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, 2025
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
5.950% Junior Subordinated NotesPRHNew 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 28, 2025, 354 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 1A.
Item 2.
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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) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (2) 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; (3) 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; (4) 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; (5) 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; (6) 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; (7) 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; (8) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (9) an inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (10) ratings downgrades; (11) market conditions that may adversely affect the sales or persistency of our products; (12) competition; (13) reputational damage; (14) the costs, effects, timing, or success of our plans to execute our strategy; and (15) the economic conditions, and impacts on the Company thereof, caused by the imposition of tariffs and retaliatory actions. 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, 2024 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, 2025 and December 31, 2024 (in millions, except share amounts)
March 31,
2025		December 31,
2024
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025-$251; 2024-$331) (amortized cost: 2025-$344,734; 2024-$341,004)(1)
$315,914 $311,570 
Fixed maturities, trading, at fair value (amortized cost: 2025-$14,186; 2024-$13,631)(1)
13,278 12,530 
Assets supporting experience-rated contractholder liabilities, at fair value3,769 3,707 
Equity securities, at fair value (cost: 2025-$6,690; 2024-$7,043)(1)
8,720 9,417 
Commercial mortgage and other loans (net of $632 and $574 allowance for credit losses; includes $757 and $702 of loans measured at fair value under the fair value option at March 31, 2025 and December 31, 2024, respectively)(1)
62,694 62,341 
Policy loans9,876 9,795 
Other invested assets (net of $2 and $2 allowance for credit losses; includes $7,760 and $7,574 of assets measured at fair value at March 31, 2025 and December 31, 2024, respectively)(1)
26,739 26,351 
Short-term investments (net of allowance for credit losses: 2025-$0; 2024-$0)
8,716 9,069 
Total investments449,706 444,780 
Cash and cash equivalents(1)
16,063 18,497 
Accrued investment income(1)3,383 3,441 
Deferred policy acquisition costs
20,790 20,448 
Value of business acquired
446 435 
Market risk benefit assets
2,139 2,331 
Reinsurance recoverables and deposit receivables (net of $14 and $12 allowance for credit losses; includes $587 and $849 of embedded derivatives at fair value at March 31, 2025 and December 31, 2024, respectively)(2)
43,982 37,680 
Income tax assets300 866 
Other assets (net of $2 and $2 allowance for credit losses; includes $0 and $0 of assets at fair value at March 31, 2025 and December 31, 2024, respectively)(1)(2)
14,262 13,737 
Separate account assets188,191 193,372 
TOTAL ASSETS$739,262 $735,587 
LIABILITIES, MEZZANINE EQUITY AND EQUITY
LIABILITIES
Future policy benefits
$269,969 $268,912 
Policyholders’ account balances
170,278 166,254 
Market risk benefit liabilities
5,021 4,455 
Policyholders’ dividends916 718 
Securities sold under agreements to repurchase7,549 6,796 
Cash collateral for loaned securities9,507 9,621 
Reinsurance and funds withheld payables (includes $31 and $(118) of embedded derivatives at fair value at March 31, 2025 and December 31, 2024, respectively)(2)
17,347 17,084 
Short-term debt1,406 953 
Long-term debt19,540 19,187 
Other liabilities (includes $13 and $14 allowance for credit losses and $5,182 and $4,751 of derivatives at fair value at March 31, 2025 and December 31, 2024, respectively)(1)
15,873 16,679 
Notes issued by consolidated variable interest entities (includes $67 and $60 measured at fair value under the fair value option at March 31, 2025 and December 31, 2024, respectively)(1)
1,443 1,430 
Separate account liabilities188,191 193,372 
Total liabilities707,040 705,461 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21)
MEZZANINE EQUITY
Redeemable noncontrolling interests
2,019 1,939 
Total mezzanine equity2,019 1,939 
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, 2025 and December 31, 2024)
6 6 
Additional paid-in capital25,871 25,901 
Common Stock held in treasury, at cost (312,298,491 and 311,738,187 shares at March 31, 2025 and December 31, 2024, respectively)
(24,661)(24,511)
Accumulated other comprehensive income (loss)(2)(4,741)(6,711)
Retained earnings
33,408 33,187 
Total Prudential Financial, Inc. equity29,883 27,872 
Noncontrolling interests320 315 
Total equity30,203 28,187 
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
$739,262 $735,587 
__________
(1)See Note 4 for details of balances associated with variable interest entities.
(2)See Note 20 for additional information regarding related party transactions.

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, 2025 and 2024 (in millions, except per share amounts)
 
 Three Months Ended
March 31,
 20252024
REVENUES
Premiums (includes $1 and $5 of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2025 and 2024, respectively)(1)
$7,000 $15,537 
Policy charges and fee income
1,157 1,056 
Net investment income
5,130 4,764 
Asset management and service fees(1)
984 999 
Other income (loss)(1)
280 1,338 
Realized investment gains (losses), net(1)(730)(308)
Change in value of market risk benefits, net of related hedging gains (losses)
(351)123 
Total revenues13,470 23,509 
BENEFITS AND EXPENSES
Policyholders’ benefits(1)8,140 16,594 
Change in estimates of liability for future policy benefits(1)(50)(17)
Interest credited to policyholders’ account balances
825 1,283 
Dividends to policyholders145 290 
Amortization of deferred policy acquisition costs(1)
407 375 
General and administrative expenses(1)3,083 3,594 
Total benefits and expenses12,550 22,119 
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES
920 1,390 
Total income tax expense (benefit)
207 289 
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES
713 1,101 
Equity in earnings of joint ventures and other operating entities, net of taxes
29 50 
NET INCOME (LOSS)742 1,151 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
35 13 
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.$707 $1,138 
EARNINGS PER SHARE
Basic earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$1.97 $3.13 
Diluted earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$1.96 $3.12 
__________
(1)See Note 20 for additional information regarding related party transactions.














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, 2025 and 2024 (in millions)
 
 Three Months Ended
March 31,
 20252024
NET INCOME (LOSS)$742 $1,151 
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments for the period
386 (494)
Net unrealized investment gains (losses)
(227)(4,774)
Interest rate remeasurement of future policy benefits(1)2,036 4,213 
Gain (loss) from changes in non-performance risk on market risk benefits
167 (252)
Defined benefit pension and postretirement unrecognized periodic benefit (cost)3 13 
Total2,365 (1,294)
Less: Income tax expense (benefit) related to other comprehensive income (loss)
395 (137)
Other comprehensive income (loss), net of taxes1,970 (1,157)
Comprehensive income (loss)2,712 (6)
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests35 13 
Comprehensive income (loss) attributable to Prudential Financial, Inc.$2,677 $(19)
__________
(1)See Note 20 for additional information regarding related party transactions.
































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, 2025 and 2024 (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, 2024$6 $25,901 $33,187 $(24,511)$(6,711)$27,872 $315 $28,187 
Common Stock acquired(251)(251)(251)
Contributions from noncontrolling interests4 4 
Distributions to noncontrolling interests(21)(21)
Consolidations (deconsolidations) of noncontrolling interests13 13 
Stock-based compensation programs(30)101 71 71 
Dividends declared on Common Stock(486)(486)(486)
Comprehensive income:
Net income (loss)707 707 9 716 
Other comprehensive income (loss), net of tax1,970 1,970 0 1,970 
Total comprehensive income (loss)707 1,970 2,677 9 2,686 
Balance, March 31, 2025$6 $25,871 $33,408 $(24,661)$(4,741)$29,883 $320 $30,203 


 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(1)
Total
Equity
Balance, December 31, 2023$6 $25,746 $32,352 $(23,780)$(6,504)$27,820 $290 $28,110 
Common Stock acquired(250)(250)(250)
Distributions to noncontrolling interests(2)(2)
Stock-based compensation programs(5)139 134 134 
Dividends declared on Common Stock(476)(476)(476)
Comprehensive income:
Net income (loss)1,138 1,138 1 1,139 
Other comprehensive income (loss), net of tax(1,157)(1,157)0 (1,157)
Total comprehensive income (loss)1,138 (1,157)(19)1 (18)
Balance, March 31, 2024$6 $25,741 $33,014 $(23,891)$(7,661)$27,209 $289 $27,498 
__________
(1)Prior period amounts have been revised to conform to current period presentation.
.
















