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Consolidated Statements of Financial Position - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2023-$160; 2022-$138) (amortized cost: 2023-$334,598; 2022-$335,447) [1] $ 316,321 $ 307,719
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses (allowance for credit losses: 2023-$0; 2022-$2) (fair value: 2023-$0; 2022-$1,455)(1) [1] 0 1,296
Fixed maturities, trading, at fair value (amortized cost: 2023-$10,624; 2022-$7,303) [1] 9,790 5,951
Assets supporting experience-rated contractholder liabilities, at fair value 3,168 2,844
Equity securities, at fair value (cost: 2023-$5,786; 2022-$5,306) [1] 8,242 7,150
Commercial mortgage and other loans [1] 59,305 56,745
Policy loans 10,047 10,046
Other invested assets (net of $1 and $1 allowance for credit losses; includes $6,074 and $5,682 of assets measured at fair value at December 31, 2023 and 2022, respectively) [1] 22,855 21,099
Short-term investments (net of allowance for credit losses: 2023-$0; 2022-$6) 5,005 4,591
Total investments 434,733 417,441
Cash and cash equivalents [1] 19,419 17,251
Accrued investment income [1] 3,287 3,012
Deferred policy acquisition cost 20,856 20,546 [2]
Value of business acquired 530 621 [2]
Market risk benefit assets 1,981 800 [2]
Reinsurance recoverables and deposit receivables (net of $12 and $15 allowance for credit losses; includes $149 and $38 of embedded derivatives at fair value at December 31, 2023 and 2022, respectively) 27,311 [3] 18,993 [2],[4]
Income Tax Assets 939 0
Other assets (net of $3 and $11 allowance for credit losses; includes $11 and $11 of assets at fair value at December 31, 2023 and 2022, respectively) [1] 13,179 [3] 12,686 [2],[4]
Separate account assets 198,888 197,679
TOTAL ASSETS 721,123 689,029
LIABILITIES    
Balance, EOP, post-flooring 273,281 261,773 [2]
Policyholders' account balances 147,018 135,624 [2]
Market risk benefit liabilities 5,467 5,864 [2]
Policyholder's dividends 1,475 694
Securities sold under agreements to repurchase 6,056 6,589
Cash collateral for loaned securities 6,477 6,100
Reinsurance and funds withheld payables (includes $490 and $(31) of embedded derivatives at fair value at December 31, 2023 and 2022, respectively) 15,729 [3] 5,733 [2],[4]
Income tax Liabilities 0 277 [2]
Short-term debt 618 775
Long-term debt 18,882 19,908
Other liabilities (includes $15 and $18 allowance for credit losses and $4,175 and $3,056 of derivatives at fair value at December 31, 2023 and 2022, respectively) [1] 16,071 15,720 [2],[4]
Notes issued by consolidated variable interest entities (includes $778 and $0 measured at fair value under the fair value option at December 31, 2023 and 2022, respectively) [1] 1,374 374
Separate account liabilities 198,888 197,679
Total liabilities 691,336 657,110
COMMITMENTS AND CONTINGENT LIABILITIES
Redeemable noncontrolling interests 524 371 [4]
Total mezzanine equity 524 371
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 December 31, 2023 and 2022) 6 6
Additional paid-in capital 25,746 25,747
Common Stock held in treasury, at cost (307,089,216 and 300,342,458 shares at December 31, 2023 and 2022, respectively) (23,780) (23,068)
Accumulated other comprehensive income (loss) (6,504) [3] (3,806) [2]
Retained Earnings 32,352 31,714 [2],[3]
Total Prudential Financial, Inc. equity 27,820 30,593
Noncontrolling Interests 1,443 955
Total equity 29,263 31,548 [5]
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 721,123 $ 689,029
[1] See Note 4 for details of balances associated with variable interest entities.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[3] See Note 24 for additional information regarding related party transactions.
[4] Prior period amounts have been reclassified to conform to current period presentation.
[5] Prior period amounts adjusted for the adoption of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.