Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

Documents

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2021
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 Jersey22-3703799
(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 $.01PRUNew York Stock Exchange
5.625% Junior Subordinated NotesPRSNew York Stock Exchange
4.125% Junior Subordinated NotesPFHNew 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 FilerxAccelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  x

As of April 30, 2021, 394 million shares of the registrant’s Common Stock (par value $0.01) were outstanding.

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


Table of Contents
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 execute our strategy; and (16) the integration of Assurance IQ, LLC 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 the Annual Report on Form 10-K for the year ended December 31, 2020 for discussion of certain risks relating to our businesses and investment in our securities.












































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PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Financial Position
March 31, 2021 and December 31, 2020 (in millions, except share amounts)
March 31,
2021		December 31,
2020
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2021-$131; 2020-$133) (amortized cost: 2021-$341,122; 2020-$354,470)(1)
$378,596 $412,905 
Fixed maturities, held-to-maturity, at amortized cost (net of allowance for credit losses: 2021-$7; 2020-$9) (fair value: 2021-$2,125; 2020-$2,298)(1)
1,801 1,930 
Fixed maturities, trading, at fair value (amortized cost: 2021-$6,602; 2020-$3,670)(1)
6,202 3,914 
Assets supporting experience-rated contractholder liabilities, at fair value(1)24,027 24,115 
Equity securities, at fair value (cost: 2021-$5,973; 2020-$5,968)(1)
8,492 8,135 
Commercial mortgage and other loans (net of $224 and $235 allowance for credit losses; includes $500 and $1,092 of loans measured at fair value under the fair value option at March 31, 2021 and December 31, 2020, respectively)(1)
64,554 65,425 
Policy loans10,990 11,271 
Other invested assets (net of $2 and $2 allowance for credit losses; includes $6,604 and $6,407 of assets measured at fair value at March 31, 2021 and December 31, 2020, respectively)(1)
18,863 18,125 
Short-term investments (net of allowance for credit losses: 2021-$2; 2020-$1)
5,304 7,800 
Total investments518,829 553,620 
Cash and cash equivalents(1)16,099 13,701 
Accrued investment income(1)3,063 3,193 
Deferred policy acquisition costs19,273 19,027 
Value of business acquired1,006 1,103 
Other assets (net of allowance for credit losses: 2021-$13; 2020-$11)(1)
22,567 22,801 
Separate account assets326,443 327,277 
TOTAL ASSETS$907,280 $940,722 
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits$290,536 $306,343 
Policyholders’ account balances160,227 161,682 
Policyholders’ dividends7,168 9,524 
Securities sold under agreements to repurchase9,384 10,894 
Cash collateral for loaned securities4,673 3,499 
Income taxes9,336 12,022 
Short-term debt867 925 
Long-term debt
19,730 19,718 
Other liabilities (net of allowance for credit losses: 2021-$20; 2020-$20 )(1)
19,855 20,323 
Notes issued by consolidated variable interest entities(1)285 305 
Separate account liabilities326,443 327,277 
Total liabilities848,504 872,512 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 14)
EQUITY
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued)
0 0 
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both March 31, 2021 and December 31, 2020)
6 6 
Additional paid-in capital
25,579 25,584 
Common Stock held in treasury, at cost (272,030,289 and 269,867,738 shares at March 31, 2021 and December 31, 2020, respectively)
(19,878)(19,652)
Accumulated other comprehensive income (loss)19,219 30,738 
Retained earnings33,110 30,749 
Total Prudential Financial, Inc. equity58,036 67,425 
Noncontrolling interests740 785 
Total equity58,776 68,210 
TOTAL LIABILITIES AND EQUITY$907,280 $940,722 
__________
(1)See Note 4 for details of balances associated with variable interest entities.

See Notes to Unaudited Interim Consolidated Financial Statements
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PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Operations
Three Months Ended March 31, 2021 and 2020 (in millions, except per share amounts)
 
 Three Months Ended
March 31,
 20212020
REVENUES
Premiums$7,543 $7,664 
Policy charges and fee income1,490 1,489 
Net investment income4,382 4,202 
Asset management and service fees1,176 1,033 
Other income (loss)282 (2,591)
Realized investment gains (losses), net2,079 1,667 
Total revenues16,952 13,464 
BENEFITS AND EXPENSES
Policyholders’ benefits8,110 9,006 
Interest credited to policyholders’ account balances768 392 
Dividends to policyholders604 (77)
Amortization of deferred policy acquisition costs741 957 
General and administrative expenses3,315 3,524 
Total benefits and expenses13,538 13,802 
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
3,414 (338)
Total income tax expense (benefit)636 (58)
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
2,778 (280)
Equity in earnings of operating joint ventures, net of taxes26 10 
NET INCOME (LOSS)2,804 (270)
Less: Income (loss) attributable to noncontrolling interests(24)1 
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.
$2,828 $(271)
EARNINGS PER SHARE
Basic earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$7.02 $(0.70)
Diluted earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$6.98 $(0.70)






See Notes to Unaudited Interim Consolidated Financial Statements
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PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Comprehensive Income
Three Months Ended March 31, 2021 and 2020 (in millions)
 
 Three Months Ended
March 31,
 20212020
NET INCOME (LOSS)$2,804 $(270)
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments for the period
(681)(295)
Net unrealized investment gains (losses)(14,128)(1,354)
Defined benefit pension and postretirement unrecognized periodic benefit (cost)
96 72 
Total(14,713)(1,577)
Less: Income tax expense (benefit) related to other comprehensive income (loss)
(3,176)(138)
Other comprehensive income (loss), net of taxes(11,537)(1,439)
Comprehensive income (loss)(8,733)(1,709)
Less: Comprehensive income (loss) attributable to noncontrolling interests
(42)1 
Comprehensive income (loss) attributable to Prudential Financial, Inc.
$(8,691)$(1,710)
 



See Notes to Unaudited Interim Consolidated Financial Statements
 
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PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Equity
Three Months Ended March 31, 2021 and 2020 (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, 2020$6 $25,584 $30,749 $(19,652)$30,738 $67,425 $785 $68,210 
Common Stock acquired(375)(375)(375)
Contributions from noncontrolling interests3 3 
Distributions to noncontrolling interests(6)(6)
Stock-based compensation programs(5)149 144 144 
Dividends declared on Common Stock(467)(467)(467)
Comprehensive income:
Net income (loss)2,828 2,828 (24)2,804 
Other comprehensive income (loss), net of tax(11,519)(11,519)(18)(11,537)
Total comprehensive income (loss)(8,691)(42)(8,733)
Balance, March 31, 2021$6 $25,579 $33,110 $(19,878)$19,219 $58,036 $740 $58,776 

 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 interests31 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 
__________
(1)Includes the impact from the adoption of ASU 2016-13. 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, 2020 for additional information.

