fixed maturities, held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of year
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

Cumulative effect of adoption of ASU 2016-13
0

 
0

 
9

 
0

 
0

 
0

 
9

Balance, end of period
$
0

 
$
0

 
$
9

 
$
0

 
$
0

 
$
0

 
$
9



See Note 2 for additional information about the Company’s methodology for developing our allowance and expected losses.

As of March 31, 2020, the allowance for credit losses on available-for-sale securities was primarily related to adverse projected cash flows on public and private corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2020.

Assets Supporting Experience-Rated Contractholder Liabilities
 
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:
 
 
 
March 31, 2020
 
December 31, 2019
 
 
Amortized
Cost or Cost
 
Fair
Value
 
Amortized
Cost or Cost
 
Fair
Value
 
 
(in millions)
Short-term investments and cash equivalents
 
$
1,083

 
$
1,083

 
$
277

 
$
277

Fixed maturities:
 
 
 
 
 
 
 
 
Corporate securities
 
13,102

 
13,110

 
13,143

 
13,603

Commercial mortgage-backed securities
 
1,828

 
1,869

 
1,845

 
1,896

Residential mortgage-backed securities(1)
 
1,208

 
1,243

 
1,134

 
1,158

Asset-backed securities(2)
 
1,637

 
1,607

 
1,639

 
1,662

Foreign government bonds
 
785

 
791

 
802

 
814

U.S. government authorities and agencies and obligations of U.S. states
 
343

 
411

 
341

 
397

Total fixed maturities(3)
 
18,903

 
19,031

 
18,904

 
19,530

Equity securities
 
1,485

 
1,466

 
1,465

 
1,790

Total assets supporting experience-rated contractholder liabilities(4)
 
$
21,471

 
$
21,580

 
$
20,646

 
$
21,597


__________ 
(1)
Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(2)
Includes collateralized loan obligations, auto loans, education loans, home equity and other asset types. Collateralized loan obligations at fair value were $1,009 million and $1,060 million as of March 31, 2020 and December 31, 2019, respectively, all of which were rated AAA.
(3)
As a percentage of amortized cost, 94% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2020 and December 31, 2019.
(4)
As a percentage of amortized cost, 78% and 77% of the portfolio consisted of public securities as of March 31, 2020 and December 31, 2019, respectively.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(842) million and $469 million during the three months ended March 31, 2020 and 2019, respectively.


19
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(1,481) million and $529 million during the three months ended March 31, 2020 and 2019, respectively.

Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.
 
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
 
 
March 31, 2020
 
December 31, 2019
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
(in millions)
Investments in Japanese government and government agency securities:
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale
 
$
74,584

 
$
89,377

 
$
74,118

 
$
89,546

Fixed maturities, held-to-maturity
 
873

 
1,128

 
869

 
1,143

Fixed maturities, trading
 
22

 
22

 
23

 
23

Assets supporting experience-rated contractholder liabilities
 
652

 
659

 
653

 
664

Total
 
$
76,131

 
$
91,186

 
$
75,663

 
$
91,376

 
 
 
March 31, 2020
 
December 31, 2019
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
(in millions)
Investments in South Korean government and government agency securities:
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale
 
$
10,488

 
$
12,926

 
$
10,823

 
$
13,322

Assets supporting experience-rated contractholder liabilities
 
15

 
16

 
15

 
16

Total
 
$
10,503

 
$
12,942

 
$
10,838

 
$
13,338


 

20
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Commercial Mortgage and Other Loans
 
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
 
 
 
March 31, 2020
 
December 31, 2019
 
 
Amount
(in millions)
 
% of
Total
 
Amount
(in millions)
 
% of
Total
Commercial mortgage and agricultural property loans by property type:
 
 
 
 
 
 
 
 
Office
 
$
12,908

 
20.6
%
 
$
13,462

 
21.4
%
Retail
 
7,967

 
12.7

 
8,379

 
13.3

Apartments/Multi-Family
 
18,171

 
28.9

 
17,348

 
27.6

Industrial
 
13,217

 
21.0

 
13,226

 
21.1

Hospitality
 
2,401

 
3.8

 
2,415

 
3.9

Other
 
4,503

 
7.2

 
4,533

 
7.2

Total commercial mortgage loans
 
59,167

 
94.2

 
59,363

 
94.5

Agricultural property loans
 
3,665

 
5.8

 
3,472

 
5.5

Total commercial mortgage and agricultural property loans by property type
 
62,832

 
100.0
%
 
62,835

 
100.0
%
Allowance for credit losses
 
(233
)
 
 
 
(117
)
 
 
Total net commercial mortgage and agricultural property loans by property type
 
62,599

 
 
 
62,718

 
 
Other loans:
 
 
 

 
 
 

Uncollateralized loans
 
660

 

 
656

 

Residential property loans
 
115

 

 
124

 

Other collateralized loans
 
192

 

 
65

 

Total other loans
 
967

 

 
845

 

Allowance for credit losses
 
(7
)
 

 
(4
)
 

Total net other loans
 
960

 

 
841

 

Total commercial mortgage and other loans(1)
 
$
63,559

 

 
$
63,559

 

__________ 
(1)
Includes loans held for sale which are carried at fair value and are collateralized primarily by apartment complexes. As of March 31, 2020 and December 31, 2019, the net carrying value of these loans was $670 million and $228 million, respectively.

As of March 31, 2020, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (27%), Texas (9%) and New York (8%)) and included loans secured by properties in Europe (7%), Asia (2%) and Australia (1%).


21
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:
 
 
Commercial
Mortgage
Loans
 
Agricultural
Property
Loans
 
Residential
Property
Loans
 
Other
Collateralized
Loans
 
Uncollateralized
Loans
 
Total
 
 
(in millions)
Balance at December 31, 2018
 
$
120

 
$
3

 
$
0

 
$
0

 
$
5

 
$
128

Addition to (release of) allowance for credit losses
 
(5
)
 
0

 
0

 
0

 
(1
)
 
(6
)
Charge-offs, net of recoveries
 
(1
)
 
0

 
0

 
0

 
0

 
(1
)
Change in foreign exchange
 
0

 
0

 
0

 
0

 
0

 
0

Balance at December 31, 2019
 
114

 
3

 
0

 
0

 
4

 
121

Cumulative effect of adoption of ASU 2016-13
 
110

 
5

 
0

 
0

 
0

 
115

Addition to (release of) allowance for expected losses
 
1

 
0

 
0

 
0

 
0

 
1

Other
 
0

 
0

 
0

 
3

 
0

 
3

Balance at March 31, 2020
 
$
225

 
$
8

 
$
0

 
$
3

 
$
4

 
$
240

 
See Note 2 for additional information about the Company’s methodology for developing our allowance and expected losses.

