Prudential Financial, Inc
Prudential Financial is a U.S.-based financial services company organized around insurance, retirement, and investment management businesses. Through subsidiaries and affiliates, it offers life insurance, annuities, retirement-related products and services, mutual funds, and asset management across the United States, Asia, Europe, and Latin America.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueInstitutional, retail, and affiliated asset management across public and private markets.
Retirement income, annuity, and related savings solutions for individuals and institutions.
Employer-sponsored life, disability, and related protection coverage.
Protection-oriented life insurance and savings-linked products for individuals.
Life insurance, savings, and retirement products distributed outside the U.S.
Corporate items, run-off businesses, and legacy closed-block obligations.
Customers
Prudential sells to both individual and institutional customers, with products tailored to protection, savings, retirement, and investment needs. Its customer base includes mass affluent and affluent individuals, middle-income households in Japan, employers buying group coverage, and institutions using PGIM for asset management. The company also serves banks and third-party distributors that place its insurance and investment products with end customers.
Buy life insurance and savings-oriented products for family protection, estate planning, and long-term financial security.
Buy retirement income and annuity solutions to convert savings into predictable future income.
Buy PGIM public and private market strategies for portfolio management, liability matching, and return generation.
Buy group life and disability coverage as employee benefits and workforce protection.
Buy insurance and savings products through banks, agents, and affinity channels outside the U.S.
Strategy
Prudential’s strategy is centered on combining insurance, retirement, and investment management businesses to serve long-duration financial needs. The company emphasizes growth in asset management, expansion of retirement and protection solutions, and broader use of its distribution networks and reinsurance capacity to support capital efficiency and product reach.
The company is built around long-duration savings and protection needs that can be cross-sold across businesses.
Asset management adds fee-based earnings and supports the broader insurance platform with investment expertise.
International channels provide access to large savings and protection markets outside the U.S.
Insurance growth and capital deployment depend on matching liabilities with assets and managing regulatory capital.
Geography
2025Prudential operates in the United States, Asia, Europe, and Latin America, with the U.S. as the core market and Japan a major international insurance market. Its international businesses are distributed through proprietary agents, banks, and third-party channels, while PGIM serves clients globally across institutional and retail markets. Geography matters because the company is exposed to different insurance regulation, interest-rate environments, and distribution structures in each region.
Share of the revenue the company reports by geography.
Risks
Prudential’s earnings and capital are exposed to market, credit, mortality, lapse, and liquidity risks because its businesses hold large insurance liabilities and investment portfolios. It also faces operational, cyber, regulatory, and model risks, while international operations add exposure to different currencies, interest-rate regimes, and distribution structures.
- Investment portfolio credit and market riskImpact: HighLikelihood: Medium
The company holds large fixed income, loan, equity, and alternative portfolios that can lose value or default.
Exposure: General account investments and PGIM-managed assets
- Liquidity pressure from collateral and policyholder behaviorImpact: HighLikelihood: Medium
Derivative collateral calls, funding needs, and unexpected withdrawals can create cash demands.
Exposure - Mortality, lapse, and disability experience varianceImpact: HighLikelihood: Medium
Insurance profitability depends on actual claims and policyholder behavior versus assumptions.
Exposure - Cybersecurity and operational disruptionImpact: HighLikelihood: Medium
The business relies on technology, data, and third-party systems to service policies and manage assets.
Exposure - Regulatory and capital constraintsImpact: MediumLikelihood: Medium
Insurance subsidiaries must maintain capital levels and may face limits on dividends to the holding company.
Exposure: Domestic and international insurance subsidiaries
Accounting
Judgemental itemsFuture policy benefits, market risk benefits, and account balances rely on actuarial assumptions that can materially change earnings.
Impact: Affects reserve levels, earnings volatility, and capital
The company holds large portfolios where valuation inputs and market movements directly affect reported results.
Impact: Affects investment income, OCI, and balance sheet values
Fixed maturity securities, loans, and equity method investments require judgment on impairment and collectability.
Impact: Affects realized/unrealized losses and asset carrying values
Reporting unit valuations can change with market conditions, regulation, or business performance.
Impact: Could create non-cash impairment charges
Reinsurance arrangements can shift risk, capital, and earnings timing across entities.
Impact: Affects reserves, capital usage, and comparability
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Last updated: 24/09/2026