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 June 30, 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 July 31, 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 June 30, 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
June 30, 2020 and December 31, 2019 (in millions, except share amounts)
 
 
June 30,
2020
 
December 31,
2019
ASSETS
 
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost: 2020-$353,812; 2019-$346,574; 2020-net of $238 allowance for credit losses)(1)(3)
 
$
407,944

 
$
391,096

Fixed maturities, held-to-maturity, at amortized cost (2020-net of $9 allowance for credit losses; fair value: 2020-$2,231; 2019-$2,302)(1)(2)
 
1,875

 
1,933

Fixed maturities, trading, at fair value (amortized cost: 2020-$4,089; 2019-$3,917)(1)
 
3,933

 
3,884

Assets supporting experience-rated contractholder liabilities, at fair value(1)
 
23,245

 
21,597

Equity securities, at fair value (cost: 2020-$5,704; 2019-$5,560)(1)(3)
 
7,010

 
7,522

Commercial mortgage and other loans (net of $245 and $121 allowance for credit losses; includes $682 and $228 of loans measured at fair value under the fair value option at June 30, 2020 and December 31, 2019, respectively)(1)(2)(3)
 
63,469

 
63,559

Policy loans(3)
 
12,283

 
12,096

Other invested assets (2020-net of $2 allowance for credit losses; includes $6,280 and $5,646 of assets measured at fair value at June 30, 2020 and December 31, 2019, respectively)(1)(2)(3)
 
16,757

 
15,606

Short-term investments(3)
 
11,416

 
5,467

Total investments
 
547,932

 
522,760

Cash and cash equivalents(1)(3)
 
21,149

 
16,327

Accrued investment income(1)(3)
 
3,296

 
3,330

Deferred policy acquisition costs(2)(3)
 
19,667

 
19,912

Value of business acquired
 
1,040

 
1,110

Other assets (2020-net of $8 allowance for credit losses)(1)(2)(3)
 
21,301

 
20,832

Separate account assets(3)
 
301,002

 
312,281

TOTAL ASSETS
 
$
915,387

 
$
896,552

LIABILITIES AND EQUITY
 
 
 
 
LIABILITIES
 
 
 
 
Future policy benefits(3)
 
$
312,759

 
$
293,527

Policyholders’ account balances(3)
 
158,237

 
152,110

Policyholders’ dividends(2)(3)
 
8,623

 
6,988

Securities sold under agreements to repurchase
 
10,488

 
9,681

Cash collateral for loaned securities
 
3,447

 
4,213

Income taxes(2)(3)
 
13,261

 
11,378

Short-term debt
 
1,130

 
1,933

Long-term debt
 
20,162

 
18,646

Other liabilities (2020-net of $19 allowance for credit losses)(1)(2)(3)
 
18,573

 
20,802

Notes issued by consolidated variable interest entities (includes $741 and $800 measured at fair value under the fair value option at June 30, 2020 and December 31, 2019, respectively)(1)
 
1,197

 
1,274

Separate account liabilities(3)
 
301,002

 
312,281

Total liabilities
 
848,879

 
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 June 30, 2020 and December 31, 2019)
 
6

 
6

Additional paid-in capital
 
25,513

 
25,532

Common Stock held in treasury, at cost (271,694,260 and 267,472,781 shares at June 30, 2020 and December 31, 2019, respectively)
 
(19,785
)
 
(19,453
)
Accumulated other comprehensive income (loss)
 
30,837

 
24,039

Retained earnings
 
29,326

 
32,991

Total Prudential Financial, Inc. equity
 
65,897

 
63,115

Noncontrolling interests
 
611

 
604

Total equity
 
66,508

 
63,719

TOTAL LIABILITIES AND EQUITY
 
$
915,387

 
$
896,552

__________
(1)
See Note 4 for details of balances associated with variable interest entities.
(2)
June 30, 2020 amounts include the impacts of the January 1, 2020 adoption of ASU 2016-13. See Note 2 for details.
(3)
June 30, 2020 amounts include assets and liabilities held for sale which aggregate to $20,835 million and $17,141 million, respectively, related to the pending sale of The Prudential Life Insurance Company of Korea, Ltd. See Note 1 for details of these balances.
See Notes to Unaudited Interim Consolidated Financial Statements

1

PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Operations
Three and Six Months Ended June 30, 2020 and 2019 (in millions, except per share amounts)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
REVENUES
 
 
 
 
 
 
 
Premiums
$
7,693

 
$
8,135

 
$
15,357

 
$
16,035

Policy charges and fee income
1,523

 
1,473

 
3,012

 
2,944

Net investment income
4,186

 
4,390

 
8,388

 
8,606

Asset management and service fees
991

 
1,083

 
2,024

 
2,099

Other income (loss)
1,474

 
643

 
(1,117
)
 
1,897

Realized investment gains (losses), net
(3,752
)
 
(336
)
 
(2,085
)
 
(1,102
)
Total revenues
12,115

 
15,388

 
25,579

 
30,479

BENEFITS AND EXPENSES
 
 
 
 
 
 
 
Policyholders’ benefits
8,450

 
8,877

 
17,456

 
17,315

Interest credited to policyholders’ account balances
1,832

 
1,278

 
2,224

 
2,623

Dividends to policyholders
531

 
437

 
454

 
1,014

Amortization of deferred policy acquisition costs
287

 
782

 
1,244

 
1,217

General and administrative expenses
3,347

 
3,138

 
6,871

 
6,294

Total benefits and expenses
14,447

 
14,512

 
28,249

 
28,463

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
(2,332
)
 
876

 
(2,670
)
 
2,016

Total income tax expense (benefit)
115

 
162

 
57

 
394

INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
(2,447
)
 
714

 
(2,727
)
 