As of March 31, 2020, the increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to the cumulative effect of adoption of ASU 2016-13.

The following table sets forth loan-to-value ratios based upon the recorded investment gross of allowance for credit losses, as of the date indicated:

22
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


 
March 31, 2020
 
Amortized Cost by Origination Year
 
2020
 
2019
 
2018
 
2017
 
2016
 
Prior
 
Revolving Loans
 
Total
 
(in millions)
Loan-to-Value Ratio:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial mortgage loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0%-59.99%
$
316

 
$
2,748

 
$
3,046

 
$
3,698

 
$
3,407

 
$
18,365

 
$
0

 
$
31,580

60%-69.99%
859

 
4,060

 
3,319

 
2,381

 
2,805

 
4,704

 
0

 
18,128

70%-79.99%
807

 
3,017

 
2,782

 
1,102

 
573

 
832

 
0

 
9,113

80% or greater
0

 
11

 
0

 
53

 
61

 
221

 
0

 
346

Subtotal
1,982

 
9,836

 
9,147

 
7,234

 
6,846

 
24,122

 
0

 
59,167

Agricultural property loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0%-59.99%
168

 
483

 
379

 
564

 
404

 
1,406

 
0

 
3,404

60%-69.99%
108

 
74

 
38

 
0

 
0

 
41

 
0

 
261

70%-79.99%
0

 
0

 
0

 
0

 
0

 
0

 
0

 
0

80% or greater
0

 
0

 
0

 
0

 
0

 
0

 
0

 
0

Subtotal
276

 
557

 
417

 
564

 
404

 
1,447

 
0

 
3,665

Total commercial mortgage and agricultural property loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0%-59.99%
484

 
3,231

 
3,425

 
4,262

 
3,811

 
19,771

 
0

 
34,984

60%-69.99%
967

 
4,134

 
3,357

 
2,381

 
2,805

 
4,745

 
0

 
18,389

70%-79.99%
807

 
3,017

 
2,782

 
1,102

 
573

 
832

 
0

 
9,113

80% or greater
0

 
11

 
0

 
53

 
61

 
221

 
0

 
346

Total commercial mortgage and agricultural property loans
$
2,258

 
$
10,393

 
$
9,564

 
$
7,798

 
$
7,250

 
$
25,569

 
$
0

 
$
62,832



See Note 2 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.

The following tables set forth certain key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the date indicated:

Commercial mortgage loans 
 
 
December 31, 2019
 
 
Debt Service Coverage Ratio
 
 
 
 
>1.2X
 
1.0X to <1.2X
 
< 1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio:
 
 
 
 
 
 
 
 
0%-59.99%
 
$
31,027

 
$
701

 
$
217

 
$
31,945

60%-69.99%
 
17,090

 
1,145

 
42

 
18,277

70%-79.99%
 
8,020

 
719

 
28

 
8,767

80% or greater
 
209

 
143

 
22

 
374

       Total commercial mortgage loans
 
$
56,346

 
$
2,708

 
$
309

 
$
59,363

 

23
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Agricultural property loans
 
 
December 31, 2019
 
 
Debt Service Coverage Ratio
 
 
 
 
>1.2X
 
1.0X to <1.2X
 
< 1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio:
 
 
 
 
 
 
 
 
0%-59.99%
 
$
3,289

 
$
57

 
$
14

 
$
3,360

60%-69.99%
 
112

 
0

 
0

 
112

70%-79.99%
 
0

 
0

 
0

 
0

80% or greater
 
0

 
0

 
0

 
0

       Total agricultural property loans
 
$
3,401

 
$
57

 
$
14

 
$
3,472

 
Total commercial mortgage and agricultural property loans
 
 
December 31, 2019
 
 
Debt Service Coverage Ratio
 
 
 
 
>1.2X
 
1.0X to <1.2X
 
< 1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio:
 
 
 
 
 
 
 
 
0%-59.99%
 
$
34,316

 
$
758

 
$
231

 
$
35,305

60%-69.99%
 
17,202

 
1,145

 
42

 
18,389

70%-79.99%
 
8,020

 
719

 
28

 
8,767

80% or greater
 
209

 
143

 
22

 
374

       Total commercial mortgage and agricultural property loans
 
$
59,747

 
$
2,765

 
$
323

 
$
62,835


 
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
 
 
 
March 31, 2020
 
 
Current
 
30-59 Days
Past Due
 
60-89 Days
Past Due
 
90 Days or More Past Due(1)
 
Total Past
Due
 
Total
Loans
 
Non-Accrual
Status(2)
 
 
(in millions)
Commercial mortgage loans
 
$
59,157

 
$
2

 
$
8

 
$
0

 
$
10

 
$
59,167

 
$
44

Agricultural property loans
 
3,642

 
10

 
0

 
13

 
23

 
3,665

 
13

Residential property loans
 
113

 
1

 
0

 
1

 
2

 
115

 
1

Other collateralized loans
 
192

 
0

 
0

 
0

 
0

 
192

 
0

Uncollateralized loans
 
660

 
0

 
0

 
0

 
0

 
660

 
4

Total
 
$
63,764

 
$
13

 
$
8

 
$
14

 
$
35

 
$
63,799

 
$
62

 __________
(1)
As of March 31, 2020, there were no loans in this category accruing interest.
(2)
For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

24
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
 
December 31, 2019
 
 
Current
 
30-59 Days
Past Due
 
60-89 Days
Past Due
 
90 Days or More Past Due(1)
 
Total Past
Due
 
Total
Loans
 
Non-Accrual
Status(2)
 
 
(in millions)
Commercial mortgage loans
 
$
59,363

 
$
0

 
$
0

 
$
0

 
$
0

 
$
59,363

 
$
44

Agricultural property loans
 
3,458

 
1

 
0

 
13

 
14

 
3,472

 
13

Residential property loans
 
121

 
1

 
0

 
2

 
3

 
124

 
2

Other collateralized loans
 
65

 
0

 
0

 
0

 
0

 
65

 
0

Uncollateralized loans
 
656

 
0

 
0

 
0

 
0

 
656

 
0

Total
 
$
63,663

 
$
2

 
$
0

 
$
15

 
$
17

 
$
63,680

 
$
59


__________
(1)
As of December 31, 2019, there were no loans in this category accruing interest.
(2)
For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Loans on non-accrual status recognized interest income of less than $1 million for the three months ended March 31, 2020, and $14 million of these loans did not have a related allowance for credit losses as of March 31, 2020.