See Notes to Unaudited Interim Consolidated Financial Statements
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PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Cash Flows
Three Months Ended March 31, 2021 and 2020 (in millions)
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$2,804 $(270)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net(2,079)(1,667)
Policy charges and fee income(589)(701)
Interest credited to policyholders’ account balances768 392 
Depreciation and amortization30 329 
(Gains) losses on assets supporting experience-rated contractholder liabilities, net261 838 
Change in:
Deferred policy acquisition costs48 217 
Future policy benefits and other insurance liabilities1,662 2,825 
Income taxes582 (115)
Derivatives, net(5,222)15,388 
Other, net(1,562)(2,470)
Cash flows from (used in) operating activities(3,297)14,766 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale21,470 9,997 
Fixed maturities, held-to-maturity11 40 
Fixed maturities, trading2,092 121 
Assets supporting experience-rated contractholder liabilities4,859 7,219 
Equity securities938 523 
Commercial mortgage and other loans1,834 1,593 
Policy loans637 572 
Other invested assets684 533 
Short-term investments9,504 8,713 
Payments for the purchase/origination of:
Fixed maturities, available-for-sale(13,166)(13,379)
Fixed maturities, trading(5,220)(103)
Assets supporting experience-rated contractholder liabilities(5,104)(7,908)
Equity securities(867)(616)
Commercial mortgage and other loans(1,717)(1,632)
Policy loans(403)(505)
Other invested assets(731)(905)
Short-term investments(7,040)(11,131)
Derivatives, net(1,235)1,106 
Other, net(70)(18)
Cash flows from (used in) investing activities6,476 (5,780)
CASH FLOWS FROM FINANCING ACTIVITIES
Policyholders’ account deposits7,836 14,444 
Policyholders’ account withdrawals(7,782)(9,354)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities(337)59 
Cash dividends paid on Common Stock(471)(448)
Net change in financing arrangements (maturities 90 days or less)61 630 
Common Stock acquired(359)(485)
Common Stock reissued for exercise of stock options59 45 
Proceeds from the issuance of debt (maturities longer than 90 days)64 1,550 
Repayments of debt (maturities longer than 90 days)(117)(1)
Repayments of notes issued by consolidated VIEs0 (16)
Other, net376 (65)
Cash flows from (used in) financing activities(670)6,359 
Effect of foreign exchange rate changes on cash balances(213)(22)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS2,296 15,323 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR13,855 16,474 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD$16,151 $31,797 
NON-CASH TRANSACTIONS DURING THE PERIOD
Treasury Stock shares issued for stock-based compensation programs$127 $140 
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Cash and cash equivalents$16,099 $31,646 
Restricted cash and restricted cash equivalents (included in “Other assets”)52 151 
Total cash, cash equivalents, restricted cash and restricted cash equivalents$16,151 $31,797 

See Notes to Unaudited Interim Consolidated Financial Statements
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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 consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement, Group Insurance, Individual Annuities, Individual Life and Assurance IQ businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. 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. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above.
 
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, 2020.

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 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 the 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”) resulted in extreme stress and disruption in the global economy and financial markets. While markets have rebounded, the pandemic has adversely impacted, and may continue to adversely impact, the Company’s results of operations, financial condition and cash flows. Due to the
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
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 the Company’s financial 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; and 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.). The Company cannot predict what impact the COVID-19 pandemic will ultimately have on its businesses.

Business Dispositions

The Prudential Life Insurance Company of Korea, Ltd.

In August 2020, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, successfully completed the sale of The Prudential Life Insurance Company of Korea, Ltd. (“POK”) to KB Financial Group Inc., for cash consideration of approximately ₩2.3 trillion, equal to approximately $1.9 billion. The Company recognized an approximate $800 million after-tax loss on the transaction in 2020.

Prior to the sale, in the second quarter of 2020, the Company transferred the results of POK and the anticipated impact of its sale from the International Businesses segment to Divested and Run-off Businesses within Corporate & Other operations. Prior period amounts were restated at that time, which impacted both segment reporting and adjusted operating income, but did not impact results reported under GAAP. The first quarter 2020 results contained herein reflect this restatement.

Prudential Life Insurance Company of Taiwan Inc.

In August 2020, PIIH entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Taishin Financial Holding Co, Ltd. (the “Buyer”), pursuant to which PIIH has agreed to sell to the Buyer all of the issued and outstanding capital stock of Prudential Life Insurance Company of Taiwan Inc. (“POT”), the Company’s insurance business in Taiwan, for cash consideration of approximately NT5.5 billion, equal to approximately $195 million at then current exchange rates, to be paid at closing, and contingent consideration with a fair value of approximately $30 million as of March 31, 2021. The fair value of the contingent consideration is tied to the level of yields for the 10-year Taiwanese Government bond two years after the signing of the transaction and can result in a maximum payout of $100 million if yields increase by 40 basis points. The Share Purchase Agreement contains customary warranties and covenants of PIIH and the Buyer. If regulatory approvals are obtained and customary closing conditions are met, the Company expects the transaction to close in 2021.

Effective in the third quarter of 2020, the Company began reporting its investment in POT as “held for sale” and the results of POT and the impact of its anticipated sale were transferred from the International Businesses segment to Divested and Run-off Businesses within Corporate and Other. All prior period amounts were restated at that time. As of March 31, 2021, the Company has cumulatively recognized an estimated $390 million after-tax charge to earnings to adjust the carrying value of POT to the fair market value reflected in the purchase price. The ultimate after-tax loss will be based on balances at the closing date and could vary materially from the charge recorded to date.

Pramerica SGR (PGIM Italy Joint Venture)

In March 2021, the Company sold its 35% ownership stake in Pramerica SGR, PGIM’s asset management joint venture in Italy, to its partner UBI Banca, which was acquired in 2020 by Intesa Sanpaolo Group. The after-tax gain on the sale of Pramerica SGR was approximately $330 million, which was recognized in adjusted operating income in the first quarter of 2021.

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
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
and/or those that have been issued but not yet adopted as of March 31, 2021, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASU issued but not yet adopted as of March 31, 2021 — 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, in November 2020 the FASB issued ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application to defer for an additional one year the 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. The transition relief would allow large calendar-year public companies that early adopt ASU 2018-12 to apply the guidance either as of January 1, 2020 or January 1, 2021 (and record transition adjustments as of January 1, 2020 or January 1, 2021, respectively) in the 2022 financial statements. Companies that do not early adopt ASU 2018-12 would apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company currently intends to adopt ASU 2018-12 effective January 1, 2023. 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 transition, the Company also expects an impact to the pattern of earnings emergence following the transition date.

ASU 2018-12 Amended TopicDescriptionMethod of adoptionEffect 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 may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) (“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, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions.
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 either the beginning of the prior year (if early adoption is elected) or 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 discount rates locked-in at contract inception versus current discount rates at transition. The magnitude of such adjustment is currently being assessed.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
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 may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or 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 full 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 (“MRB”)
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 MRB 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 in MRB liabilities 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 either the beginning of prior year (if early adoption is elected) or the beginning 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.

Modifications related to COVID-19

We assess modifications to certain fixed income instruments on a case-by-case basis to evaluate whether a troubled debt restructuring ("TDR") has occurred. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") provides a temporary suspension of TDR accounting for certain COVID-19 related modifications where the investment was not more than 30 days past due as of December 31, 2019 (“TDR Relief”). The TDR Relief was set to expire on December 31, 2020, but was extended through December 31, 2021 by the Consolidated Appropriations Act of 2021. The Company elected to apply the TDR Relief beginning in the first quarter of 2021. The TDR Relief does not apply to modifications completed 60 days after the national emergency related to COVID-19 ends, or December 31, 2021, whichever comes earlier. As of March 31, 2021, any such modifications did not have a material impact on the Company's results of operations. For additional information regarding the Company’s policies for troubled debt restructurings, 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, 2020.

