Three Months Ended Nine Months Ended
September 30 September 30
-------------------- --------------------
2021 2020 2021 2020
--------- --------- -------- ----------
PGIM:
PGIM:
Assets Managed by
PGIM (in billions, as
of end of period):
Institutional
customers $ 625.3 $ 591.0
Retail customers 395.4 343.0
General account 493.2 509.1
-------- --------
Total PGIM $1,513.9 $1,443.1
======= =======
Institutional
Customers - Assets
Under Management (in
billions):
Gross additions,
other than
money market $ 14.0 $ 15.9 $ 58.2 $ 51.5
======= ======= ====== ======
Net additions,
other than
money market $ 0.7 $ 2.0 $ 7.4 $ 0.5
======= ======= ====== ======
Retail Customers -
Assets Under
Management (in
billions):
Gross additions,
other than
money market $ 16.9 $ 22.2 $ 65.8 $ 70.4
======= ======= ====== ======
Net additions
(withdrawals),
other than
money market $ (0.4) $ 5.3 $ 3.7 $ 13.4
======= ======= ====== ======
U.S. Businesses:
Retirement:
Institutional
Investment Products:
Gross additions $ 8,045 $ 2,780 $18,466 $14,218
======= ======= ====== ======
Net additions
(withdrawals) $ 3,499 $ (1,409) $ 2,534 $ 992
======= ======= ====== ======
Total account
value at end of
period $246,068 $234,696
======= =======
Group Insurance:
Group Insurance
Annualized New
Business Premiums
(3):
Group life $ 51 $ 46 $ 242 $ 227
Group disability 17 17 172 143
-------- -------- ------- -------
Total $ 68 $ 63 $ 414 $ 370
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Individual Annuities:
Fixed and Variable
Annuity Sales and
Account Values:
Gross sales $ 1,500 $ 1,562 $ 5,048 $ 4,835
======= ======= ====== ======
Sales, net of
full surrenders
and death
benefits $ (1,073) $ (249) $(2,700) $ (905)
======= ======= ====== ======
Total account
value at end of
period $178,678 $164,198
======= =======
Individual Life:
Individual Life
Insurance Annualized
New Business Premiums
(3):
Term life $ 26 $ 34 $ 91 $ 114
Guaranteed
universal life 5 20 35 83
Other universal
life 14 20 45 73
Variable life 144 98 402 273
-------- -------- ------- -------
Total $ 189 $ 172 $ 573 $ 543
======= ======= ====== ======
International
Businesses:
International
Businesses:
International
Businesses Annualized
New Business Premiums
(3)(4):
Actual exchange
rate basis $ 504 $ 788 $ 1,502 $ 1,750
======= ======= ====== ======
Constant
exchange rate
basis $ 519 $ 801 $ 1,544 $ 1,778
======= ======= ====== ======
See footnotes on last
page.
Financial Highlights
(in billions, as of end of period, unaudited)
September 30
--------------------
2021 2020
-------- ----------
Assets and Assets Under Management and
Administration:
Total assets $ 932.6 $ 911.6
======= =======
Assets under management (at fair market
value):
PGIM $1,513.9 $1,443.1
U.S. Businesses (5) 160.0 159.8
International Businesses 12.1 12.7
Corporate and Other (5) 40.6 32.5
-------- --------
Total assets under management 1,726.6 1,648.1
Assets under administration 372.4 306.1
-------- --------
Total assets under management and
administration $2,099.0 $1,954.2
======= =======
See footnotes on last page.
(1) Adjusted operating income is a non-GAAP measure of performance. See
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES within the earnings
release for additional information. Adjusted operating income, when
presented at the segment level, is also a segment performance measure.
This segment performance measure, while not a traditional U.S. GAAP
measure, is required to be disclosed by U.S. GAAP in accordance with
FASB Accounting Standard Codification (ASC) 280 -- Segment Reporting.
When presented by segment, we have prepared the reconciliation of
adjusted operating income to the corresponding consolidated U.S. GAAP
total in accordance with the disclosure requirements as articulated in
ASC 280.
(2) Represents adjustments not included in the above reconciling items.
Also includes certain components of consideration for business
acquisitions, which are recognized as compensation expense over the
requisite service periods, as well as changes in the fair value of the
associated contingent consideration.
(3) Premiums from new sales are expected to be collected over a one-year
period. Group insurance annualized new business premiums exclude new
premiums resulting from rate changes on existing policies, from
additional coverage issued under our Servicemembers' Group Life
Insurance contract, and from excess premiums on group universal life
insurance that build cash value but do not purchase face amounts. Group
insurance annualized new business premiums include premiums from the
takeover of claim liabilities. Excess (unscheduled) and single premium
business for the Company's domestic individual life and international
operations are included in annualized new business premiums based on a
10% credit.
(4) Actual amounts reflect the impact of currency fluctuations. Constant
amounts reflect foreign denominated activity translated to U.S. dollars
at uniform exchange rates for all periods presented, including Japanese
yen 103 per U.S. dollar. U.S. dollar-denominated activity is included
based on the amounts as transacted in U.S. dollars.
(5) Prior period amounts have been reclassified to conform to current
period presentation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006180/en/
CONTACT:
MEDIA CONTACT: Bill Launder, (973) 802-8760, bill.launder@prudential.com