The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of March 31, 2020.


Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

 
 
March 31, 2020
 
December 31, 2019
 
 
(in millions)
LPs/LLCs:
 
 
 
 
Equity method:
 
 
 
 
Private equity
 
$
3,889

 
$
3,625

Hedge funds
 
1,864

 
1,947

Real estate-related
 
1,404

 
1,372

Subtotal equity method
 
7,157

 
6,944

Fair value:
 
 
 
 
Private equity
 
1,769

 
1,705

Hedge funds
 
2,018

 
2,172

Real estate-related
 
344
 
336
Subtotal fair value
 
4,131

 
4,213

Total LPs/LLCs
 
11,288

 
11,157

Real estate held through direct ownership(1)
 
2,410

 
2,388

Derivative instruments
 
3,188

 
877
Other(2)
 
1,185

 
1,184

Total other invested assets
 
$
18,071

 
$
15,606

_________ 
(1)
As of March 31, 2020 and December 31, 2019, real estate held through direct ownership had mortgage debt of $548 million and $537 million, respectively.
(2)
Primarily includes strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Banks of New York and Boston. For additional information regarding the Company’s holdings in the Federal Home Loan Banks of New York and Boston, see Note 17 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.


25
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the date indicated:

 
March 31, 2020
 
(in millions)
Fixed maturities
$
2,642

Equity securities
24

Commercial mortgage and other loans
195

Policy loans
304

Other invested assets
37

Short-term investments and cash equivalents
19

Total accrued investment income
$
3,221



There were no significant write-downs on accrued investment income for the three months ended March 31, 2020.

Net Investment Income
 
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 
 
 
Three Months Ended
March 31,
 
 
2020
 
2019
 
 
(in millions)
Fixed maturities, available-for-sale(1)
 
$
3,112

 
$
3,088

Fixed maturities, held-to-maturity(1)
 
59

 
57

Fixed maturities, trading
 
34

 
34

Assets supporting experience-rated contractholder liabilities
 
184

 
185

Equity securities
 
28

 
30

Commercial mortgage and other loans
 
640

 
600

Policy loans
 
153

 
151

Other invested assets
 
131

 
205

Short-term investments and cash equivalents
 
87

 
118

Gross investment income
 
4,428

 
4,468

Less: investment expenses
 
(226
)
 
(252
)
Net investment income
 
$
4,202

 
$
4,216

__________ 
(1)
Includes income on credit-linked notes which are reported on the same financial statement line item as related surplus notes, as conditions are met for right to offset.

26
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Realized Investment Gains (Losses), Net
 
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 
 
 
Three Months Ended
March 31,
 
 
2020
 
2019
 
 
(in millions)
Fixed maturities(1)
 
$
158

 
$
260

Commercial mortgage and other loans
 
22

 
10

Investment real estate
 
(1
)
 
0

LPs/LLCs
 
(3
)
 
(5
)
Derivatives
 
1,492

 
(1,032
)
Other
 
(1
)
 
1

Realized investment gains (losses), net
 
$
1,667

 
$
(766
)
__________ 
(1)
Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading.
 

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
 
March 31,
2020
 
December 31,
2019
 
(in millions)
Fixed maturity securities, available-for-sale—with OTTI(1)
N/A

 
$
243

Fixed maturity securities, available-for-sale—all other(1)
N/A

 
44,279

Fixed maturity securities, available-for-sale with an allowance
(118
)
 
N/A

Fixed maturity securities, available-for-sale without an allowance
40,325

 
N/A

Derivatives designated as cash flow hedges(2)
3,186

 
832

Other investments(3)
(22
)
 
(15
)
       Net unrealized gains (losses) on investments
$
43,371

 
$
45,339

__________ 
(1)
Effective January 1, 2020, per ASU 2016-13, fixed maturity securities, available-for-sale are no longer required to be disclosed “with OTTI” and “all other.”
(2)
For additional information on cash flow hedges, see Note 5.
(3)
As of March 31, 2020, there were no net unrealized losses on held-to-maturity securities that were previously transferred from available-for-sale. Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.”



27
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:

 
March 31, 2020
 
December 31, 2019
 
Remaining Contractual Maturities of the Agreements
 
 
 
Remaining Contractual Maturities of the Agreements
 
 
 
 Overnight & Continuous
 
Up to 30 Days
 
Total
 
 Overnight & Continuous
 
Up to 30 Days
 
Total
 
(in millions)
U.S. Treasury securities and obligations of U.S.
government authorities and agencies
$
9,586

 
$
553

 
$
10,139

 
$
9,431

 
$
0

 
$
9,431

U.S. public corporate securities
0

 
0

 
0

 
0

 
0

 
0

Residential mortgage-backed securities
418

 
0

 
418

 
250

 
0

 
250

Total securities sold under agreements to repurchase(1)
$
10,004

 
$
553

 
$
10,557

 
$
9,681

 
$
0

 
$
9,681

__________ 
(1)
The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

 
March 31, 2020
 
December 31, 2019
 
Remaining Contractual Maturities of the Agreements
 
 
 
Remaining Contractual Maturities of the Agreements
 
 
 
 Overnight & Continuous
 
Up to 30 Days
 
Total
 
 Overnight & Continuous
 
Up to 30 Days
 
Total
 
(in millions)
U.S. Treasury securities and obligations of U.S.
government authorities and agencies
$
0

 
$
0

 
$
0

 
$
9

 
$
0

 
$
9

Obligations of U.S. states and their political
subdivisions
69

 
0

 
69

 
33

 
0

 
33

Foreign government bonds
484

 
0

 
484

 
244

 
0

 
244

U.S. public corporate securities
2,208

 
0

 
2,208

 
2,996

 
0

 
2,996

Foreign public corporate securities
546

 
0

 
546

 
762

 
0

 
762

Commercial mortgage-backed securities
2

 
0

 
2

 
2

 
0

 
2

Equity securities
87

 
0

 
87

 
167

 
0

 
167

       Total cash collateral for loaned securities(1)
$
3,396

 
$
0

 
$
3,396

 
$
4,213

 
$
0

 
$
4,213


__________ 
(1)
The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.


4. VARIABLE INTEREST ENTITIES
 
In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
 

28
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Consolidated Variable Interest Entities
 
