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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
 
Segments
 
As discussed in Note 1, effective January 1, 2023, AIQ is now included within Corporate and Other operations. Also effective January 1, 2023, Prudential Advisors, which was previously part of the Individual Life segment, is now included within Corporate and Other operations. There are no impacts to the Company's consolidated financial statements from these reporting changes and historical segment results have been updated to conform to the current period presentation.

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 in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above.
 
The PGIM segment provides investment management services and solutions related to public fixed income, public equity, real estate debt and equity, private credit and other alternatives, and multi-asset class strategies, to institutional and retail clients globally, as well as the Company’s general account.

The U.S. Businesses offer a broad range of products and solutions that cover protection, retirement, savings, income and investment needs. The U.S. Businesses are organized into the following segments:

•The Retirement Strategies segment, including the Institutional and Individual Retirement Strategies businesses, respectively provides a broad range of retirement investment and income products and services to retirement plan sponsors in the public, private and not-for-profit sectors, and develops and distributes individual variable and fixed annuity products, primarily to the U.S. mass affluent and affluent markets.
•The Group Insurance segment provides a full range of group life, long-term and short-term group disability, and group corporate-, bank- and trust-owned life insurance in the U.S. primarily to institutional clients for use in connection with employee and membership benefits plans. In addition, the segment sells accidental death and dismemberment and other supplemental health solutions and provides plan administration services in connection with its insurance coverages.
•The Individual Life segment develops and distributes variable life, universal life and term life insurance products primarily to the U.S. mass middle, mass affluent and affluent markets.

The International Businesses develops and distributes life insurance, retirement products, investment products and certain accident and health products with fixed benefits to mass affluent and affluent customers through its Life Planner operations in Japan, Brazil, Argentina and Mexico. Its Gibraltar Life and Other operations also provide similar products, as well as advisory
and administration services to broad middle income and mass affluent customers across Japan, and through joint ventures in Chile, China, India and Indonesia, and strategic investments in Ghana, Kenya and South Africa through multiple distribution channels (including banks, independent agencies and Life Consultants).

The Closed Block division includes certain in-force participating insurance and annuity products and corresponding assets that are used for the payment of benefits, expenses and policyholders’ dividends related to these products, as well as certain related assets and liabilities. In connection with demutualization, the Company ceased offering these participating products. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in the Company’s Corporate and Other operations. See Note 16 for additional information regarding the Closed Block.

Corporate and Other Operations consists primarily of: (1) capital that is not deployed in any business segment; (2) investments not allocated to business segments; (3) capital debt; (4) the Company’s qualified and non-qualified pension and other employee benefit plans, after allocations to business segments; (5) corporate-level activities, after allocations to business segments, including strategic expenditures, acquisition and disposition costs, corporate governance, corporate advertising, philanthropic activities, deferred compensation, and costs related to certain contingencies and legal matters; (6) expenses associated with the multi-year plan of programs that span across the Company’s businesses and the functional areas that support those businesses; (7) certain retained obligations relating to pre-demutualization policyholders; (8) impacts of risk management activities pursuant to the Company’s Risk Appetite Framework; (9) the foreign currency income hedging program used to hedge certain non-U.S. dollar denominated earnings in the International Businesses segment; (10) intercompany arrangements with the International Businesses and PGIM segments to translate certain non-U.S. dollar-denominated earnings at fixed currency exchange rates; (11) Assurance IQ, a wholly-owned consumer solutions distribution platform; (12) Prudential Advisors, Prudential’s proprietary nationwide sales organization; (13) the Company’s share of earnings in Prismic as well as the invested assets supporting the contracts reinsured via coinsurance with funds withheld arrangements and the offsetting funds withheld payable; and (14) transactions with and between other segments, including the elimination of intercompany transactions for consolidation purposes.

Segment Accounting Policies. The accounting policies of the segments are the same as those described in Note 2. Results for each segment include earnings on attributed equity established at a level which management considers necessary to support each segment’s risks. Operating expenses specifically identifiable to a particular segment are allocated to that segment as incurred. Operating expenses not identifiable to a specific segment that are incurred in connection with the generation of segment revenues are generally allocated based upon the segment’s historical percentage of general and administrative expenses.
 
