v3.25.2
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest $ 740 $ 1,415 $ 1,660 $ 2,805
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) [1] 6,982 7,820 13,982 23,357
Insurance Commissions and Fees 1,249 1,085 2,406 2,141
Net Investment Income 5,226 4,849 10,356 9,613
Asset management fees, commissions and other income 269 1,129 452 3,281
Revenues 13,726 14,883 27,196 38,392
Policyholders’ benefits [1] 8,181 8,864 16,321 25,458
Interest credited to policyholders’ account balances 1,138 1,102 1,963 2,385
Amortization of deferred policy acquisition costs [1] 407 375 814 750
Total benefits and expenses 12,986 13,468 25,536 35,587
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 1,665 1,560 3,185 2,995
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 6,426 7,277 12,872 22,283
Insurance Commissions and Fees 1,070 1,061 2,178 2,117
Net Investment Income 4,600 4,218 9,119 8,338
Asset management fees, commissions and other income 1,410 1,293 2,749 2,817
Revenues 13,506 13,849 26,918 35,555
Policyholders’ benefits 7,185 8,123 14,512 23,882
Interest credited to policyholders’ account balances 1,135 952 2,218 1,854
Interest expense 526 480 1,048 1,009
Capitalization (689) (614) (1,373) (1,261)
Amortization of deferred policy acquisition costs 392 363 768 725
Operating Expenses 1,634 1,511 3,258 3,343
Variable Expenses 1,548 1,489 3,189 2,993
Other Expenses 110 15 113 15
Total benefits and expenses 11,841 12,289 23,733 32,560
Segment Reconciling Items, Realized Investment Gains (Losses) And Related Charges And Adjustments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (516) 175 (762) 112
Segment Reconciling Items, Change In Value Of Market Risk Benefits, Net Of Related Hedging Gains (Losses) [Member]        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (426) (297) (777) (174)
Segment Reconciling Items, Market Experience Updates [Member]        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 42 47 81 15
Segment Reconciling Items, Closed Block Division        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (18) (60) (40) (63)
Segment Reconciling Items, Other Divested And Run-Off Business        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 12 38 (39) 3
Segment Reconciling Items, Operating Joint Ventures And Noncontrolling Interests        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (18) (43) (15) (70)
Other adjustments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (1) (5) 27 (13)
Total Reconciling Items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (925) (145) (1,525) (190)
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 556 543 1,110 1,074
Insurance Commissions and Fees 179 24 228 24
Net Investment Income 626 631 1,237 1,275
Asset management fees, commissions and other income (1,141) (164) (2,297) 464
Revenues 220 1,034 278 2,837
International Businesses        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Interest credited to policyholders’ account balances     686 1,068
Capitalization     (603) (561)
Amortization of deferred policy acquisition costs     344 334
Corporate and Other | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (280) (371) (695) (806)
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) (7) (7) (16) (9)
Insurance Commissions and Fees (15) (14) (30) (28)
Net Investment Income 330 286 660 559
Asset management fees, commissions and other income (252) (301) (575) (528)
Revenues 56 (36) 39 (6)
Policyholders’ benefits (1) (7) (9) (12)
Interest credited to policyholders’ account balances 12 21 24 43
Interest expense 215 174 422 347
Capitalization 39 56 72 73
Amortization of deferred policy acquisition costs (15) (10) (31) (20)
Operating Expenses 107 133 262 438
Variable Expenses (21) (32) (6) (69)
Other Expenses 0 0 0 0
Total benefits and expenses 336 335 734 800
PGIM Division | PGIM | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 229 206 385 375
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 0 0 0 0
Insurance Commissions and Fees 0 0 0 0
Net Investment Income 59 14 79 (29)
Asset management fees, commissions and other income 984 949 1,949 1,982
Revenues 1,043 963 2,028 1,953
Policyholders’ benefits 0 0 0 0