The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
 
Consolidated VIEs for which the
Company is the Investment
Manager(1)
 
Other Consolidated VIEs(1)
 
March 31,
2020
 
December 31,
2019
 
March 31,
2020
 
December 31,
2019
 
(in millions)
Fixed maturities, available-for-sale
$
99

 
$
104

 
$
284

 
$
285

Fixed maturities, held-to-maturity
83

 
83

 
844

 
839

Fixed maturities, trading
1,121

 
1,112

 
0

 
0

Assets supporting experience-rated contractholder liabilities
0

 
0

 
3

 
4

Equity securities
39

 
47

 
0

 
0

Commercial mortgage and other loans
944

 
883

 
0

 
0

Other invested assets
2,222

 
2,199

 
161

 
89

Cash and cash equivalents
203

 
166

 
0

 
0

Accrued investment income
4

 
4

 
4

 
4

Other assets
426

 
450

 
618

 
689

Total assets of consolidated VIEs
$
5,141

 
$
5,048

 
$
1,914

 
$
1,910

Other liabilities
$
382

 
$
304

 
$
35

 
$
13

Notes issued by consolidated VIEs(2)
1,251

 
1,274

 
0

 
0

Total liabilities of consolidated VIEs
$
1,633

 
$
1,578

 
$
35

 
$
13


 __________
(1)
Total assets of consolidated VIEs reflect $2,663 million and $2,668 million as of March 31, 2020 and December 31, 2019, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
(2)
Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of March 31, 2020, the maturities of these obligations were between 4 and 9 years.

 
Unconsolidated Variable Interest Entities
 
The Company has determined that it is not the primary beneficiary of certain VIEs for which it is the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs for which it is the investment manager is limited to its investment in the VIEs, which was $824 million and $1,021 million at March 31, 2020 and December 31, 2019, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position.
 
In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company’s maximum exposure to loss on these investments, both VIEs and non-VIEs, is limited to the amount of its investment. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these entities was $11,288 million and $11,157 million as of March 31, 2020 and December 31, 2019, respectively.
 
In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third-parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.


29
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

5. DERIVATIVE INSTRUMENTS
 
Types of Derivative Instruments and Derivative Strategies

The Company utilizes various derivatives instruments and strategies to manage its risk. Commonly used derivative instruments include, but are not necessarily limited to:
•Interest rate contracts: futures, swaps, forwards, options, caps and floors
•Equity contracts: futures, options and total return swaps
•Foreign exchange contracts: futures, options, forwards and swaps
•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives are:
•
To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”).

For detailed information on these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Primary Risks Managed by Derivatives
 
The table below provides a summary of the gross notional amount and fair value of derivatives contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. This netting impact results in total derivative assets of $3,184 million and $867 million as of March 31, 2020 and December 31, 2019, respectively, and total derivative liabilities of $904 million and $831 million as of March 31, 2020 and December 31, 2019, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.


30
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Primary Underlying Risk /Instrument Type
March 31, 2020
 
December 31, 2019
 
 
Fair Value
 
 
 
Fair Value
Gross Notional
 
Assets
 
Liabilities
 
Gross Notional
 
Assets
 
Liabilities
 
(in millions)
Derivatives Designated as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
3,232

 
$
1,239

 
$
(106
)
 
$
3,257

 
$
628

 
$
(73
)
Interest Rate Forwards
205

 
51

 
0

 
205

 
4

 
(1
)
Foreign Currency
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Forwards
1,442

 
79

 
(3
)
 
1,461

 
22

 
(57
)
Currency/Interest Rate
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Swaps
23,188

 
3,795

 
(60
)
 
22,746

 
1,467

 
(302
)
Total Derivatives Designated as Hedge Accounting Instruments
$
28,067

 
$
5,164

 
$
(169
)
 
$
27,669

 
$
2,121

 
$
(433
)
Derivatives Not Qualifying as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
152,646

 
$
22,455

 
$
(11,144
)
 
$
141,162

 
$
10,249

 
$
(4,861
)
Interest Rate Futures
18,595

 
42

 
(132
)
 
17,095

 
4

 
(38
)
Interest Rate Options
16,343

 
2,102

 
(328
)
 
16,496

 
339

 
(238
)
Interest Rate Forwards
2,821

 
82

 
0

 
2,218

 
18

 
(3
)
Foreign Currency
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Forwards
27,940

 
458

 
(163
)
 
26,604

 
208

 
(214
)
Foreign Currency Options
0

 
0

 
0

 
0

 
0

 
0

Currency/Interest Rate
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Swaps
13,107

 
1,409

 
(397
)
 
13,874

 
740

 
(345
)
Credit
 
 
 
 
 
 
 
 
 
 
 
Credit Default Swaps
1,659

 
2

 
(29
)
 
798

 
21

 
0

Equity
 
 
 
 
 
 
 
 
 
 
 
Equity Futures
4,804

 
18

 
(1
)
 
1,802

 
0

 
(3
)
Equity Options
28,769

 
428

 
(546
)
 
32,657

 
679

 
(765
)
Total Return Swaps
23,241

 
2,903

 
(376
)
 
18,218

 
6

 
(636
)
Other
 
 
 
 
 
 
 
 
 
 
 
Other(1)
1,257

 
0

 
0

 
1,258

 
0

 
0

Synthetic GICs
80,984

 
1

 
0

 
80,009

 
1

 
0

Total Derivatives Not Qualifying as Hedge Accounting Instruments
$
372,166

 
$
29,900

 
$
(13,116
)
 
$
352,191

 
$
12,265

 
$
(7,103
)
Total Derivatives(2)(3)
$
400,233

 
$
35,064

 
$
(13,285
)
 
$
379,860

 
$
14,386

 
$
(7,536
)
__________
(1)
“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.
(2)
Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $28,769 million and $14,035 million as of March 31, 2020 and December 31, 2019, respectively, primarily included in “Future policy benefits.”
(3)
Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.


