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, 2022
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, 2022, 375 million shares of the registrant’s Common Stock (par value $0.01) were outstanding.

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TABLE OF CONTENTS
 
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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, 2021 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, 2022 and December 31, 2021 (in millions, except share amounts)
March 31,
2022		December 31,
2021
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2022-$192; 2021-$114) (amortized cost: 2022-$332,640; 2021-$333,459)(1)
$344,957 $372,410 
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses (allowance for credit losses: 2022-$4; 2021-$5) (fair value: 2022-$1,679; 2021-$1,803)(1)
1,432 1,514 
Fixed maturities, trading, at fair value (amortized cost: 2022-$8,262; 2021-$8,741)(1)
7,724 8,823 
Assets supporting experience-rated contractholder liabilities, at fair value3,184 3,358 
Equity securities, at fair value (cost: 2022-$4,872; 2021-$5,815)(1)
7,397 8,574 
Commercial mortgage and other loans (net of $121 and $119 allowance for credit losses; includes $241 and $1,263 of loans measured at fair value under the fair value option at March 31, 2022 and December 31, 2021, respectively)(1)
59,304 58,666 
Policy loans10,207 10,386 
Other invested assets (net of $2 and $2 allowance for credit losses; includes $7,209 and $8,046 of assets measured at fair value at March 31, 2022 and December 31, 2021, respectively)(1)
21,540 21,833 
Short-term investments (net of allowance for credit losses: 2022-$0; 2021-$0)
4,592 6,635 
Total investments460,337 492,199 
Cash and cash equivalents(1)14,086 12,888 
Accrued investment income(1)2,838 2,855 
Deferred policy acquisition costs18,479 18,192 
Value of business acquired714 771 
Assets held-for-sale(2) 142,139 153,793 
Other assets (net of allowance for credit losses: 2022-$20; 2021-$19)(1)
9,852 10,739 
Separate account assets229,621 246,145 
TOTAL ASSETS$878,066 $937,582 
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits$284,380 $290,784 
Policyholders’ account balances122,465 122,633 
Policyholders’ dividends5,585 8,731 
Securities sold under agreements to repurchase9,085 10,185 
Cash collateral for loaned securities4,771 4,251 
Income taxes4,501 9,513 
Short-term debt544 722 
Long-term debt19,689 18,622 
Liabilities held-for-sale(2) 142,257 151,359 
Other liabilities (including allowance for credit losses: 2022-$19; 2021-$21 )(1)
10,230 11,755 
Notes issued by consolidated variable interest entities(1)260 274 
Separate account liabilities229,621 246,145 
Total liabilities833,388 874,974 
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, 2022 and December 31, 2021)
6 6 
Additional paid-in capital
25,659 25,732 
Common Stock held in treasury, at cost (290,607,225 and 290,018,851 shares at March 31, 2022 and December 31, 2021, respectively)
(22,051)(21,838)
Accumulated other comprehensive income (loss)4,205 21,324 
Retained earnings36,159 36,652 
Total Prudential Financial, Inc. equity43,978 61,876 
Noncontrolling interests700 732 
Total equity44,678 62,608 
TOTAL LIABILITIES AND EQUITY$878,066 $937,582 
__________
(1)See Note 4 for details of balances associated with variable interest entities.
(2)See Note 1 for details of the assets and liabilities classified as “held-for-sale”.

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, 2022 and 2021 (in millions, except per share amounts)
 
 Three Months Ended
March 31,
 20222021
REVENUES
Premiums$7,952 $7,543 
Policy charges and fee income1,459 1,490 
Net investment income4,358 4,382 
Asset management and service fees1,133 1,176 
Other income (loss)(1,371)282 
Realized investment gains (losses), net(316)2,079 
Total revenues13,215 16,952 
BENEFITS AND EXPENSES
Policyholders’ benefits8,868 8,110 
Interest credited to policyholders’ account balances169 768 
Dividends to policyholders235 604 
Amortization of deferred policy acquisition costs847 741 
General and administrative expenses3,211 3,315 
Total benefits and expenses13,330 13,538 
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
(115)3,414 
Total income tax expense (benefit)(69)636 
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES
(46)2,778 
Equity in earnings of operating joint ventures, net of taxes2 26 
NET INCOME (LOSS)(44)2,804 
Less: Income (loss) attributable to noncontrolling interests(13)(24)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.
$(31)$2,828 
EARNINGS PER SHARE
Basic earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$(0.10)$7.02 
Diluted earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$(0.10)$6.98 






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, 2022 and 2021 (in millions)
 
 Three Months Ended
March 31,
 20222021
NET INCOME (LOSS)$(44)$2,804 
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments for the period
(352)(681)
Net unrealized investment gains (losses)(21,770)(14,128)
Defined benefit pension and postretirement unrecognized periodic benefit (cost)
65 96 
Total(22,057)(14,713)
Less: Income tax expense (benefit) related to other comprehensive income (loss)
(4,937)(3,176)
Other comprehensive income (loss), net of taxes(17,120)(11,537)
Comprehensive income (loss)(17,164)(8,733)
Less: Comprehensive income (loss) attributable to noncontrolling interests
(14)(42)
Comprehensive income (loss) attributable to Prudential Financial, Inc.
$(17,150)$(8,691)
 



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, 2022, and 2021 (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, 2021$6 $25,732 $36,652 $(21,838)$21,324 $61,876 $732 $62,608 
Common Stock acquired(375)(375)(375)
Contributions from noncontrolling interests3 3 
Distributions to noncontrolling interests(21)(21)
Stock-based compensation programs(73)162 89 89 
Dividends declared on Common Stock(462)(462)(462)
Comprehensive income:
Net income (loss)(31)(31)(13)(44)
Other comprehensive income (loss), net of tax(17,119)(17,119)(1)(17,120)
Total comprehensive income (loss)(17,150)(14)(17,164)
Balance, March 31, 2022$6 $25,659 $36,159 $(22,051)$4,205 $43,978 $700 $44,678 

 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 


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, 2022 and 2021 (in millions)
Three Months Ended
March 31,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$(44)$2,804 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net316 (2,079)
Policy charges and fee income(634)(589)
Interest credited to policyholders’ account balances169 768 
Depreciation and amortization18 30 
(Gains) losses on assets supporting experience-rated contractholder liabilities, net972 261 
Change in:
Deferred policy acquisition costs266 48 
Future policy benefits and other insurance liabilities1,404 1,662 
Income taxes(83)582 
Derivatives, net(3,000)(5,222)
Other, net617 (1,562)
Cash flows from (used in) operating activities1 (3,297)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale14,240 21,470 
Fixed maturities, held-to-maturity9 11 
Fixed maturities, trading530 2,092 
Assets supporting experience-rated contractholder liabilities9,493 4,859 
Equity securities1,544 938 
Commercial mortgage and other loans1,337 1,834 
Policy loans470 637 
Other invested assets481 684 
Short-term investments10,486 9,504 
Payments for the purchase/origination of:
Fixed maturities, available-for-sale(17,000)(13,166)
Fixed maturities, trading(59)(5,220)
Assets supporting experience-rated contractholder liabilities(9,844)(5,104)
Equity securities(563)(867)
Commercial mortgage and other loans(1,472)(1,717)
Policy loans(285)(403)
Other invested assets(703)(731)
Short-term investments(7,658)(7,040)
Derivatives, net(540)(1,235)
Other, net29 (70)
Cash flows from (used in) investing activities495 6,476 
CASH FLOWS FROM FINANCING ACTIVITIES
Policyholders’ account deposits7,980 7,836 
Policyholders’ account withdrawals(7,249)(7,782)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities(374)(337)
Cash dividends paid on Common Stock(466)(471)
Net change in financing arrangements (maturities 90 days or less)5 61 
Common Stock acquired(364)(359)
Common Stock reissued for exercise of stock options69 59 
Proceeds from the issuance of debt (maturities longer than 90 days)1,024 64 
Repayments of debt (maturities longer than 90 days)(60)(117)
Other, net(139)376 
Cash flows from (used in) financing activities426 (670)
Effect of foreign exchange rate changes on cash balances(86)(213)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS INCLUDING BALANCES CLASSIFIED AS HELD-FOR-SALE836 2,296 
NET CHANGE IN CASH BALANCES CLASSIFIED AS HELD-FOR-SALE(1)(366)0 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS1,202 2,296 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR12,934 13,855 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD$14,136 $16,151 