For information related to significant acquisitions and dispositions, see Note 1. For information related to the adoption of new accounting pronouncements, see Note 2. The segments’ results in prior years have been revised for these items, as applicable, to conform to the current year presentation.
 
Adjusted Operating Income
 
The Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of operating joint ventures” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources and, consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of operating joint ventures” for the following items, which are described in greater detail below:
 
•Realized investment gains (losses), net, and related adjustments;
•Charges related to realized investment gains (losses), net;
•Change in value of market risk benefits, net of related hedging gains (losses);
•Market experience updates;
•Divested and Run-off Businesses;
•Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests; and
•Other adjustments.
These items are important to an understanding of overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses.

Realized investment gains (losses), net, and related adjustments
 
Realized investment gains (losses), net
 
Adjusted operating income excludes “Realized investment gains (losses), net,” except for certain items described below. Significant activity excluded from adjusted operating income includes impairments and credit-related gains (losses) from sales of securities, the timing of which depends largely on market credit cycles and can vary considerably across periods, and interest rate-related gains (losses) from sales of securities, which are largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile. Additionally, adjusted operating income excludes realized investment gains (losses) from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset/liability management program related to the risk of those products, as well as from investment performance of invested assets and embedded derivatives associated with certain coinsurance with funds withheld and modified coinsurance reinsurance arrangements.
 
The following table sets forth the significant components of “Realized investment gains (losses), net” that are included in adjusted operating income and, as a result, are reflected as adjustments to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:
 
Year Ended December 31,
 202320222021
 (in millions)
Net gains (losses) from(1):
Terminated hedges of foreign currency earnings$(32)$22 $33 
Current period yield adjustments$467 $515 $526 
Principal source of earnings$1 $245 $96 
__________
(1)In addition to the items in the table above, “Realized investment gains (losses), net, and related charges and adjustments” also includes an adjustment to reflect “Realized investment gains (losses), net” related to Divested and Run-off Businesses. See “Divested and Run-off Businesses” discussed below.

Terminated Hedges of Foreign Currency Earnings. The amounts shown in the table above primarily reflect the impact of an intercompany arrangement between Corporate and Other operations and the International Businesses segment, pursuant to which the non-U.S. dollar-denominated earnings in all countries for a particular year, including its interim reporting periods, are translated at fixed currency exchange rates. The fixed rates are determined in connection with a currency hedging program designed to mitigate the risk that unfavorable rate changes will reduce the segment’s U.S. dollar-equivalent earnings. Pursuant to this program, the Company’s Corporate and Other operations may execute forward currency contracts with third-parties to sell the net exposure of projected earnings from the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these contracts correspond with the future periods in which the identified non-U.S. dollar-denominated earnings are expected to be generated. These contracts do not qualify for hedge accounting under U.S. GAAP, so the resulting profits or losses are recorded in “Realized investment gains (losses), net.” When the contracts are terminated in the same period that the expected earnings emerge, the resulting positive or negative cash flow effect is included in adjusted operating income.
 
Current Period Yield Adjustments. The Company uses interest rate and currency swaps and other derivatives to manage interest and currency exchange rate exposures arising from mismatches between assets and liabilities, including duration mismatches. For derivative contracts that do not qualify for hedge accounting treatment, the periodic swap settlements, as well as certain other derivative related yield adjustments are recorded in “Realized investment gains (losses), net,” and are included in adjusted operating income to reflect the after-hedge yield of the underlying instruments. In certain instances, when these derivative contracts are terminated or offset before their final maturity, the resulting realized gains or losses are recognized in adjusted operating income over periods that generally approximate the expected terms of the derivatives or underlying instruments in order for adjusted operating income to reflect the after-hedge yield of the underlying instruments. Included in the
amounts shown in the table above are gains (losses) on certain derivative contracts that were terminated or offset before their final maturity of $178 million, $100 million and $66 million for the years ended 2023, 2022 and 2021, respectively. As of December 31, 2023, there was a $963 million deferred net gain related to certain derivative contracts that were terminated or offset before their final maturity, primarily within the Individual Retirement Strategies business and International Businesses. Also included in the amounts shown in the table above are fees related to synthetic GICs of $107 million, $113 million and $111 million for the years ended 2023, 2022 and 2021, respectively. Synthetic GICs are accounted for as derivatives under U.S. GAAP and, therefore, these fees are recorded in “Realized investment gains (losses), net.” See Note 5 for additional information regarding synthetic GICs.
 
