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Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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,
			2023						2022						2021
			(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.

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,
			2023						2022						2021
			(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)

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,
			2023						2022						2021
			(in millions)
Adjusted operating income before income taxes by segment:
PGIM			$	713					$	843					$	1,643
U.S. Businesses:
Institutional Retirement Strategies			1,695						1,547						2,132
Individual Retirement Strategies			1,873						2,982						1,819
Retirement Strategies(1)			3,568						4,529						3,951
Group Insurance			319						(16)						(453)
Individual Life(1)			(95)						(1,802)						169
Total U.S. Businesses			3,792						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 taxes			5,516						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), net			342						(218)						(60)
Change in value of market risk benefits, net of related hedging gains (losses)			56						(443)						3,562
Market experience updates			110						642						20
Divested and Run-off Businesses:
Closed Block division			(100)						(18)						158
Other Divested and Run-off Businesses			349						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.

Schedule of Segment Reporting Information, by Segment

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,
			2023						2022
			(in millions)
Assets by segment:
PGIM			$	42,064					$	48,364
U.S. Businesses:
Institutional Retirement Strategies			111,308						108,565
Individual Retirement Strategies			139,934						130,173
Retirement Strategies			251,242						238,738
Group Insurance			39,214						38,201
Individual Life			116,449						102,445
Total U.S. Businesses			406,905						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 Other			29,842						23,556
Closed Block division			51,088						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 segment			Total Revenues						Net Investment Income						Total Benefits and Expenses						Policyholders’ 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 Strategies			11,030						4,180						9,335						8,759						552						0						1						16
Individual Retirement Strategies			4,517						1,454						2,644						134						490						0						72						349
Retirement Strategies			15,547						5,634						11,979						8,893						1,042						0						73						365
Group Insurance			6,285						512						5,966						4,703						166						0						8						9
Individual Life			6,274						2,860						6,369						3,295						912						35						898						456
Total U.S. Businesses			28,106						9,006						24,314						16,891						2,120						35						979						830
International Businesses:
Life Planner			9,596						2,351						7,596						5,841						243						0						(3)						306
Gibraltar Life and Other			9,086						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 basis			50,894						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 updates			67						0						(43)						(2)						0						0						0						0
Divested and Run-off Businesses:
Closed Block division			3,666						1,959						3,766						2,354						118						1,008						0						13
Other Divested and Run-off Businesses			1,477						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 adjustments			0						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 segment			Total Revenues						Net Investment Income						Total Benefits and Expenses						Policyholders’ 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 Strategies			19,116						3,653						17,569						17,476						394						0						15						11
Individual Retirement Strategies			5,470						918						2,488						149						314						0						(55)						362
Retirement Strategies			24,586						4,571						20,057						17,625						708						0						(40)						373
Group Insurance			6,115						479						6,131						4,914						153						0						4						2
Individual Life			5,786						2,467						7,588						3,290						926						34						810						446
Total U.S. Businesses			36,487						7,517						33,776						25,829						1,787						34						774						821
International Businesses:
Life Planner			9,541						2,119						7,597						5,992						183						0						18						296
Gibraltar Life and Other			9,470						2,847						8,209						5,735						555						47						17						300
Total International Businesses			19,011						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 basis			59,545						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 updates			161						0						(481)						(6)						0						0						0						0
Divested and Run-off Businesses:
Closed Block division			2,958						1,976						2,976						2,428						121						115						9						14
Other Divested and Run-off Businesses			742						900						596						631						(434)						2						(2)						1
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests			2						0						38						0						0						0						0						0
Other adjustments			0						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 segment			Total Revenues						Net Investment Income						Total Benefits and Expenses						Policyholders’ 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 Strategies			15,541						3,921						13,409						12,995						356						0						14						16
Individual Retirement Strategies			4,460						925						2,641						141						318						0						18						365
Retirement Strategies			20,001						4,846						16,050						13,136						674						0						32						381
Group Insurance			6,219						538						6,672						5,478						171						0						3						9
Individual Life			6,170						2,549						6,001						2,966						871						35						753						446
Total U.S. Businesses			32,390						7,933						28,723						21,580						1,716						35						788						836
International Businesses:
Life Planner			10,169						2,244						8,187						6,562						190						0						4						306
Gibraltar Life and Other			10,717						3,159						8,967						6,361						605						47						2						310
Total International Businesses			20,886						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 basis			58,232						14,160						51,000						34,479						2,646						82						1,474						1,420
Reconciling items:
Realized investment gains (losses), net, and related adjustments			755						(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 division			5,947						2,500						5,789						2,547						125						2,793						0						14
Other Divested and Run-off Businesses			2,877						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 adjustments			0						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.

Schedule Of Revenues From Domestic And Foreign Operations

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:

			2023						2022						2021
			(in millions)
United States			$	31,031					$	36,826					$	46,580
Japan			15,538						14,599						17,818
Other countries			7,410						5,456						6,849
Total PFI consolidated revenue			$	53,979					$	56,881					$	71,247

Schedule Of Intersegment Revenues

The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, for the years ended December 31, as follows:

			2023						2022						2021
			(in millions)
PGIM segment intersegment revenues			$	796					$	822					$	939

Schedule of Asset Mgmt and Service Fees

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

			2023						2022						2021
			(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

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