v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment, Reconciliation of Other Items from Segments to Consolidated
The tables below present certain financial information that is regularly provided to the CODM for the Company’s segments, including revenues and significant benefits and expenses, on an adjusted operating income basis, as well as assets by segment, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements.
 Three Months Ended March 31, 2026
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Retirement
(1)
Group Insurance
Individual Life(1)
U.S. Legacy Products
(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $3,245 $1,390 $234 $25 $2,949 $(5)$7,838 $524 $8,362 
Policy charges and fee income
0 31 186 431 358 117 (15)1,108 24 1,132 
Net investment income
34 2,085 138 368 475 1,607 301 5,008 657 5,665 
Asset management fees, commissions and other income
1,006 96 20 88 280 114 (324)1,280 (913)367 
Total revenues
1,040 5,457 1,734 1,121 1,138 4,787 (43)15,234 292 15,526 
Benefits and expenses:
Policyholders’ benefits
0 3,935 1,318 453 334 2,660 (3)8,697 
Interest credited to policyholders’ account balances
0 648 33 147 58 414 4 1,304 
Interest expense
25 11 5 105 174 3 216 539 
Deferral of acquisition costs0 (174)0 (216)(3)(263)32 (624)
Amortization of DAC0 79 2 108 52 173 (17)397 
Operating expenses(4)
525 145 206 115 89 563 86 1,729 
Variable expenses(4)
300 216 132 269 223 400 (31)1,509 
Other benefits and expenses(5)
0 25 0 1 4 27 0 57 
Total benefits and expenses
850 4,885 1,696 982 931 3,977 287 13,608 
Total pre-tax income
$190 $572 $38 $139 $207 $810 $(330)$1,626 $(893)$733 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(621)
Change in value of market risk benefits, net of related hedging gains (losses)(295)
Market experience updates15 
Divested and Run-off Businesses:
Closed Block division(11)
Other Divested and Run-off Businesses64 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(42)
Other adjustments(3)
Total reconciling items
(893)
Total GAAP pre-tax income(6)
$733 
 Three Months Ended March 31, 2025
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Retirement
(1)(2)
Group Insurance
Individual Life(1)(2)
U.S. Legacy Products
(1)(2)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $1,746 $1,396 $237 $19 $3,057 $(9)$6,446 $554 $7,000 
Policy charges and fee income
0 30 197 430 378 88 (15)1,108 49 1,157 
Net investment income
20 1,758 134 360 448 1,469 330 4,519 611 5,130 
Asset management fees, commissions and other income
965 131 21 84 337 124 (323)1,339 (1,156)183 
Total revenues
985 3,665 1,748 1,111 1,182 4,738 (17)13,412 58 13,470 
Benefits and expenses:
Policyholders’ benefits
0 2,440 1,296 513 305 2,781 (8)7,327 
Interest credited to policyholders’ account balances
0 474 35 146 69 347 12 1,083 
Interest expense
21 15 5 111 164 (1)207 522 
Deferral of acquisition costs0 (208)0 (190)(13)(306)33 (684)
Amortization of DAC0 64 2 106 55 165 (16)376 
Operating expenses(4)
504 137 194 109 89 436 155 1,624 
Variable expenses(4)
304 242 127 248 242 463 15 1,641 
Other benefits and expenses(5)
0 (25)0 16 7 5 0 3 
Total benefits and expenses
829 3,139 1,659 1,059 918 3,890 398 11,892 
Total pre-tax income
$156 $526 $89 $52 $264 $848 $(415)$1,520 $(600)$920 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(246)
Change in value of market risk benefits, net of related hedging gains (losses)(351)
Market experience updates39 
Divested and Run-off Businesses:
Closed Block division(22)
Other Divested and Run-off Businesses(51)
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
3 
Other adjustments28 
Total reconciling items
(600)
Total GAAP pre-tax income(6)
$920 
__________
(1)The Retirement, Individual Life and U.S. Legacy Products 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)Reflects the segment reporting changes effective in the first quarter of 2026, as discussed above. Prior period amounts have been updated to conform to current period presentation.
(3)Corporate and Other operations, through Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third parties.
(4)“Operating expenses” includes amounts related to salaries, employee benefits, occupancy, technology, consulting, external and contracted services, legal, corporate charges, costs for initiatives, and other miscellaneous expenses. “Variable expenses” includes commissions, certain compensation related to levels of investment performance, premium taxes and other fees related to sales of certain insurance and investment products.
(5)“Other benefits and expenses” primarily includes: (i) the change in estimates of liability for future policy benefits, which can be either positive or negative, for Retirement, Individual Life, U.S. Legacy Products and International Businesses; (ii) dividends to policyholders for Individual Life and International Businesses, which are included in adjusted operating income; and (iii) dividends to policyholders in the Closed Block Division, which are not included in adjusted operating income.
(6)Reflects “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities.”
Reconciliation of Certain Financial Information from Segments to Consolidated
March 31,
2026		December 31,
2025
(in millions)
Assets by segment:
PGIM$39,470 $39,103 
U.S. Businesses:
Retirement(1)215,991 213,222 
Group Insurance40,919 41,292 
Individual Life(1)
86,138 87,898 
U.S. Legacy Products(1)
131,927 136,383 
Total U.S. Businesses(1)
474,975 478,795 
International Businesses186,593 187,770 
Corporate and Other(1)
16,796 19,977 
Closed Block division47,562 48,095 
Total Assets per Unaudited Interim Consolidated Financial Statements
$765,396 $773,740 
__________
(1)Reflects the segment reporting changes effective in the first quarter of 2026, as discussed above. Prior period amounts have been updated to conform to current period presentation.
Schedule of Intersegment Revenues The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: 
 Three Months Ended
March 31,
 20262025
 (in millions)
PGIM segment intersegment revenues$236 $224 
Schedule of Asset Management and Service Fees
The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:

Three Months Ended March 31,
20262025
 (in millions)
Asset-based management fees$860 $854 
Performance-based incentive fees13 7 
Other fees123 123 
Total asset management and service fees$996 $984