Principal Source of Earnings. The Company conducts certain activities for which realized investment gains (losses) are a principal source of earnings for its businesses and are therefore included in adjusted operating income, particularly within the Company’s PGIM segment. For example, PGIM’s strategic investing business makes investments for sale or syndication to other investors or for placement or co-investment in the Company’s managed funds and structured products. The realized investment gains (losses) associated with the sale of these strategic investments, as well as the majority of derivative results, are a principal activity for this business and included in adjusted operating income. In addition, the realized investment gains (losses) associated with loans originated by the Company’s commercial mortgage operations, as well as related derivative results and retained mortgage servicing rights, are a principal activity for this business and are therefore included in adjusted operating income.
 
Adjustments related to Realized investment gains (losses), net
 
The following table sets forth certain other items excluded from adjusted operating income and reflected as an adjustment to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:
 
 Year Ended December 31,
 202320222021
 (in millions)
Net gains (losses) from:
Investments carried at fair value through net income$754 $(1,562)$(123)
Foreign currency exchange movements$(123)$286 $30 
Other activities$(37)$(33)$(33)
Investments carried at fair value through net income. The Company has certain investments in its general account portfolios that are carried at fair value with changes in fair value reported in “Other income (loss).” Examples include the Company’s investments in equity securities and fixed maturities designated as trading. Consistent with the exclusion of realized investment gains (losses) with respect to other investments managed on a consistent basis, the net gains or losses on these investments are excluded from adjusted operating income.
 
Foreign Currency Exchange Movements. The Company has certain assets and liabilities for which, under U.S. GAAP, the changes in value, including those associated with changes in foreign currency exchange rates during the period, are recorded in “Other income (loss).” To the extent the foreign currency exposure on these assets and liabilities is economically hedged or considered part of the Company’s capital funding strategies for its international subsidiaries, the change in value included in “Other income (loss)” is excluded from adjusted operating income. The insurance liabilities are supported by investments denominated in corresponding currencies, including a significant portion designated as available-for-sale. While these non-yen denominated assets and liabilities are economically hedged, unrealized gains (losses) on available-for-sale investments, including those arising from foreign currency exchange rate movements, are recorded in AOCI under U.S. GAAP, while the non-yen denominated liabilities are remeasured for foreign currency exchange rate movements, with the related change in value recorded in earnings within “Other income (loss).” Due to this non-economic volatility that has been reflected in U.S. GAAP earnings, the change in value recorded within “Other income (loss)” is excluded from adjusted operating income.

Other Activities. The Company excludes certain other items from adjusted operating income that are consistent with similar adjustments described above.
Charges related to realized investment gains (losses), net
 
Charges that relate to realized investment gains (losses) are also excluded from adjusted operating income, and include the following:
 
•Policyholder dividends and interest credited to policyholders’ account balances that relate to certain life policies that pass back certain realized investment gains (losses) to the policyholder, and reserves for future policy benefits for certain policies that are affected by net realized investment gains (losses); and
•Market value adjustments paid or received upon a contractholder’s surrender of certain of the Company’s annuity products as these amounts mitigate the net realized investment gains or losses incurred upon the disposition of the underlying invested assets.

Change in value of market risk benefits, net of related hedging gains (losses)

The Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. In order to enhance the understanding of underlying performance trends, the Company excludes from adjusted operating income “Change in value of market risk benefits, net of related hedging gains (losses),” which reflects the impact from changes in current market conditions. See Note 2 for additional information regarding market risk benefits.

Market experience updates

“Market experience updates” represent the immediate impacts from changes in current market conditions on estimates of profitability and the impact of those changes on reserves, primarily related to variable and universal life products. These amounts are excluded from adjusted operating income, which the Company believes enhances the understanding of underlying performance trends.
 
