v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Equity EQUITY
 
The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:

 Common Stock
 IssuedHeld In
Treasury		Outstanding
 (in millions)
Balance, December 31, 2024666.3 311.7 354.6 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 4.6 (4.6)
Stock-based compensation programs(1)0.0 (1.9)1.9 
Balance, June 30, 2025666.3 314.4 351.9 
__________ 
(1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.

In December 2024, Prudential Financial’s Board of Directors (the “Board”) authorized the Company to repurchase at management’s discretion up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2025 through December 31, 2025. As of June 30, 2025, 4.6 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $500 million.

The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and such repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended. Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including, but not limited to: compliance with laws, increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions.

Dividends declared per share of Common Stock are as follows for the periods indicated:

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Dividends declared per share of Common Stock$1.35 $1.30 $2.70 $2.60 
Accumulated Other Comprehensive Income (Loss)
 
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Comprehensive Income. The balance of and changes in each component of AOCI as of and for the six months ended June 30, 2025 and 2024, are as follows:

 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
 Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2024$(3,615)$(18,687)$17,306 $532 $(2,247)$(6,711)
Change in OCI before reclassifications806 (2,132)3,983 172 (5)2,824 
Amounts reclassified from AOCI(20)511 0 0 13 504 
Income tax benefit (expense)80 604 (1,187)(36)1 (538)
Balance, June 30, 2025$(2,749)$(19,704)$20,102 $668 $(2,238)$(3,921)

 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2023$(2,686)$(11,213)$8,547 $900 $(2,052)$(6,504)
Change in OCI before reclassifications(827)(10,584)10,351 (196)11 (1,245)
Amounts reclassified from AOCI(20)467 0 0 14 461 
Income tax benefit (expense)(81)2,526 (2,606)42 (37)(156)
Balance, June 30, 2024$(3,614)$(18,804)$16,292 $746 $(2,064)$(7,444)
__________
(1)Includes cash flow hedges of $(597) million and $1,780 million as of June 30, 2025 and December 31, 2024, respectively, and $1,499 million and $869 million as of June 30, 2024 and December 31, 2023, respectively, and fair value hedges of $(168) million and $(64) million as of June 30, 2025 and December 31, 2024, respectively, and $(70) million and $(60) million as of June 30, 2024 and December 31, 2023, respectively.
 
Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 Three Months Ended
June 30,		Six Months Ended
June 30,		Affected line item in Unaudited Interim Consolidated Statements of Operations
 2025202420252024
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustments$8 $7 $20 $20 Realized investment gains (losses), net
Net unrealized investment gains (losses):
Cash flow hedges—Interest rate(4)(17)(7)(20)(3)
Cash flow hedges—Currency(4)2 (3)4 (3)
Cash flow hedges—Currency/Interest rate(265)114 (294)271 (3)
Fair value hedges—Currency(3)(3)(7)(5)(3)
Net unrealized investment gains (losses) on available-for-sale securities(137)(735)(200)(717)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(413)(639)(511)(467)(4)
Amortization of defined benefit items:
Prior service cost17 18 34 35 (5)
Actuarial gain (loss)(23)(25)(47)(49)(5)
Total amortization of defined benefit items(6)(7)(13)(14)
Total reclassifications for the period$(411)$(639)$(504)$(461)
__________
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 5 for additional information regarding cash flow and fair value hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends.
(5)See Note 16 for additional information regarding employee benefit plans.
 
Net Unrealized Investment Gains (Losses)
 
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income (loss)” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecordedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Reinsurance RecoverablesFuture Policy
Benefits,
Policyholders’
Account
Balances and
Reinsurance Payables		Policyholders’
Dividends		Income Tax Benefit (Expense)Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in millions)
Balance, December 31, 2024$6 $(27,287)$(269)$981 $2,096 $5,786 $(18,687)
Net investment gains (losses) on investments arising during the period4 (1,390)708 (678)
Reclassification adjustment for (gains) losses included in net income(7)518 (261)250 
Impact of net unrealized investment (gains) losses81 (245)(582)157 (589)
Balance, June 30, 2025$3 $(28,159)$(188)$736 $1,514 $6,390 $(19,704)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information