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:
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 March 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$23,400 $4,490 $262 $0 $27,628 
Obligations of U.S. states and their political subdivisions10,491 1,625 27 0 12,089 
Foreign government bonds89,084 13,738 338 0 102,484 
U.S. public corporate securities95,495 11,384 891 13 105,975 
U.S. private corporate securities(1)36,904 2,776 286 46 39,348 
Foreign public corporate securities25,892 2,713 140 25 28,440 
Foreign private corporate securities28,772 2,074 329 38 30,479 
Asset-backed securities(2)13,470 179 14 0 13,635 
Commercial mortgage-backed securities14,673 803 42 9 15,425 
Residential mortgage-backed securities(3)2,941 168 16 0 3,093 
Total fixed maturities, available-for-sale(1)$341,122 $39,950 $2,345 $131 $378,596 
 
 March 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit LossesAmortized Cost,
Net of Allowance
 (in millions)
Fixed maturities, held-to-maturity:
Foreign government bonds$872 $239 $0 $1,111 $0 $872 
Foreign public corporate securities612 60 0 672 7 605 
Foreign private corporate securities82 1 0 83 0 82 
Residential mortgage-backed securities(3)242 17 0 259 0 242 
Total fixed maturities, held-to-maturity(4)$1,808 $317 $0 $2,125 $7 $1,801 
__________
(1)Excludes notes with amortized cost of $5,766 million (fair value, $5,774 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, credit cards and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(4)Excludes notes with amortized cost of $4,748 million (fair value, $5,186 million), which have been offset with the associated debt under a netting agreement.
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$30,766 $9,699 $17 $0 $40,448 
Obligations of U.S. states and their political subdivisions10,668 2,144 1 0 12,811 
Foreign government bonds94,110 16,373 239 0 110,244 
U.S. public corporate securities95,299 18,516 213 47 113,555 
U.S. private corporate securities(1)36,894 4,196 134 19 40,937 
Foreign public corporate securities25,857 3,768 64 24 29,537 
Foreign private corporate securities28,668 3,183 226 33 31,592 
Asset-backed securities(2)14,489 176 74 0 14,591 
Commercial mortgage-backed securities15,036 1,288 11 10 16,303 
Residential mortgage-backed securities(3)2,683 205 1 0 2,887 
Total fixed maturities, available-for-sale(1)$354,470 $59,548 $980 $133 $412,905 
 
 December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit LossesAmortized
Cost, Net of Allowance
 (in millions)
Fixed maturities, held-to-maturity:
Foreign government bonds$935 $270 $0 $1,205 $0 $935 
Foreign public corporate securities651 68 0 719 9 642 
Foreign private corporate securities87 1 0 88 0 87 
Residential mortgage-backed securities(3)266 20 0 286 0 266 
Total fixed maturities, held-to-maturity(4)$1,939 $359 $0 $2,298 $9 $1,930 
__________
(1)Excludes notes with amortized cost of $5,966 million (fair value, $6,100 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 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, $5,821 million), which have been offset with the associated debt under a netting agreement.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 
The following tables set 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 dates indicated:
 
 March 31, 2021
 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$3,972 $262 $1 $0 $3,973 $262 
Obligations of U.S. states and their political subdivisions541 27 0 0 541 27 
Foreign government bonds7,459 208 1,560 130 9,019 338 
U.S. public corporate securities14,295 805 996 81 15,291 886 
U.S. private corporate securities4,970 217 913 68 5,883 285 
Foreign public corporate securities2,967 93 822 40 3,789 133 
Foreign private corporate securities3,676 118 1,965 210 5,641 328 
Asset-backed securities1,536 8 1,451 6 2,987 14 
Commercial mortgage-backed securities1,048 34 139 8 1,187 42 
Residential mortgage-backed securities607 16 12 0 619 16 
Total fixed maturities, available-for-sale$41,071 $1,788 $7,859 $543 $48,930 $2,331 
 
 December 31, 2020
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$750 $17 $0 $0 $750 $17 
Obligations of U.S. states and their political subdivisions73 1 0 0 73 1 
Foreign government bonds6,536 231 39 8 6,575 239 
U.S. public corporate securities3,905 87 1,197 106 5,102 193 
U.S. private corporate securities1,712 52 843 82 2,555 134 
Foreign public corporate securities1,412 30 376 23 1,788 53 
Foreign private corporate securities798 34 2,371 192 3,169 226 
Asset-backed securities4,132 25 4,685 49 8,817 74 
Commercial mortgage-backed securities284 8 93 3 377 11 
Residential mortgage-backed securities116 1 1 0 117 1 
Total fixed maturities, available-for-sale$19,718 $486 $9,605 $463 $29,323 $949 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
As of March 31, 2021 and December 31, 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $1,997 million and $636 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $334 million and $313 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2021, the $543 million of gross unrealized losses of twelve months or more were concentrated in corporate securities within the energy, finance and consumer non-cyclical sectors. As of December 31, 2020, the $463 million of gross unrealized losses of twelve months or more were concentrated in corporate securities within the energy, utility and finance sectors.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2021. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of March 31, 2021, 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: 
March 31, 2021
Available-for-SaleHeld-to-Maturity
 Amortized CostFair ValueAmortized Cost, Net of AllowanceFair Value
(in millions)
Fixed maturities:
Due in one year or less $16,008 $16,547 $112 $112 
Due after one year through five years52,751 56,779 496 564 
Due after five years through ten years64,596 71,466 105 108 
Due after ten years(1)176,683 201,651 846 1,082 
Asset-backed securities 13,470 13,635 0 0 
Commercial mortgage-backed securities14,673 15,425 0 0 
Residential mortgage-backed securities2,941 3,093 242 259 
Total$341,122 $378,596 $1,801 $2,125 
__________
(1)Excludes available-for-sale notes with amortized cost of $5,766 million (fair value, $5,774 million) and held-to-maturity notes with amortized cost of $4,748 million (fair value, $5,186 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 and the allowance for credit losses of fixed maturities, for the periods indicated:
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 Three Months Ended
March 31,
 20212020
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$14,690 $5,153 
Proceeds from maturities/prepayments6,894 4,883 
Gross investment gains from sales and maturities1,603 468 
Gross investment losses from sales and maturities(389)(61)
Write-downs recognized in earnings(2)0 (91)
(Addition to) release of allowance for credit losses2 (158)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)$12 $41 
(Addition to) release of allowance for credit losses2 0
__________ 
(1)Includes $114 million and $39 million of non-cash related proceeds due to the timing of trade settlements for the three months ended March 31, 2021 and 2020, respectively.
(2)Amounts represent write-downs on credit adverse securities, write-downs on securities approaching maturity related to foreign exchange movements and securities actively marketed for sale.
(3)Includes less than $1 million of non-cash related proceeds due to the timing of trade settlements for both the three months ended March 31, 2021 and 2020.


