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v3.21.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of operating joint ventures”:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020(1)
Adjusted operating income before income taxes by segment: |  |  |  |  | (in millions)
PGIM |  |  |  |  | $ | 651 |  |  | $ | 164 |
U.S. Businesses: |  |  |  |  |  |  |
Retirement |  |  |  |  | 623 |  |  | 245 |
Group Insurance |  |  |  |  | (132) |  |  | 44 |
Individual Annuities(2) |  |  |  |  | 444 |  |  | 373 |
Individual Life |  |  |  |  | (44) |  |  | (20) |
Assurance IQ |  |  |  |  | (39) |  |  | (23) |
Total U.S. Businesses |  |  |  |  | 852 |  |  | 619 |
International Businesses |  |  |  |  | 871 |  |  | 696 |
Corporate and Other |  |  |  |  | (286) |  |  | (342) |
Total segment adjusted operating income before income taxes |  |  |  |  | 2,088 |  |  | 1,137 |
Reconciling items: |  |  |  |  |  |  |
Realized investment gains (losses), net, and related adjustments |  |  |  |  | 1,264 |  |  | 299 |
Charges related to realized investment gains (losses), net |  |  |  |  | (239) |  |  | (802) |
Market experience updates |  |  |  |  | 304 |  |  | (938) |
Divested and Run-off Businesses: |  |  |  |  |  |  |
Closed Block division |  |  |  |  | 34 |  |  | (1) |
Other Divested and Run-off Businesses |  |  |  |  | 30 |  |  | (69) |
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests |  |  |  |  | (54) |  |  | (9) |
Other adjustments(3) |  |  |  |  | (13) |  |  | 45 |
Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements |  |  |  |  | $ | 3,414 |  |  | $ | (338) |
________ (1)Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its anticipated sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information. (2)Individual Annuities segment results reflect DAC as if the Individual Annuities business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. (3)Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.
Reconciliation of Certain Financial Information from Segments to Consolidated | The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Consolidated Financial Statements.
| March 31, 2021 |  | December 31, 2020
Assets by segment: | (in millions)
PGIM | $ | 47,460 |  |  | $ | 48,680 |
U.S. Businesses: |  |  |
Retirement | 208,679 |  |  | 213,726 |
Group Insurance | 43,685 |  |  | 45,601 |
Individual Annuities | 192,342 |  |  | 200,718 |
Individual Life | 109,541 |  |  | 110,953 |
Assurance IQ | 2,697 |  |  | 2,703 |
Total U.S. Businesses | 556,944 |  |  | 573,701 |
International Businesses | 219,600 |  |  | 231,128 |
Corporate and Other | 23,786 |  |  | 25,124 |
Closed Block division | 59,490 |  |  | 62,089 |
Total assets per Unaudited Interim Consolidated Financial Statements | $ | 907,280 |  |  | $ | 940,722 |
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020(1)
Revenues on an adjusted operating income basis: |  |  |  |  | (in millions)
PGIM |  |  |  |  | $ | 1,314 |  |  | $ | 778 |
U.S. Businesses: |  |  |  |  |  |  |
Retirement |  |  |  |  | 2,591 |  |  | 2,437 |
Group Insurance |  |  |  |  | 1,556 |  |  | 1,424 |
Individual Annuities |  |  |  |  | 1,199 |  |  | 1,148 |
Individual Life |  |  |  |  | 1,635 |  |  | 1,530 |
Assurance IQ |  |  |  |  | 108 |  |  | 60 |
Total U.S. Businesses |  |  |  |  | 7,089 |  |  | 6,599 |
International Businesses |  |  |  |  | 5,931 |  |  | 5,636 |
Corporate and Other |  |  |  |  | (119) |  |  | (205) |
Total revenues on an adjusted operating income basis |  |  |  |  | 14,215 |  |  | 12,808 |
Reconciling items: |  |  |  |  |  |  |
Realized investment gains (losses), net, and related adjustments |  |  |  |  | 1,004 |  |  | (364) |
Charges related to realized investment gains (losses), net |  |  |  |  | (76) |  |  | (61) |
Market experience updates |  |  |  |  | 101 |  |  | (334) |
Divested and Run-off Businesses: |  |  |  |  |  |  |
Closed Block division |  |  |  |  | 1,365 |  |  | 677 |
Other Divested and Run-off Businesses |  |  |  |  | 371 |  |  | 692 |
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests |  |  |  |  | (28) |  |  | (12) |
Other adjustments(2) |  |  |  |  | 0 |  |  | 58 |
Total revenues per Unaudited Interim Consolidated Financial Statements |  |  |  |  | $ | 16,952 |  |  | $ | 13,464 |
__________ (1)Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its anticipated sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information. (2)Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.
Schedule of Intersegment Revenues | The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | (in millions)
PGIM segment intersegment revenues |  |  |  |  | $ | 223 |  |  | $ | 217 |
Schedule of Asset Management and Service Fees | The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | (in millions)
Asset-based management fees |  |  |  |  | $ | 994 |  |  | $ | 875 |
Performance-based incentive fees |  |  |  |  | 27 |  |  | 14 |
Other fees |  |  |  |  | 155 |  |  | 144 |
Total asset management and service fees |  |  |  |  | $ | 1,176 |  |  | $ | 1,033 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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