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, 2025 and 2024 (in millions)
Three Months Ended
March 31,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
$742 $1,151 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net(1)
730 308 
Change in value of market risk benefits, net of related hedging (gains) losses
351 (123)
Policy charges and fee income
(507)(571)
Interest credited to policyholders’ account balances
825 1,283 
Depreciation and amortization
(161)397 
(Gains) losses on assets supporting experience-rated contractholder liabilities, net256 (356)
Change in:
Deferred policy acquisition costs
(375)(273)
Future policy benefits and other insurance liabilities
(205)4,175 
Reinsurance related-balances(1)(2)
(601)(305)
Income taxes
133 203 
Derivatives, net
(1,336)267 
Other, net(1)(2)
(2,358)(935)
Cash flows from (used in) operating activities(2,506)5,221 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale10,959 10,794 
Fixed maturities, trading1,123 570 
Assets supporting experience-rated contractholder liabilities486 361 
Equity securities2,344 2,266 
Commercial mortgage and other loans1,947 1,339 
Policy loans461 438 
Other invested assets876 511 
Short-term investments5,258 7,937 
Payments for the purchase/origination of:
Fixed maturities, available-for-sale(16,975)(19,280)
Fixed maturities, trading(1,637)(1,534)
Assets supporting experience-rated contractholder liabilities(615)(421)
Equity securities(1,862)(1,061)
Commercial mortgage and other loans(2,172)(1,457)
Policy loans(370)(432)
Other invested assets(834)(820)
Short-term investments(4,887)(8,947)
Derivatives, net325 (448)
Other, net108 (60)
Cash flows from (used in) investing activities(5,465)(10,244)
CASH FLOWS FROM FINANCING ACTIVITIES
Policyholders’ account deposits8,993 8,569 
Policyholders’ account withdrawals(4,600)(4,664)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities639 1,008 
Cash dividends paid on Common Stock(491)(483)
Net change in financing arrangements (maturities 90 days or less)266 (511)
Common Stock acquired(246)(242)
Common Stock reissued for exercise of stock options28 47 
Proceeds from the issuance of debt (maturities longer than 90 days)841 1,019 
Repayments of debt (maturities longer than 90 days)(191)(539)
Proceeds from notes issued by consolidated VIEs7 159 
Repayments of notes issued by consolidated VIEs0 (1)
Other, net(1)
253 181 
Cash flows from (used in) financing activities5,499 4,543 
Effect of foreign exchange rate changes on cash balances56 (227)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS(2,416)(707)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR18,520 19,463 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD$16,104 $18,756 



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PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Cash Flows
Three Months Ended March 31, 2025 and 2024 (in millions)

Three Months Ended
March 31,
20252024
NON-CASH TRANSACTIONS DURING THE PERIOD
Treasury Stock shares issued for stock-based compensation programs$172 $207 
Significant pension risk transfer transactions:
Assets received, excluding Cash and cash equivalents
$0 $4,587 
Liabilities assumed0 8,714 
Net cash received$0 $4,127 
Somerset Re reinsurance transaction(3):
Reinsurance recoverables under modified coinsurance, net$0 $(548)
Unwind of Deferred policy acquisition costs ceded 0 284 
Deferred reinsurance gain
0 411 
Net cash received
$0 $147 
Prismic Re International reinsurance transaction(3):
Net assets transferred, excluding Cash and cash equivalents
$6,069 $0 
Deposit assets established for Policyholders’ account balances ceded
(6,288)0 
Unwind of Deferred policy acquisition costs ceded
219 0 
Net cash impact
$0 $0 
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Cash and cash equivalents$16,063 $18,735 
Restricted cash and restricted cash equivalents (included in “Other assets”)41 21 
Total cash, cash equivalents, restricted cash and restricted cash equivalents$16,104 $18,756 
__________
(1)See Note 20 for additional information regarding related party transactions.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)See Note 12 for additional information regarding the reinsurance agreements with Somerset Reinsurance Ltd. (“Somerset Re”) and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”).





















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 Strategies, Group Insurance and Individual Life 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 within 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.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, the Company’s International Businesses are reflected as a single operating and reportable segment, which is how the chief operating decision maker (“CODM”) now assesses its performance and allocates resources. Prior to the first quarter of 2025, International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Unaudited Interim Consolidated Financial Statements contained herein or to any previously issued financial statements. See Note 19 for additional information regarding the Company’s segments.

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 regarding 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, 2024.

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 future policy benefits; 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; market risk benefits; the measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any 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.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Out of Period Adjustments

The Company recorded out of period adjustments resulting in a net charge of $150 million to “Income (loss) from operations before income taxes and equity in earnings of joint ventures and other operating entities” for the three months ended March 31, 2025. The adjustments included an overstatement of “Reinsurance recoverables and deposit receivables” and an understatement of “Deferred policy acquisition costs.”

The impact of these adjustments, individually and in the aggregate, was not material to any previously reported quarterly or annual financial statements and is not expected to be material to the 2025 annual financial statements.

Revision of Previously Issued Financial Statements

The Company reclassified certain amounts in prior periods to conform to the current period presentation and recorded other adjustments, including the following:

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, during the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024. As a result, the Company voluntarily revised its historical adjusted operating income for the relevant periods, resulting in a decrease in pre-tax adjusted operating income of $34 million for the three months ended March 31, 2024. See Note 19 for additional information regarding adjusted operating income.


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, 2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs issued but not yet adopted as of March 31, 2025
Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (DISE)
This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.
Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and applied either prospectively or retrospectively.
The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures
This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.
Effective for fiscal years beginning after December 15, 2024, and permits early adoption.
The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the 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, 2025
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$23,987 $695 $4,490 $0 $20,192 
Obligations of U.S. states and their political subdivisions6,186 132 600 0 5,718 
Foreign government securities
66,218 1,145 9,404 0 57,959 
U.S. public corporate securities108,302 1,365 10,588 14 99,065 
U.S. private corporate securities(1)46,703 773 2,571 58 44,847 
Foreign public corporate securities24,116 287 1,362 9 23,032 
Foreign private corporate securities39,723 403 3,870 169 36,087 
Asset-backed securities(2)17,016 157 67 1 17,105 
Commercial mortgage-backed securities9,817 46 448 0 9,415 
Residential mortgage-backed securities(3)2,666 18 190 0 2,494 
Total fixed maturities, available-for-sale(1)
$344,734 $5,021 $33,590 $251 $315,914 
__________
(1)Excludes notes with amortized cost of $15,044 million (fair value, $15,044 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2024
 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$24,869 $584 $5,105 $0 $20,348 
Obligations of U.S. states and their political subdivisions6,590 132 618 0 6,104 
Foreign government securities
63,523 1,837 7,881 0 57,479 
U.S. public corporate securities108,883 1,226 11,529 72 98,508 
U.S. private corporate securities(1)45,854 918 2,926 57 43,789 
Foreign public corporate securities23,165 248 1,421 10 21,982 
Foreign private corporate securities38,652 314 4,311 192 34,463 
Asset-backed securities(2)16,979 214 59 0 17,134 
Commercial mortgage-backed securities9,791 29 547 0 9,273 
Residential mortgage-backed securities(3)2,698 15 223 0 2,490 
Total fixed maturities, available-for-sale(1)
$341,004 $5,517 $34,620 $331 $311,570 
__________
(1)Excludes notes with amortized cost of $14,748 million (fair value, $14,748 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
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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, 2025
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$3,889 $122 $10,286 $4,368 $14,175 $4,490 
Obligations of U.S. states and their political subdivisions1,234 48 3,280 552 4,514 600 
Foreign government securities
9,666 504 22,082 8,900 31,748 9,404 
U.S. public corporate securities22,638 813 48,223 9,765 70,861 10,578 
U.S. private corporate securities7,170 127 24,700 2,444 31,870 2,571 
Foreign public corporate securities4,999 142 8,313 1,218 13,312 1,360 
Foreign private corporate securities7,334 189 18,941 3,673 26,275 3,862 
Asset-backed securities6,648 32 828 35 7,476 67 
Commercial mortgage-backed securities539 3 6,296 445 6,835 448 
Residential mortgage-backed securities184 2 1,372 188 1,556 190 
Total fixed maturities, available-for-sale$64,301 $1,982 $144,321 $31,588 $208,622 $33,570 