1,622

Equity in earnings of operating joint ventures, net of taxes
42

 
24

 
52

 
53

NET INCOME (LOSS)
(2,405
)
 
738

 
(2,675
)
 
1,675

Less: Income (loss) attributable to noncontrolling interests
4

 
30

 
5

 
35

NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.
$
(2,409
)
 
$
708

 
$
(2,680
)
 
$
1,640

EARNINGS PER SHARE
 
 
 
 
 
 
 
Basic earnings per share-Common Stock:
 
 
 
 
 
 
 
Net income (loss) attributable to Prudential Financial, Inc.
$
(6.12
)
 
$
1.73

 
$
(6.80
)
 
$
3.98

Diluted earnings per share-Common Stock:
 
 
 
 
 
 
 
Net income (loss) attributable to Prudential Financial, Inc.
$
(6.12
)
 
$
1.71

 
$
(6.80
)
 
$
3.93








See Notes to Unaudited Interim Consolidated Financial Statements

2

PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Comprehensive Income
Three and Six Months Ended June 30, 2020 and 2019 (in millions)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
NET INCOME (LOSS)
$
(2,405
)
 
$
738

 
$
(2,675
)
 
$
1,675

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments for the period
88

 
213

 
(207
)
 
108

Net unrealized investment gains (losses)
10,101

 
8,506

 
8,747

 
16,795

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

 
17

 
144

 
81

Total
10,261

 
8,736

 
8,684

 
16,984

Less: Income tax expense (benefit) related to other comprehensive income (loss)
2,023

 
1,966

 
1,885

 
3,910

Other comprehensive income (loss), net of taxes
8,238

 
6,770

 
6,799

 
13,074

Comprehensive income (loss)
5,833

 
7,508

 
4,124

 
14,749

Less: Comprehensive income (loss) attributable to noncontrolling interests
5

 
36

 
6

 
40

Comprehensive income (loss) attributable to Prudential Financial, Inc.
$
5,828

 
$
7,472

 
$
4,118

 
$
14,709

 



See Notes to Unaudited Interim Consolidated Financial Statements
 

3

PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Equity
Three and Six Months Ended June 30, 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

Common Stock acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Contributions from noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
4

 
4

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
(23
)
 
(23
)
Stock-based compensation programs
 
 
7

 
 
 
56

 
 
 
63

 
 
 
63

Dividends declared on Common Stock
 
 
 
 
(441
)
 
 
 
 
 
(441
)
 
 
 
(441
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
(2,409
)
 
 
 
 
 
(2,409
)
 
4

 
(2,405
)
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
8,237

 
8,237

 
1

 
8,238

Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
5,828

 
5

 
5,833

Balance, June 30, 2020
$
6

 
$
25,513

 
$
29,326

 
$
(19,785
)
 
$
30,837

 
$
65,897

 
$
611

 
$
66,508


 
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

Common Stock acquired
 
 
 
 
 
 
(500
)
 
 
 
(500
)
 
 
 
(500
)
Contributions from noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
25

 
25

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
(16
)
 
(16
)
Consolidations (deconsolidations) of noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
8

 
8

Stock-based compensation programs
 
 
43

 
 
 
46

 
 
 
89

 
 
 
89

Dividends declared on Common Stock
 
 
 
 
(411
)
 
 
 
 
 
(411
)
 
 
 
(411
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
708

 
 
 
 
 
708

 
30

 
738

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
6,764

 
6,764

 
6

 
6,770

Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
7,472

 
36

 
7,508

Balance, June 30, 2019
$
6

 
$
24,825

 
$
31,263

 
$
(18,416
)
 
$
23,982

 
$
61,660

 
$
493

 
$
62,153


__________
(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
Six Months Ended June 30, 2020 and 2019 (in millions)
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income (loss)
$
(2,675
)
 
$
1,675

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Realized investment (gains) losses, net
2,085

 
1,102

Policy charges and fee income
(1,366
)
 
(1,483
)
Interest credited to policyholders’ account balances
2,224

 
2,623

Depreciation and amortization
383

 
(89
)
(Gains) losses on assets supporting experience-rated contractholder liabilities, net
(142
)
 
(741
)
Change in:
 
 
 
Deferred policy acquisition costs
(120
)
 
(258
)
Future policy benefits and other insurance liabilities
5,186

 
5,603

Income taxes
(4
)
 
(382
)
Derivatives, net
10,629

 
2,010

Other, net
(2,721
)
 
(1,736
)
Cash flows from (used in) operating activities
13,479

 
8,324

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from the sale/maturity/prepayment of:
 
 
 
Fixed maturities, available-for-sale
20,664

 
25,681

Fixed maturities, held-to-maturity
58

 
35

Fixed maturities, trading
276

 
187

Assets supporting experience-rated contractholder liabilities
14,015

 
9,014

Equity securities
1,274

 
1,377

Commercial mortgage and other loans
2,639

 
2,885

Policy loans
1,291

 
1,154

Other invested assets
939

 
724

Short-term investments
21,107

 
16,682

Payments for the purchase/origination of:
 
 
 
Fixed maturities, available-for-sale
(26,815
)
 
(32,847
)
Fixed maturities, trading
(446
)
 
(570
)
Assets supporting experience-rated contractholder liabilities
(15,453
)
 
(8,813
)
Equity securities
(1,370
)
 
(1,376
)
Commercial mortgage and other loans
(2,463
)
 
(4,352
)
Policy loans
(1,288
)
 
(945
)
Other invested assets
(1,435
)
 
(1,011
)
Short-term investments
(27,076
)
 
(16,278
)
Derivatives, net
841

 
638

Other, net
(107
)
 
(222
)
Cash flows from (used in) investing activities
(13,349
)
 
(8,037
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Policyholders’ account deposits
25,452

 
13,280

Policyholders’ account withdrawals
(20,306
)
 