The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: 

Three Months Ended March 31, 2021
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $123 $0 $10 $0 $133 
Additions to allowance for credit losses not previously recorded
0 0 31 0 0 0 31 
Reductions for securities sold during the period
0 0 (26)0 0 0 (26)
Additions (reductions) on securities with previous allowance0 0 (6)0 (1)0 (7)
Balance, end of period$0 $0 $122 $0 $9 $0 $131 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
Three Months Ended March 31, 2020
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $0 $0 
Additions to allowance for credit losses not previously recorded
0 38 119 0 1 0 158 
Balance, end of period$0 $38 $119 $0 $1 $0 $158 


Three Months Ended March 31, 2021
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period$0 $0 $9 $0 $0 $0 $9 
Current period provision for expected losses0 0 (2)0 0 0 (2)
Balance, end of period$0 $0 $7 $0 $0 $0 $7 


Three Months Ended March 31, 2020
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period$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 

For additional information about the Company’s methodology for developing our allowance and expected losses, 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, 2020.

For the three months ended March 31, 2021, the decrease in the allowance for credit losses on available-for-sale securities was primarily related to public corporate securities within the energy sector, partially offset by an addition to the allowance for private corporate securities within the energy, utility and consumer cyclical sectors. For the three months ended March 31, 2020, the increase in the allowance for credit losses was primarily related to adverse projected cash flows on public and private corporate securities within the energy, utility and communications sectors.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2021 or December 31, 2020.

Assets Supporting Experience-Rated Contractholder Liabilities
 
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:
 March 31, 2021December 31, 2020
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Short-term investments and cash equivalents$429 $429 $658 $658 
Fixed maturities:
Corporate securities14,470 15,130 14,442 15,472 
Commercial mortgage-backed securities1,699 1,773 1,743 1,839 
Residential mortgage-backed securities(1)873 915 964 1,018 
Asset-backed securities(2)2,039 2,066 1,665 1,697 
Foreign government bonds994 996 934 945 
U.S. government authorities and agencies and obligations of U.S. states363 422 371 443 
Total fixed maturities(3)20,438 21,302 20,119 21,414 
Equity securities1,942 2,296 1,661 2,043 
Total assets supporting experience-rated contractholder liabilities(4)$22,809 $24,027 $22,438 $24,115 
__________ 
(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 $1,530 million and $1,102 million as of March 31, 2021 and December 31, 2020, respectively, all of which were rated AAA.
(3)As a percentage of amortized cost, 94% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2021 and December 31, 2020.
(4)As a percentage of amortized cost, 79% of the portfolio consisted of public securities as of both March 31, 2021 and December 31, 2020.
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 $(459) million and $(842) million during the three months ended March 31, 2021 and 2020, respectively.

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $352 million and $(1,481) million during the three months ended March 31, 2021 and 2020, 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:
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 March 31, 2021December 31, 2020
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$75,142 $85,813 $80,273 $92,764 
Fixed maturities, held-to-maturity850 1,082 912 1,173 
Fixed maturities, trading23 23 25 25 
Assets supporting experience-rated contractholder liabilities830 829 849 855 
Total$76,845 $87,747 $82,059 $94,817 

Commercial Mortgage and Other Loans
 
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
 
 March 31, 2021December 31, 2020
 Amount
(in millions)		% of
Total		Amount
(in millions)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Office$12,555 19.6 %$12,750 19.7 %
Retail7,233 11.3 7,326 11.3 
Apartments/Multi-Family17,642 27.6 18,330 28.3 
Industrial15,228 23.8 14,954 23.1 
Hospitality2,365 3.7 2,395 3.7 
Other4,877 7.6 4,981 7.7 
Total commercial mortgage loans59,900 93.6 60,736 93.8 
Agricultural property loans4,094 6.4 4,048 6.2 
Total commercial mortgage and agricultural property loans63,994 100.0 %64,784 100.0 %
Allowance for credit losses(217)(227)
Total net commercial mortgage and agricultural property loans63,777 64,557 
Other loans:
Uncollateralized loans583 655 
Residential property loans86 101 
Other collateralized loans115 120 
Total other loans784 876 
Allowance for credit losses(7)(8)
Total net other loans777 868 
Total net commercial mortgage and other loans(1)$64,554 $65,425 
__________ 
(1)Includes loans held for sale which are carried at fair value and are collateralized primarily by apartment complexes. As of March 31, 2021 and December 31, 2020, the net carrying value of these loans was $500 million and $1,092 million, respectively.

As of March 31, 2021, 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 (8%) and New York (7%)) and included loans secured by properties in Europe (8%), Australia (2%) and Asia (1%).

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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:
Three Months Ended March 31, 2021
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$218 $9 $0 $3 $5 $235 
Addition to (release of) allowance for expected losses(9)(1)0 0 0 (10)
Other0 0 0 (1)0 (1)
Allowance, end of period$209 $8 $0 $2 $5 $224 
 
Three Months Ended March 31, 2020
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$114 $3 $0 $0 $4 $121 
Cumulative effect of adoption of ASU 2016-13110 5 0 0 0 115 
Addition to (release of) allowance for expected losses1 0 0 0 0 1 
Other0 0 0 3 0 3 
Allowance, end of period$225 $8 $0 $3 $4 $240 

For additional information about the Company’s methodology for developing our allowance and expected losses, 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, 2020.

As of March 31, 2021, the decrease in the allowance for credit losses on commercial mortgage and other loans was primarily related to the improving credit environment. As of March 31, 2020, the increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to the cumulative effect of adoption of ASU 2016-13.

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
March 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
(in millions)
Commercial Mortgage Loans
Loan-to-Value Ratio:
0%-59.99%$446 $504 $2,614 $3,248 $3,714 $17,917 $28,443 
60%-69.99%644 2,177 4,885 4,189 2,480 6,459 20,834 
70%-79.99%697 2,219 2,534 1,509 911 2,156 10,026 
80% or greater6 0 3 61 69 458 597 
Total$1,793 $4,900 $10,036 $9,007 $7,174 $26,990 $59,900 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$1,682 $4,780 $9,246 $8,539 $6,911 $24,234 $55,392 
1.0 - 1.2x111 113 666 380 261 2,054 3,585 
Less than 1.0x0 7 124 88 2 702 923 
Total$1,793 $4,900 $10,036 $9,007 $7,174 $26,990 $59,900 
Agricultural Property Loans
Loan-to-Value Ratio:
0%-59.99%$394 $951 $490 $345 $392 $1,414 $3,986 
60%-69.99%5 10 51 39 3 0 108 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$399 $961 $541 $384 $395 $1,414 $4,094 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$397 $939 $540 $376 $336 $1,301 $3,889 
1.0 - 1.2x2 22 0 2 59 44 129 
Less than 1.0x0 0 1 6 0 69 76 
Total$399 $961 $541 $384 $395 $1,414 $4,094 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
December 31, 2020
Amortized Cost by Origination Year
20202019201820172016PriorTotal
(in millions)
Commercial Mortgage Loans
Loan-to-Value Ratio:
0%-59.99%$828 $2,693 $3,217 $3,854 $3,223 $15,360 $29,175 
60%-69.99%2,678 4,981 4,291 2,239 2,667 4,058 20,914 
70%-79.99%2,492 2,587 1,500 1,057 918 1,409 9,963 
80% or greater23 3 61 69 23 505 684 
Total$6,021 $10,264 $9,069 $7,219 $6,831 $21,332 $60,736 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$5,901 $9,429 $8,587 $6,954 $6,382 $18,904 $56,157 
1.0 - 1.2x118 711 383 263 384 1,719 3,578 
Less than 1.0x2 124 99 2 65 709 1,001 
Total$6,021 $10,264 $9,069 $7,219 $6,831 $21,332 $60,736 
Agricultural Property Loans
Loan-to-Value Ratio:
0%-59.99%$956 $494 $349 $527 $367 $1,254 $3,947 
60%-69.99%8 51 39 3 0 0 101 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$964 $545 $388 $530 $367 $1,254 $4,048 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$941 $544 $381 $468 $308 $1,202 $3,844 
1.0 - 1.2x23 0 1 59 1 40 124 
Less than 1.0x0 1 6 3 58 12 80 
Total$964 $545 $388 $530 $367 $1,254 $4,048 