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PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Cash Flows
Three Months Ended March 31, 2022 and 2021 (in millions)

Three Months Ended
March 31,
20222021
HELD-FOR-SALE CLASSIFICATION(1)
Change in assets classified as held-for-sale$(11,654)$0 
Change in liabilities classified as held-for-sale(9,102)0 
Change in net assets classified as held-for-sale$(2,552)$0 
NON-CASH TRANSACTIONS DURING THE PERIOD
Treasury Stock shares issued for stock-based compensation programs$222 $127 
Significant Pension Risk Transfer transactions:
Assets received, excluding cash and cash equivalents$502 $0 
Liabilities assumed505 0 
Net cash received$3 $0 
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Cash and cash equivalents$14,086 $16,099 
Restricted cash and restricted cash equivalents (included in “Other assets”)50 52 
Total cash, cash equivalents, restricted cash and restricted cash equivalents$14,136 $16,151 
__________
(1)See Note 1 for details of the assets and liabilities classified as “held-for-sale” as of March 31, 2022 and December 31, 2021.


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 solutions, 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 operations. 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, 2021.

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.

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




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

Since the first quarter of 2020, the novel coronavirus (“COVID-19”) has 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 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) insurance liabilities and related balances: potential changes to assumptions regarding investment returns, mortality, morbidity and policyholder behavior which are reflected in our insurance liabilities and certain related balances (e.g., DAC, VOBA, etc.) and; ii) investments: increased risk of loss on our investments due to default or deterioration in credit quality or value. The Company cannot predict what impact the COVID-19 pandemic will ultimately have on its businesses.

Business Dispositions

Prudential Annuities Life Assurance Corporation, Representing a Portion of Individual Annuities’ Traditional Variable Annuity Block of Business

In September 2021, the Company entered into a definitive agreement to sell its equity interest in Prudential Annuities Life Assurance Corporation (“PALAC”), which represents a portion of its in-force traditional variable annuity block of business, to Fortitude Group Holdings, LLC (“Fortitude”). The PALAC block primarily consists of non-New York traditional variable annuities with guaranteed living benefits that were issued prior to 2011, which constitute approximately $30 billion or 18% of Prudential’s total in-force individual annuity account values as of March 31, 2022.

Beginning in the third quarter of 2021, the Company reported the assets and liabilities of this block of business as “held-for-sale” while continuing to report its results within the Individual Annuities segment.

On April 1, 2022, the Company completed the sale and generated a transaction value of approximately $2.6 billion, subject to customary post-closing adjustments, which included cash consideration received, net capital released and a tax benefit. The expected gain on sale will be recognized in the second quarter of 2022 as part of adjusted operating income within the Individual Annuities segment.

Full Service Retirement Business

In July 2021, the Company entered into a definitive agreement with Great-West Life & Annuity Insurance Company (“Great-West”) pursuant to which the Company agreed to sell to Great-West the Company’s Full Service Retirement business, primarily through a combination of (i) the sale of all of the outstanding equity interests of certain legal entities, including Prudential Retirement Insurance and Annuity Company (“PRIAC”); (ii) the ceding of certain insurance policies through reinsurance; and (iii) the sale, transfer and/or novation of certain in-scope contracts and brokerage accounts.

Beginning in the third quarter of 2021, the Company reported the assets and liabilities of the Full Service Retirement business as “held-for-sale” and has transferred the results of this business to Divested and Run-off Businesses within Corporate and Other operations. All prior period amounts have been restated, which impacts both segment reporting and adjusted operating income, but does not impact results reported under GAAP. The Full Service Retirement business generated a pre-tax loss of $206 million and pre-tax income of $15 million for the three months ended March 31, 2022 and March 31, 2021, respectively. These amounts exclude the impact of overhead costs, retained in the Company’s Corporate and Other operations, that will not be transferred to the buyer or eliminated with the sale.

On April 1, 2022, the Company completed the sale and generated a transaction value of approximately $2.8 billion, subject to customary post-closing adjustments, which included cash consideration received for the sale of PRIAC, ceding commission for the reinsured business and capital available to be released from PICA. Separately, the Company expects to incur approximately $400 million of taxes and transaction related costs. The expected gain on sale will be recognized in the second quarter of 2022 as part of Corporate & Other operations within Divested Businesses and excluded from adjusted operating income.

The tables below reflect the carrying amounts of assets and liabilities held-for-sale related to the dispositions described above, as of the dates indicated:

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
March 31, 2022
Retirement
Full Service		Individual
Annuities
PALAC		Total
(in millions)
Assets held-for-sale(1):
Fixed maturities, available-for-sale, at fair value(2)(3)$4,478 $8,283 $12,761 
Fixed maturities, trading, at fair value339 26 365 
Assets supporting experience-rated contractholder liabilities, at fair value18,196 0 18,196 
Equity securities0 201 201 
Commercial mortgage and other loans(2)(3)4,871 0 4,871 
Policy loans0 11 11 
Other invested assets6 116 122 
Short-term investments 0 174 174 
Cash and cash equivalents129 1,576 1,705 
Accrued investment income173 60 233 
Deferred policy acquisition costs98 990 1,088 
Value of business acquired183 27 210 
Other assets(4)618 10,904 11,522 
Separate account assets61,254 29,426 90,680 
Total assets held-for-sale$90,345 $51,794 $142,139 
Liabilities held-for-sale(1):
Future policy benefits$111 $3,844 $3,955 
Policyholders’ account balances27,632 11,663 39,295 
Cash collateral for loaned securities0 205 205 
Other liabilities297 7,825 8,122 
Separate account liabilities61,254 29,426 90,680 
Total liabilities held-for-sale$89,294 $52,963 $142,257 
__________
(1)Under the terms of the sales agreements, certain of these assets and liabilities held-for-sale may be subject to capital transactions or substituted for other similar items prior to the closing of each transaction.
(2)Approximately $1.7 billion of commercial mortgage and other loans and fixed maturities, available-for-sale, held by PALAC are not classified as held-for-sale as of March 31, 2022. The economics of these assets have been transferred on April 1, 2022 to Fortitude via participation agreements, but the Company has retained legal ownership and control over the participated assets, and Fortitude cannot freely pledge or exchange them. As a result, these assets will continue to be reported on the Company’s Consolidated Statements of Financial Position along with the recognition of an offsetting secured borrowing liability on April 1, 2022.
(3)Includes “Fixed maturities, available-for-sale, at fair value” with an allowance for credit losses of $1 million and “Commercial mortgage and other loans” net of allowance for credit losses of $10 million as of March 31, 2022, respectively.
(4)Includes $455 million of goodwill associated with the Retirement Full Service business as of March 31, 2022.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
December 31, 2021
Retirement
Full Service		Individual
Annuities
PALAC		Total
(in millions)
Assets held-for-sale(1):
Fixed maturities, available-for-sale, at fair value(2)$4,798 $8,771 $13,569 
Fixed maturities, trading, at fair value374 27 401 
Assets supporting experience-rated contractholder liabilities, at fair value18,818 0 18,818 
Equity securities0 322 322 
Commercial mortgage and other loans(2)5,068 1,497 6,565 
Policy loans0 12 12 
Other invested assets10 94 104 
Short-term investments 3 875 878 
Cash and cash equivalents56 2,015 2,071 
Accrued investment income160 61 221 
Deferred policy acquisition costs100 1,097 1,197 
Value of business acquired185 30 215 
Other assets(3)674 10,644 11,318 
Separate account assets65,835 32,267 98,102 
Total assets held-for-sale$96,081 $57,712 $153,793 
Liabilities held-for-sale(1):
Future policy benefits$157 $4,505 $4,662 
Policyholders’ account balances28,164 11,750 39,914 
Other liabilities374 8,307 8,681 
Separate account liabilities65,835 32,267 98,102 
Total liabilities held-for-sale$94,530 $56,829 $151,359 
__________
(1)Under the terms of the sales agreements, certain of these assets and liabilities held-for-sale may be subject to capital transactions or substituted for other similar items prior to the closing of each transaction.
(2)Includes “Fixed maturities, available-for-sale, at fair value” with an allowance for credit losses of $1 million and “Commercial mortgage and other loans” net of allowance for credit losses of $15 million as of December 31, 2021, respectively.
(3)Includes $455 million of goodwill associated with the Retirement Full Service business as of December 31, 2021.