(13,045
)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities
41

 
97

Cash dividends paid on Common Stock
(886
)
 
(827
)
Net change in financing arrangements (maturities 90 days or less)
306

 
166

Common Stock acquired
(500
)
 
(983
)
Common Stock reissued for exercise of stock options
73

 
75

Proceeds from the issuance of debt (maturities longer than 90 days)
1,563

 
1,439

Repayments of debt (maturities longer than 90 days)
(791
)
 
(924
)
Proceeds from notes issued by consolidated VIEs
0

 
925

Repayments of notes issued by consolidated VIEs
(18
)
 
(638
)
Other, net
(247
)
 
196

Cash flows from (used in) financing activities
4,687

 
(239
)
Effect of foreign exchange rate changes on cash balances
6

 
27

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS
4,823

 
75

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
$
21,297

 
$
15,570

NON-CASH TRANSACTIONS DURING THE PERIOD
 
 
 
Treasury Stock shares issued for stock-based compensation programs
$
144

 
$
168

Significant Pension Risk Transfer transactions:
 
 
 
Assets received, excluding cash and cash equivalents
$
238

 
$
445

Liabilities assumed
505

 
447

                   Net cash received
$
267

 
$
2

RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
 
 
Cash and cash equivalents
$
21,149

 
$
15,421

Restricted cash and restricted cash equivalents (included in “Other assets”)
148

 
149

Total cash, cash equivalents, restricted cash and restricted cash equivalents
$
21,297

 
$
15,570


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

Beginning in 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.

Business Held for Sale

On April 10, 2020, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with KB Financial Group Inc. (the “Buyer”), pursuant to which PIIH has agreed to sell to the Buyer all of the issued and outstanding capital stock of The Prudential Life Insurance Company of Korea, Ltd. (“POK”), the Company’s Korean insurance business, for cash consideration of approximately 2.3 trillion Korean Won, equal to approximately U.S. $1.9 billion at then current exchange rates, to be paid at closing.
The Share Purchase Agreement contains customary warranties and covenants of PIIH and the Buyer. The Company expects the transaction to close by the end of 2020, subject to regulatory approval and the satisfaction of customary closing conditions.
Beginning with the second quarter of 2020, the Company reported its investment in POK as “held for sale” and recognized an after-tax charge to earnings, primarily within “Other income”, of approximately $700 million to adjust the carrying value of POK to the fair market value as reflected in the purchase price. The after-tax charge excludes the impact of currency hedging transactions that the Company expects to settle at transaction closing, the fair value of which was approximately $40 million in assets at June 30, 2020. The ultimate after-tax loss, as well as the settlement value of the hedging transactions, will be based on balances at the closing date and could vary materially from the charge recorded in the second quarter. In addition, upon closing of the transaction, the Company expects to recognize an approximately $100 million tax expense, with an offsetting benefit to accumulated other comprehensive income (“AOCI”), related to the release of legacy tax balances resulting from prior year changes in tax law.
The Company intends to use the proceeds of the transaction for general corporate purposes.
The table below reflects the carrying amounts of assets and liabilities held for sale related to the pending sale of POK.

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

 
June 30, 2020
 
(in millions)(1)
Assets held for sale:
 
Fixed maturities, available-for-sale
$
14,402

Equity securities
264

Commercial mortgage and other loans
3

Policy loans
777

Other invested assets
109

Short-term investments
69

Cash and cash equivalents
218

Accrued investment income
134

Deferred policy acquisition costs
1,178

Other assets(2)
254

Separate account assets
3,427

Total assets held for sale
$
20,835

Liabilities held for sale:
 
Future policy benefits
$
10,527

Policyholders’ account balances
1,357

Policyholders’ dividends
26

Income taxes
989

Other liabilities(2)
815

Separate account liabilities
3,427

Total liabilities held for sale
$
17,141

_________
(1)
These amounts held for sale are included, where applicable, in the remaining Notes to the Unaudited Interim Consolidated Financial Statements and are presented within the line items noted in this table.
(2)
Includes POK’s lower of cost or fair market value adjustment.

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 June 30, 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 OTTI guidance for fixed maturities, available-for-sale requiring the use of an allowance rather than a direct write-down of the investment.

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


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
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 following 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

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

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.

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.

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 at the date of acquisition. 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.

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


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 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.


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

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.

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.


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

Other ASUs adopted during the six months ended June 30, 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 June 30, 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. As a result of the COVID-19 pandemic, the FASB voted in June 2020 to tentatively defer for an additional one year the current effective date of ASU 2018-12 from January 1, 2022 to January 1, 2023, and to provide transition relief to facilitate the early adoption of the ASU. Subsequently in July 2020, the FASB issued a proposed ASU with comment deadline of August 24, 2020 to obtain additional feedback on the tentative decisions, which are expected to be finalized during the third quarter of 2020. The transition relief would allow large calendar-year public companies that early adopt ASU 2018-12 to apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2022 financial statements. Companies that do not early adopt ASU 2018-12 would also apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. ASU 2018-12 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.





13
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 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 non-performance risk (“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.