For additional information about the Company’s commercial mortgage and other loans credit quality monitoring process, 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, 2020.
 
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
 
 March 31, 2021
 Current30-59 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$59,898 $2 $0 $0 $2 $59,900 $5 
Agricultural property loans4,073 7 0 14 21 4,094 14 
Residential property loans84 1 0 1 2 86 1 
Other collateralized loans115 0 0 0 0 115 0 
Uncollateralized loans583 0 0 0 0 583 0 
Total$64,753 $10 $0 $15 $25 $64,778 $20 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
__________
(1)As of March 31, 2021, 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, 2020.

 December 31, 2020
 Current30-59 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$60,614 $3 $119 $0 $122 $60,736 $5 
Agricultural property loans3,996 37 0 15 52 4,048 15 
Residential property loans99 1 0 1 2 101 1 
Other collateralized loans120 0 0 0 0 120 0 
Uncollateralized loans655 0 0 0 0 655 0 
Total$65,484 $41 $119 $16 $176 $65,660 $21 
__________
(1)As of December 31, 2020, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Less than $1 million of interest income was recognized on loans on non-accrual status for both the three months ended March 31, 2021 and 2020. Loans on non-accrual status that did not have a related allowance for credit losses were $15 million as of both March 31, 2021 and December 31, 2020.

The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2021 and December 31, 2020.

Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
March 31, 2021December 31, 2020
 (in millions)
LPs/LLCs:
Equity method:
Private equity(1)$4,735 $4,311 
Hedge funds2,732 2,451 
Real estate-related(1)2,008 1,985 
Subtotal equity method9,475 8,747 
Fair value:
Private equity1,861 1,786 
Hedge funds2,199 2,036 
Real estate-related319 314 
Subtotal fair value4,379 4,136 
Total LPs/LLCs13,854 12,883 
Real estate held through direct ownership(2)1,877 2,027 
Derivative instruments1,869 1,915 
Other(3)1,263 1,300 
Total other invested assets$18,863 $18,125 
_________ 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)As of March 31, 2021 and December 31, 2020, real estate held through direct ownership had mortgage debt of $354 million and $409 million, respectively.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
(3)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, 2020.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
 March 31, 2021December 31, 2020
 (in millions)
Fixed maturities$2,558 $2,676 
Equity securities8 7 
Commercial mortgage and other loans196 205 
Policy loans277 274 
Other invested assets21 27 
Short-term investments and cash equivalents3 4 
Total accrued investment income$3,063 $3,193 

There were no significant write-downs on accrued investment income for both the three months ended March 31, 2021 and 2020, respectively.

Net Investment Income
 
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 
 Three Months Ended
March 31,
 20212020
 (in millions)
Fixed maturities, available-for-sale(1)$2,999 $3,112 
Fixed maturities, held-to-maturity(1)58 59 
Fixed maturities, trading 24 34 
Assets supporting experience-rated contractholder liabilities159 184 
Equity securities23 28 
Commercial mortgage and other loans617 640 
Policy loans145 153 
Other invested assets516 131 
Short-term investments and cash equivalents10 87 
Gross investment income4,551 4,428 
Less: investment expenses(169)(226)
Net investment income$4,382 $4,202 
__________ 
(1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Realized Investment Gains (Losses), Net
 
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 
 Three Months Ended
March 31,
 20212020
 (in millions)
Fixed maturities(1)$1,216 $158 
Commercial mortgage and other loans30 22 
Investment real estate52 (1)
LPs/LLCs0 (3)
Derivatives775 1,492 
Other6 (1)
Realized investment gains (losses), net$2,079 $1,667 
__________ 
(1)Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading.
 
Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
March 31, 2021December 31, 2020
 (in millions)
Fixed maturity securities, available-for-sale with an allowance$(5)$(25)
Fixed maturity securities, available-for-sale without an allowance37,610 58,593 
Derivatives designated as cash flow hedges(1)(159)(168)
Derivatives designated as fair value hedges(1)12 10 
Other investments(2)(9)7 
Net unrealized gains (losses) on investments$37,449 $58,417 
__________ 
(1)For additional information on cash flow and fair value hedges, see Note 5.
(2)As of March 31, 2021, 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:
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
March 31, 2021December 31, 2020
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S.
government authorities and agencies
$8,451 $485 $8,936 $9,548 $546 $10,094 
Commercial mortgage-backed securities131 0 131 463 0 463 
Residential mortgage-backed securities317 0 317 337 0 337 
Total securities sold under agreements to repurchase(1)
$8,899 $485 $9,384 $10,348 $546 $10,894 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
March 31, 2021December 31, 2020
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
Obligations of U.S. states and their political
subdivisions
$87 $0 $87 $108 $0 $108 
Foreign government bonds240 0 240 426 0 426 
U.S. public corporate securities3,294 0 3,294 2,360 0 2,360 
Foreign public corporate securities801 0 801 567 0 567 
Equity securities251 0 251 38 0 38 
Total cash collateral for loaned securities(1)$4,673 $0 $4,673 $3,499 $0 $3,499 
__________ 
(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, 2020.
 
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.
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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)
 March 31,
2021		December 31,
2020		March 31,
2021		December 31,
2020
 (in millions)
Fixed maturities, available-for-sale$102 $110 $275 $296 
Fixed maturities, held-to-maturity81 87 824 882 
Fixed maturities, trading154 160 0 0 
Equity securities57 42 0 0 
Commercial mortgage and other loans911 975 0 0 
Other invested assets2,533 2,221 133 127 
Cash and cash equivalents99 101 0 0 
Accrued investment income1 2 3 4 
Other assets511 594 873 768 
Total assets of consolidated VIEs$4,449 $4,292 $2,108 $2,077 
Other liabilities$516 $256 $0 $2 
Notes issued by consolidated VIEs(2)285 305 0 0 
Total liabilities of consolidated VIEs$801 $561 $0 $2 
 __________
(1)Total assets of consolidated VIEs reflect $2,495 million and $2,538 million as of March 31, 2021 and December 31, 2020, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of March 31, 2021, the maturity of this obligation was within 4 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 $948 million and $935 million at March 31, 2021 and December 31, 2020, 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 $13,854 million and $12,883 million as of March 31, 2021 and December 31, 2020, 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. DERIVATIVES AND HEDGING
 
Types of Derivative and Hedging Instruments

The Company utilizes various derivatives and hedging instruments to manage its risk. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to:
•Interest rate contracts: futures, swaps, forwards, options, caps and floors
•Equity contracts: futures, options and total return swaps
•Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
•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, 2020.