 December 31, 2024
 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$6,667 $334 $10,161 $4,771 $16,828 $5,105 
Obligations of U.S. states and their political subdivisions1,592 53 3,288 565 4,880 618 
Foreign government securities
8,280 349 20,780 7,532 29,060 7,881 
U.S. public corporate securities25,420 1,036 48,152 10,485 73,572 11,521 
U.S. private corporate securities7,581 183 24,846 2,743 32,427 2,926 
Foreign public corporate securities5,751 170 8,084 1,246 13,835 1,416 
Foreign private corporate securities8,702 282 18,862 4,010 27,564 4,292 
Asset-backed securities1,488 11 1,015 48 2,503 59 
Commercial mortgage-backed securities1,092 8 6,432 539 7,524 547 
Residential mortgage-backed securities361 4 1,377 219 1,738 223 
Total fixed maturities, available-for-sale$66,934 $2,430 $142,997 $32,158 $209,931 $34,588 

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

As of March 31, 2025 and December 31, 2024, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $32,441 million and $33,437 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 $1,129 million and $1,151 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2025, the $31,588 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities, as well as in foreign government securities. As of December 31, 2024, the $32,158 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities, as well as in foreign government 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, 2024, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2025. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of March 31, 2025, 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 amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: 
March 31, 2025
 Amortized CostFair Value
(in millions)
Fixed maturities, available-for-sale:
Due in one year or less$17,378 $17,127 
Due after one year through five years64,173 63,739 
Due after five years through ten years(1)
58,768 57,507 
Due after ten years(1)174,916 148,527 
Asset-backed securities17,016 17,105 
Commercial mortgage-backed securities9,817 9,415 
Residential mortgage-backed securities2,666 2,494 
Total$344,734 $315,914 
__________
(1)Excludes notes with amortized cost of $15,044 million (fair value, $15,044 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:

 Three Months Ended
March 31,
 20252024
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$4,912 $5,751 
Proceeds from maturities/prepayments5,761 4,932 
Gross investment gains from sales and maturities282 394 
Gross investment losses from sales and maturities(307)(360)
Write-downs recognized in earnings(2)(119)(5)
(Addition to) release of allowance for credit losses80 (11)
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $286 million and $111 million for the three months ended March 31, 2025 and 2024, respectively.
(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.


The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:

Three Months Ended March 31, 2025
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.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 $331 $0 $0 $0 $331 
Additions to allowance for credit losses not previously recorded0 0 16 1 0 0 17 
Reductions for securities sold during the period0 0 (6)0 0 0 (6)
Additions (reductions) on securities with previous allowance0 0 3 0 0 0 3 
Write-downs charged against the allowance
0 0 (94)0 0 0 (94)
Balance, end of period$0 $0 $250 $1 $0 $0 $251 

Three Months Ended March 31, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.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 $53 $105 $2 $0 $0 $160 
Additions to allowance for credit losses not previously recorded0 0 46 0 0 0 46 
Reductions for securities sold during the period0 0 (12)0 0 0 (12)
Additions (reductions) on securities with previous allowance0 (22)0 (1)0 0 (23)
Balance, end of period$0 $31 $139 $1 $0 $0 $171 


For additional information regarding the Company’s methodology for developing its 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, 2024.

For the three months ended March 31, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was related to net releases within the communications, capital goods, and consumer non-cyclical within corporate securities primarily due to security restructures. For the three months ended March 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows. Partially offsetting these additions, was a net release within foreign government securities.
12
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


The Company did not have any fixed maturity securities purchased with credit deterioration as of both March 31, 2025 and December 31, 2024.

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, 2025December 31, 2024
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$72 $69 $68 $67 
Foreign government securities
604 592 544 539 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
223 227 207 220 
Total fixed maturities(1)899 888 819 826 
Equity securities1,955 2,881 1,763 2,881 
Total assets supporting experience-rated contractholder liabilities(2)$2,854 $3,769 $2,582 $3,707 
__________ 
(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings as of both March 31, 2025 and December 31, 2024.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both March 31, 2025 and December 31, 2024.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(199) million and $299 million during the three months ended March 31, 2025 and 2024, respectively.

Fixed Maturities, Trading
 
The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $187 million and $(181) million during the three months ended March 31, 2025 and 2024, respectively.

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(229) million and $431 million during the three months ended March 31, 2025 and 2024, respectively.

Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.
 
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 March 31, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$58,748 $51,252 $56,457 $51,177 
Fixed maturities, trading18 18 18 18 
Assets supporting experience-rated contractholder liabilities529 513 472 462 
Total$59,295 $51,783 $56,947 $51,657 

 March 31, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale$3,201 $2,662 $2,753 $2,251 
Fixed maturities, trading69 64 44 40 
Short-term investments5 5 2 2 
Cash equivalents167 167 228 228 
Total$3,442 $2,898 $3,027 $2,521 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Commercial Mortgage and Other Loans
 
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

 March 31, 2025December 31, 2024
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$7,504 12.0 %$7,867 12.7 %
Retail5,465 8.8 5,552 9.0 
Apartments/Multi-Family18,210 29.2 17,522 28.3 
Industrial17,017 27.3 16,900 27.3 
Hospitality1,675 2.7 1,831 3.0 
Self-Storage(1)
2,180 3.5 2,194 3.5 
Health Care Senior Living(1)
1,853 3.0 1,858 3.0 
Other(1)
559 0.9 334 0.6 
Total commercial mortgage loans54,463 87.4 54,058 87.4 
Agricultural property loans7,869 12.6 7,775 12.6 
Total commercial mortgage and agricultural property loans62,332 100.0 %61,833 100.0 %
Allowance for credit losses(583)(528)
Total net commercial mortgage and agricultural property loans61,749 61,305 
Other loans:
Uncollateralized loans497 595 
Residential property loans19 19 
Other collateralized loans478 468 
Total other loans994 1,082 
Allowance for credit losses(49)(46)
Total net other loans945 1,036 
Total net commercial mortgage and other loans(2)
$62,694 $62,341 
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
(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, 2025 and December 31, 2024, the net carrying value of these loans was $757 million and $702 million, respectively.

As of March 31, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (28%), Texas (7%) and Florida (5%) and included loans secured by properties in Europe (7%), Mexico (2%), Japan (1%) and Australia (1%).

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

The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:

Three Months Ended March 31, 2025
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$407 $121 $0 $32 $14 $574 
Addition to (release of) allowance for expected losses53 2 0 2 1 58 
Allowance, end of period$460 $123 $0 $34 $15 $632 

Three Months Ended March 31, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$443 $16 $0 $0 $1 $460 
Addition to (release of) allowance for expected losses47 5 0 0 0 52 
Change in foreign exchange2 0 0 0 0 2 
Allowance, end of period$492 $21 $0 $0 $1 $514 

For additional information regarding the Company’s methodology for developing its 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, 2024.

For the three months ended March 31, 2025, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in loan-specific reserves within the retail sector. For the three months ended March 31, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in loan-specific reserves within the office sector.


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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, 2025
Amortized Cost by Origination Year
2025
2024
202320222021PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$662 $2,004 $1,823 $1,187 $2,128 $17,552 $47 $25,403 
60%-69.99%1,482 4,512 1,954 1,037 2,203 5,541 0 16,729 
70%-79.99%6 813 1,328 1,014 1,333 2,634 0 7,128 
80% or greater1 49 134 382 218 4,419 0 5,203 
Total$2,151 $7,378 $5,239 $3,620 $5,882 $30,146 $47 $54,463 
Debt Service Coverage Ratio:
Greater than 1.2x
$2,070 $6,447 $4,558 $3,229 $5,781 $27,227 $0 $49,312 
1.0 - 1.2x81 742 531 356 43 1,308 47 3,108 
Less than 1.0x0 189 150 35 58 1,611 0 2,043 
Total$2,151 $7,378 $5,239 $3,620 $5,882 $30,146 $47 $54,463 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$115 $657 $302 $903 $1,996 $2,113 $137 $6,223 
60%-69.99%0 111 361 89 10 90 0 661 
70%-79.99%61 0 0 0 6 14 0 81 
80% or greater3 0 200 529 0 119 53 904 
Total$179 $768 $863 $1,521 $2,012 $2,336 $190 $7,869 
Debt Service Coverage Ratio:
Greater than 1.2x
$179 $712 $833 $896 $1,955 $1,984 $137 $6,696 
1.0 - 1.2x0 56 25 567 43 215 53 959 
Less than 1.0x0 0 5 58 14 137 0 214 
Total$179 $768 $863 $1,521 $2,012 $2,336 $190 $7,869 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

December 31, 2024
Amortized Cost by Origination Year
2024
2023
202220212020PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,122 $1,492 $1,183 $2,295 $1,378 $16,652 $36 $25,158 
60%-69.99%4,726 2,287 1,013 2,192 846 5,113 0 16,177 
70%-79.99%809 1,326 953 1,327 446 2,293 0 7,154 
80% or greater48 135 482 216 281 4,407 0 5,569 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,771 $4,563 $3,283 $5,929 $2,795 $25,790 $0 $49,131 
1.0 - 1.2x745 527 313 43 102 1,279 36 3,045 
Less than 1.0x189 150 35 58 54 1,396 0 1,882 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$657 $371 $877 $2,004 $679 $1,491 $122 $6,201 
60%-69.99%87 555 125 10 53 43 0 873 
70%-79.99%0 0 0 6 0 3 0 9 
80% or greater0 6 521 0 71 42 52 692 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 
Debt Service Coverage Ratio:
Greater than 1.2x
$688 $864 $932 $1,967 $739 $1,384 $122 $6,696 
1.0 - 1.2x56 63 530 45 23 98 52 867 
Less than 1.0x0 5 61 8 41 97 0 212 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 

For additional information regarding 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, 2024.
 
