Prudential Financial Delivers Robust Q2 Results, Showcasing Strength and Resilience

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader, has reported its second-quarter results, showcasing strong performance across its diverse business segments. The company's net income attributable to Prudential Financial, Inc. reached .198 billion, or .28 per Common share, a significant increase from the 1 million, or .38 per share, reported in the year-ago quarter. The company's after-tax adjusted operating income also saw a notable rise, reaching .234 billion, or .39 per Common share, compared to .142 billion, or .09 per share, in the same period last year.

Prudential Financial Solidifies its Position as a Trusted Financial Services Provider

Robust Performance Across Business Segments

Prudential's PGIM, the company's global investment management business, reported an adjusted operating income of 6 million for the second quarter of 2024, up from 9 million in the year-ago quarter. This increase was primarily driven by higher asset management fees and other related revenues, reflecting the strong performance and growth of PGIM's investment offerings.The company's U.S. Businesses segment also delivered impressive results, with adjusted operating income of .070 billion, compared to 6 million in the year-ago quarter. This increase was attributed to a favorable impact from the company's annual assumption update and other refinements, as well as higher net investment spread results, more favorable underwriting, and lower expenses.Prudential's International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of 2 million, down from 4 million in the year-ago quarter. This decrease was primarily due to an unfavorable impact from the company's annual assumption update and other refinements, as well as less favorable underwriting results and lower net investment spread results, partially offset by higher joint venture earnings.

Strengthening Financial Position and Capital Efficiency

Prudential's financial position remains robust, with book value per Common share of .51 and adjusted book value per Common share of .42, compared to .65 and .38, respectively, in the year-ago quarter. The company's parent company highly liquid assets stood at .4 billion, demonstrating its strong liquidity and financial flexibility.During the second quarter, Prudential returned 5 million to shareholders, including 0 million in share repurchases and 5 million in dividends. The company's dividends paid in the second quarter were .30 per Common share, representing a 5% yield on adjusted book value.

Delivering Long-Term Value for Stakeholders

Prudential's Chairman and CEO, Charles Lowrey, highlighted the company's focus on growing its market-leading businesses and becoming more capital efficient to deliver long-term value for its stakeholders. "In the second quarter, we continued to see positive momentum across our businesses, driven by robust sales in our U.S. and International Businesses, as well as strong investment performance and capital deployment in private alternatives in PGIM," said Lowrey.Prudential's integrated investment, insurance, and retirement capabilities have enabled the company to address the growing needs of its customers around the world, providing solutions and products that help them protect their life's work and live better lives, longer. The company's strong fundamentals, financial strength, and strategic initiatives position it well to continue delivering value for its stakeholders.