The following is a summary of the Prudential Financial, Inc. (PRU) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Prudential Financial reported pre-tax adjusted operating income of $1.6 billion with earnings per share of $3.48 for Q3, demonstrating a year-to-date increase of 6% in earnings per share.

• Year-to-date adjusted operating return-on-equity improved by 0.5 percentage points to 13.7%.

• They maintain a AA rating and have over $4 billion in highly liquid assets, reflecting a strong financial position.

Business Progress:

• Prudential continues to lead in the pension risk transfer market, completing a notable $6 billion transaction with IBM.

• Sales in retirement and insurance products in international markets like Japan and Brazil showed significant growth, with Japan seeing a 30% increase year-over-year in retirement and savings products.

• The PGIM unit demonstrated robust performance with $1.4 trillion assets under management, benefiting from market appreciation and strong investment performance.

• Prudential has diversified its individual life offerings, successfully growing sales through product innovation and enhancements.

Opportunities:

• Prudential's strategic partnerships, such as the newly announced relationship with JPMorgan Asset Management, are expected to enhance their distribution network and product offerings across various business lines.

• The increasing demand for annuity and retirement products among an aging global population presents significant growth opportunities for Prudential, particularly in markets like Japan and the U.S.

Risks:

• Elevated surrender levels in Japan due to yen weakness and U.S. dollar denominated product surrenders could pressure earnings in the near-term.

• The expected continued excess mortality from effects related to the COVID-19 pandemic could impact underwriting results, particularly in life insurance and pension risks.

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