14
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:
 
 
June 30, 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
$
31,731

 
$
11,309

 
$
19

 
$
0

 
$
43,021

Obligations of U.S. states and their political subdivisions
10,387

 
2,012

 
1

 
0

 
12,398

Foreign government bonds
98,357

 
18,657

 
206

 
38

 
116,770

U.S. public corporate securities
91,777

 
15,518

 
627

 
51

 
106,617

U.S. private corporate securities(1)
35,145

 
3,281

 
215

 
52

 
38,159

Foreign public corporate securities
26,070

 
3,328

 
248

 
32

 
29,118

Foreign private corporate securities
28,167

 
1,145

 
925

 
64

 
28,323

Asset-backed securities(2)
13,989

 
152

 
205

 
0

 
13,936

Commercial mortgage-backed securities
15,089

 
1,181

 
7

 
1

 
16,262

Residential mortgage-backed securities(3)
3,100

 
241

 
1

 
0

 
3,340

       Total fixed maturities, available-for-sale(1)
$
353,812

 
$
56,824

 
$
2,454

 
$
238

 
$
407,944


 
 
June 30, 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

 
$
261

 
$
0

 
$
1,157

 
$
0

 
$
896

Foreign public corporate securities
625

 
61

 
0

 
686

 
9

 
616

Foreign private corporate securities
83

 
2

 
0

 
85

 
0

 
83

Residential mortgage-backed securities(3)
280

 
23

 
0

 
303

 
0

 
280

       Total fixed maturities, held-to-maturity(4)
$
1,884

 
$
347

 
$
0

 
$
2,231

 
$
9

 
$
1,875

__________
(1)
Excludes notes with amortized cost of $6,466 million (fair value, $6,466 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, $5,603 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)

 
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.

16
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:
 
 
 
June 30, 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
 
$
950

 
$
22

 
$
0

 
$
0

 
$
950

 
$
22

Obligations of U.S. states and their political subdivisions
 
47

 
1

 
0

 
0

 
47

 
1

Foreign government bonds
 
4,589

 
192

 
31

 
3

 
4,620

 
195

U.S. public corporate securities
 
6,595

 
372

 
1,504

 
236

 
8,099

 
608

U.S. private corporate securities
 
2,393

 
118

 
1,017

 
97

 
3,410

 
215

Foreign public corporate securities
 
2,875

 
169

 
400

 
60

 
3,275

 
229

Foreign private corporate securities
 
5,775

 
245

 
5,223

 
675

 
10,998

 
920

Asset-backed securities
 
6,741

 
120

 
3,510

 
85

 
10,251

 
205

Commercial mortgage-backed securities
 
105

 
4

 
75

 
3

 
180

 
7

Residential mortgage-backed securities
 
24

 
0

 
2

 
0

 
26

 
0

Total fixed maturities, available-for-sale
 
$
30,094

 
$
1,243

 
$
11,762

 
$
1,159

 
$
41,856

 
$
2,402

 
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


17
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 June 30, 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $1,450 million related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $952 million related to other than high or highest quality securities based on NAIC or equivalent rating. As of June 30, 2020, the $1,159 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the energy, finance and consumer non-cyclical 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 June 30, 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 June 30, 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 table sets forth the amortized cost or amortized cost, net of allowance and fair value of fixed maturities by contractual maturities, as of the date indicated:
 
 
June 30, 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
$
17,494

 
$
18,078

 
$
114

 
$
116

Due after one year through five years
51,138

 
54,309

 
0

 
0

Due after five years through ten years
67,575

 
75,812

 
588

 
659

Due after ten years(1)
185,427

 
226,207

 
893

 
1,153

Asset-backed securities
13,989

 
13,936

 
0

 
0

Commercial mortgage-backed securities
15,089

 
16,262

 
0

 
0

Residential mortgage-backed securities
3,100

 
3,340

 
280

 
303

Total
$
353,812

 
$
407,944

 
$
1,875

 
$
2,231

__________
(1)
Excludes available-for-sale notes with amortized cost of $6,466 million (fair value, $6,466 million) and held-to-maturity notes with amortized cost of $4,998 million (fair value, $5,603 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:

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

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(in millions)
Fixed maturities, available-for-sale:
 
 
 
 
 
 
 
Proceeds from sales(1)
$
5,217

 
$
6,659

 
$
10,370

 
$
16,821

Proceeds from maturities/prepayments
5,539

 
4,704

 
10,422

 
9,192

Gross investment gains from sales and maturities
405

 
228

 
873

 
711

Gross investment losses from sales and maturities
(149
)
 
(95
)
 
(210
)
 
(283
)
OTTI recognized in earnings(2)
N/A

 
(64
)
 
N/A

 
(99
)
Write-downs recognized in earnings(3)
(64
)
 
N/A

 
(155
)
 
N/A

(Addition to) release of allowance for credit losses(4)
(80
)
 
N/A

 
(238
)
 
N/A

Fixed maturities, held-to-maturity:
 
 
 
 
 
 
 
Proceeds from maturities/prepayments(5)
$
22

 
$
23

 
$
63

 
$
37

(Addition to) release of allowance for credit losses(4)
0

 
N/A

 
0

 
N/A

__________ 
(1)
Includes $128 million and $332 million of non-cash related proceeds due to the timing of trade settlements for the six months ended June 30, 2020 and 2019, respectively.
(2)
For the three and six months ended June 30, 2019, amounts exclude the portion of OTTI amounts remaining in 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 and six months ended June 30, 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 $5 million and $2 million of non-cash related proceeds due to the timing of trade settlements for the six months ended June 30, 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: 
 
June 30, 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

 
205

 
0

 
1

 
0

 
244

Reductions for securities sold during the period
0

 
0

 
(28
)
 
0

 
0

 
0

 
(28
)
Additions/reductions on securities with previous allowance
0

 
0

 
22

 
0

 
0

 
0

 
22

Balance, end of period
$
0

 
$
38

 
$
199

 
$
0

 
$
1

 
$
0

 
$
238




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

 
June 30, 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 June 30, 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 June 30, 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:
 
 
 
June 30, 2020
 
December 31, 2019
 
 
Amortized
Cost or Cost
 
Fair
Value
 
Amortized
Cost or Cost
 
Fair
Value
 
 
(in millions)
Short-term investments and cash equivalents
 
$
1,234

 
$
1,234

 
$
277

 
$
277

Fixed maturities:
 
 
 
 
 
 
 
 
Corporate securities
 
13,492

 
14,190

 
13,143

 
13,603

Commercial mortgage-backed securities
 
1,832

 
1,921

 
1,845

 
1,896

Residential mortgage-backed securities(1)
 