31
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

As of March 31, 2020, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.
 
March 31, 2020
 
December 31, 2019
Balance Sheet Line Item in which Hedged Item is Recorded
Carrying Amount of the Hedged Assets (Liabilities)
 
Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)
 
Carrying Amount of the Hedged Assets (Liabilities)
 
Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)
 
(in millions)
Fixed maturities, available-for-sale, at fair value
$
371

 
$
92

 
$
389

 
$
64

Commercial mortgage and other loans
$
23

 
$
2

 
$
23

 
$
2

Policyholders’ account balances
$
(1,712
)
 
$
(430
)
 
$
(1,376
)
 
$
(107
)
Future policy benefits
$
(961
)
 
$
(450
)
 
$
(676
)
 
$
(172
)
__________
(1)
There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.

Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules.


Offsetting Assets and Liabilities
 
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
 
 
March 31, 2020
 
Gross
Amounts of
Recognized
Financial
Instruments
 
Gross
Amounts
Offset in the
Statements
of Financial
Position
 
Net
Amounts
Presented in
the Statements
of Financial
Position
 
Financial
Instruments/
Collateral(1)
 
Net
Amount
 
(in millions)
Offsetting of Financial Assets:
 
 
 
 
 
 
 
 
 
Derivatives(1)
$
34,905

 
$
(31,880
)
 
$
3,025

 
$
(2,109
)
 
$
916

Securities purchased under agreement to resell
325

 
0

 
325

 
(325
)
 
0

Total assets
$
35,230

 
$
(31,880
)
 
$
3,350

 
$
(2,434
)
 
$
916

Offsetting of Financial Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives(1)
$
13,259

 
$
(12,381
)
 
$
878

 
$
(9
)
 
$
869

Securities sold under agreement to repurchase
10,557

 
0

 
10,557

 
(10,557
)
 
0

Total liabilities
$
23,816

 
$
(12,381
)
 
$
11,435

 
$
(10,566
)
 
$
869

 

32
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
December 31, 2019
 
Gross
Amounts of
Recognized
Financial
Instruments
 
Gross
Amounts
Offset in the
Statements
of Financial
Position
 
Net
Amounts
Presented in
the Statements
of Financial
Position
 
Financial
Instruments/
Collateral(1)
 
Net
Amount
 
(in millions)
Offsetting of Financial Assets:
 
 
 
 
 
 
 
 
 
Derivatives(1)
$
14,303

 
$
(13,519
)
 
$
784

 
$
(607
)
 
$
177

Securities purchased under agreement to resell
1,012

 
0

 
1,012

 
(1,012
)
 
0

Total assets
$
15,315

 
$
(13,519
)
 
$
1,796

 
$
(1,619
)
 
$
177

Offsetting of Financial Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives(1)
$
7,528

 
$
(6,705
)
 
$
823

 
$
(244
)
 
$
579

Securities sold under agreement to repurchase
9,681

 
0

 
9,681

 
(9,681
)
 
0

Total liabilities
$
17,209

 
$
(6,705
)
 
$
10,504

 
$
(9,925
)
 
$
579

__________
(1)
Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above, see “—Counterparty Credit Risk” below. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2019.
 
Cash Flow, Fair Value and Net Investment Hedges
 
The primary derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps and currency forwards. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its fair value, cash flow or net investment hedge accounting relationships.
 
The following table provides the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.
 

33
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
Three Months Ended March 31, 2020
 
Realized
Investment
Gains
(Losses)
 
Net
Investment
Income
 
Other
Income (Loss)
 
Interest
Expense
 
Interest
Credited to
Policyholders’
Account
Balances
 
Policyholders’ Benefits
 
AOCI(1)
 
(in millions)
Derivatives Designated as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains (losses) on derivatives designated as hedge instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
$
(30
)
 
$
(2
)
 
$
0

 
$
0

 
$
324

 
$
280

 
$
0

Currency
2

 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on derivatives designated as hedge instruments
(28
)
 
(2
)
 
0

 
0

 
324

 
280

 
0

Gains (losses) on the hedged item:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
30

 
5

 
0

 
0

 
(322
)
 
(278
)
 
0

Currency
(1
)
 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on hedged item
29

 
5

 
0

 
0

 
(322
)
 
(278
)
 
0

Total gains (losses) on fair value hedges net of hedged item
1

 
3

 
0

 
0

 
2

 
2

 
0

Cash flow hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
(1
)
 
0

 
0

 
0

 
0

 
0

 
52

Currency
1

 
0

 
0

 
0

 
0

 
0

 
102

Currency/Interest Rate
18

 
79

 
291

 
0

 
0

 
0

 
2,200

Total gains (losses) on cash flow hedges
18

 
79

 
291

 
0

 
0

 
0

 
2,354

Net investment hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency
0

 
0

 
0

 
0

 
0

 
0

 
13

Currency/Interest Rate
0

 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on net investment hedges
0

 
0

 
0

 
0

 
0

 
0

 
13

Derivatives Not Qualifying as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
9,224

 
0

 
0

 
0

 
0

 
0

 
0

Currency
333

 
0

 
(7
)
 
0

 
0

 
0

 
0

Currency/Interest Rate
816

 
0

 
2

 
0

 
0

 
0

 
0

Credit
(41
)
 
0

 
0

 
0

 
0

 
0

 
0

Equity
5,436

 
0

 
0

 
0

 
0

 
0

 
0

Other
0

 
0

 
0

 
0

 
0

 
0

 
0

Embedded Derivatives
(14,295
)
 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on derivatives not qualifying as hedge accounting instruments
1,473

 
0

 
(5
)
 
0

 
0

 
0

 
0

Total
$
1,492

 
$
82

 
$
286

 
$
0

 
$
2

 
$
2

 
$
2,367


34
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
Three Months Ended March 31, 2019
 
Realized
Investment
Gains
(Losses)
 
Net
Investment
Income
 
Other
Income (Loss)
 
Interest
Expense
 
Interest
Credited to
Policyholders’
Account
Balances
 
Policyholders’ Benefits
 
AOCI(1)
 
(in millions)
Derivatives Designated as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains (losses) on derivatives designated as hedge instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
$
(5
)
 
$
(2
)
 
$
0

 
$
0

 
$
68

 
$
51

 
$
0

Currency
(1
)
 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on derivatives designated as hedge instruments
(6
)
 
(2
)
 