The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:

Three Months Ended March 31,
20252024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$0 $0 0.0 %$162 $0 0.3 %
Agricultural property loans
$0 $0 0.0 %$0 $0 0.0 %

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


For the three months ended March 31, 2024, the modifications added less than one year to the weighted average life in both the commercial mortgage and agricultural property loan portfolios.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both March 31, 2025 and December 31, 2024.

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, 2025
 Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past Due(1)(2)Total Past
Due		Total
Loans		Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$54,194 $36 $1 $232 $269 $54,463 $267 
Agricultural property loans6,880 63 171 755 989 7,869 802 
Residential property loans19 0 0 0 0 19 0 
Other collateralized loans478 0 0 0 0 478 0 
Uncollateralized loans497 0 0 0 0 497 25 
Total$62,068 $99 $172 $987 $1,258 $63,326 $1,094 
__________
(1)As of March 31, 2025, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)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, 2024.


 December 31, 2024
 Current30-59 Days
Past Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$53,873 $0 $3 $182 $185 $54,058 $220 
Agricultural property loans7,012 0 21 742 763 7,775 767 
Residential property loans19 0 0 0 0 19 0 
Other collateralized loans468 0 0 0 0 468 0 
Uncollateralized loans595 0 0 0 0 595 25 
Total$61,967 $0 $24 $924 $948 $62,915 $1,012 
__________
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)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, 2024.

Loans on non-accrual status recognized interest of $4 million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $274 million and $207 million as of March 31, 2025 and December 31, 2024, respectively.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2025 and December 31, 2024.

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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, 2025December 31, 2024
 (in millions)
LPs/LLCs:
Equity method:
Private equity$10,689 $10,615 
Hedge funds3,131 3,143 
Real estate-related2,700 2,661 
Subtotal equity method16,520 16,419 
Fair value:
Private equity1,007 1,076 
Hedge funds2,064 2,080 
Real estate-related929 951 
Subtotal fair value4,000 4,107 
Total LPs/LLCs20,520 20,526 
Real estate held through direct ownership(1)
1,750 1,743 
Total alternative assets22,270 22,269 
Credit-like instruments(2)
1,070 933 
Derivative instruments1,744 1,597 
Other(3)
1,655 1,552 
Total other invested assets$26,739 $26,351 
_________ 
(1)As of March 31, 2025 and December 31, 2024, real estate held through direct ownership had mortgage debt of $187 million and $185 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets”.
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Accrued Investment Income

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

 March 31, 2025December 31, 2024
 (in millions)
Fixed maturities$2,839 $2,892 
Equity securities9 8 
Commercial mortgage and other loans232 228 
Policy loans240 236 
Other invested assets12 12 
Short-term investments and cash equivalents51 65 
Total accrued investment income$3,383 $3,441 

Write-downs on accrued investment income were $1 million and less than $1 million for the three months ended March 31, 2025 and 2024, 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,
 20252024
 (in millions)
Fixed maturities, available-for-sale(1)$3,773 $3,592 
Fixed maturities, trading167 116 
Assets supporting experience-rated contractholder liabilities14 14 
Equity securities44 38 
Commercial mortgage and other loans692 611 
Policy loans124 122 
Other invested assets
396 321 
Short-term investments and cash equivalents267 298 
Gross investment income5,477 5,112 
Less: investment expenses
(347)(348)
Net investment income$5,130 $4,764 
__________ 
(1)Includes income on credit-linked notes which are reported on the same financial statement line 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,
 20252024
 (in millions)
Fixed maturities(1)$(64)$18 
Commercial mortgage and other loans(58)(51)
Investment real estate(10)2 
LPs/LLCs(1)19 
Derivatives(2)
(449)(148)
Ceded income on modified coinsurance assets(2)(3)
(163)(149)
Other(2)
15 1 
Realized investment gains (losses), net$(730)$(308)
__________ 
(1)Excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

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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, 2025December 31, 2024
 (in millions)
Fixed maturity securities, available-for-sale with an allowance$4 $6 
Fixed maturity securities, available-for-sale without an allowance
(28,573)(29,109)
Derivatives designated as cash flow hedges(1)
1,659 1,780 
Derivatives designated as fair value hedges(1)
(134)(64)
Other investments(2)
60 106 
Net unrealized gains (losses) on investments$(26,984)$(27,281)
__________ 
(1)For additional information regarding cash flow and fair value hedges, see Note 5.
(2)Includes net unrealized gains (losses) 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, 2025December 31, 2024
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$7,154 $0 $0 $7,154 $6,450 $0 $0 $6,450 
U.S. public corporate securities
0 356 0 356 0 327 0 327 
Foreign public corporate securities
0 39 0 39 0 19 0 19 
Commercial mortgage-backed securities0 0 0 0 0 0 0 0 
Total securities sold under agreements to repurchase$7,154 $395 $0 $7,549 $6,450 $346 $0 $6,796 

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, 2025December 31, 2024
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		$0 $0 $0 $1 $0 $1 
Obligations of U.S. states and their political
subdivisions		69 0 69 46 0 46 
Foreign government securities
137 0 137 122 6 128 
U.S. public corporate securities7,469 274 7,743 7,506 403 7,909 
Foreign public corporate securities1,193 49 1,242 1,181 118 1,299 
Equity securities316 0 316 238 0 238 
Total cash collateral for loaned securities(1)$9,184 $323 $9,507 $9,094 $527 $9,621 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

4. VARIABLE INTEREST ENTITIES
 
In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
 
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
 March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
 (in millions)
Fixed maturities, available-for-sale$1,260 $1,250 $728 $716 
Fixed maturities, trading175 166 0 0 
Equity securities80 80 0 0 
Commercial mortgage and other loans699 681 441 490 
Other invested assets6,733 6,379 511 500 
Cash and cash equivalents328 308 0 0 
Accrued investment income7 6 3 3 
Other assets677 644 790 613 
Total assets of consolidated VIEs$9,959 $9,514 $2,473 $2,322 
Other liabilities$293 $218 $109 $1 
Notes issued by consolidated VIEs(2)1,409 1,392 34 38 
Total liabilities of consolidated VIEs$1,702 $1,610 $143 $39 
__________
(1)Total assets of consolidated VIEs reflect $4,029 million and $3,835 million as of March 31, 2025 and December 31, 2024, 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, 2025, the maturities of these obligations were between 5 and 13 years.
 
Unconsolidated Variable Interest Entities
 
The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,565 million and $1,529 million as of March 31, 2025 and December 31, 2024, 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 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.

Limited Partnerships and Limited Liability Companies
 
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 classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $20,941 million and $21,847 million as of March 31, 2025 and December 31, 2024, respectively.
 

5. DERIVATIVES AND HEDGING
 
Types of Derivative and Hedging Instruments

The Company utilizes various derivatives and hedging instruments to manage certain of its risks. 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 regarding 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, 2024.