The Prudential Life Insurance Company of Taiwan Inc.

In June 2021, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, completed the sale of The Prudential Life Insurance Company of Taiwan Inc. (“POT”) to Taishin Financial Holding Co, Ltd. (the “Buyer”) for cash consideration of approximately NT5.5 billion, equal to approximately $200 million at then current exchange rates, and contingent consideration with a fair value of approximately $100 million as of March 31, 2022. The fair value of the contingent consideration is tied to the level of yields for the 10-year Taiwanese Government bond for 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. In connection with the transaction, the Company recognized a liability with a fair value of approximately $34 million as of March 31, 2022, representing its financial guarantee of certain insurance obligations of POT.

The after-tax loss on the sale of POT was approximately $400 million, of which approximately $350 million was recorded during 2020, and approximately $50 million was recorded during 2021.

Prior to the sale, in the third quarter of 2020, the Company transferred the results of POT 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.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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.

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2022, 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, 2022 — 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 was amended by ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, issued in October 2019, and ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application, issued in November 2020. The Company will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted, and apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements.

The Company has an established governance framework to manage the implementation of the standard. The Company’s implementation efforts continue to progress including, but not limited to, implementing refinements to key accounting policy decisions, modifications to actuarial valuation models, updates to data sourcing capabilities, automation of key financial reporting and analytical processes and updates to internal control over financial reporting.

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. While the magnitude of impacts is still being assessed, the Company expects the standard to result in a significant decrease to “Total equity”, primarily from remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields as of the adoption date through “Accumulated other comprehensive income (loss)”. The standard also requires a significant increase in disclosures. In addition to the significant impacts to the balance sheet, the Company also expects an impact to the pattern of earnings emergence following the transition date. Outlined below are four key areas of change, although there are other less significant policy changes not noted below.

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 AOCI or (2) a full retrospective transition method.
The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. As a result of the modified retrospective transition method, the Company expects the vast majority of the impact of updating cash flow assumptions as of the transition date to be reflected in the pattern of earnings in subsequent periods. The Company also expects some decrease to “Retained earnings” upon adoption from cash flow assumption updates isolated to the impact on certain issue year cohorts.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
ASU 2018-12 Amended TopicDescriptionMethod of adoptionEffect on the financial statements or other significant matters
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.
As noted above, the Company will adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. The Company expects a decrease to AOCI as a result of remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields as of the adoption date. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus discount rates as of the adoption date.
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 Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company does 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 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.
The Company will adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects a decrease to “Retained earnings” and offsetting increase to AOCI from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. There will also be 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).

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
Other ASU issued but not yet adopted as of March 31, 2022

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
 ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure

This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20.
This ASU also amends the guidance on the vintage disclosures to require disclosure of current-period gross write-offs by year of origination.
January 1, 2023 using the prospective method with an option to apply a modified retrospective transition method for the recognition and measurement of TDRs which will include a cumulative effect adjustment on the balance sheet in the period of adoption. Early adoption is permitted beginning January 1, 2022, including adoption in an interim period provided guidance is applied as of the beginning of the year.
The Company does not expect the adoption of the ASU to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
3. INVESTMENTS
 
Fixed Maturity Securities
 
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 
 March 31, 2022
 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
$25,801 $3,332 $654 $0 $28,479 
Obligations of U.S. states and their political subdivisions10,680 847 158 0 11,369 
Foreign government bonds80,210 8,708 1,342 12 87,564 
U.S. public corporate securities100,110 5,551 3,333 11 102,317 
U.S. private corporate securities(2)35,590 1,053 945 81 35,617 
Foreign public corporate securities24,701 1,284 626 16 25,343 
Foreign private corporate securities29,066 428 1,541 72 27,881 
Asset-backed securities(3)11,403 127 94 0 11,436 
Commercial mortgage-backed securities12,376 103 230 0 12,249 
Residential mortgage-backed securities(4)2,703 59 60 0 2,702 
Total fixed maturities, available-for-sale(1)(2)$332,640 $21,492 $8,983 $192 $344,957 
 
 March 31, 2022
 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$789 $191 $0 $980 $0 $789 
Foreign public corporate securities464 41 0 505 4 460 
Foreign private corporate securities8 0 0 8 0 8 
Residential mortgage-backed securities(4)175 11 0 186 0 175 
Total fixed maturities, held-to-maturity(5)$1,436 $243 $0 $1,679 $4 $1,432 
__________
(1)Excludes “Assets held-for-sale” with amortized cost of $13,142 million, fair value of $12,761 million, unrealized gains of $143 million, unrealized losses of $523 million and allowance for credit losses of $1 million. See Note 1 for additional information.
(2)Excludes notes with amortized cost of $6,041 million (fair value, $6,041 million), which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.
(4)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(5)Excludes notes with amortized cost of $4,750 million (fair value, $4,882 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, 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
$26,231 $5,958 $31 $0 $32,158 
Obligations of U.S. states and their political subdivisions10,445 1,781 8 0 12,218 
Foreign government bonds83,363 11,842 529 7 94,669 
U.S. public corporate securities98,836 13,721 390 12 112,155 
U.S. private corporate securities(2)35,019 2,583 162 58 37,382 
Foreign public corporate securities24,877 2,571 118 21 27,309 
Foreign private corporate securities28,047 1,448 442 16 29,037 
Asset-backed securities(3)11,402 137 14 0 11,525 
Commercial mortgage-backed securities12,490 631 22 0 13,099 
Residential mortgage-backed securities(4)2,749 123 14 0 2,858 
Total fixed maturities, available-for-sale(1)(2)$333,459 $40,795 $1,730 $114 $372,410 
 