0

 
0

 
68

 
51

 
0

Gains (losses) on the hedged item:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
2

 
5

 
0

 
0

 
(66
)
 
(46
)
 
0

Currency
1

 
1

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on hedged item
3

 
6

 
0

 
0

 
(66
)
 
(46
)
 
0

Total gains (losses) on fair value hedges net of hedged item
(3
)
 
4

 
0

 
0

 
2

 
5

 
0

Cash flow hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
(1
)
 
0

 
0

 
0

 
0

 
0

 
23

Currency
1

 
0

 
0

 
0

 
0

 
0

 
(9
)
Currency/Interest Rate
(8
)
 
68

 
(45
)
 
0

 
0

 
0

 
(58
)
Total gains (losses) on cash flow hedges
(8
)
 
68

 
(45
)
 
0

 
0

 
0

 
(44
)
Net investment hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency
0

 
0

 
0

 
0

 
0

 
0

 
1

Currency/Interest Rate
0

 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on net investment hedges
0

 
0

 
0

 
0

 
0

 
0

 
1

Derivatives Not Qualifying as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
1,389

 
0

 
0

 
0

 
0

 
0

 
0

Currency
(39
)
 
0

 
4

 
0

 
0

 
0

 
0

Currency/Interest Rate
184

 
0

 
0

 
0

 
0

 
0

 
0

Credit
69

 
0

 
0

 
0

 
0

 
0

 
0

Equity
(1,811
)
 
0

 
0

 
0

 
0

 
0

 
0

Other
0

 
0

 
0

 
0

 
0

 
0

 
0

Embedded Derivatives
(812
)
 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on derivatives not qualifying as hedge accounting instruments
(1,020
)
 
0

 
4

 
0

 
0

 
0

 
0

Total
$
(1,031
)
 
$
72

 
$
(41
)
 
$
0

 
$
2

 
$
5

 
$
(43
)
_________
(1)
Net change in AOCI.



 

35
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:  
 
(in millions)
Balance, December 31, 2019
$
832

Amount recorded in AOCI
 
    Interest Rate
51

    Currency
103

    Currency/Interest Rate
2,588

Total amount recorded in AOCI
2,742

Amount reclassified from AOCI to income
 
    Interest Rate
1

    Currency
(1
)
    Currency/Interest Rate
(388
)
Total amount reclassified from AOCI to income
(388
)
Balance, March 31, 2020
$
3,186



The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2020 values, it is estimated that a pre-tax gain of approximately $354 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2021.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 10 years.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.
 
For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $549 million and $536 million as of March 31, 2020 and December 31, 2019, respectively. 

Credit Derivatives
 
The following table provides a summary of the notional and fair value of written credit protection. The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 1 year and less than 27 years for single name and index references, respectively.

 
March 31, 2020
 
NAIC Rating Designation of Underlying Credit Obligation(1)
 
NAIC 1
NAIC 2
NAIC 3
NAIC 4
NAIC 5
NAIC 6
Total
 
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
 
(in millions)
Single name reference(2)
$
48

$
0

$
48

$
0

$
4

$
0

$
0

$
0

$
0

$
0

$
0

$
0

$
100

$
0

Index reference(2)
49

0

0

0

790

(8
)
0

0

0

0

483

(20
)
1,322

(28
)
Total
$
97

$
0

$
48

$
0

$
794

$
(8
)
$
0

$
0

$
0

$
0

$
483

$
(20
)
$
1,422

$
(28
)


36
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
December 31, 2019
 
NAIC Rating Designation of Underlying Credit Obligation(1)
 
NAIC 1
NAIC 2
NAIC 3
NAIC 4
NAIC 5
NAIC 6
Total
 
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
Gross Notional
Fair Value
 
(in millions)
Single name reference(2)
$
36

$
0

$
60

$
1

$
4

$
0

$
0

$
0

$
0

$
0

$
0

$
0

$
100

$
1

Index reference(2)
50

0

0

0

570

13

0

0

0

0

72

7

692

20

Total
$
86

$
0

$
60

$
1

$
574

$
13

$
0

$
0

$
0

$
0

$
72

$
7

$
792

$
21

_________
(1)
The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. ("Moody's"), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used.
(2)
Single name CDS may reference to the credit of corporate debt, sovereign debt, and structured finance. Index references NAIC designations are based on the lowest rated single name reference included in the index.

In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of March 31, 2020 and December 31, 2019, the Company had $237 million and $6 million of outstanding notional amounts and reported at fair value as an asset of $1 million and $0 million, respectively. 

Counterparty Credit Risk

The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counter (“OTC”) parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.

As of March 31, 2020, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.


6. FAIR VALUE OF ASSETS AND LIABILITIES
 
Fair Value Measurement—Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
 
Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.
 

37
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

 Assets and Liabilities by Hierarchy Level—The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

38
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
As of March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Netting(1)
 
Total
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
0

 
$
43,528

 
$
115

 
$
 
$
43,643

Obligations of U.S. states and their political subdivisions
0

 
11,485

 
4

 
 
 
11,489

Foreign government bonds
0

 
117,062

 
21

 
 
 
117,083

U.S. corporate public securities
0

 
95,434

 
488

 
 
 
95,922

U.S. corporate private securities(2)
0

 
33,755

 
1,690

 
 
 
35,445

Foreign corporate public securities
0

 
27,915

 
61

 
 
 
27,976

Foreign corporate private securities
0

 
23,554

 
2,257

 
 
 
25,811

Asset-backed securities(3)
0

 
12,639

 
741

 
 
 
13,380

Commercial mortgage-backed securities
0

 
15,572

 
0

 
 
 
15,572

Residential mortgage-backed securities
0

 
3,186

 
207

 
 
 
3,393

Subtotal
0

 
384,130

 
5,584

 
 
 
389,714

Assets supporting experience-rated contractholder liabilities:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
0

 
200

 
0

 
 
 
200

Obligations of U.S. states and their political subdivisions
0

 
211

 
0

 
 
 
211

Foreign government bonds
0

 
767

 
24

 
 
 
791

Corporate securities
0

 
12,507

 
603

 
 
 
13,110

Asset-backed securities(3)
0

 
1,543

 
64

 
 
 
1,607

Commercial mortgage-backed securities
0

 
1,869

 
0

 
 
 
1,869

Residential mortgage-backed securities
0

 
1,130

 
113

 
 