1,142

 
1,200

 
1,134

 
1,158

Asset-backed securities(2)
 
1,762

 
1,772

 
1,639

 
1,662

Foreign government bonds
 
803

 
808

 
802

 
814

U.S. government authorities and agencies and obligations of U.S. states
 
354

 
437

 
341

 
397

Total fixed maturities(3)
 
19,385

 
20,328

 
18,904

 
19,530

Equity securities
 
1,533

 
1,683

 
1,465

 
1,790

Total assets supporting experience-rated contractholder liabilities(4)
 
$
22,152

 
$
23,245

 
$
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 $1,141 million and $1,060 million as of June 30, 2020 and December 31, 2019, respectively, all of which were rated AAA.
(3)
As a percentage of amortized cost, 93% and 94% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of June 30, 2020 and December 31, 2019, respectively.
(4)
As a percentage of amortized cost, 78% and 77% of the portfolio consisted of public securities as of June 30, 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 $984 million and $300 million during the three months ended June 30, 2020 and 2019, respectively, and $142 million and $769 million during the six months ended June 30, 2020 and 2019, respectively.


20
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 $825 million and $51 million during the three months ended June 30, 2020 and 2019, respectively, and $(656) million and $581 million during the six months ended June 30, 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:
 
 
 
June 30, 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
 
$
74,765

 
$
87,747

 
$
74,118

 
$
89,546

Fixed maturities, held-to-maturity
 
874

 
1,127

 
869

 
1,143

Fixed maturities, trading
 
23

 
22

 
23

 
23

Assets supporting experience-rated contractholder liabilities
 
647

 
652

 
653

 
664

Total
 
$
76,309

 
$
89,548

 
$
75,663

 
$
91,376

 
 
 
June 30, 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
 
$
10,783

 
$
13,402

 
$
10,823

 
$
13,322

Assets supporting experience-rated contractholder liabilities
 
15

 
16

 
15

 
16

Total
 
$
10,798

 
$
13,418

 
$
10,838

 
$
13,338


 

21
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:
 
 
 
June 30, 2020
 
December 31, 2019
 
 
Amount
(in millions)
 
% of
Total
 
Amount
(in millions)
 
% of
Total
Commercial mortgage and agricultural property loans by property type:
 
 
 
 
 
 
 
 
Office
 
$
12,642

 
20.2
%
 
$
13,462

 
21.4
%
Retail
 
7,739

 
12.3

 
8,379

 
13.3

Apartments/Multi-Family
 
18,031

 
28.8

 
17,348

 
27.6

Industrial
 
13,292

 
21.2

 
13,226

 
21.1

Hospitality
 
2,378

 
3.8

 
2,415

 
3.9

Other
 
4,617

 
7.4

 
4,533

 
7.2

Total commercial mortgage loans
 
58,699

 
93.7

 
59,363

 
94.5

Agricultural property loans
 
3,978

 
6.3

 
3,472

 
5.5

Total commercial mortgage and agricultural property loans by property type
 
62,677

 
100.0
%
 
62,835

 
100.0
%
Allowance for credit losses
 
(238
)
 
 
 
(117
)
 
 
Total net commercial mortgage and agricultural property loans by property type
 
62,439

 
 
 
62,718

 
 
Other loans:
 
 
 

 
 
 

Uncollateralized loans
 
680

 

 
656

 

Residential property loans
 
109

 

 
124

 

Other collateralized loans
 
248

 

 
65

 

Total other loans
 
1,037

 

 
845

 

Allowance for credit losses
 
(7
)
 

 
(4
)
 

Total net other loans
 
1,030

 

 
841

 

Total commercial mortgage and other loans(1)
 
$
63,469

 

 
$
63,559

 

__________ 
(1)
Includes loans held for sale which are carried at fair value and are collateralized primarily by apartment complexes. As of June 30, 2020 and December 31, 2019, the net carrying value of these loans was $682 million and $228 million, respectively.

As of June 30, 2020, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (28%), Texas (9%) and New York (8%)) and included loans secured by properties in Europe (7%), Asia (2%) and Australia (1%).


22
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
 
6

 
0

 
0

 
0

 
0

 
6

Other
 
0

 
0

 
0

 
3

 
0

 
3

Balance at June 30, 2020
 
$
230

 
$
8

 
$
0

 
$
3

 
$
4

 
$
245

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

As of June 30, 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 tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the date indicated:

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


 
June 30, 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%
$
346

 
$
2,791

 
$
3,067

 
$
3,462

 
$
3,296

 
$
17,859

 
$
0

 
$
30,821

60%-69.99%
1,265

 
4,057

 
3,457

 
2,668

 
2,886

 
4,506

 
0

 
18,839

70%-79.99%
809

 
3,021

 
2,531

 
1,091

 
570

 
720

 
0

 
8,742

80% or greater
0

 
10

 
0

 
18

 
61

 
208

 
0

 
297

Subtotal
2,420

 
9,879

 
9,055

 
7,239

 
6,813

 
23,293

 
0

 
58,699

Agricultural property loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0%-59.99%
534

 
483

 
376

 
555

 
400

 
1,410

 
0

 
3,758

60%-69.99%
112

 
71

 
34

 
3

 
0

 
0

 
0

 
220

70%-79.99%
0

 
0

 
0

 
0

 
0

 
0

 
0

 
0

80% or greater
0

 
0

 
0

 
0

 
0

 
0

 
0

 
0

Subtotal
646

 
554

 
410

 
558

 
400

 
1,410

 
0

 
3,978

Total commercial mortgage and agricultural property loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0%-59.99%
880