 December 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$833 $221 $0 $1,054 $0 $833 
Foreign public corporate securities486 49 0 535 5 481 
Foreign private corporate securities9 0 0 9 0 9 
Residential mortgage-backed securities(4)191 14 0 205 0 191 
Total fixed maturities, held-to-maturity(5)$1,519 $284 $0 $1,803 $5 $1,514 
__________
(1)Excludes “Assets held-for-sale” with amortized cost of $13,145 million, fair value of $13,569 million, unrealized gains of $572 million, unrealized losses of $147 million and allowance for credit losses of $1 million . See Note 1 for additional information.
(2)Excludes notes with amortized cost of $5,941 million (fair value, $5,995 million), which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized loan obligations, education loans, auto loans, credit cards and other asset types.
(4)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(5)Excludes notes with amortized cost of $4,750 million (fair value, $5,394 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, 2022
 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$8,898 $635 $94 $19 $8,992 $654 
Obligations of U.S. states and their political subdivisions1,545 143 73 15 1,618 158 
Foreign government bonds15,209 692 5,897 649 21,106 1,341 
U.S. public corporate securities34,698 2,808 2,891 503 37,589 3,311 
U.S. private corporate securities16,293 773 1,408 172 17,701 945 
Foreign public corporate securities7,395 486 1,121 132 8,516 618 
Foreign private corporate securities17,158 1,255 1,777 286 18,935 1,541 
Asset-backed securities9,084 90 536 4 9,620 94 
Commercial mortgage-backed securities6,854 197 314 33 7,168 230 
Residential mortgage-backed securities1,073 16 423 43 1,496 59 
Total fixed maturities, available-for-sale(1)$118,207 $7,095 $14,534 $1,856 $132,741 $8,951 
__________
(1)Excludes “Assets held-for-sale” with fair value of $8,613 million and gross unrealized losses of $523 million. See Note 1 for additional information.

 December 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$1,521 $15 $269 $16 $1,790 $31 
Obligations of U.S. states and their political subdivisions289 5 71 3 360 8 
Foreign government bonds4,534 244 6,945 282 11,479 526 
U.S. public corporate securities12,403 219 2,947 152 15,350 371 
U.S. private corporate securities4,362 84 848 78 5,210 162 
Foreign public corporate securities3,652 76 802 42 4,454 118 
Foreign private corporate securities6,350 270 1,604 169 7,954 439 
Asset-backed securities6,568 13 170 1 6,738 14 
Commercial mortgage-backed securities921 11 263 11 1,184 22 
Residential mortgage-backed securities751 13 18 1 769 14 
Total fixed maturities, available-for-sale(1)$41,351 $950 $13,937 $755 $55,288 $1,705 
__________
(1)Excludes “Assets held-for-sale” with fair value of $4,644 million and gross unrealized losses of $147 million. See Note 1 for additional information.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
As of March 31, 2022 and December 31, 2021, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $7,948 million and $1,242 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 $1,003 million and $463 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2022, the $1,856 million of gross unrealized losses of twelve months or more were concentrated in the consumer non-cyclical, finance and utility sectors within corporate securities and foreign government securities. As of December 31, 2021, the $755 million of gross unrealized losses of twelve months or more were concentrated in consumer non-cyclical, utility and finance sectors within corporate securities.

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, 2021, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2022. 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 increases in interest rates, general credit spread widening, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of March 31, 2022, 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, 2022
Available-for-Sale(1)Held-to-Maturity
 Amortized CostFair ValueAmortized Cost, Net of AllowanceFair Value
(in millions)
Fixed maturities:
Due in one year or less$12,377 $12,666 $0 $0 
Due after one year through five years51,863 53,279 460 504 
Due after five years through ten years63,715 65,633 27 29 
Due after ten years(2)178,203 186,992 770 960 
Asset-backed securities11,403 11,436 0 0 
Commercial mortgage-backed securities12,376 12,249 0 0 
Residential mortgage-backed securities2,703 2,702 175 186 
Total$332,640 $344,957 $1,432 $1,679 
__________
(1)Excludes “Assets held-for-sale” with amortized cost of $13,142 million and fair value of $12,761 million. See Note 1 for additional information.
(2)Excludes available-for-sale notes with amortized cost of $6,041 million (fair value, $6,041 million) and held-to-maturity notes with amortized cost of $4,750 million (fair value, $4,882 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,
 20222021
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$9,083 $14,690 
Proceeds from maturities/prepayments5,305 6,894 
Gross investment gains from sales and maturities242 1,603 
Gross investment losses from sales and maturities(570)(389)
Write-downs recognized in earnings(2)(6)0 
(Addition to) release of allowance for credit losses(77)2 
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)$9 $12 
(Addition to) release of allowance for credit losses0 2 
__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(148) million and $(114) million for the three months ended March 31, 2022 and 2021, 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)Excludes activity from non-cash related proceeds due to the timing of trade settlements of less than $1 million and less than $(1) million for the three months ended March 31, 2022 and 2021, respectively.


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, 2022
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 $7 $107 $0 $0 $0 $114 
Additions to allowance for credit losses not previously recorded
0 10 62 0 0 0 72 
Reductions for securities sold during the period
0 (2)(28)0 0 0 (30)
Reductions for securities with intent to sell
0 (4)0 0 0 0 (4)
Additions (reductions) on securities with previous allowance0 1 38 0 0 0 39 
Reclassified to “Assets held-for sale"(1)0 0 1 0 0 0 1 
Balance, end of period$0 $12 $180 $0 $0 $0 $192 
__________
(1)See Note 1 for additional information.

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

Three Months Ended March 31, 2022
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 $5 $0 $0 $0 $5 
Current period provision for expected losses0 0 0 0 0 0 0 
Change in foreign exchange0 0 (1)0 0 0 (1)
Balance, end of period$0 $0 $4 $0 $0 $0 $4 

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 allowance for expected credit losses
0 0 (2)0 0 0 (2)
Balance, end of period$0 $0 $7 $0 $0 $0 $7 

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, 2021.

For the three months ended March 31, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications, utility and foreign agency sectors within corporate
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
securities due to adverse projected cash flows. For the three months ended March 31, 2021, the net 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.

The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2022 or December 31, 2021.

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, 2022December 31, 2021
Assets Held-for-Sale(1)Assets Held-for-Sale(1)
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Short-term investments and cash equivalents$0 $0 $142 $142 $30 $30 $786 $786 
Fixed maturities:
Corporate securities101 101 12,877 12,528 101 103 12,112 12,463 
Commercial mortgage-backed securities0 0 2,045 1,997 0 0 1,799 1,830 
Residential mortgage-backed securities(2)0 0 618 612 0 0 658 683 
Asset-backed securities(3)0 0 2,148 2,125 0 0 2,079 2,093 
Foreign government bonds749 737 213 200 761 761 240 237 
U.S. government authorities and agencies and obligations of U.S. states181 192 262 295 182 193 344 400 
Total fixed maturities(4)1,031 1,030 18,163 17,757 1,044 1,057 17,232 17,706 
Equity securities1,719 2,154 328 297 1,787 2,271 328 326 
Total assets supporting experience-rated contractholder liabilities(5)$2,750 $3,184 $18,633 $18,196 $2,861 $3,358 $18,346 $18,818 
__________ 
(1)See Note 1 for additional information.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(3)Includes collateralized loan obligations, auto loans, education loans, home equity and other asset types. Collateralized loan obligations at fair value, including “Assets held-for-sale” were $1,669 million and $1,607 million as of March 31, 2022 and December 31, 2021, respectively, all of which were rated AA or higher.
(4)As a percentage of amortized cost, 97% of the portfolio including “Assets held-for-sale” was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2022 and December 31, 2021, respectively.
(5)As a percentage of amortized cost, 95% of the portfolio including “Assets held-for-sale” consisted of public securities as of both March 31, 2022 and December 31, 2021.
The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities including “Assets held-for-sale” still held at period end, recorded within “Other income (loss),” was $(972) million and $(459) million during the three months ended March 31, 2022 and 2021, respectively.