Primary Risks Managed by Derivatives
 
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. 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. These netting impacts resulted in total derivative assets of $1,747 million and $1,601 million as of March 31, 2025 and December 31, 2024, respectively, and total derivative liabilities of $5,182 million and $4,751 million as of March 31, 2025 and December 31, 2024, 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, 2025December 31, 2024
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$4,732 $26 $(343)$4,260 $11 $(404)
Interest Rate Forwards10 0 0 10 0 0 
Foreign Currency
Foreign Currency Forwards4,835 60 (237)4,771 92 (197)
Currency/Interest Rate
Foreign Currency Swaps32,145 2,425 (399)31,301 2,652 (368)
Total Derivatives Designated as Hedge Accounting Instruments$41,722 $2,511 $(979)$40,342 $2,755 $(969)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$243,918 $10,049 $(23,061)$228,392 $11,272 $(24,802)
Interest Rate Futures9,427 19 (3)9,773 6 (21)
Interest Rate Options31,680 176 (1,280)34,005 430 (1,583)
Interest Rate Forwards2,403 21 (18)2,544 9 (80)
Interest Rate Total Return Swaps
657 2 (1)485 4 (2)
Foreign Currency
Foreign Currency Forwards27,572 1,060 (960)27,819 1,625 (1,181)
Currency/Interest Rate
Foreign Currency Swaps7,593 615 (112)7,525 658 (129)
Credit
Credit Default Swaps4,339 55 (3)4,027 90 0 
Equity
Equity Futures2,521 13 (2)2,019 6 (7)
Equity Options119,054 3,198 (4,240)104,438 4,507 (3,790)
Equity Total Return Swaps
11,677 416 (152)9,796 331 (327)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs76,944 1 (13)76,416 1 (1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$539,035 $15,625 $(29,845)$508,489 $18,939 $(31,923)
Total Derivatives(2)(3)$580,757 $18,136 $(30,824)$548,831 $21,694 $(32,892)
__________
(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 which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,386 million (including the Prismic funds withheld related embedded derivative net liability of $56 million) and $11,783 million (including the Prismic funds withheld related embedded derivative net liability of $(91) million) as of March 31, 2025 and December 31, 2024, respectively, primarily included in “Policyholders’ account balances” and “Reinsurance and funds withheld payables.”    
(3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.


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

As of March 31, 2025, 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, 2025December 31, 2024
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$219 $14 $216 $11 
Policyholders’ account balances$(1,562)$266 $(1,510)$327 
Future policy benefits$(2,364)$339 $(2,280)$423 
__________
(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 tables present recognized derivative instruments (excluding embedded derivatives), 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, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$18,005 $(16,389)$1,616 $(418)$1,198 
Securities purchased under agreement to resell
15 0 15 (15)0 
Total Assets
$18,020 $(16,389)$1,631 $(433)$1,198 
Offsetting of Financial Liabilities:
Derivatives$30,811 $(25,642)$5,169 $(4,884)$285 
Securities sold under agreement to repurchase
7,549 0 7,549 (7,549)0 
Total Liabilities
$38,360 $(25,642)$12,718 $(12,433)$285 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell
277 0 277 (277)0 
Total Assets
$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase
6,796 0 6,796 (6,796)0 
Total Liabilities
$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above, see “—Counterparty Credit Risk” below. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information regarding the Company’s accounting policy for securities repurchase and resale agreements, 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, 2024.
 
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 tables provide 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, 2025
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)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$(3)$0 $0 $0 $0 $35 $30 $0 
Currency0 0 0 0 0 0 53 0 
Total gains (losses) on derivatives designated as hedge instruments(3)0 0 0 0 35 83 0 
Gains (losses) on the hedged item:
Interest Rate3 0 5 0 0 (49)(32)0 
Currency0 0 0 0 0 0 (53)0 
Total gains (losses) on hedged item3 0 5 0 0 (49)(85)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (3)(69)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (3)(69)
Total gains (losses) on fair value hedges net of hedged item0 0 5 0 0 (14)(5)(69)
Cash flow hedges
Interest Rate0 0 (3)0 0 0 0 8 
Currency0 0 0 0 0 0 0 (26)
Currency/Interest Rate22 0 96 (147)0 0 0 (103)
Total gains (losses) on cash flow hedges22 0 93 (147)0 0 0 (121)
Net investment hedges
Currency0 0 0 0 0 0 0 (15)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (15)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate189 141 0 0 0 0 0 0 
Currency(174)0 0 (1)0 0 0 0 
Currency/Interest Rate(28)0 0 0 0 0 0 0 
Credit(11)0 0 0 0 0 0 0 
Equity(1,469)202 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
1,257 0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(236)343 0 (1)0 0 0 0 
Total$(214)$343 $98 $(148)$0 $(14)$(5)$(205)


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

 Three Months Ended March 31, 2024
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)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$4 $0 $0 $0 $0 $(50)$(59)$0 
Currency0 0 0 0 0 0 (16)0 
Total gains (losses) on derivatives designated as hedge instruments4 0 0 0 0 (50)(75)0 
Gains (losses) on the hedged item:
Interest Rate(4)0 3 0 0 62 48 0 
Currency0 0 0 0 0 0 14 0 
Total gains (losses) on hedged item(4)0 3 0 0 62 62 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (2)10 
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (2)10 
Total gains (losses) on fair value hedges net of hedged item0 0 3 0 0 12 (15)10 
Cash flow hedges
Interest Rate0 0 (3)0 0 0 0 (10)
Currency0 0 0 0 0 0 0 15 
Currency/Interest Rate3 0 76 78 0 0 0 325 
Total gains (losses) on cash flow hedges3 0 73 78 0 0 0 330 
Net investment hedges
Currency0 0 0 0 0 0 0 11 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 11 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(662)(961)0 0 0 0 0 0 
Currency(26)0 0 2 0 0 0 0 
Currency/Interest Rate106 0 0 1 0 0 0 0 
Credit52 0 0 0 0 0 0 0 
Equity1,449 (493)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(1,070)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(151)(1,454)0 3 0 0 0 0 
Total$(148)$(1,454)$76 $81 $0 $12 $(15)$351 
__________
(1)Excludes changes related to net investment hedges using non-derivative instruments of $(51) million and $39 million for the three months ended March 31, 2025 and 2024, respectively.
(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $(147) million and $283 million for the three months ended March 31, 2025 and 2024, 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, 2024$1,780 
Amount recorded in AOCI:
Interest Rate4 
Currency(25)
Currency/Interest Rate(131)
Total amount recorded in AOCI(152)
Amount reclassified from AOCI to income:
Interest Rate3 
Currency(1)
Currency/Interest Rate29 
Total amount reclassified from AOCI to income31 
Balance, March 31, 2025$1,659 

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, 2025 values, it is estimated that a pre-tax gain of $372 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2026.

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 27 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 $(66) million for the three months ended March 31, 2025 and $49 million for the three months ended March 31, 2024, respectively.

Credit Derivatives
 
The following tables provide 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 11 years for index reference.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

March 31, 2025
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 3,367 18 0 0 0 0 791 37 4,158 55 
Total$0 $0 $0 $0 $3,367 $18 $0 $0 $0 $0 $791 $37 $4,158 $55 
December 31, 2024
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 3,365 40 0 0 0 0 662 50 4,027 90 
Total$0 $0 $0 $0 $3,365 $40 $0 $0 $0 $0 $662 $50 $4,027 $90 
_________
(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)The NAIC rating designation is due to approximately 4% and 4% of the index reference name rated as NAIC 6 as of March 31, 2025 and December 31, 2024, respectively.
(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.

In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of March 31, 2025 and December 31, 2024, the Company had $181 million and $0 million of outstanding notional amounts and reported at fair value as a liability of $3 million and an asset of $0 million, respectively.

Counterparty Credit Risk

The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major 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, 2025, 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 prices in active markets for similar assets and liabilities, quoted 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 the 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, 2024. There have been no material changes in our valuation techniques during the period represented by these Unaudited Interim Consolidated Financial Statements.




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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.