Divested and Run-off Businesses
 
The contribution to income (loss) of Divested and Run-off Businesses that have been or will be sold or exited, including businesses that have been placed in wind down, but that did not qualify for “discontinued operations” accounting treatment under U.S. GAAP, are excluded from adjusted operating income as the results of Divested and Run-off Businesses are not considered relevant to understanding the Company’s ongoing operating results.
 
The Closed Block division is accounted for as a divested business because it consists primarily of certain participating insurance and annuity products that the Company ceased selling at demutualization in 2001. See Note 16 for additional information regarding the Closed Block.

Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests
 
Equity in earnings of operating joint ventures, on a pre-tax basis, are included in adjusted operating income as these results are a principal source of earnings. These earnings are reflected on a U.S. GAAP basis on an after-tax basis as a separate line on the Company’s Consolidated Statements of Operations.
 
Earnings attributable to noncontrolling interests are excluded from adjusted operating income. Earnings attributable to noncontrolling interests represents the portion of earnings from consolidated entities that relates to the equity interests of minority investors, and are reflected on a U.S. GAAP basis as a separate line on the Company’s Consolidated Statements of Operations.

Other adjustments
 
“Other adjustments” represents all other adjustments that are excluded from adjusted operating income. These primarily include charges related to the impairment of goodwill, as well as certain components of the consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, and changes in the fair value of contingent consideration.
Reconciliation of adjusted operating income to net income (loss)

The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of operating joint ventures”:

 
Year Ended December 31,
 202320222021
(in millions)
Adjusted operating income before income taxes by segment:
PGIM$713 $843 $1,643 
U.S. Businesses:
Institutional Retirement Strategies1,695 1,547 2,132 
Individual Retirement Strategies1,873 2,982 1,819 
Retirement Strategies(1)3,568 4,529 3,951 
Group Insurance319 (16)(453)
Individual Life(1)
(95)(1,802)169 
Total U.S. Businesses3,792 2,711 3,667 
International Businesses:
Life Planner
2,000 1,944 1,982 
Gibraltar Life and Other
1,183 1,261 1,750 
Total International Businesses
3,183 3,205 3,732 
Corporate and Other(2,172)(1,677)(1,810)
Total segment adjusted operating income before income taxes5,516 5,082 7,232 
Reconciling items:
Realized investment gains (losses), net, and related adjustments(2,915)(6,108)320 
Charges related to realized investment gains (losses), net342 (218)(60)
Change in value of market risk benefits, net of related hedging gains (losses)56 (443)3,562 
Market experience updates110 642 20 
Divested and Run-off Businesses:
Closed Block division(100)(18)158 
Other Divested and Run-off Businesses349 146 769 
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests(68)(36)(54)
Other adjustments(2)(218)(939)(1,112)
Consolidated income (loss) before income taxes and equity in earnings of operating joint ventures$3,072 $(1,892)$10,835 
__________
(1)The Retirement Strategies and Individual Life segments’ results reflect DAC as if the 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.
(2)Includes goodwill impairments of $177 million, $903 million and $1,060 million recorded in the fourth quarters of 2023, 2022 and 2021, respectively, related to Assurance IQ. See Note 2 and Note 10 for additional information.
Reconciliation of select financial information
 
The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues, and benefits and expenses by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Consolidated Financial Statements.
 