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, including “Assets held-for-sale” recorded within “Other income (loss),” was $(257) million and $352 million during the three months ended March 31, 2022 and 2021, respectively.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.
 
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
 March 31, 2022December 31, 2021
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$69,811 $76,758 $73,681 $83,382 
Fixed maturities, held-to-maturity769 954 812 1,026 
Fixed maturities, trading22 22 23 23 
Assets supporting experience-rated contractholder liabilities1,071 1,030 983 977 
Total$71,673 $78,764 $75,499 $85,408 

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, 2022December 31, 2021
 Amount
(in millions)		% of
Total		Amount
(in millions)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Office$10,388 17.7 %$10,225 17.6 %
Retail6,427 10.9 6,779 11.7 
Apartments/Multi-Family16,198 27.5 16,742 28.8 
Industrial13,775 23.5 13,009 22.4 
Hospitality1,817 3.1 1,876 3.2 
Other4,091 7.0 3,936 6.8 
Total commercial mortgage loans52,696 89.7 52,567 90.5 
Agricultural property loans6,020 10.3 5,520 9.5 
Total commercial mortgage and agricultural property loans58,716 100.0 %58,087 100.0 %
Allowance for credit losses(117)(115)
Total net commercial mortgage and agricultural property loans58,599 57,972 
Other loans:
Uncollateralized loans533 561 
Residential property loans59 67 
Other collateralized loans117 70 
Total other loans709 698 
Allowance for credit losses(4)(4)
Total net other loans705 694 
Total net commercial mortgage and other loans(1)(2)$59,304 $58,666 
__________ 
(1)Excludes “Assets held-for-sale” of $4,871 million net of allowance for credit losses of $10 million and $6,565 million net of allowance for credit losses of $15 million as of March 31, 2022 and December 31, 2021, respectively. See Note 1 for additional information.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2022 and December 31, 2021, the net carrying value of these loans were $241 million and $1,263 million, respectively.

As of March 31, 2022, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (30%), Texas (8%) and New York (6%) and included loans secured by properties in Europe (7%), Asia (2%) and Australia (1%).

The following tables set 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, 2022
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$111 $4 $0 $0 $4 $119 
Addition to (release of) allowance for expected losses(4)0 0 0 0 (4)
Reclassified (to) from “Assets held-for-sale”(1)6 0 0 0 0 6 
Allowance, end of period$113 $4 $0 $0 $4 $121 
_________
(1)See Note 1 for additional information.
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 

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, 2021.

For the three months ended March 31, 2022, the allowance for credit losses on commercial mortgage and other loans was relatively unchanged. For the three months ended March 31, 2021, the net decrease in the allowance for credit losses on commercial mortgage and other loans was primarily related to the improving credit environment.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
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:
March 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorRevolving LoansTotal(1)
(in millions)
Commercial Mortgage Loans
Loan-to-Value Ratio:
0%-59.99%$38 $1,187 $466 $2,474 $3,317 $16,753 $0 $24,235 
60%-69.99%389 3,474 2,012 4,309 3,574 5,375 0 19,133 
70%-79.99%523 1,934 1,293 1,151 996 2,728 0 8,625 
80% or greater2 29 39 7 61 565 0 703 
Total$952 $6,624 $3,810 $7,941 $7,948 $25,421 $0 $52,696 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$952 $6,407 $3,515 $6,852 $7,363 $20,885 $0 $45,974 
1.0 - 1.2x0 217 153 665 485 2,249 0 3,769 
Less than 1.0x0 0 142 424 100 2,287 0 2,953 
Total$952 $6,624 $3,810 $7,941 $7,948 $25,421 $0 $52,696 
Agricultural Property Loans
Loan-to-Value Ratio:
0%-59.99%$574 $2,040 $884 $491 $322 $1,490 $79 $5,880 
60%-69.99%8 50 8 33 37 0 0 136 
70%-79.99%4 0 0 0 0 0 0 4 
80% or greater0 0 0 0 0 0 0 0 
Total$586 $2,090 $892 $524 $359 $1,490 $79 $6,020 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$586 $2,047 $867 $513 $352 $1,370 $79 $5,814 
1.0 - 1.2x0 43 25 10 1 63 0 142 
Less than 1.0x0 0 0 1 6 57 0 64 
Total$586 $2,090 $892 $524 $359 $1,490 $79 $6,020 
__________
(1)Excludes “Assets held-for-sale” of $4,881 million. See Note 1 for additional information.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorRevolving LoansTotal(1)
(in millions)
Commercial Mortgage Loans
Loan-to-Value Ratio:
0%-59.99%$1,287 $467 $2,459 $3,211 $3,072 $14,011 $0 $24,507 
60%-69.99%3,101 1,941 4,124 3,631 1,356 4,161 0 18,314 
70%-79.99%2,497 1,207 1,327 1,059 631 2,108 0 8,829 
80% or greater184 39 7 62 50 575 0 917 
Total$7,069 $3,654 $7,917 $7,963 $5,109 $20,855 $0 $52,567 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$6,803 $3,356 $6,828 $7,384 $4,445 $16,864 $0 $45,680 
1.0 - 1.2x266 154 662 478 234 2,069 0 3,863 
Less than 1.0x0 144 427 101 430 1,922 0 3,024 
Total$7,069 $3,654 $7,917 $7,963 $5,109 $20,855 $0 $52,567 
Agricultural Property Loans
Loan-to-Value Ratio:
0%-59.99%$1,958 $887 $494 $334 $370 $1,226 $80 $5,349 
60%-69.99%92 5 29 37 0 0 0 163 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 3 5 0 0 0 0 8 
Total$2,050 $895 $528 $371 $370 $1,226 $80 $5,520 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$2,007 $870 $517 $364 $312 $1,121 $80 $5,271 
1.0 - 1.2x43 25 10 1 58 41 0 178 
Less than 1.0x0 0 1 6 0 64 0 71 
Total$2,050 $895 $528 $371 $370 $1,226 $80 $5,520 
__________
(1)Excludes “Assets held-for-sale” of $6,580 million. See Note 1 for additional information.

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, 2021.
 
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, 2022
 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$52,685 $9 $0 $2 $11 $52,696 $2 
Agricultural property loans6,011 7 2 0 9 6,020 15 
Residential property loans58 1 0 0 1 59 0 
Other collateralized loans117 0 0 0 0 117 0 
Uncollateralized loans533 0 0 0 0 533 0 
Total(3)$59,404 $17 $2 $2 $21 $59,425 $17 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

__________
(1)As of March 31, 2022, 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, 2021.
(3)Excludes “Assets held-for-sale” of $4,881 million. See Note 1 for additional information.

 December 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$52,565 $0 $0 $2 $2 $52,567 $2 
Agricultural property loans5,520 0 0 0 0 5,520 19 
Residential property loans66 0 0 1 1 67 1 
Other collateralized loans70 0 0 0 0 70 0 
Uncollateralized loans561 0 0 0 0 561 0 
Total(3)$58,782 $0 $0 $3 $3 $58,785 $22 
__________
(1)As of December 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, 2021.
(3)Excludes “Assets held-for-sale” of $6,580 million. See Note 1 for additional information.

Loans on non-accrual status recognized interest income of less than $1 million for both the three months ended March 31, 2022 and 2021. Loans on non-accrual status that did not have a related allowance for credit losses were $15 million as of both March 31, 2022 and December 31, 2021.