 March 31, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $20,192 $0 $$20,192 
Obligations of U.S. states and their political subdivisions0 5,713 5 5,718 
Foreign government securities
0 57,954 5 57,959 
U.S. corporate public securities0 98,999 66 99,065 
U.S. corporate private securities(2)0 40,436 4,411 44,847 
Foreign corporate public securities0 22,994 38 23,032 
Foreign corporate private securities0 34,323 1,764 36,087 
Asset-backed securities(3)0 14,752 2,353 17,105 
Commercial mortgage-backed securities0 8,551 864 9,415 
Residential mortgage-backed securities0 2,494 0 2,494 
Subtotal0 306,408 9,506 315,914 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 227 0 227 
Foreign government securities
0 592 0 592 
Corporate securities0 69 0 69 
Equity securities1,542 1,339 0 2,881 
Subtotal1,542 2,227 0 3,769 
Market risk benefit assets0 0 2,139 2,139 
Fixed maturities, trading0 11,140 2,138 13,278 
Equity securities
6,388 1,599 733 8,720 
Commercial mortgage and other loans0 494 263 757 
Other invested assets(4)32 18,102 965 (16,389)2,710 
Short-term investments1,926 6,178 462 8,566 
Cash equivalents584 8,094 1 8,679 
Reinsurance recoverables and deposit receivables0 206 381 587 
Separate account assets(5)(6)8,706 152,181 253 161,140 
Total assets$19,178 $506,629 $16,841 $(16,389)$526,259 
Market risk benefit liabilities$0 $0 $5,021 $$5,021 
Policyholders’ account balances0 0 11,938 11,938 
Reinsurance and funds withheld payables0 31 0 31 
Other liabilities11 30,800 13 (25,642)5,182 
Notes issued by consolidated VIEs0 0 67 67 
Total liabilities$11 $30,831 $17,039 $(25,642)$22,239 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $20,348 $0 $$20,348 
Obligations of U.S. states and their political subdivisions0 6,098 6 6,104 
Foreign government securities
0 57,472 7 57,479 
U.S. corporate public securities0 98,442 66 98,508 
U.S. corporate private securities(2)0 39,848 3,941 43,789 
Foreign corporate public securities0 21,946 36 21,982 
Foreign corporate private securities0 32,675 1,788 34,463 
Asset-backed securities(3)0 15,654 1,480 17,134 
Commercial mortgage-backed securities0 8,420 853 9,273 
Residential mortgage-backed securities0 2,490 0 2,490 
Subtotal0 303,393 8,177 311,570 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 220 0 220 
Foreign government securities
0 539 0 539 
Corporate securities0 67 0 67 
Equity securities1,522 1,359 0 2,881 
Subtotal1,522 2,185 0 3,707 
Market risk benefit assets0 0 2,331 2,331 
Fixed maturities, trading0 10,544 1,986 12,530 
Equity securities7,154 1,745 518 9,417 
Commercial mortgage and other loans0 469 233 702 
Other invested assets(4)10 21,683 953 (20,093)2,553 
Short-term investments1,896 6,238 461 8,595 
Cash equivalents326 10,365 0 10,691 
Reinsurance recoverables and deposit receivables0 236 613 849 
Separate account assets(5)(6)8,441 157,999 232 166,672 
Total assets$19,349 $514,857 $15,504 $(20,093)$529,617 
Market risk benefit liabilities$0 $0 $4,455 $$4,455 
Policyholders’ account balances0 0 12,746 12,746 
Reinsurance and funds withheld payables0 (118)0 (118)
Other liabilities28 32,863 1 (28,141)4,751 
Notes issued by consolidated VIEs0 0 60 60 
Total liabilities$28 $32,745 $17,262 $(28,141)$21,894 
__________
(1)“Netting” amounts represent cash collateral of $(9,253) million and $(8,049) million as of March 31, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Excludes notes with fair value of $15,044 million (carrying amount of $15,044 million) and $14,748 million (carrying amount of $14,748 million) as of March 31, 2025 and December 31, 2024, respectively, which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(4)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, 2025 and December 31, 2024, the fair value of such investments was $5,050 million and $5,021 million, respectively.
(5)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, 2025 and December 31, 2024, the fair value of such investments was $27,051 million and $26,700 million, respectively.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(6)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.

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities—The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
















































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

 As of March 31, 2025
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$6,995 Discounted
cash flow		Discount rate1.13%21.50%10.32%Decrease
Market comparables
EBITDA multiple(4)
0.1X9.4X7.4XIncrease
LiquidationLiquidation value29.66%84.21%65.40%Increase
Asset backed securities$614 Discounted
cash flow
Discount rate
2.43%10.10%4.72%Decrease
Liquidity premium
1.90%1.90%1.90%Decrease
Commercial mortgage-backed securities$864 Discounted
cash flow		Liquidity premium0.90%0.90%0.90%Decrease
Market risk benefit assets(6)$2,139 Discounted
cash flow		Lapse rate(8)1%20%Increase
Spread over SOFR(9)0.41%1.83%Increase
Utilization rate(10)37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Increase
Equity volatility curve16%25%Decrease
Equity securities$191 Discounted
cash flow		Discount rate(5)0.16%40%Decrease
Market comparables
EBITDA multiple(4)
5.5X12.2X7.0XIncrease
Net Asset ValueShare price$3$1,810$759Increase
Reinsurance recoverables and deposit receivables$381 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.41%1.83%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$5,021 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.41%1.83%Decrease
Utilization rate(10)37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Decrease
   Equity volatility curve16%25% Increase
Policyholders’ account balances(7)$11,931 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.41%1.83%Decrease
Mortality rate(12)0%23%Decrease
Option Budget(13)(1)%7%Increase
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 As of December 31, 2024
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$6,763 Discounted
cash flow		Discount rate0.95%20.00%10.36%Decrease
Market comparables
EBITDA multiple(4)
3.0X8.8X7.6XIncrease
LiquidationLiquidation value75.00%75.00%75.00%Increase
Asset backed securities$529 Discounted
cash flow		Discount rate2.30%10.70%6.08%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)$2,331 Discounted cash flowLapse rate(8)1%20%Increase
Spread over SOFR(9)0.29%1.71%Increase
Utilization rate(10)37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Increase
Equity volatility curve16%25%Decrease
Equity securities$209 Discounted
cash flow		Discount rate(5)0.16%40%Decrease
Market comparables
EBITDA multiple(4)
5.5X12.2X6.0XIncrease
Net Asset ValueShare price$3$1,810$779Increase
Reinsurance recoverables and deposit receivables$613 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.29%1.71%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$4,455 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.29%1.71%Decrease
Utilization rate(10)37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Decrease
 Equity volatility curve16%25%Increase
Policyholders’ account balances(7)$12,741 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.29%1.73%Decrease
Mortality rate(12)0%23%Decrease
Option Budget(13)(1)%7%Increase
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

___________ 
(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 debt under a netting agreement.
(4)Represents multiple 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)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(7)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(8)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(9)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) 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 as of March 31, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk (“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 are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.
(10)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(11)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both March 31, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(12)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 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.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

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 increase, credit spreads widen, which results in a decrease in fair value.

Commercial Mortgage-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 underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be 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. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Market Risk Benefits—The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally 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 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 (excluding MRBs disclosed in Note 11). 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.

Three Months Ended March 31, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $(1)$0 $0 $0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (68)868 (350)0 (194)(41)234 (1)6,279 (71)
Structured securities(4)2,333 18 826 (323)0 (65)(362)865 (75)3,217 19 
Other assets:
Fixed maturities, trading1,986 (21)423 (261)0 (252)366 3 (106)2,138 (7)
Equity securities518 (17)154 (23)0 0 0 119 (18)733 (23)
Commercial mortgage and other loans
233 0 0 0 30 0 0 0 0 263 0 
Other invested assets953 (1)14 (1)0 0 0 0 0 965 (1)
Short-term investments461 0 8 (3)0 (4)0 0 0 462 0 
Cash equivalents0 0 1 0 0 0 0 0 0 1 0 
Reinsurance recoverables and deposit receivables
613 (4)23 0 0 (18)(233)0 0 381 (21)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 (8)60 (34)0 (1)0 4 0 253 (8)
Liabilities:
Policyholders’ account balances(5)
(12,746)1,435 0 0 0 (625)(2)0 0 (11,938)407 
Other liabilities(1)(12)0 0 0 0 0 0 0 (13)(12)
Notes issued by consolidated VIEs(60)0 0 0 (7)0 0 0 0 (67)0 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended March 31, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(19)$0 $0 $(28)$(3)$(22)$0 $0 $(30)
Other assets:
Fixed maturities, trading0 (6)0 0 (15)0 (7)0 0 
Equity securities0 (17)0 0 0 0 (23)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (1)0 0 0 0 (1)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
(4)0 0 0 0 (21)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (8)0 0 0 0 (8)0 
Liabilities:
Policyholders’ account balances1,435 0 0 0 0 407 0 0 0 
Other liabilities(12)0 0 0 0 (12)0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 Three Months Ended March 31, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $(1)$0 $0 $0 $0 $0 $0 $0 $6 $(1)
Foreign government8 0 0 0 0 (1)0 0 0 7 0 
Corporate securities(3)4,806 (46)402 (5)0 (287)(13)108 0 4,965 (50)
Structured securities(4)1,297 3 1,265 0 0 (12)(1)60 0 2,612 (1)
Other assets:
Fixed maturities, trading429 2 564 (22)0 (46)(1)404 0 1,330 7 
Equity securities512 (19)21 (4)0 (4)9 0 (9)506 (22)
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets846 (8)29 (2)0 0 0 0 0 865 (8)
Short-term investments29 (2)5 0 0 0 0 0 0 32 (2)
Cash equivalents4 0 0 0 0 0 (4)0 0 0 0 
Reinsurance recoverables and deposit receivables224 37 55 0 0 (13)0 0 0 303 24 
Other assets
11 0 8 0 0 0 0 0 0 19 0 
Separate account assets
1,094 (46)56 (763)0 (2)0 0 (1)338 (7)
Liabilities:
Policyholders’ account balances(5)
(7,752)(1,495)0 0 (618)0 1 0 0 (9,864)(216)
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(778)(8)0 0 (10)0 391 0 0 (405)(8)