Interest credited to policyholders’ account balances 0 0 0 0
Interest expense 24 26 45 50
Capitalization 0 0 0 (1)
Amortization of deferred policy acquisition costs 0 0 0 1
Operating Expenses 477 445 981 939
Variable Expenses 313 286 617 589
Other Expenses 0 0 0 0
Total benefits and expenses 814 757 1,643 1,578
U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 326 439 790 879
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 17 11 37 39
Insurance Commissions and Fees 273 312 563 618
Net Investment Income 682 496 1,311 940
Asset management fees, commissions and other income 349 435 748 878
Revenues 1,321 1,254 2,659 2,475
Policyholders’ benefits 127 39 157 79
Interest credited to policyholders’ account balances 355 245 680 446
Interest expense 12 19 25 33
Capitalization (173) (164) (355) (314)
Amortization of deferred policy acquisition costs 118 98 227 191
Operating Expenses 160 142 304 287
Variable Expenses 395 448 824 872
Other Expenses 1 (12) 7 2
Total benefits and expenses 995 815 1,869 1,596
U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 396 550 808 991
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 2,126 2,758 3,871 13,055
Insurance Commissions and Fees 5 8 12 14
Net Investment Income 1,248 1,142 2,491 2,234
Asset management fees, commissions and other income 128 133 238 276
Revenues 3,507 4,041 6,612 15,579
Policyholders’ benefits 2,707 3,718 5,144 14,576
Interest credited to policyholders’ account balances 188 153 370 307
Interest expense 15 9 32 26
Capitalization (34) (15) (61) (34)
Amortization of deferred policy acquisition costs 4 2 10 4
Operating Expenses 68 60 139 123
Variable Expenses 39 20 71 45
Other Expenses 124 (456) 99 (459)
Total benefits and expenses 3,111 3,491 5,804 14,588
U.S. Businesses Division | Group Insurance | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 125 121 214 166
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 1,349 1,272 2,745 2,570
Insurance Commissions and Fees 184 165 381 340
Net Investment Income 133 128 267 264
Asset management fees, commissions and other income 21 21 42 46
Revenues 1,687 1,586 3,435 3,220
Policyholders’ benefits 1,230 1,140 2,526 2,389
Interest credited to policyholders’ account balances 32 36 67 76
Interest expense 5 4 10 6
Capitalization (4) (4) (4) (10)
Amortization of deferred policy acquisition costs 4 2 6 3
Operating Expenses 186 185 380 371
Variable Expenses 109 102 236 219
Other Expenses 0 0 0 0
Total benefits and expenses 1,562 1,465 3,221 3,054
U.S. Businesses Division | Individual Life | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 108 (87) 74 (208)
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 232 241 469 487
Insurance Commissions and Fees 531 510 1,072 1,013
Net Investment Income 697 762 1,391 1,568
Asset management fees, commissions and other income 33 16 76 41
Revenues 1,493 1,529 3,008 3,109
Policyholders’ benefits 677 787 1,468 1,637
Interest credited to policyholders’ account balances 179 209 361 415
Interest expense 254 250 514 550
Capitalization (220) (219) (422) (414)
Amortization of deferred policy acquisition costs 107 110 217 226
Operating Expenses 169 118 289 301
Variable Expenses 267 266 538 517
Other Expenses (48) 95 (31) 85
Total benefits and expenses 1,385 1,616 2,934 3,317
International Businesses | International Businesses | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 761 702 1,609 1,598
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 2,709 3,002 5,766 6,141
Insurance Commissions and Fees 92 80 180 160
Net Investment Income 1,451 1,390 2,920 2,802
Asset management fees, commissions and other income 147 40 271 122
Revenues 4,399 4,512 9,137 9,225
Policyholders’ benefits 2,445 2,446 5,226 5,213
Interest credited to policyholders’ account balances 369 288 716 567
Interest expense 1 (2) 0 (3)
Capitalization (297) (268) (603) (561)
Amortization of deferred policy acquisition costs 174 161 339 320
Operating Expenses 467 428 903 884
Variable Expenses 446 399 909 820
Other Expenses 33 358 38 387
Total benefits and expenses $ 3,638 $ 3,810 $ 7,528 $ 7,627
[1] See Note 20 for additional information regarding related party transactions.