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Segment Information (Tables)

3 Months Ended

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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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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