The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2022 and December 31, 2021, respectively.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
March 31, 2022December 31, 2021
 (in millions)
LPs/LLCs:
Equity method:
Private equity$6,970 $6,509 
Hedge funds2,843 2,797 
Real estate-related2,527 2,370 
Subtotal equity method12,340 11,676 
Fair value:
Private equity1,773 1,852 
Hedge funds1,992 2,119 
Real estate-related331 319 
Subtotal fair value4,096 4,290 
Total LPs/LLCs16,436 15,966 
Real estate held through direct ownership(1)1,816 1,789 
Derivative instruments2,622 3,280 
Other(2)666 798 
Total other invested assets(3)$21,540 $21,833 
_________ 
(1)As of March 31, 2022 and December 31, 2021, real estate held through direct ownership had mortgage debt of $303 million and $274 million, respectively.
(2)Primarily includes strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Banks of New York and Boston. For additional information regarding the Company’s holdings in the Federal Home Loan Banks of New York and Boston, see Note 17 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
(3)Excludes “Assets held-for-sale” of $122 million and $104 million as of March 31, 2022 and December 31, 2021, respectively. See Note 1 for additional information.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
 March 31, 2022December 31, 2021
 (in millions)
Fixed maturities$2,371 $2,398 
Equity securities10 5 
Commercial mortgage and other loans183 175 
Policy loans248 253 
Other invested assets21 22 
Short-term investments and cash equivalents5 2 
Total accrued investment income(1)$2,838 $2,855 
__________
(1)Excludes “Assets held-for-sale” of $233 million and $221 million as of March 31, 2022 and December 31, 2021, respectively. See Note 1 for additional information.

Write-downs on accrued investment income were $1 million and less than $1 million for the three months ended March 31, 2022 and 2021, respectively.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Investment Income
 
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
 Three Months Ended
March 31,
 20222021
 (in millions)
Fixed maturities, available-for-sale(1)$2,969 $2,999 
Fixed maturities, held-to-maturity(1)54 58
Fixed maturities, trading62 24
Assets supporting experience-rated contractholder liabilities135 159
Equity securities26 23
Commercial mortgage and other loans588 617
Policy loans125 145
Other invested assets555 516
Short-term investments and cash equivalents17 10
Gross investment income4,531 4,551 
Less: investment expenses(173)(169)
Net investment income$4,358 $4,382 
__________ 
(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.

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,
 20222021
 (in millions)
Fixed maturities(1)$(411)$1,216 
Commercial mortgage and other loans15 30 
Investment real estate6 52 
LPs/LLCs(12)0 
Derivatives90 775 
Other(4)6 
Realized investment gains (losses), net$(316)$2,079 
__________ 
(1)Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading.
 









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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
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, 2022December 31, 2021
 (in millions)
Fixed maturity securities, available-for-sale with an allowance(1)$8 $23 
Fixed maturity securities, available-for-sale without an allowance(1)12,121 39,467 
Derivatives designated as cash flow hedges(2)1,155 1,019 
Derivatives designated as fair value hedges(2)(24)(35)
Other investments(3)(13)(7)
Net unrealized gains (losses) on investments$13,247 $40,467 
__________ 
(1)Includes net unrealized gains (losses) of $(380) million and $425 million on “Assets held-for-sale” as of March 31, 2022 and December 31, 2021, respectively.
(2)For additional information on cash flow and fair value hedges, see Note 5.
(3)As of March 31, 2022 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:
March 31, 2022December 31, 2021
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$7,863 $672 $250 $8,785 $9,044 $0 $438 $9,482 
Commercial mortgage-backed securities104 0 0 104 486 0 0 486 
Residential mortgage-backed securities196 0 0 196 217 0 0 217 
Total securities sold under agreements to repurchase$8,163 $672 $250 $9,085 $9,747 $0 $438 $10,185 
.
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:
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

March 31, 2022December 31, 2021
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
$1 $0 $1 $1 $0 $1 
Obligations of U.S. states and their political
subdivisions
76 0 76 84 0 84 
Foreign government bonds365 0 365 205 0 205 
U.S. public corporate securities3,373 0 3,373 2,834 0 2,834 
Foreign public corporate securities853 0 853 643 0 643 
Equity securities103 0 103 484 0 484 
Total cash collateral for loaned securities(1)(2)$4,771 $0 $4,771 $4,251 $0 $4,251 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
(2)Excludes "Liabilities held-for-sale" of $205 million and $0 million as of March 31, 2022 and December 31, 2021, respectively.

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, 2021.
 
Consolidated Variable Interest Entities
 
The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
 Consolidated VIEs for which the
Company is the Investment
Manager(1)		Other Consolidated VIEs(1)
 March 31,
2022		December 31,
2021		March 31,
2022		December 31,
2021
 (in millions)
Fixed maturities, available-for-sale$189 $200 $246 $262 
Fixed maturities, held-to-maturity8 9 750 790 
Fixed maturities, trading156 178 0 0 
Equity securities103 79 0 0 
Commercial mortgage and other loans891 915 0 0 
Other invested assets2,947 2,846 124 138 
Cash and cash equivalents97 128 0 0 
Accrued investment income1 1 3 3 
Other assets433 499 782 785 
Total assets of consolidated VIEs$4,825 $4,855 $1,905 $1,978 
Other liabilities$425 $505 $0 $2 
Notes issued by consolidated VIEs(2)260 274 0 0 
Total liabilities of consolidated VIEs$685 $779 $0 $2 
 __________
(1)Total assets of consolidated VIEs reflect $2,952 million and $2,885 million as of March 31, 2022 and December 31, 2021, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
(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, 2022, the maturity of this obligation was within 3 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 $931 million and $997 million at March 31, 2022 and December 31, 2021, 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, excluding “Assets held-for-sale,” was $16,436 million and $15,966 million as of March 31, 2022 and December 31, 2021, 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
•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, 2021.