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 $1,847 million and $1,906 million as of March 31, 2021 and December 31, 2020, respectively, and total derivative liabilities of $1,575 million and $792 million as of March 31, 2021 and December 31, 2020, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
Primary Underlying Risk /Instrument TypeMarch 31, 2021December 31, 2020
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$3,015 $601 $(69)$3,065 $978 $(90)
Interest Rate Forwards298 0 (37)249 0 (8)
Foreign Currency
Foreign Currency Forwards2,666 79 (133)2,577 68 (116)
Currency/Interest Rate
Foreign Currency Swaps22,831 821 (875)22,642 878 (1,037)
Total Derivatives Designated as Hedge Accounting Instruments$28,810 $1,501 $(1,114)$28,533 $1,924 $(1,251)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$210,809 $9,956 $(16,035)$178,803 $17,174 $(13,172)
Interest Rate Futures17,570 14 (65)15,778 99 (5)
Interest Rate Options15,318 417 (226)14,593 914 (233)
Interest Rate Forwards2,974 36 (24)2,910 25 0 
Foreign Currency
Foreign Currency Forwards33,199 989 (1,110)35,478 764 (647)
Foreign Currency Options0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps13,567 626 (418)13,661 537 (601)
Credit
Credit Default Swaps2,305 50 0 3,360 63 (28)
Equity
Equity Futures5,195 24 (3)5,668 10 (25)
Equity Options42,374 664 (921)36,250 1,731 (1,028)
Total Return Swaps19,731 102 (440)22,489 32 (1,277)
Other
Other(1)1,259 0 0 1,262 0 0 
Synthetic GICs85,273 0 0 86,264 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$449,574 $12,878 $(19,242)$416,516 $21,349 $(17,016)
Total Derivatives(2)(3)$478,384 $14,379 $(20,356)$445,049 $23,273 $(18,267)
__________
(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 $12,907 million and $20,119 million as of March 31, 2021 and December 31, 2020, 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.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
As of March 31, 2021, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.
March 31, 2021December 31, 2020
Balance Sheet Line Item in which Hedged Item is RecordedCarrying 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$367 $60 $402 $79 
Commercial mortgage and other loans$20 $1 $20 $2 
Policyholders’ account balances$(1,434)$(96)$(1,627)$(303)
Future policy benefits$(1,415)$(202)$(1,585)$(372)
__________
(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.

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

Offsetting Assets and Liabilities
 
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
 
 March 31, 2021
 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)$14,236 $(12,532)$1,704 $(865)$839 
Securities purchased under agreement to resell442 0 442 (442)0 
Total assets$14,678 $(12,532)$2,146 $(1,307)$839 
Offsetting of Financial Liabilities:
Derivatives(1)$20,356 $(18,781)$1,575 $(983)$592 
Securities sold under agreement to repurchase9,384 0 9,384 (9,253)131 
Total liabilities$29,740 $(18,781)$10,959 $(10,236)$723 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 December 31, 2020
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives(1)$23,144 $(21,367)$1,777 $(806)$971 
Securities purchased under agreement to resell252 0 252 (252)0 
Total assets$23,396 $(21,367)$2,029 $(1,058)$971 
Offsetting of Financial Liabilities:
Derivatives(1)$18,265 $(17,475)$790 $(790)$0 
Securities sold under agreement to repurchase10,894 0 10,894 (10,432)462 
Total liabilities$29,159 $(17,475)$11,684 $(11,222)$462 
__________
(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, 2020.
 
Cash Flow, Fair Value and Net Investment Hedges
 
The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. 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.




















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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 
 Three Months Ended March 31, 2021
 Realized
Investment
Gains
(Losses)		Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsAOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$21 $(2)$0 $0 $(192)$(170)$0 
Currency(2)0 0 0 0 7 0 
Total gains (losses) on derivatives designated as hedge instruments19 (2)0 0 (192)(163)0 
Gains (losses) on the hedged item:
Interest Rate(20)4 0 0 207 180 0 
Currency1 0 0 0 0 (7)0 
Total gains (losses) on hedged item(19)4 0 0 207 173 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 (2)2 
Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness0 0 0 0 0 (2)2 
Total gains (losses) on fair value hedges net of hedged item0 2 0 0 15 8 2 
Cash flow hedges
Interest Rate5 0 0 0 0 0 (47)
Currency(1)0 0 0 0 0 (17)
Currency/Interest Rate25 71 53 0 0 0 73 
Total gains (losses) on cash flow hedges29 71 53 0 0 0 9 
Net investment hedges
Currency0 0 8 0 0 0 0 
Currency/Interest Rate0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 8 0 0 0 0 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(5,925)0 0 0 0 0 0 
Currency(278)0 8 0 0 0 0 
Currency/Interest Rate282 0 0 0 0 0 0 
Credit4 0 0 0 0 0 0 
Equity(989)0 0 0 0 0 0 
Other1 0 0 0 0 0 0 
Embedded Derivatives7,651 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments746 0 8 0 0 0 0 
Total$775 $73 $69 $0 $15 $8 $11 






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



 Three Months Ended March 31, 2020
 Realized
Investment
Gains
(Losses)		Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsAOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(30)$(2)$0 $0 $324 $280 $0 
Currency2 0 0 0 0 0 0 
Total gains (losses) on derivatives designated as hedge instruments(28)(2)0 0 324 280 0 
Gains (losses) on the hedged item:
Interest Rate30 5 0 0 (322)(278)0 
Currency(1)0 0 0 0 0 0 
Total gains (losses) on hedged item29 5 0 0 (322)(278)0 
Total gains (losses) on fair value hedges net of hedged item1 3 0 0 2 2 0 
Cash flow hedges
Interest Rate(1)0 0 0 0 0 52 
Currency1 0 0 0 0 0 102 
Currency/Interest Rate18 79 291 0 0 0 2,200 
Total gains (losses) on cash flow hedges18 79 291 0 0 0 2,354 
Net investment hedges
Currency0 0 0 0 0 0 13 
Currency/Interest Rate0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 13 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate9,224 0 0 0 0 0 0 
Currency333 0 (7)0 0 0 0 
Currency/Interest Rate816 0 2 0 0 0 0 
Credit(41)0 0 0 0 0 0 
Equity5,436 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 
Embedded Derivatives(14,295)0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments1,473 0 (5)0 0 0 0 
Total$1,492 $82 $286 $0 $2 $2 $2,367 
_______
(1)Net change in AOCI, excluding changes related to net investment hedges using non-derivative instruments of $11 million for the three months ended March 31, 2021, and $0 million for the three months ended March 31, 2020.


 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in millions)
Balance, December 31, 2020$(168)
Amount recorded in AOCI
    Interest Rate(42)
    Currency(18)
    Currency/Interest Rate221 
Total amount recorded in AOCI161 
Amount reclassified from AOCI to income
    Interest Rate(5)
    Currency1 
    Currency/Interest Rate(148)
Total amount reclassified from AOCI to income(152)
Balance, March 31, 2021$(159)

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2021 values, it is estimated that a pre-tax gain of approximately $206 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2022.