As of December 31,
20232022
(in millions)
Assets by segment:
PGIM$42,064 $48,364 
U.S. Businesses:
Institutional Retirement Strategies111,308 108,565 
Individual Retirement Strategies139,934 130,173 
Retirement Strategies251,242 238,738 
Group Insurance39,214 38,201 
Individual Life116,449 102,445 
Total U.S. Businesses406,905 379,384 
International Businesses:
Life Planner
81,164 78,010 
Gibraltar Life and Other
110,060 108,781 
Total International Businesses
191,224 186,791 
Corporate and Other29,842 23,556 
Closed Block division51,088 50,934 
Total assets per Consolidated Statements of Financial Position$721,123 $689,029 
 Year Ended December 31, 2023
Revenues, and benefits and expenses on an adjusted operating income basis by segmentTotal RevenuesNet
Investment
Income		Total Benefits and ExpensesPolicyholders’
Benefits		Interest
Credited to
Policyholders’
Account
Balances		Dividends to
Policyholders		Interest
Expense		Amortization
of DAC
(in millions)
PGIM$3,638 $268 $2,925 $0 $0 $0 $113 $2 
U.S. Businesses:
Institutional Retirement Strategies11,030 4,180 9,335 8,759 552 0 1 16 
Individual Retirement Strategies4,517 1,454 2,644 134 490 0 72 349 
Retirement Strategies15,547 5,634 11,979 8,893 1,042 0 73 365 
Group Insurance6,285 512 5,966 4,703 166 0 8 9 
Individual Life6,274 2,860 6,369 3,295 912 35 898 456 
Total U.S. Businesses28,106 9,006 24,314 16,891 2,120 35 979 830 
International Businesses:
Life Planner9,596 2,351 7,596 5,841 243 0 (3)306 
Gibraltar Life and Other9,086 2,938 7,903 5,216 700 25 26 316 
Total International Businesses
18,682 5,289 15,499 11,057 943 25 23 622 
Corporate and Other(1)
468 734 2,640 (11)113 0 651 (37)
Total revenues, and benefits and expenses on an adjusted operating income basis50,894 15,297 45,378 27,937 3,176 60 1,766 1,417 
Reconciling items:
Realized investment gains (losses), net, and related adjustments(2,333)(18)582 84 498 0 0 0 
Charges related to realized investment gains (losses), net(2)
237 0 (105)(189)3 0 0 29 
Change in value of market risk benefits, net of related hedging gains (losses)56 0 0 0 0 0 0 0 
Market experience updates67 0 (43)(2)0 0 0 0 
Divested and Run-off Businesses:
Closed Block division3,666 1,959 3,766 2,354 118 1,008 0 13 
Other Divested and Run-off Businesses1,477 627 1,128 747 188 1 (4)0 
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests(85)0 (17)0 0 0 0 0 
Other adjustments0 0 218 0 0 0 0 0 
Total revenue, and benefits and expenses per Consolidated Statements of Operations$53,979 $17,865 $50,907 $30,931 $3,983 $1,069 $1,762 $1,459 
 Year Ended December 31, 2022
Revenues, and benefits and expenses on an adjusted operating income basis by segmentTotal RevenuesNet
Investment
Income		Total Benefits and ExpensesPolicyholders’
Benefits		Interest
Credited to
Policyholders’
Account
Balances		Dividends to
Policyholders		Interest
Expense		Amortization
of DAC
(in millions)
PGIM$3,622 $94 $2,779 $0 $0 $0 $57 $3 
U.S. Businesses:
Institutional Retirement Strategies19,116 3,653 17,569 17,476 394 0 15 11 
Individual Retirement Strategies5,470 918 2,488 149 314 0 (55)362 
Retirement Strategies24,586 4,571 20,057 17,625 708 0 (40)373 
Group Insurance6,115 479 6,131 4,914 153 0 4 2 
Individual Life5,786 2,467 7,588 3,290 926 34 810 446 
Total U.S. Businesses36,487 7,517 33,776 25,829 1,787 34 774 821 
International Businesses:
Life Planner9,541 2,119 7,597 5,992 183 0 18 296 
Gibraltar Life and Other9,470 2,847 8,209 5,735 555 47 17 300 
Total International Businesses19,011 4,966 15,806 11,727 738 47 35 596 
Corporate and Other(1)425 607 2,102 0 137 0 723 (39)
Total revenues, and benefits and expenses on an adjusted operating income basis59,545 13,184 54,463 37,556 2,662 81 1,589 1,381 
Reconciling items:
Realized investment gains (losses), net, and related adjustments(6,204)(23)(96)95 (191)0 0 0 
Charges related to realized investment gains (losses), net(2)
120 0 338 112 35 0 0 37 