 
3,274

 
3,443

 
4,017

 
3,696

 
19,269

 
0

 
34,579

60%-69.99%
1,377

 
4,128

 
3,491

 
2,671

 
2,886

 
4,506

 
0

 
19,059

70%-79.99%
809

 
3,021

 
2,531

 
1,091

 
570

 
720

 
0

 
8,742

80% or greater
0

 
10

 
0

 
18

 
61

 
208

 
0

 
297

Total commercial mortgage and agricultural property loans
$
3,066

 
$
10,433

 
$
9,465

 
$
7,797

 
$
7,213

 
$
24,703

 
$
0

 
$
62,677



 
June 30, 2020
 
December 31, 2019
 
Commercial Mortgage Loans
 
Agricultural Property Loans
 
Commercial Mortgage Loans
 
Agricultural Property Loans
 
(in millions)
Debt Service Coverage Ratio:
 
 
 
 
 
 
 
Greater or Equal to 1.2x
$
55,921

 
$
3,870

 
$
56,346

 
$
3,401

1.0 - 1.2x
2,465

 
80

 
2,708

 
57

Less than 1.0x
313

 
28

 
309

 
14

Total
$
58,699

 
$
3,978

 
$
59,363

 
$
3,472



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

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

 
 
June 30, 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
 
$
58,386

 
$
0

 
$
313

 
$
0

 
$
313

 
$
58,699

 
$
44

Agricultural property loans
 
3,971

 
0

 
1

 
6

 
7

 
3,978

 
15

Residential property loans
 
107

 
1

 
0

 
1

 
2

 
109

 
1

Other collateralized loans
 
248

 
0

 
0

 
0

 
0

 
248

 
0

Uncollateralized loans
 
680

 
0

 
0

 
0

 
0

 
680

 
4

Total
 
$
63,392

 
$
1

 
$
314

 
$
7

 
$
322

 
$
63,714

 
$
64

 __________
(1)
As of June 30, 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.

 
 
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 $2 million for both the three months and six months ended June 30, 2020, respectively, and $19 million of these loans did not have a related allowance for credit losses as of June 30, 2020.

The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of June 30, 2020.


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


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

 
 
June 30, 2020
 
December 31, 2019
 
 
(in millions)
LPs/LLCs:
 
 
 
 
Equity method:
 
 
 
 
Private equity
 
$
3,830

 
$
3,625

Hedge funds
 
2,166

 
1,947

Real estate-related
 
1,381

 
1,372

Subtotal equity method
 
7,377

 
6,944

Fair value:
 
 
 
 
Private equity
 
1,548

 
1,705

Hedge funds
 
2,100

 
2,172

Real estate-related
 
331
 
336
Subtotal fair value
 
3,979

 
4,213

Total LPs/LLCs
 
11,356

 
11,157

Real estate held through direct ownership(1)
 
2,451

 
2,388

Derivative instruments
 
1,655

 
877
Other(2)
 
1,295

 
1,184

Total other invested assets
 
$
16,757

 
$
15,606

_________ 
(1)
As of June 30, 2020 and December 31, 2019, real estate held through direct ownership had mortgage debt of $459 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.


Accrued Investment Income

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

 
June 30, 2020
 
(in millions)
Fixed maturities
$
2,739

Equity securities
9

Commercial mortgage and other loans
198

Policy loans
301

Other invested assets
36

Short-term investments and cash equivalents
13

Total accrued investment income
$
3,296



There were $9 million and $12 million of write-downs on accrued investment income for the three months and six months ended June 30, 2020, respectively.


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


Net Investment Income
 
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in millions)
Fixed maturities, available-for-sale(1)
 
$
3,067

 
$
3,150

 
$
6,179

 
$
6,238

Fixed maturities, held-to-maturity(1)
 
58

 
58

 
117

 
115

Fixed maturities, trading
 
34

 
38

 
68

 
72

Assets supporting experience-rated contractholder liabilities
 
164

 
182

 
348

 
367

Equity securities
 
55

 
51

 
83

 
81

Commercial mortgage and other loans
 
618

 
627

 
1,258

 
1,227

Policy loans
 
150

 
152

 
303

 
303

Other invested assets
 
147

 
271

 
278

 
476

Short-term investments and cash equivalents
 
65

 
115

 
152

 
233

Gross investment income
 
4,358

 
4,644

 
8,786

 
9,112

Less: investment expenses
 
(172
)
 
(254
)
 
(398
)
 
(506
)
Net investment income
 
$
4,186

 
$
4,390

 
$
8,388

 
$
8,606

__________ 
(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.

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
June 30,
 
Six Months Ended
June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in millions)
Fixed maturities(1)
 
$
112

 
$
69

 
$
270

 
$
329

Commercial mortgage and other loans
 
2

 
4

 
24

 
14

Investment real estate
 
11

 
0

 
10

 
0

LPs/LLCs
 
(3
)
 
2

 
(6
)
 
(3
)
Derivatives
 
(3,881
)
 
(411
)
 
(2,389
)
 
(1,443
)
Other
 
7

 
0

 
6

 
1

Realized investment gains (losses), net
 
$
(3,752
)
 
$
(336
)
 
$
(2,085
)
 
$
(1,102
)
__________ 
(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:

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

 
June 30,
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
(40
)
 
N/A

Fixed maturity securities, available-for-sale without an allowance
54,410

 
N/A

Derivatives designated as cash flow hedges(2)
2,498

 
832

Other investments(3)
(2
)
 
(15
)
       Net unrealized gains (losses) on investments
$
56,866

 
$
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 June 30, 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.”


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:

 
June 30, 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
$
9,516

 
$
558

 
$
10,074

 
$
9,431

 
$
0

 
$
9,431

Residential mortgage-backed securities
414

 
0

 
414

 
250

 
0

 
250

Total securities sold under agreements to repurchase(1)
$
9,930

 
$
558

 
$
10,488

 
$
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.