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 $2,612 million and $3,266 million as of March 31, 2022 and December 31, 2021, respectively, and total derivative liabilities of $1,417 million and $2,278 million as of March 31, 2022 and December 31, 2021, 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, 2022December 31, 2021
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$3,769 $493 $(81)$3,591 $805 $(69)
Interest Rate Forwards397 0 (14)248 15 (2)
Foreign Currency
Foreign Currency Forwards4,975 63 (161)4,789 62 (107)
Currency/Interest Rate
Foreign Currency Swaps24,436 1,489 (297)21,272 1,151 (193)
Total Derivatives Designated as Hedge Accounting Instruments$33,577 $2,045 $(553)$29,900 $2,033 $(371)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$193,041 $7,357 $(13,292)$196,124 $10,515 $(14,430)
Interest Rate Futures17,206 58 (16)17,429 76 (9)
Interest Rate Options16,728 608 (301)15,353 710 (265)
Interest Rate Forwards3,775 19 (74)4,709 41 (11)
Foreign Currency
Foreign Currency Forwards31,456 1,296 (1,602)28,235 1,046 (1,209)
Foreign Currency Options0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps12,058 859 (246)12,683 751 (216)
Credit
Credit Default Swaps7,167 103 (6)3,489 128 (1)
Equity
Equity Futures4,884 3 (69)6,178 1 (10)
Equity Options25,070 244 (312)60,057 2,065 (2,640)
Total Return Swaps12,746 127 (202)13,850 49 (430)
Other
Other(1)1,252 0 0 1,255 0 0 
Synthetic GICs82,719 1 0 81,984 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$408,102 $10,675 $(16,120)$441,346 $15,383 $(19,221)
Total Derivatives(2)(3)(4)$441,679 $12,720 $(16,673)$471,246 $17,416 $(19,592)
__________
(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 $9,857 million and $10,245 million as of March 31, 2022 and December 31, 2021, 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.
(4)Excludes “Assets held-for-sale” with fair value of $950 million and $1,643 million as of March 31, 2022 and December 31, 2021, respectively, and “Liabilities held-for-sale” with fair value of $1,423 million and $1,503 million as of March 31, 2022 and December 31, 2021, respectively, with outstanding gross notional amounts of $37,989 million and $41,179 million as of March 31, 2022 and December 31, 2021, respectively. See Note 1 for additional information.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
As of March 31, 2022, 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, 2022December 31, 2021
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$586 $72 $641 $63 
Commercial mortgage and other loans$7 $0 $17 $1 
Policyholders’ account balances$(1,420)$(24)$(1,552)$(170)
Future policy benefits$(2,784)$(64)$(3,001)$(279)
__________
(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, 2022
 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:(2)
Derivatives$12,589 $(10,108)$2,481 $(432)$2,049 
Securities purchased under agreement to resell317 0 317 (317)0 
Total assets$12,906 $(10,108)$2,798 $(749)$2,049 
Offsetting of Financial Liabilities:(2)
Derivatives$16,672 $(15,256)$1,416 $(1,317)$99 
Securities sold under agreement to repurchase9,085 0 9,085 (8,981)104 
Total liabilities$25,757 $(15,256)$10,501 $(10,298)$203 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 December 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:(2)
Derivatives$17,272 $(14,150)$3,122 $(802)$2,320 
Securities purchased under agreement to resell704 0 704 (704)0 
Total assets$17,976 $(14,150)$3,826 $(1,506)$2,320 
Offsetting of Financial Liabilities:(2)
Derivatives$19,587 $(17,314)$2,273 $(797)$1,476 
Securities sold under agreement to repurchase10,185 0 10,185 (9,699)486 
Total liabilities$29,772 $(17,314)$12,458 $(10,496)$1,962 
__________
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
(2)Excludes “Assets held-for-sale” with fair value of $950 million and $1,643 million as of March 31, 2022 and December 31, 2021, respectively, and “Liabilities held-for-sale” with fair value of $1,423 million and $1,503 million as of March 31, 2022 and December 31, 2021, respectively. See Note 1 for additional information.

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, 2021.
 
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, 2022
 Realized
Investment
Gains
(Losses)		Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$15 $(2)$0 $0 $(141)$(158)$0 
Currency(25)0 0 0 0 (56)0 
Total gains (losses) on derivatives designated as hedge instruments(10)(2)0 0 (141)(214)0 
Gains (losses) on the hedged item:
Interest Rate(15)4 0 0 147 160 0 
Currency25 3 0 0 0 53 0 
Total gains (losses) on hedged item10 7 0 0 147 213 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 (2)11 
Total Amortization for gain (loss) excluded from assessment of the effectiveness0 0 0 0 0 (2)11 
Total gains (losses) on fair value hedges net of hedged item0 5 0 0 6 (3)11 
Cash flow hedges
Interest Rate(5)1 0 0 0 0 (58)
Currency1 0 0 0 0 0 30 
Currency/Interest Rate6 69 79 0 0 0 164 
Total gains (losses) on cash flow hedges2 70 79 0 0 0 136 
Net investment hedges
Currency0 0 0 0 0 0 (12)
Currency/Interest Rate0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 (12)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(3,605)0 0 0 0 0 0 
Currency(209)0 (1)0 0 0 0 
Currency/Interest Rate140 0 1 0 0 0 0 
Credit(37)0 0 0 0 0 0 
Equity476 0 0 0 0 0 0 
Other1 0 0 0 0 0 0 
Embedded Derivatives3,325 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments91 0 0 0 0 0 0 
Total$93 $75 $79 $0 $6 $(3)$135 







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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’ BenefitsChange in AOCI(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 
__________
(1)Excluding changes related to net investment hedges using non-derivative instruments of $30 million for the three months ended March 31, 2022, and $11 million for the three months ended March 31, 2021, respectively.


 
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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, 2021$1,019 
Amount recorded in AOCI:
Interest Rate(62)
Currency31 
Currency/Interest Rate318 
Total amount recorded in AOCI287 
Amount reclassified from AOCI to income:
Interest Rate4 
Currency(1)
Currency/Interest Rate(154)
Total amount reclassified from AOCI to income(151)
Balance, March 31, 2022$1,155 

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, 2022 values, it is estimated that a pre-tax gain of approximately $275 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2023.

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 29 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 $18 million for the three months ended March 31, 2022 and $11 million for the three months ended March 31, 2021.

Credit Derivatives
 
The following table provides a summary of the notional and fair value of written credit protection, presented as assets (liabilities). 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 25 years for Index Reference.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
March 31, 2022
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5NAIC 6Total(3)
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)49 0 0 0 5,810 72 0 0 0 0 415 27 6,274 99 
Total$49 $0 $0 $0 $5,810 $72 $0 $0 $0 $0 $415 $27 $6,274 $99 
December 31, 2021
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5NAIC 6Total(3)
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)49 0 0 0 2,397 41 0 0 0 0 928 87 3,374 128 
Total$49 $0 $0 $0 $2,397 $41 $0 $0 $0 $0 $928 $87 $3,374 $128 
_________
(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.
(3)Excludes “Assets held-for-sale” with fair value of $4 million as of March 31, 2022 and $54 million as of December 31, 2021 and “Liabilities held-for-sale” with fair value of $0 million for both March 31, 2022 and December 31, 2021, respectively, with outstanding notional amounts of $75 million and $1,971 million as of March 31, 2022 and December 31, 2021, respectively. See Note 1 for additional information.

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, 2022 and December 31, 2021, the Company had $893 million and $115 million of outstanding notional amounts and reported at fair value as a liability of $2 million and $1 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, 2022, 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.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
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.