 
1,243

Equity securities
1,233

 
233

 
0

 
 
 
1,466

All other(4)
0

 
886

 
7

 
 
 
893

Subtotal
1,233

 
19,346

 
811

 
 
 
21,390

Fixed maturities, trading
0

 
3,372

 
249

 
 
 
3,621

Equity securities
4,571

 
874

 
594

 
 
 
6,039

Commercial mortgage and other loans
0

 
670

 
0

 
 
 
670

Other invested assets(5)
133

 
34,930

 
581

 
(31,880
)
 
3,764

Short-term investments
2,096

 
3,963

 
53

 
 
 
6,112

Cash equivalents
1,442

 
19,729

 
1

 
 
 
21,172

Other assets
0

 
0

 
382

 
 
 
382

Separate account assets(6)(7)
39,056

 
208,460

 
1,528

 
 
 
249,044

Total assets
$
48,531

 
$
675,474

 
$
9,783

 
$
(31,880
)
 
$
701,908

Future policy benefits(8)
$
0

 
$
0

 
$
27,935

 
$
 
$
27,935

Policyholders’ account balances
0

 
0

 
1,206

 
 
 
1,206

Other liabilities
135

 
13,149

 
47

 
(12,381
)
 
950

Notes issued by consolidated VIEs
0

 
0

 
799

 
 
 
799

Total liabilities
$
135

 
$
13,149

 
$
29,987

 
$
(12,381
)
 
$
30,890

 

39
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
As of December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Netting(1)
 
Total
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
0

 
$
35,554

 
$
105

 
$
 
$
35,659

Obligations of U.S. states and their political subdivisions
0

 
11,493

 
4

 
 
 
11,497

Foreign government bonds
0

 
119,032

 
22

 
 
 
119,054

U.S. corporate public securities
0

 
97,959

 
380

 
 
 
98,339

U.S. corporate private securities(2)
0

 
34,749

 
1,784

 
 
 
36,533

Foreign corporate public securities
0

 
29,756

 
69

 
 
 
29,825

Foreign corporate private securities
0

 
27,237

 
1,003

 
 
 
28,240

Asset-backed securities(3)
0

 
12,238

 
936

 
 
 
13,174

Commercial mortgage-backed securities
0

 
15,574

 
0

 
 
 
15,574

Residential mortgage-backed securities
0

 
3,189

 
12

 
 
 
3,201

Subtotal
0

 
386,781

 
4,315

 
 
 
391,096

Assets supporting experience-rated contractholder liabilities:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
0

 
185

 
0

 
 
 
185

Obligations of U.S. states and their political subdivisions
0

 
212

 
0

 
 
 
212

Foreign government bonds
0

 
790

 
24

 
 
 
814

Corporate securities
0

 
12,966

 
637

 
 
 
13,603

Asset-backed securities(3)
0

 
1,593

 
69

 
 
 
1,662

Commercial mortgage-backed securities
0

 
1,896

 
0

 
 
 
1,896

Residential mortgage-backed securities
0

 
1,158

 
0

 
 
 
1,158

Equity securities
1,505

 
285

 
0

 
 
 
1,790

All other(4)
0

 
261

 
0

 
 
 
261

Subtotal
1,505

 
19,346

 
730

 
 
 
21,581

Fixed maturities, trading
0

 
3,597

 
287

 
 
 
3,884

Equity securities
5,813

 
939

 
633

 
 
 
7,385

Commercial mortgage and other loans
0

 
228

 
0

 
 
 
228

Other invested assets(5)
6

 
14,379

 
567

 
(13,519
)
 
1,433

Short-term investments
1,806

 
1,975

 
155

 
 
 
3,936

Cash equivalents
2,079

 
6,796

 
131

 
 
 
9,006

Other assets
0

 
0

 
113

 
 
 
113

Separate account assets(6)(7)
46,574

 
240,433

 
1,717

 
 
 
288,724

Total assets
$
57,783

 
$
674,474

 
$
8,648

 
$
(13,519
)
 
$
727,386

Future policy benefits(8)
$
0

 
$
0

 
$
12,831

 
$
 
$
12,831

Policyholders’ account balances
0

 
0

 
1,316

 
 
 
1,316

Other liabilities
41

 
7,495

 
105

 
(6,705
)
 
936

Notes issued by consolidated VIEs
0

 
0

 
800

 
 
 
800

Total liabilities
$
41

 
$
7,495

 
$
15,052

 
$
(6,705
)
 
$
15,883

__________
(1)
“Netting” amounts represent cash collateral of $19,499 million and $6,814 million as of March 31, 2020 and December 31, 2019, respectively.
(2)
Excludes notes with fair value of $5,616 million (carrying amount of $5,616 million) and $4,757 million (carrying amount of $4,751 million) as of March 31, 2020 and December 31, 2019, respectively, which have been offset with the associated payables under a netting agreement.
(3)
Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
(4)
All other represents cash equivalents and short-term investments.
(5)
Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of March 31, 2020 and December 31, 2019, the fair values of such investments were $4,131 million and $4,213 million respectively.

40
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(6)
Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of March 31, 2020 and December 31, 2019, the fair value of such investments was $23,623 million and $23,557 million, respectively.
(7)
Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.
(8)
As of March 31, 2020, the net embedded derivative liability position of $27.9 billion includes $0.2 billion of embedded derivatives in an asset position and $28.1 billion of embedded derivatives in a liability position. As of December 31, 2019, the net embedded derivative liability position of $12.8 billion includes $0.7 billion of embedded derivatives in an asset position and $13.5 billion of embedded derivatives in a liability position.

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities—The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.
 