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

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:

 
June 30, 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
101

 
0

 
101

 
33

 
0

 
33

Foreign government bonds
381

 
0

 
381

 
244

 
0

 
244

U.S. public corporate securities
2,375

 
0

 
2,375

 
2,996

 
0

 
2,996

Foreign public corporate securities
536

 
0

 
536

 
762

 
0

 
762

Commercial mortgage-backed securities
2

 
0

 
2

 
2

 
0

 
2

Equity securities
52

 
0

 
52

 
167

 
0

 
167

       Total cash collateral for loaned securities(1)
$
3,447

 
$
0

 
$
3,447

 
$
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.
 
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.

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

 
Consolidated VIEs for which the
Company is the Investment
Manager(1)
 
Other Consolidated VIEs(1)
 
June 30,
2020
 
December 31,
2019
 
June 30,
2020
 
December 31,
2019
 
(in millions)
Fixed maturities, available-for-sale
$
99

 
$
104

 
$
284

 
$
285

Fixed maturities, held-to-maturity
83

 
83

 
843

 
839

Fixed maturities, trading
1,043

 
1,112

 
0

 
0

Assets supporting experience-rated contractholder liabilities
0

 
0

 
2

 
4

Equity securities
29

 
47

 
0

 
0

Commercial mortgage and other loans
943

 
883

 
0

 
0

Other invested assets
2,379

 
2,199

 
151

 
89

Cash and cash equivalents
153

 
166

 
0

 
0

Accrued investment income
5

 
4

 
4

 
4

Other assets
422

 
450

 
663

 
689

Total assets of consolidated VIEs
$
5,156

 
$
5,048

 
$
1,947

 
$
1,910

Other liabilities
$
386

 
$
304

 
$
15

 
$
13

Notes issued by consolidated VIEs(2)
1,197

 
1,274

 
0

 
0

Total liabilities of consolidated VIEs
$
1,583

 
$
1,578

 
$
15

 
$
13


 __________
(1)
Total assets of consolidated VIEs reflect $2,742 million and $2,668 million as of June 30, 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 June 30, 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 $1,015 million and $1,021 million at June 30, 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 $11,356 million and $11,157 million as of June 30, 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.

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

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

•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 $1,644 million and $867 million as of June 30, 2020 and December 31, 2019, respectively, and total derivative liabilities of $684 million and $831 million as of June 30, 2020 and December 31, 2019, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.


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

Primary Underlying Risk /Instrument Type
June 30, 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
$
3,227

 
$
1,220

 
$
(105
)
 
$
3,257

 
$
628

 
$
(73
)
Interest Rate Forwards
202

 
36

 
(1
)
 
205

 
4

 
(1
)
Foreign Currency
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Forwards
2,155

 
73

 
(12
)
 
1,461

 
22

 
(57
)
Currency/Interest Rate
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Swaps
23,372

 
3,049

 
(59
)
 
22,746

 
1,467

 
(302
)
Total Derivatives Designated as Hedge Accounting Instruments
$
28,956

 
$
4,378

 
$
(177
)
 
$
27,669

 
$
2,121

 
$
(433
)
Derivatives Not Qualifying as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
$
153,866

 
$
22,286

 
$
(11,151
)
 
$
141,162

 
$
10,249

 
$
(4,861
)
Interest Rate Futures
17,326

 
6

 
(44
)
 
17,095

 
4

 
(38
)
Interest Rate Options
14,518

 
1,813

 
(267
)
 
16,496

 
339

 
(238
)
Interest Rate Forwards
2,745

 
28

 
0

 
2,218

 
18

 
(3
)
Foreign Currency
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Forwards
30,785

 
308

 
(235
)
 
26,604

 
208

 
(214
)
Foreign Currency Options
0

 
0

 
0

 
0

 
0

 
0

Currency/Interest Rate
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Swaps
12,819

 
1,243

 
(337
)
 
13,874

 
740

 
(345
)
Credit
 
 
 
 
 
 
 
 
 
 
 
Credit Default Swaps
2,529

 
20

 
(17
)
 
798

 
21

 
0

Equity
 
 
 
 
 
 
 
 
 
 
 
Equity Futures
7,243

 
2

 
(84
)
 
1,802

 
0

 
(3
)
Equity Options
45,519

 
494

 
(302
)
 
32,657

 
679

 
(765
)
Total Return Swaps
24,798

 
184

 
(1,071
)
 
18,218

 
6

 
(636
)
Other
 
 
 
 
 
 
 
 
 
 
 
Other(1)
1,260

 
0

 
0

 
1,258

 
0

 
0

Synthetic GICs
82,325

 
1

 
0

 
80,009

 
1

 
0

Total Derivatives Not Qualifying as Hedge Accounting Instruments
$
395,733

 
$
26,385

 
$
(13,508
)
 
$
352,191

 
$
12,265

 
$
(7,103
)
Total Derivatives(2)(3)
$
424,689

 
$
30,763

 
$
(13,685
)
 
$
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 $27,110 million and $14,035 million as of June 30, 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.


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

As of June 30, 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.
 
June 30, 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
$
397

 
$
92

 
$
389

 
$
64

Commercial mortgage and other loans
$
22

 
$
2

 
$
23

 
$
2

Policyholders’ account balances
$
(1,721
)
 
$
(425
)
 
$
(1,376
)
 
$
(107
)
Future policy benefits
$
(1,277
)
 
$
(443
)
 
$
(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.
 
 
June 30, 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)
$
30,611

 
$
(29,119
)
 
$
1,492

 
$
(849
)
 
$
643

Securities purchased under agreement to resell
2,355

 
0

 
2,355

 
(2,355
)
 
0

Total assets
$
32,966

 
$
(29,119
)
 
$
3,847

 
$
(3,204
)
 
$
643

Offsetting of Financial Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives(1)
$
13,676

 
$
(13,001
)
 
$
675

 
$
(40
)
 
$
635

Securities sold under agreement to repurchase
10,488

 
0

 
10,488

 
(10,488
)
 
0

Total liabilities
$
24,164

 
$
(13,001
)
 
$
11,163

 
$
(10,528
)
 
$
635

 

33
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.




