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

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $11 million for the three months ended March 31, 2021 and $13 million for the three months ended March 31, 2020.

Credit Derivatives
 
The following table provides a summary of the notional and fair value of written credit protection. The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 26 years for Index Reference.
March 31, 2021
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5NAIC 6Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(2)$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(2)50 1 0 0 2,154 40 0 0 0 0 100 9 2,304 50 
Total$50 $1 $0 $0 $2,154 $40 $0 $0 $0 $0 $100 $9 $2,304 $50 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
December 31, 2020
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5NAIC 6Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(2)$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(2)50 0 0 0 3,003 63 0 0 0 0 0 0 3,053 63 
Total$50 $0 $0 $0 $3,003 $63 $0 $0 $0 $0 $0 $0 $3,053 $63 
_________
(1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. ("Moody's"), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used.
(2)Single name credit default swaps may reference to the credit of corporate debt, sovereign debt, and structured finance. Index references NAIC designations are based on the lowest rated single name reference included in the index.

In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of March 31, 2021 and December 31, 2020, the Company had $1 million and $307 million of outstanding notional amounts and reported at fair value as a liability of $0 million and $28 million, respectively. 

Counterparty Credit Risk

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

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

As of March 31, 2021, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.

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

Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Assets and Liabilities by Hierarchy Level—The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 As of March 31, 2021
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $27,478 $150 $$27,628 
Obligations of U.S. states and their political subdivisions0 12,085 4 12,089 
Foreign government bonds0 102,473 11 102,484 
U.S. corporate public securities0 105,911 64 105,975 
U.S. corporate private securities(2)0 37,146 2,202 39,348 
Foreign corporate public securities0 28,296 144 28,440 
Foreign corporate private securities0 27,612 2,867 30,479 
Asset-backed securities(3)0 12,926 709 13,635 
Commercial mortgage-backed securities0 15,415 10 15,425 
Residential mortgage-backed securities0 2,982 111 3,093 
Subtotal0 372,324 6,272 378,596 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 209 0 209 
Obligations of U.S. states and their political subdivisions0 213 0 213 
Foreign government bonds0 977 19 996 
Corporate securities0 14,592 538 15,130 
Asset-backed securities(3)0 1,847 219 2,066 
Commercial mortgage-backed securities0 1,773 0 1,773 
Residential mortgage-backed securities0 915 0 915 
Equity securities911 1,385 0 2,296 
All other(4)0 378 20 398 
Subtotal911 22,289 796 23,996 
Fixed maturities, trading0 5,960 242 6,202 
Equity securities6,370 1,250 728 8,348 
Commercial mortgage and other loans0 500 0 500 
Other invested assets(5)99 14,280 378 (12,532)2,225 
Short-term investments409 3,499 396 4,304 
Cash equivalents1,640 5,357 4 7,001 
Other assets0 0 144 144 
Separate account assets(6)(7)54,579 247,020 1,306 302,905 
Total assets$64,008 $672,479 $10,266 $(12,532)$734,221 
Future policy benefits(8)$0 $0 $11,314 $$11,314 
Policyholders’ account balances0 0 2,171 2,171 
Other liabilities85 19,851 0 (18,781)1,155 
Notes issued by consolidated VIEs0 0 0 0 
Total liabilities$85 $19,851 $13,485 $(18,781)$14,640 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 As of December 31, 2020
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $40,298 $150 $$40,448 
Obligations of U.S. states and their political subdivisions0 12,807 4 12,811 
Foreign government bonds0 110,233 11 110,244 
U.S. corporate public securities0 113,486 69 113,555 
U.S. corporate private securities(2)0 38,689 2,248 40,937 
Foreign corporate public securities0 29,384 153 29,537 
Foreign corporate private securities0 28,727 2,865 31,592 
Asset-backed securities(3)0 14,068 523 14,591 
Commercial mortgage-backed securities0 16,294 9 16,303 
Residential mortgage-backed securities0 2,876 11 2,887 
Subtotal0 406,862 6,043 412,905 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 212 0 212 
Obligations of U.S. states and their political subdivisions0 231 0 231 
Foreign government bonds0 926 19 945 
Corporate securities0 14,990 482 15,472 
Asset-backed securities(3)0 1,583 114 1,697 
Commercial mortgage-backed securities0 1,839 0 1,839 
Residential mortgage-backed securities0 1,018 0 1,018 
Equity securities1,784 259 0 2,043 
All other(4)50 549 20 619 
Subtotal1,834 21,607 635 24,076 
Fixed maturities, trading0 3,671 243 3,914 
Equity securities6,207 1,131 660 7,998 
Commercial mortgage and other loans0 1,092 0 1,092 
Other invested assets(5)227 23,045 366 (21,367)2,271 
Short-term investments405 5,728 177 6,310 
Cash equivalents1,476 4,005 1 5,482 
Other assets0 0 268 268 
Separate account assets(6)(7)51,826 250,623 1,821 304,270 
Total assets$61,975 $717,764 $10,214 $(21,367)$768,586 
Future policy benefits(8)$0 $0 $18,879 $$18,879 
Policyholders’ account balances0 0 1,914 1,914 
Other liabilities3217,828 0 (17,475)385
Notes issued by consolidated VIEs0 0 0 0 
Total liabilities$32 $17,828 $20,793 $(17,475)$21,178 
__________
(1)“Netting” amounts represent cash collateral of $(6,249) million and $3,892 million as of March 31, 2021 and December 31, 2020, respectively.
(2)Excludes notes with fair value of $5,774 million (carrying amount of $5,766 million) and $6,100 million (carrying amount of $5,966 million) as of March 31, 2021 and December 31, 2020, respectively, which have been offset with the associated payables under a netting agreement.
(3)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
(4)All other represents cash equivalents and short-term investments.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
(5)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of March 31, 2021 and December 31, 2020, the fair values of such investments were $4,379 million and $4,136 million respectively.
(6)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of March 31, 2021 and December 31, 2020, the fair value of such investments was $23,538 million and $23,007 million, respectively.
(7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.
(8)As of March 31, 2021, the net embedded derivative liability position of $11.3 billion includes $0.8 billion of embedded derivatives in an asset position and $12.1 billion of embedded derivatives in a liability position. As of December 31, 2020, the net embedded derivative liability position of $18.9 billion includes $0.5 billion of embedded derivatives in an asset position and $19.4 billion of embedded derivatives in a liability position.