Change in value of market risk benefits, net of related hedging gains (losses)(443)0 0 0 0 0 0 0 
Market experience updates161 0 (481)(6)0 0 0 0 
Divested and Run-off Businesses:
Closed Block division2,958 1,976 2,976 2,428 121 115 9 14 
Other Divested and Run-off Businesses742 900 596 631 (434)2 (2)1 
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests2 0 38 0 0 0 0 0 
Other adjustments0 0 939 0 0 0 0 0 
Total revenue, and benefits and expenses per Consolidated Statements of Operations$56,881 $16,037 $58,773 $40,816 $2,193 $198 $1,596 $1,433 
 Year Ended December 31, 2021
Revenues, and benefits and expenses on an adjusted operating income basis by segmentTotal RevenuesNet
Investment
Income		Total Benefits and ExpensesPolicyholders’
Benefits		Interest
Credited to
Policyholders’
Account
Balances		Dividends to
Policyholders		Interest
Expense		Amortization
of DAC
(in millions)
PGIM$4,493 $157 $2,850 $0 $0 $0 $25 $6 
U.S. Businesses:
Institutional Retirement Strategies15,541 3,921 13,409 12,995 356 0 14 16 
Individual Retirement Strategies4,460 925 2,641 141 318 0 18 365 
Retirement Strategies20,001 4,846 16,050 13,136 674 0 32 381 
Group Insurance6,219 538 6,672 5,478 171 0 3 9 
Individual Life6,170 2,549 6,001 2,966 871 35 753 446 
Total U.S. Businesses32,390 7,933 28,723 21,580 1,716 35 788 836 
International Businesses:
Life Planner10,169 2,244 8,187 6,562 190 0 4 306 
Gibraltar Life and Other10,717 3,159 8,967 6,361 605 47 2 310 
Total International Businesses20,886 5,403 17,154 12,923 795 47 6 616 
Corporate and Other(1)463 667 2,273 (24)135 0 655 (38)
Total revenues, and benefits and expenses on an adjusted operating income basis58,232 14,160 51,000 34,479 2,646 82 1,474 1,420 
Reconciling items:
Realized investment gains (losses), net, and related adjustments755 (40)435 69 366 0 0 0 
Charges related to realized investment gains (losses), net(2)
(9)0 51 (13)24 0 0 42 
Change in value of market risk benefits, net of related hedging gains (losses)3,562 0 0 0 0 0 0 0 
Market experience updates(8)0 (28)(10)0 0 0 0 
Divested and Run-off Businesses:
Closed Block division5,947 2,500 5,789 2,547 125 2,793 0 14 
Other Divested and Run-off Businesses2,877 1,667 2,108 919 270 (1)4 6 
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests(109)0 (55)0 0 0 0 0 
Other adjustments0 0 1,112 0 0 0 0 0 
Total revenue, and benefits and expenses per Consolidated Statements of Operations$71,247 $18,287 $60,412 $37,991 $3,431 $2,874 $1,478 $1,482 
__________
(1)Corporate and Other operations, through AIQ and Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third-parties.
(2)As a result of the adoption of ASU 2018-12, “Charges related to realized investment gains (losses),” no longer includes the current period impact of net realized investment gains (losses) on the amortization of DAC. Amounts above reflect amortization of historical DAC balances related to realized investment gains (losses) prior to the adoption of the ASU.
Revenues, calculated in accordance with U.S. GAAP, for the years ended December 31, include the following by geographic location that are 10 percent or more of the Company’s total consolidated revenue:
202320222021
 (in millions)
United States
$31,031 $36,826 $46,580 
Japan15,538 14,599 17,818 
Other countries
7,410 5,456 6,849 
Total PFI consolidated revenue
$53,979 $56,881 $71,247 
 
Intersegment revenues

Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, for the years ended December 31, as follows:

202320222021
 (in millions)
PGIM segment intersegment revenues$796 $822 $939 
 
Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives.

Asset management and service fees

The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:

202320222021
 (in millions)
Asset-based management fees
$3,169 $3,434 $4,111 
Performance-based incentive fees
45 84 147 
Other fees
503 544 643 
Total asset management and service fees$3,717 $4,062 $4,901