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

 Three Months Ended March 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(33)$0 $0 $(16)$5 $(28)$0 $0 $(24)
Other assets:
Fixed maturities, trading0 1 0 0 1 0 7 0 0 
Equity securities0 (19)0 0 0 0 (22)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(1)(7)0 0 0 (1)(7)0 0 
Short-term investments(3)0 0 0 1 (2)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables37 0 0 0 0 24 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (46)0 0 0 0 (7)0 
Liabilities:
Policyholders’ account balances(1,495)0 0 0 0 (216)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 (8)0 0 0 0 (8)0 0 
__________
(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,139 million and $2,225 million and MRB liabilities of $5,021 million and $4,624 million for the periods ended March 31, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Derivative Fair Value Information
 
The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.

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

 As of March 31, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$19 $10,274 $1 $$10,294 
Currency0 1,120 0 1,120 
Credit0 55 0 55 
Currency/Interest Rate0 3,040 0 3,040 
Equity13 3,613 1 3,627 
Netting(1)(16,389)(16,389)
Total derivative assets$32 $18,102 $2 $(16,389)$1,747 
Derivative Liabilities:
Interest Rate$3 $24,703 $13 $$24,719 
Currency0 1,197 0 1,197 
Credit0 3 0 3 
Currency/Interest Rate0 511 0 511 
Equity8 4,386 0 4,394 
Netting(1)(25,642)(25,642)
Total derivative liabilities$11 $30,800 $13 $(25,642)$5,182 

 As of December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,725 $1 $$11,733 
Currency0 1,717 0 1,717 
Credit0 90 0 90 
Currency/Interest Rate0 3,310 0 3,310 
Equity3 4,841 0 4,844 
Netting(1)(20,093)(20,093)
Total derivative assets$10 $21,683 $1 $(20,093)$1,601 
Derivative Liabilities:
Interest Rate$21 $26,871 $1 $$26,893 
Currency0 1,378 0 1,378 
Credit0 0 0 0 
Currency/Interest Rate0 497 0 497 
Equity7 4,117 0 4,124 
Netting(1)(28,141)(28,141)
Total derivative liabilities$28 $32,863 $1 $(28,141)$4,751 
__________ 
(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative 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.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Three Months Ended March 31, 2025
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $1 $0 $0 $0 $0 $0 $0 $0 $1 $1 
Net Derivative - Interest Rate0 (13)0 0 0 0 0 0 0 (13)-13

Three Months Ended March 31, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0
__________ 
(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”
(2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Nonrecurring Fair Value Measurements—The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).

Three Months Ended March 31,
20252024
(in millions)
Gains (Losses):
Investment real estate$(12)$0 
Investment in JV/LP and Other
$0 $(7)

March 31, 2025December 31, 2024
(in millions)
Carrying value after measurement as of period end:
Investment real estate(1)
$47 $73 
Investment in JV/LP and Other(1)
$0 $128 
__________ 
(1)Reported carrying values for 2025 include values as of the measurement periods of March 31, 2025 for “Investment real estate.” Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 and September 30, 2024 for “Investment real estate.”
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Fair Value Option
 
The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made by the Company to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the Company to achieve consistent accounting for certain assets and liabilities. Changes in fair value are reflected in “Realized investment gains (losses), net” for commercial mortgage and other loans and “Other income (loss)” for other assets and notes issued by consolidated VIEs. Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Interest income on commercial mortgage and other loans is included in “Net investment income.” Interest income on these loans is recorded based on the effective interest rate as determined at the closing of the loan.
 
The following tables present information regarding assets and liabilities where the fair value option has been elected.

Three Months Ended March 31,
20252024
(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$0$8

Three Months Ended March 31,
20252024
(in millions)
Commercial mortgage and other loans:
Interest income$8 $2 
Notes issued by consolidated VIEs:
Interest expense$0 $7 

March 31, 2025December 31, 2024
(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$757 $702 
Aggregate contractual principal as of period end$752 $697 
Other invested assets:
Fair value as of period end$21 $19 
Notes issued by consolidated VIEs:
Fair value as of period end$67 $60 
Aggregate contractual principal as of period end$67 $60 
__________ 
(1)As of March 31, 2025, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.

Fair Value of Financial Instruments
 
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

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

 March 31, 2025
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $16 $59,635 $59,651 $61,937 
Policy loans9 0 9,867 9,876 9,876 
Other invested assets0 95 0 95 95 
Short-term investments3 147 0 150 150 
Cash and cash equivalents6,590 794 0 7,384 7,384 
Accrued investment income0 3,383 0 3,383 3,383 
Reinsurance recoverables and deposit receivables
0 8 5,715 5,723 5,723 
Other assets41 2,981 2 3,024 3,024 
Total assets$6,643 $7,424 $75,219 $89,286 $91,572 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,991 $45,711 $77,702 $81,962 
Securities sold under agreements to repurchase0 7,549 0 7,549 7,549 
Cash collateral for loaned securities0 9,507 0 9,507 9,507 
Reinsurance and funds withheld payables(2)
0 10,467 (20)10,447 10,447 
Short-term debt
0 1,012 385 1,397 1,406 
Long-term debt(3)
528 17,581 485 18,594 19,540 
Notes issued by consolidated VIEs0 0 1,376 1,376 1,376 
Other liabilities0 6,044 32 6,076 6,076 
Separate account liabilities—investment contracts0 21,211 18,480 39,691 39,691 
Total liabilities$528 $105,362 $66,449 $172,339 $177,554 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $58,446 $58,463 $61,639 
Policy loans8 0 9,787 9,795 9,795 
Other invested assets0 95 0 95 95 
Short-term investments453 21 0 474 474 
Cash and cash equivalents7,352 454 0 7,806 7,806 
Accrued investment income0 3,441 0 3,441 3,441 
Reinsurance recoverables and deposit receivables
0 8 5,782 5,790 5,790 
Other assets23 3,062 1 3,086 3,086 
Total assets$7,836 $7,098 $74,016 $88,950 $92,126 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,405 $43,466 $74,871 $79,571 
Securities sold under agreements to repurchase0 6,796 0 6,796 6,796 
Cash collateral for loaned securities0 9,621 0 9,621 9,621 
Reinsurance and funds withheld payables(2)
0 10,489 (35)10,454 10,454 
Short-term debt
0 521 439 960 953 
Long-term debt(3)
524 17,185 423 18,132 19,187 
Notes issued by consolidated VIEs0 0 1,370 1,370 1,370 
Other liabilities0 6,886 32 6,918 6,918 
Separate account liabilities—investment contracts0 21,144 18,677 39,821 39,821 
Total liabilities$524 $104,047 $64,372 $168,943 $174,691 
__________ 
(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,823 million (carrying amount of $7,823 million) and $7,887 million (carrying amount of $7,887 million), a portion of which relates to insurance contracts as of March 31, 2025 and December 31, 2024, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $15,044 million (carrying amount of $15,044 million) and $14,748 million (carrying amount of $14,748 million) as of March 31, 2025 and December 31, 2024, respectively, which have been offset with the associated notes under a netting agreement.


7. DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED

Deferred Policy Acquisition Costs (“DAC”)

The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:

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

Three Months Ended March 31, 2025
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,713 $2,215 $4,878 $9,304 $20,110 
Capitalization229 46 157 305 737 
Amortization expense(124)(52)(59)(169)(404)
Other adjustments(1)
0 0 0 (214)(214)
Foreign currency adjustment0 0 0 184 184 
Balance, EOP$3,818 $2,209 $4,976 $9,410 20,413 
Other businesses377 
Total DAC balance$20,790 
__________
(1)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 12 for additional information.