 

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

 
Three Months Ended June 30, 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
$
1

 
$
(2
)
 
$
0

 
$
0

 
$
6

 
$
(1
)
 
$
0

Currency
0

 
0

 
0

 
0

 
0

 
2

 
0

Total gains (losses) on derivatives designated as hedge instruments
1

 
(2
)
 
0

 
0

 
6

 
1

 
0

Gains (losses) on the hedged item:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
(1
)
 
4

 
0

 
0

 
5

 
9

 
0

Currency
0

 
0

 
0

 
0

 
0

 
(2
)
 
0

Total gains (losses) on hedged item
(1
)
 
4

 
0

 
0

 
5

 
7

 
0

Amortization for gains (losses) excluded from assessment of the effectiveness
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency
0

 
0

 
0

 
0

 
0

 
0

 
(3
)
Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness
0

 
0

 
0

 
0

 
0

 
0

 
(3
)
Total gains (losses) on fair value hedges net of hedged item
0

 
2

 
0

 
0

 
11

 
8

 
(3
)
Cash flow hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
10

 
0

 
0

 
0

 
0

 
0

 
(8
)
Currency
2

 
0

 
0

 
0

 
0

 
0

 
(10
)
Currency/Interest Rate
49

 
82

 
(99
)
 
0

 
0

 
0

 
(669
)
Total gains (losses) on cash flow hedges
61

 
82

 
(99
)
 
0

 
0

 
0

 
(687
)
Net investment hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency
0

 
0

 
0

 
0

 
0

 
0

 
(4
)
Currency/Interest Rate
0

 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on net investment hedges
0

 
0

 
0

 
0

 
0

 
0

 
(4
)
Derivatives Not Qualifying as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
(232
)
 
0

 
0

 
0

 
0

 
0

 
0

Currency
(103
)
 
0

 
0

 
0

 
0

 
0

 
0

Currency/Interest Rate
(86
)
 
0

 
0

 
0

 
0

 
0

 
0

Credit
(1
)
 
0

 
0

 
0

 
0

 
0

 
0

Equity
(5,221
)
 
0

 
0

 
0

 
0

 
0

 
0

Other
1

 
0

 
0

 
0

 
0

 
0

 
0

Embedded Derivatives
1,702

 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on derivatives not qualifying as hedge accounting instruments
(3,940
)
 
0

 
0

 
0

 
0

 
0

 
0

Total
$
(3,879
)
 
$
84

 
$
(99
)
 
$
0

 
$
11

 
$
8

 
$
(694
)









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

 
Six Months Ended June 30, 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
$
(29
)
 
$
(4
)
 
$
0

 
$
0

 
$
330

 
$
279

 
$
0

Currency
2

 
0

 
0

 
0

 
0

 
2

 
0

Total gains (losses) on derivatives designated as hedge instruments
(27
)
 
(4
)
 
0

 
0

 
330

 
281

 
0

Gains (losses) on the hedged item:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
29

 
9

 
0

 
0

 
(318
)
 
(270
)
 
0

Currency
(1
)
 
1

 
0

 
0

 
0

 
(2
)
 
0

Total gains (losses) on hedged item
28

 
10

 
0

 
0

 
(318
)
 
(272
)
 
0

Amortization for gains (losses) excluded from assessment of the effectiveness
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency
0

 
0

 
0

 
0

 
0

 
0

 
(3
)
Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness
0

 
0

 
0

 
0

 
0

 
0

 
(3
)
Total gains (losses) on fair value hedges net of hedged item
1

 
6

 
0

 
0

 
12

 
9

 
(3
)
Cash flow hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
8

 
0

 
0

 
0

 
0

 
0

 
44

Currency
4

 
0

 
0

 
0

 
0

 
0

 
91

Currency/Interest Rate
67

 
160

 
193

 
0

 
0

 
0

 
1,531

Total gains (losses) on cash flow hedges
79

 
160

 
193

 
0

 
0

 
0

 
1,666

Net investment hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency
0

 
0

 
0

 
0

 
0

 
0

 
10

Currency/Interest Rate
0

 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on net investment hedges
0

 
0

 
0

 
0

 
0

 
0

 
10

Derivatives Not Qualifying as Hedge Accounting Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
8,992

 
0

 
0

 
0

 
0

 
0

 
0

Currency
230

 
0

 
(7
)
 
0

 
0

 
0

 
0

Currency/Interest Rate
731

 
0

 
2

 
0

 
0

 
0

 
0

Credit
(42
)
 
0

 
0

 
0

 
0

 
0

 
0

Equity
216

 
0

 
0

 
0

 
0

 
0

 
0

Other
1

 
0

 
0

 
0

 
0

 
0

 
0

Embedded Derivatives
(12,593
)
 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on derivatives not qualifying as hedge accounting instruments
(2,465
)
 
0

 
(5
)
 
0

 
0

 
0

 
0

Total
$
(2,385
)
 
$
166

 
$
188

 
$
0

 
$
12

 
$
9

 
$
1,673








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

 
Three Months Ended June 30, 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
$
(9
)
 
$
(2
)
 
$
0

 
$
0

 
$
101

 
$
80

 
$
0

Currency
2

 
0

 
0

 
0

 
0

 
0

 
0

Total gains (losses) on derivatives designated as hedge instruments
(7
)
 
(2
)
 
0

 
0

 
101

 
80

 
0

Gains (losses) on the hedged item:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
9

 
5

 
0

 
0

 
(98
)
 
(