As of March 31, 2020
  
Fair Value
 
Valuation
Techniques
 
Unobservable Inputs
 
Minimum
 
Maximum
 
Weighted
Average
 
Impact of
Increase in
Input on
Fair
Value(1)
 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate securities(2)
$
2,929

 
Discounted 
cash flow(4)
 
Discount rate
 
0.48%
 
25%
 
6.61%
 
Decrease
 
 
 
Market comparables
 
EBITDA multiples(3)
 
5.7X
 
9.2X
 
7.1X
 
Increase
 
 
 
Liquidation
 
Liquidation value
 
14.12%
 
74.63%
 
54.70%
 
Increase
Equity securities
$
187

 
Discounted cash flow(4)
 
Discount rate
 
10%
 
30%
 
 
 
Decrease
 
 
 
Market comparables
 
EBITDA multiples(3)
 
1X
 
9.8X
 
5.0X
 
Increase
 
 
 
Net Asset Value
 
Share price
 
$1
 
$1,353
 
$723
 
Increase
Separate account assets-commercial mortgage loans(5)
$
773

 
Discounted
cash flow
 
Spread
 
2.44%
 
3.59%
 
2.65%
 
Decrease
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits(6)
$
27,935

 
Discounted
cash flow
 
Lapse rate(8)
 
1%
 
18%
 
 
 
Decrease
 
 
 
 
 
Spread over LIBOR(9)
 
1.40%
 
2.02%
 
 
 
Decrease
 
 
 
 
 
Utilization rate(10)
 
43%
 
97%
 
 
 
Increase
 
 
 
 
 
Withdrawal rate
 
See table footnote (11) below.
 
 
 
 
 
Mortality rate(12)
 
0%
 
15%
 
 
 
Decrease
 
 
 
 
 
Equity volatility curve
 
18%
 
33%
 
 
 
Increase
Policyholders’ account balances(7)
$
1,206

 
Discounted
cash flow
 
Lapse rate(8)
 
1%
 
42%
 
 
 
Decrease
 
 
 
 
 
Spread over LIBOR(9)
 
1.40%
 
2.02%
 
 
 
Decrease
 
 
 
 
 
Mortality rate(12)
 
0%
 
24%
 
 
 
Decrease
 
 
 
 
 
Equity volatility curve
 
6%
 
53%
 
 
 
Increase
 

41
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 
As of December 31, 2019
  
Fair Value
 
Valuation
Techniques
 
Unobservable Inputs
 
Minimum
 
Maximum
 
Weighted
Average
 
Impact of
Increase in
Input on
Fair
Value(1)
 
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate securities(2)
$
1,424

 
Discounted 
cash flow(4)
 
Discount rate
 
0.49%
 
20%
 
7.41%
 
Decrease
 
 
 
Market comparables
 
EBITDA multiples(3)
 
5.7X

9.2X
 
7.3X
 
Increase
 
 
 
Liquidation
 
Liquidation value
 
14.25%
 
83.61%
 
59.47%
 
Increase
Equity securities
$
210

 
Discounted cash flow(4)
 
Discount rate
 
10%
 
30%
 
 
 
Decrease
 
 
 
Market comparables
 
EBITDA multiples(3)
 
1X
 
10.1X
 
5.4X
 
Increase
 
 
 
Net Asset Value
 
Share price
 
$5
 
$1,353
 
$451
 
Increase
Separate account assets-commercial mortgage loans(5)
$
796

 
Discounted
cash flow
 
Spread
 
1.11%
 
1.85%
 
1.26%
 
Decrease
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits(6)
$
12,831

 
Discounted
cash flow
 
Lapse rate(8)
 
1%
 
18%
 
 
 
Decrease
 
 
 
 
 
Spread over LIBOR(9)
 
0.10%
 
1.23%
 
 
 
Decrease
 
 
 
 
 
Utilization rate(10)
 
43%
 
97%
 
 
 
Increase
 
 
 
 
 
Withdrawal rate
 
See table footnote (11) below.
 
 
 
 
 
Mortality rate(12)
 
0%
 
15%
 
 
 
Decrease
 
 
 
 
 
Equity volatility curve
 
13%
 
23%
 
 
 
Increase
Policyholders’ account balances(7)
$
1,316

 
Discounted
cash flow
 
Lapse rate(8)
 
1%
 
42%
 
 
 
Decrease
 
 
 
 
 
Spread over LIBOR(9)
 
0.10%
 
1.23%
 
 
 
Decrease
 
 
 
 
 
Mortality rate(12)
 
0%
 
24%
 
 
 
Decrease
 
 
 
 
 
Equity volatility curve
 
6%
 
25%
 
 
 
Increase
__________ 
(1)
Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)
Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities trading.
(3)
Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(4)
These investments typically use a range of discount rates (10% to 20%), therefore presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(5)
Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations.
(6)
Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(7)
Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

42
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(8)
Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.
(9)
The spread over the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.
(10)
The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(11)
The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2020 and December 31, 2019, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(12)
The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

Interrelationships Between Unobservable Inputs—In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities—The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.

Asset-Backed Securities—Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by overall market interest rates and accompanied by lower default rates and loss severity. During weaker economic cycles, prepayments may decline, as default rates and loss severity increase. Additionally, the impact of these factors on average life varies with the structure and subordination. Generally, a change in the assumption used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates.

Future Policy Benefits—The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent that more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

43
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


 
Three Months Ended March 31, 2020
 
Fair Value, beginning of period
Total realized and unrealized gains (losses)
Purchases
Sales
Issuances
Settlements
Other(1)
Transfers into
Level 3
Transfers out of Level 3
Fair Value, end of period
Unrealized gains (losses) for assets still held(2)
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. government
$
105

$
0

$
10

$
0

$
0

$
0

$
0

$
0

$
0

$
115

$
0

U.S. states
4

0

0

0

0

0

0

0

0

4

0

Foreign government
22

(1
)
0

0

0

0

0

0

0

21

0

Corporate securities(3)
3,236

(500
)
294

(113
)
0

(235
)
1

1,827

(14
)
4,496

(492
)
Structured securities(4)
948

(7
)
315

(17
)
0

(100
)
155

12

(358
)
948

(16
)
Assets supporting experience-rated contractholder liabilities:
 
 
 
 
 
 
 
 
 
 
 
Foreign government
24

0

0

0

0

0

0

0

0

24

0

Corporate securities(3)
637

(46
)
4

(10
)
0

(45
)
0

63

0

603

(44
)
Structured securities(4)
69

(4
)
116

0

0

(4
)
0

0

0

177

0

Equity securities
0

0

0

0

0

0

0

0

0

0

0

All other activity
0

0

7

0

0

0

0

0

0

7

0

Other assets:
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities, trading
287

(15
)
18

(6
)
0

0

(2
)
15

(48
)
249

(16
)
Equity securities
633

(44
)
9

(5
)
0

0

1

0

0

594

(44
)
Other invested assets
567

8

27

0

0

(1
)
(20
)
0

0

581

8

Short-term investments
155

2

43

0

0

(110
)
(37
)
0

0

53

0