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities—The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.
 As of March 31, 2021

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$4,486 Discounted
cash flow(5)		Discount rate0.40%30%4.90%Decrease
Market comparablesEBITDA multiples(4)7.3X15.0X10.4XIncrease
  LiquidationLiquidation value12.86%71.23%58.29%Increase
Equity securities$236 Discounted
cash flow(5)		Discount rate0.5%20%Decrease
Market comparablesEBITDA multiples(4)0.1X7.3X0.9XIncrease
Net Asset ValueShare price$12$1,414$472Increase
Separate account assets-commercial mortgage loans(6)$162 Discounted
cash flow		Spread1.10%2.27%1.25%Decrease
Liabilities:
Future policy benefits(7)$11,314 Discounted
cash flow		Lapse rate(9)1%20%Decrease
Spread over LIBOR(10)0.09%1.14%Decrease
Utilization rate(11)39%96%Increase
Withdrawal rateSee table footnote (12) below.
Mortality rate(13)0%15%Decrease
   Equity volatility curve17%25% Increase
Policyholders’ account balances(8)$2,171 Discounted
cash flow		Lapse rate(9)1%42%Decrease
Spread over LIBOR(10)0.09%1.14%Decrease
Mortality rate(13)0%24%Decrease
Equity volatility curve6%42%Increase
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 As of December 31, 2020

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$3,697 Discounted 
cash flow(5)		Discount rate0.40%25%4.28%Decrease
Market comparablesEBITDA multiples(4)7.0X15.0X9.0XIncrease
  LiquidationLiquidation value12.13%15.00%13.02%Increase
Equity securities$195 Discounted 
cash flow(5)		Discount rate0.5%20%Decrease
Market comparablesEBITDA multiples(4)1X8.8X3.3XIncrease
Net Asset ValueShare price$1$1,414$495Increase
Separate account assets-commercial mortgage loans(6)$775 Discounted
cash flow		Spread1.60%2.98%1.80%Decrease
Liabilities:
Future policy benefits(7)$18,879 Discounted
cash flow		Lapse rate(9)1%20%Decrease
Spread over LIBOR(10)0.06%1.17%Decrease
Utilization rate(11)39%96%Increase
Withdrawal rateSee table footnote (12) below.
Mortality rate(13)0%15%Decrease
   Equity volatility curve18%26% Increase
Policyholders’ account balances(8)$1,914 Discounted
cash flow		Lapse rate(9)1%42%Decrease
Spread over LIBOR(10)0.06%1.17%Decrease
Mortality rate(13)0%24%Decrease
Equity volatility curve6%42%Increase
__________ 
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities trading.
(3)Excludes notes which have been offset with the associated payables under a netting agreement.
(4)Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.
(6)Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations.
(7)Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(8)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
(9)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.
(10)The spread over the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.
(11)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(12)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2021 and December 31, 2020, the minimum withdrawal rate assumption is 76% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(13)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

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

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

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

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

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

 Three Months Ended March 31, 2021
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3		Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. government$150 $0 $0 $0 $0 $0 $0 $0 $0 $150 $0 
U.S. states4 0 0 0 0 0 0 0 0 4 0 
Foreign government11 0 0 0 0 0 0 0 0 11 0 
Corporate securities(3)5,335 (345)243 0 0 (177)2 219 0 5,277 (361)
Structured securities(4)543 19 219 0 0 (74)12 311 (200)830 19 
Assets supporting experience-rated contractholder liabilities:
Foreign government19 0 0 0 0 0 0 0 0 19 0 
Corporate securities(3)482 (7)14 0 0 (19)0 68 0 538 (14)
Structured securities(4)114 (3)137 0 0 (11)0 0 (18)219 (3)
Equity securities0 0 0 0 0 0 0 0 0 0 0 
All other activity20 0 0 0 0 0 0 0 0 20 0 
Other assets:
Fixed maturities, trading243 0 1 (2)0 0 0 0 0 242 0 
Equity securities660 38 58 (3)0 (3)(22)0 0 728 35 
Other invested assets366 12 0 0 0 0 0 0 0 378 13 
Short-term investments177 (1)256 0 0 (10)(26)0 0 396 (1)
Cash equivalents1 0 3 0 0 0 0 0 0 4 0 
Other assets268 (133)12 0 0 (3)0 0 0 144 (133)
Separate account assets(5)1,821 43 68 (13)0 (6)(615)22 (14)1,306 36 
Liabilities:
Future policy benefits(18,879)7,896 0 0 (331)0 0 0 0 (11,314)7,681 
Policyholders’ account balances(6)(1,914)(135)0 0 (122)0 0 0 0 (2,171)(99)
Other liabilities0 0 0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 0 0 

 Three Months Ended March 31, 2021
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balancesIncluded in other comprehensive income (loss)
(in millions)
Fixed maturities, available-for-sale$(28)$0 $0 $(300)$2 $(41)$0 $0 $(301)
Assets supporting experience-rated contractholder liabilities0 (12)0 0 2 0 (17)0 0 
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 38 0 0 0 0 35 0 0 
Other invested assets11 1 0 0 0 12 1 0 0 
Short-term investments(1)0 0 0 0 (1)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets(133)0 0 0 0 (133)0 0 0 
Separate account assets(5)0 0 43 0 0 0 0 36 0 
Liabilities:
Future policy benefits7,896 0 0 0 0 7,681 0 0 0 
Policyholders’ account balances(135)0 0 0 0 (99)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 
40
Table of Contents
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended March 31, 2020
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into
Level 3		Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. government$105 $0 $10 $0 $0 $0 $0 $0 $0 $115 $0 
U.S. states4 0 0 0 0 0 0 0 0 4 0 
Foreign government22 (1)0 0 0 0 0 0 0 21 0 
Corporate securities(3)3,236 (500)294 (113)0 (235)1 1,827 (14)4,496 (492)
Structured securities(4)948 (7)315 (17)0 (100)155 12 (358)948 (16)
Assets supporting experience-rated contractholder liabilities:
Foreign government24 0 0 0 0 0 0 0 0 24 0 
Corporate securities(3)637 (46)4 (10)0 (45)0 63 0 603 (44)
Structured securities(4)69 (4)116 0 0 (4)0 0 0 177 0 
Equity securities0 0 0 0 0 0 0 0 0 0 0 
All other activity0 0 7 0 0 0 0 0 0 7 0 
Other assets:
Fixed maturities, trading287 (15)18 (6)0 0 (2)15 (48)249 (16)
Equity securities633 (44)9 (5)0 0 1 0 0 594 (44)
Other invested assets567 8 27 0 0 (1)(20)0 0 581 8 
Short-term investments155 2 43 0 0 (110)(37)0 0 53 0 
Cash equivalents131 0 0 0 0 0 (130)0 0 1 0 
Other assets113 252 17 0 0 0 0 0 0 382 252 
Separate account assets(5)1,717 (140)56 (13)0 (18)0 7 (81)1,528 (128)
Liabilities:
Future policy benefits(12,831)(14,789)0 0 (319)0 4 0 0 (27,935)(14,923)
Policyholders’ account balances(6)(1,316)206 0 0 (96)0 0 0 0 (1,206)209 
Other liabilities(105)58 0 0 0 0 0 0 0 (47)58 
Notes issued by consolidated VIEs(800)1 0 0 0 0 0 0 0 (799)0 

 Three Months Ended March 31, 2020
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balancesIncluded in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(27)$0 $0 $(483)$2 $(27)$0 $0 $(481)
Assets supporting experience-rated contractholder liabilities0 (47)0 0 (3)0 (44)0 0 
Other assets:
Fixed maturities, trading0 (15)0 0 0 0 (16)0 0 
Equity securities0 (44)0 0 0 0 (44)0 0 
Other invested assets0 8 0 0 0 0 8 0 0 
Short-term investments2 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets252 0 0 0 0 252 0