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Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
In September 2023, the Company invested approximately $200 million in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. Also in September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $9 billion of reserves for certain structured settlement annuity contracts issued by PICA, a wholly-owned subsidiary of Prudential Financial. Separately, the Company, through PGIM, entered into an investment management agreement with Prismic to manage a large portion of Prismic Re’s assets.

In March 2025, the Company entered into an agreement with Prismic Re International, a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. In connection with this transaction, the Company invested an additional $103 million in Prismic. PGIM also provides investment management services on a large portion of Prismic Re International’s assets.

In October 2025, the Company entered into an agreement with Prismic Re, to reinsure certain fixed annuity new business contracts issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial, on or after October 1, 2025.

In April 2026, the Company entered into an agreement with Prismic Re International, to reinsure certain USD-denominated and Multi-Currency Japanese whole life policies originated by the Company’s Japanese affiliates, on or after April 1, 2026.

As of March 31, 2026, the Company’s ownership in Prismic is approximately 20% and the carrying value of the Company’s investment is approximately $200 million. As the investment in Prismic is accounted for under the equity method, Prismic, Prismic Re and Prismic Re International are considered related parties. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic and its subsidiaries.

The related party balances with Prismic and its subsidiaries impacted the Company’s balance sheet as of the periods indicated as follows:

March 31,
2026		December 31,
2025
 (in millions)
Reinsurance recoverables and deposit receivables$15,391 $15,581 
Other assets
$161 $162 
Reinsurance and funds withheld payables (includes $105 and $194 of embedded derivatives at fair value at March 31, 2026 and December 31, 2025, respectively)
$7,851 $7,980 
Accumulated other comprehensive income (loss)
$(251)$(128)

The Company has guaranteed the obligations of Prismic and its subsidiaries on letters of credit they may obtain from third-party financial institutions to support their contractual obligations for a total amount up to $2.0 billion as of both March 31, 2026 and December 31, 2025. Additionally, the Company has provided an $80 million, 10-year contingent debt facility, where the Company may be required to purchase subordinated debt from certain subsidiaries of Prismic in the event their capital ratio falls below a predetermined level. In November 2025, the Company committed $320 million of additional capital, intended to fund future transactions executed by Prismic, that is required to be fully funded by the end of the second quarter of 2027. This commitment is part of a broader capital commitment, involving third-party investors in Prismic, and will allow the Company to retain its approximately 20% equity ownership in Prismic. See Note 21 for additional information on the Company’s guarantees and commitments.
The related party activity with Prismic and its subsidiaries impacted the Company’s results of operations and cash flows for the periods indicated as follows:

Three Months Ended March 31,
20262025
 (in millions)
Premiums
$(2)$(3)
Asset management and service fees
17 13 
Other income (loss)
96 61 
Realized investment gains(losses), net
14 (237)
Policyholders’ benefits
(70)(71)
Change in estimates of liability for future policy benefits
(3)(3)
Amortization of deferred policy acquisition costs
(3)(1)
General and administrative expenses
7 3 
Income (loss) from related parties, before income taxes
194 (94)
Other comprehensive income (loss), before tax(124)(9)
Total comprehensive income (loss), before tax$70 $(103)

Three Months Ended March 31,
20262025
 (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net
$(14)$237 
 Change in:
Deferred policy acquisition costs
$(3)$(1)
Reinsurance related-balances
$(181)$(192)
Other, net$(5)$(3)
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$178 $91 

See the Consolidated Statements of Cash Flows for information regarding significant non-cash transactions with Prismic and its subsidiaries.