Three Months Ended March 31, 2024
Retirement StrategiesIndividual Life
International Businesses (1)
Total
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $9,351 $20,628 
Capitalization85 44 151 293 573 
Amortization expense(94)(52)(61)(164)(371)
Other adjustments(2)
0 (2)(285)5 (282)
Foreign currency adjustment0 0 0 (232)(232)
Balance, EOP$3,667 $2,227 $5,169 $9,253 20,316 
Other businesses297 
Total DAC balance$20,613 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impact of the reinsurance transaction with Somerset Re in Individual Life (Universal Life). See Note 12 for additional information.

Deferred Sales Inducements (“DSI”)

The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:

Three Months Ended March 31,
20252024
(in millions)
Balance, BOP
$376 $410 
Capitalization
1 2 
Amortization expense
(8)(9)
Balance, EOP
369 403 
Other businesses
29 31 
Total DSI balance
$398 $434 

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


Value of Business Acquired (“VOBA”)

The following table shows a rollforward of VOBA balances for the acquisition of the Star and Edison Businesses for International Businesses, along with a reconciliation to the Company’s total VOBA balance:

Three Months Ended March 31,
20252024
(in millions)
Balance, BOP
$421 $511 
Amortization expense
(10)(11)
Foreign currency adjustment
20 (33)
Balance, EOP
431 467 
Other businesses(1)
15 17 
Total VOBA balance
$446 $484 
__________
(1)Represents Aoba Life business.

The following table provides estimated future amortization for the periods indicated:

2025 (April - December)2026202720282029ThereafterTotal
(in millions)
Estimated future VOBA amortization$31 $38 $34 $31 $28 $284 $446 


8. SEPARATE ACCOUNTS
 
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within “Future policy benefits” or “Market risk benefit liabilities” (or “assets,” if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses).”

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

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

March 31,
2025		December 31,
2024
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,463 $4,674 
Obligations of U.S. states and their political subdivisions
2,431 2,224 
Foreign government bonds
108 93 
U.S. corporate securities
11,791 11,440 
Foreign corporate securities
2,978 3,010 
Asset-backed securities
1,853 1,283 
Mortgage-backed securities
13,459 14,144 
Mutual funds:
Equity
85,154 90,180 
Fixed Income
32,508 33,828 
Other
5,822 5,439 
Equity securities
4,759 4,845 
Commercial mortgage and other loans
55 54 
Other invested assets
19,590 19,352 
Short-term investments
1,176 1,137 
Cash and cash equivalents
2,044 1,669 
Total
$188,191 $193,372 

For the periods ended March 31, 2025 and December 31, 2024, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.


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

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

Three Months Ended March 31, 2025
Retirement Strategies
PGIMInstitutionalIndividualGroup InsuranceIndividual LifeTotal
(in millions)
Balance, BOP$28,645 $9,308 $86,974 $25,126 $46,891 $196,944 
Deposits2,211 147 154 11 924 3,447 
Investment performance569 241 (234)511 (1,220)(133)
Policy charges(16)(2)(514)(38)(309)(879)
Surrenders and withdrawals(1,695)(258)(3,662)(9)(280)(5,904)
Benefit payments(910)(128)(28)(60)(153)(1,279)
Net transfers (to) from general account(83)(126)(24)13 (109)(329)
Other(118)78 2 (7)44 (1)
Balance, EOP$28,603 $9,260 $82,668 $25,547 $45,788 $191,866 
Other businesses(1)(3,675)
Total separate account liabilities$188,191 
Cash surrender value(2)$28,603 $9,260 $81,803 $25,452 $42,169 $187,287 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Three Months Ended March 31, 2024
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits
8,411 51 151 160 752 9,525 
Investment performance
(537)(60)4,308 265 3,155 7,131 
Policy charges
(18)(2)(563)(31)(280)(894)
Surrenders and withdrawals
(8,270)(716)(3,354)(8)(240)(12,588)
Benefit payments
(858)(137)(20)(56)(116)(1,187)
Net transfers (to) from general account
(35)(24)6 0 (123)(176)
Other
(456)(49)1 (137)48 (593)
Balance, EOP
$30,885 $10,074 $94,659 $25,214 $42,419 203,251 
Other businesses(1)
(3,187)
Total separate account liabilities
$200,064 
Cash surrender value(2)
$30,885 $10,074 $93,526 $25,157 $38,958 $198,600 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.


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

9. LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

•Benefit Reserves;
•Deferred Profit Liability (“DPL”); and
•Additional Insurance Reserves (“AIR”)

Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Three Months Ended March 31, 2025
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update0 0 0 0 0 
Effect of actual variances from expected experience and other activity22 (62)(303)19 (324)
Adjusted balance, BOP87,093 11,240 48,147 3,005 149,485 
Issuances4,147 201 768 0 5,116 
Net premiums / considerations collected(1,558)(340)(1,893)(80)(3,871)
Interest accrual824 133 368 36 1,361 
Foreign currency adjustment2,777 0 1,264 0 4,041 
Other adjustments0 1 43 0 44 
Balance at original discount rate, EOP93,283 11,235 48,697 2,961 156,176 
Effect of cumulative changes in discount rate assumptions, EOP(16,053)(460)(3,029)(102)(19,644)
Balance, EOP$77,230 $10,775 $45,668 $2,859 $136,532 
Other businesses, EOP93 
Total balance, EOP$136,625 




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

Three Months Ended March 31, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update0 0 0 0 0 
Effect of actual variances from expected experience and other activity0 (70)(337)19 (388)
Adjusted balance, BOP171,666 20,060 152,982 12,745 357,453 
Issuances4,147 201 768 0 5,116 
Interest accrual1,725 238 1,173 153 3,289 
Benefit payments(3,640)(392)(2,208)(87)(6,327)
Foreign currency adjustment2,806 0 4,169 0 6,975 
Other adjustments33 0 105 0 138 
Balance at original discount rate, EOP176,737 20,107 156,989 12,811 366,644 
Effect of cumulative changes in discount rate assumptions, EOP(20,902)(920)(21,001)(1,525)(44,348)
Balance, EOP$155,835 $19,187 $135,988 $11,286 $322,296 
Other businesses, EOP1,686 
Total balance, EOP$323,982 

Three Months Ended March 31, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$78,605 $8,411 $90,320 $8,427 $185,763 
Flooring impact, EOP75 0 41 0 116 
Balance, EOP, post-flooring78,680 8,411 90,361 8,427 185,879 
Less: Reinsurance recoverables
5,050 655 353 0 6,058 
Balance after reinsurance recoverables, EOP, post-flooring
$73,630 $7,756 $90,008 $8,427 $179,821 
Other businesses, EOP(1)1,534 
Total balance after reinsurance recoverables, EOP
$181,355 

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

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update0 0 0 0 0 
Effect of actual variances from expected experience and other activity176 (57)(543)49 (375)
Adjusted balance, BOP83,452 11,445 56,106 3,351 154,354 
Issuances8,799 199 956 0 9,954 
Net premiums / considerations collected(10,124)(345)(2,029)(86)(12,584)
Interest accrual708 134 400 40 1,282 
Foreign currency adjustment(875)0 (1,844)0 (2,719)
Other adjustments0 (1)39 0 38 
Balance at original discount rate, EOP81,960 11,432 53,628 3,305 150,325 
Effect of cumulative changes in discount rate assumptions, EOP(13,442)(443)(1,737)(87)(15,709)
Balance, EOP$68,518 $10,989 $51,891 $3,218 $134,616 
Other businesses, EOP88 
Total balance, EOP$134,704 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update0 0 0 0 0 
Effect of actual variances from expected experience and other activity162 (65)(539)42 (400)
Adjusted balance, BOP 156,048 20,121 166,237 12,784 355,190 
Issuances 8,799 199 956 0 9,954 
Interest accrual 1,493 237 1,200 153 3,083 
Benefit payments (3,114)(404)(2,577)(77)(6,172)
Foreign currency adjustment (886)0 (5,977)0 (6,863)
Other adjustments (48)(4)91 0 39 
Balance at original discount rate, EOP 162,292 20,149 159,930 12,860 355,231 
Effect of cumulative changes in discount rate assumptions, EOP (17,715)(769)(10,925)(1,033)(30,442)
Balance, EOP $144,577 $19,380 $149,005 $11,827 $324,789 
Other businesses, EOP 1,701 
Total balance, EOP $326,490 


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


Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $76,060 $8,391 $97,115 $8,608 $190,174 
Flooring impact, EOP