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, 2021.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
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.
 As of March 31, 2022(1)
 Level 1Level 2Level 3Netting(2)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $28,479 $0 $$28,479 
Obligations of U.S. states and their political subdivisions0 11,361 8 11,369 
Foreign government bonds0 87,554 10 87,564 
U.S. corporate public securities0 102,245 72 102,317 
U.S. corporate private securities(3)0 33,624 1,993 35,617 
Foreign corporate public securities0 25,240 103 25,343 
Foreign corporate private securities0 25,044 2,837 27,881 
Asset-backed securities(4)0 11,185 251 11,436 
Commercial mortgage-backed securities0 11,057 1,192 12,249 
Residential mortgage-backed securities0 2,393 309 2,702 
Subtotal0 338,182 6,775 344,957 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 192 0 192 
Obligations of U.S. states and their political subdivisions0 0 0 0 
Foreign government bonds0 737 0 737 
Corporate securities0 101 0 101 
Asset-backed securities(4)0 0 0 0 
Commercial mortgage-backed securities0 0 0 0 
Residential mortgage-backed securities0 0 0 0 
Equity securities845 1,309 0 2,154 
All other(5)0 0 0 0 
Subtotal845 2,339 0 3,184 
Fixed maturities, trading0 7,346 378 7,724 
Equity securities5,031 1,390 772 7,193 
Commercial mortgage and other loans0 241 0 241 
Other invested assets(6)250 12,467 504 (10,108)3,113 
Short-term investments73 3,265 213 3,551 
Cash equivalents407 5,858 2 6,267 
Other assets0 0 207 207 
Separate account assets(7)(8)11,779 190,253 1,254 203,286 
Total assets$18,385 $561,341 $10,105 $(10,108)$579,723 
Future policy benefits(9)$0 $0 $6,982 $$6,982 
Policyholders’ account balances0 0 1,402 1,402 
Other liabilities132 16,167 0 (15,256)1,043 
Notes issued by consolidated VIEs0 0 0 0 
Total liabilities$132 $16,167 $8,384 $(15,256)$9,427 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 As of December 31, 2021(1)
 Level 1Level 2Level 3Netting(2)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $32,158 $0 $$32,158 
Obligations of U.S. states and their political subdivisions0 12,210 8 12,218 
Foreign government bonds0 94,659 10 94,669 
U.S. corporate public securities0 112,073 82 112,155 
U.S. corporate private securities(3)0 35,344 2,038 37,382 
Foreign corporate public securities0 27,184 125 27,309 
Foreign corporate private securities0 25,966 3,071 29,037 
Asset-backed securities(4)0 11,200 325 11,525 
Commercial mortgage-backed securities0 11,763 1,336 13,099 
Residential mortgage-backed securities0 2,533 325 2,858 
Subtotal0 365,090 7,320 372,410 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 193 0 193 
Obligations of U.S. states and their political subdivisions0 0 0 0 
Foreign government bonds0 761 0 761 
Corporate securities0 103 0 103 
Asset-backed securities(4)0 0 0 0 
Commercial mortgage-backed securities0 0 0 0 
Residential mortgage-backed securities0 0 0 0 
Equity securities862 1,409 0 2,271 
All other(5)2 18 0 20 
Subtotal864 2,484 0 3,348 
Fixed maturities, trading0 8,402 421 8,823 
Equity securities7,386 192 799 8,377 
Commercial mortgage and other loans0 1,263 0 1,263 
Other invested assets(6)409 17,004 493 (14,150)3,756 
Short-term investments1,199 4,114 330 5,643 
Cash equivalents753 4,436 70 5,259 
Other assets0 0 164 164 
Separate account assets(7)(8)12,305 206,383 1,283 219,971 
Total assets$22,916 $609,368 $10,880 $(14,150)$629,014 
Future policy benefits(9)$0 $0 $9,068 $$9,068 
Policyholders’ account balances0 0 1,436 1,436 
Other liabilities33 19,141 0 (17,314)1,860 
Notes issued by consolidated VIEs0 0 0 0 
Total liabilities$33 $19,141 $10,504 $(17,314)$12,364 
__________
(1)Excludes amounts for financial instruments reclassified to “Assets held-for-sale” of $118,458 million and $129,579 million, “Liabilities held-for-sale” of $5,381 million and $6,214 million as of March 31, 2022 and December 31, 2021, respectively. Assets held-for-sale and liabilities held-for-sale are valued on a basis consistent with similar instruments described herein. See Note 1 for additional information.
(2)“Netting” amounts represent cash collateral of $(5,148) million and $(3,164) million as of March 31, 2022 and December 31, 2021, respectively.
(3)Excludes notes with fair value of $6,041 million (carrying amount of $6,041 million) and $5,995 million (carrying amount of $5,941 million) as of March 31, 2022 and December 31, 2021, respectively, which have been offset with the associated payables under a netting agreement.
(4)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
(5)All other represents cash equivalents and short-term investments.
(6)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, 2022 and December 31, 2021, the fair values of such investments were $4,096 million and $4,290 million respectively.
(7)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, 2022 and December 31, 2021, the fair value of such investments was $26,335 million and $26,174 million, respectively.
(8)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.
(9)As of March 31, 2022, the net embedded derivative liability position of $6,984 million includes $634 million of embedded derivatives in an asset position and $7,618 million of embedded derivatives in a liability position. As of December 31, 2021, the net embedded derivative liability position of $9,069 million includes $611 million of embedded derivatives in an asset position and $9,680 million 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, 2022

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$4,526 Discounted
cash flow		Discount rate0.31%20%5.82%Decrease
Market comparablesEBITDA multiples(4)2.2X15.0X9.0XIncrease
  LiquidationLiquidation value11.86%66.06%56.97%Increase
Equity securities$333 Discounted
cash flow(5)		Discount rate0.5%20%Decrease
Market comparablesEBITDA multiples(4)1.0X7.5X3.9XIncrease
Net Asset ValueShare price$1$1$0Increase
Separate account assets-commercial mortgage loans(6)$141 Discounted
cash flow		Spread1.15%1.95%1.31%Decrease
Liabilities:
Future policy benefits(7)$6,982 Discounted
cash flow		Lapse rate(9)1%20%Decrease
Spread over LIBOR(10)0.20%1.52%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)$1,402 Discounted
cash flow		Lapse rate(9)1%6%Decrease
Spread over LIBOR(10)0.20%1.52%Decrease
Mortality rate(13)0%23%Decrease
Equity volatility curve14%29%Increase
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
 As of December 31, 2021

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$4,800 Discounted 
cash flow		Discount rate0.31%20%5.00%Decrease
Market comparablesEBITDA multiples(4)4.1X19.2X8.9XIncrease
  LiquidationLiquidation value11.31%62.58%55.57%Increase
Equity securities$277 Discounted 
cash flow(5)		Discount rate0.5%20%Decrease
Market comparablesEBITDA multiples(4)1X7.5X4.0XIncrease
Net Asset ValueShare price$1$1,498$594Increase
Separate account assets-commercial mortgage loans(6)$150 Discounted
cash flow		Spread1.05%1.98%1.18%Decrease
Liabilities:
Future policy benefits(7)$9,068 Discounted
cash flow		Lapse rate(9)1%20%Decrease
Spread over LIBOR(10)0.03%1.14%Decrease
Utilization rate(11)39%96%Increase
Withdrawal rateSee table footnote (12) below.
Mortality rate(13)0%15%Decrease
   Equity volatility curve16%25% Increase
Policyholders’ account balances(8)$1,436 Discounted
cash flow		Lapse rate(9)1%6%Decrease
Spread over LIBOR(10)0.03%1.14%Decrease
Mortality rate(13)0%23%Decrease
Equity volatility curve12%27%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.
(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
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)
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, 2022 and December 31, 2021, 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, 2022
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$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
U.S. states8 0 0 0 0 0 0 0 0 8 0 
Foreign government10 0 0 0 0 0 0 0 0 10 0 
Corporate securities(3)5,316 (382)244 (24)0 (147)(10)8 0 5,005 (373)
Structured securities(4)1,986 (145)85 (17)0 (20)(3)6 (140)1,752 (146)
Assets supporting experience-rated contractholder liabilities:
Foreign government0 0 0 0 0 0 0 0 0 0 0 
Corporate securities(3)0 0 0 0 0 0 0 0 0 0 0 
Structured securities(4)0 0 0 0 0 0 0 0 0 0 0 
Equity securities0 0 0 0 0 0 0 0 0 0 0 
All other activity0 0 0 0 0 0 0 0 0 0 0 
Other assets:
Fixed maturities, trading421 (12)10 (29)0 (16)4 0 0 378 (12)
Equity securities799 22 11 (122)0 (2)(9)73 0 772 (1)
Other invested assets493 7 21 (17)0 0 0 0 0 504 7 
Short-term investments330 0 1 0 0 (118)0 0 0 213 0 
Cash equivalents70 (2)7 0 0 (73)0 0 0 2 (2)
Other assets164 (44)13 0 0 (2)76 0 0 207 (45)
Separate account assets(5)1,283 (46)32 (11)0 (3)(1)0 0 1,254 (48)
Liabilities:
Future policy benefits(9,068)2,350 0 0 (263)0 0 0 (1)(6,982)1,575 
Policyholders’ account balances(6)(1,436)167 0 0 (133)0 0 0 0 (1,402)493 
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