AI Earnings Predictions for Prudential Financial Inc. (PRU)

EX-99.1

2 exhibit991-2q26earningspre.htm

EX-99.1

Document

Exhibit 99.1

August 4, 2026

Prudential Financial, Inc. Announces

Second Quarter 2026 Results

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported second quarter 2026 results.

•Net income attributable to Prudential Financial, Inc. of $985 million or $2.80 per Common share versus net income of $533 million or $1.48 per share for the year-ago quarter.

◦The current quarter included a net after-tax charge from our annual assumption update and other refinements of $299 million or $0.85 per Common share versus a charge of $134 million or $0.37 per share in the year-ago quarter.

•After-tax adjusted operating income of $1.438 billion or $4.08 per Common share versus $1.284 billion or $3.58 per share for the year-ago quarter.

◦The current quarter included a net after-tax benefit from our annual assumption update and other refinements of $51 million or $0.15 per Common share versus a charge of $36 million or $0.10 per share in the year-ago quarter.

•Book value per Common share of $90.50 versus $85.98 per share for the year-ago quarter; adjusted book value per Common share of $100.91 versus $96.41 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $4.2 billion versus $3.9 billion for the year-ago quarter.

•Assets under management(2) of $1.642 trillion versus $1.580 trillion for the year-ago quarter.

•Capital returned to shareholders totaled $743 million, including $250 million of share repurchases and $493 million of dividends, versus $735 million of capital returned to shareholders in the year-ago quarter. Dividends paid in the second quarter were $1.40 per Common share, representing a yield on adjusted book value of over 5%.

•Members of Prudential’s senior management team will host an extended conference call on Wednesday, August 5, 2026, at 11:00 a.m. ET to provide an update on the Company’s strategy and long-term vision at the beginning of its second quarter earnings call. The call is expected to last approximately 90 minutes and will be available via live webcast.

“Our second quarter results were strong as we continued to execute with discipline and build momentum,” said Andy Sullivan, Chairman and Chief Executive Officer of Prudential Financial. “The strength of our business and the progress we are making to operate more consistently and effectively is evident.

PGIM delivered another quarter of strong investment performance and progressed its platform integration. Our U.S. Businesses continued to see benefits of investments in distribution and product diversification to meet evolving customer needs while supporting growth. Our International businesses generated strong earnings despite the impact of the sales suspension in Prudential of Japan, reflecting resilience of the underlying businesses and continued growth in Brazil.

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Prudential Financial, Inc. Second Quarter 2026 Earnings Release Page 2

Prudential is a uniquely integrated financial services company with a strong foundation in businesses and markets benefiting from favorable structural growth trends, reinforced by clear competitive advantages. Our strategy is to build on those advantages by unlocking the full power of our asset management, retirement, and protection capabilities through deeper integration and greater leverage of our scale and expertise. We are confident this will enhance our ability to win in the markets where we choose to compete, accelerating earnings and free cash flow growth while creating sustainable shareholder value.”

OVERVIEW

Net income attributable to Prudential Financial, Inc. ("Prudential" or the "Company") was $985 million ($2.80 per Common share) for the second quarter of 2026, compared to net income of $533 million ($1.48 per Common share) for the second quarter of 2025. After-tax adjusted operating income was $1.438 billion ($4.08 per Common share) for the second quarter of 2026, compared to $1.284 billion ($3.58 per Common share) for the second quarter of 2025.

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3)

RESULTS OF ONGOING OPERATIONS

Prudential's ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.

PGIM

PGIM, the Company’s global investment management business, reported adjusted operating income of $294 million for the second quarter of 2026, up compared to $229 million in the year-ago quarter. This increase primarily reflects higher asset management fees, mainly driven by equity market appreciation and str

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 15, 2026

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

New Jersey001-1670722-3703799

(State or other jurisdiction(Commission(I.R.S. Employer

of incorporation)File Number)Identification Number)

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered

Common Stock, Par Value $.01PRUNew York Stock Exchange

5.950% Junior Subordinated NotesPRHNew York Stock Exchange

5.625% Junior Subordinated NotesPRSNew York Stock Exchange

4.125% Junior Subordinated NotesPFHNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

The information contained in Item 7.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.02.

Item 7.01    Regulation FD Disclosure.

Prudential Financial, Inc. (the “Company”) is furnishing this Current Report to disclose (1) certain preliminary financial information regarding the quarter ended June 30, 2026, prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the period, scheduled for release on August 4, 2026; and (2) the expected quarterly impact to adjusted operating income (“AOI”)(1) from the update of actuarial assumptions and other refinements.

Assets Under Management of the PGIM Segment

As of June 30, 2026, assets under management of the PGIM segment were $1.49 trillion.

Other Related Revenues, Net of Related Expenses, of the PGIM Segment

For the quarter ended June 30, 2026, PGIM’s other related revenues, net of related expenses, were approximately $60 million on an AOI basis. “Other related revenues” include incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations.

Alternative Investment Income of the General Account

For the quarter ended June 30, 2026, the alternative investment income of the Company’s General Account, excluding the Closed Block Division and Funds Withheld portfolios, (the “GA Portfolio”) is estimated to be approximately $20 - $40 million below the Company’s near-term expectations. “Alternative investment income” includes the AOI of the GA Portfolio’s interests in private equity, hedge fund and real estate-related investments, as well as real estate investments held through direct ownership, and excludes the results from those interests held by Divested Businesses and unaffiliated investors that have been consolidated on the Company’s balance sheet.

Annual Review and Update of Actuarial Assumptions and Other Refinements

During the second quarter of each year, the Company performs an annual comprehensive review of assumptions. Following the conclusion of this process for 2026, the Company expects to update its actuarial assumptions and make other refinements.

Below is a summary of the estimated material impacts to AOI by business segment that will be recorded in the quarter ended June 30, 2026. We do not expect any mat

EX-99.1

2 exhibit991-1q26earningspre.htm

EX-99.1

Document

Exhibit 99.1

May 5, 2026

Prudential Financial, Inc. Announces

First Quarter 2026 Results

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported first quarter 2026 results.

•Net income attributable to Prudential Financial, Inc. of $597 million or $1.68 per Common share versus net income of $707 million or $1.96 per share for the year-ago quarter.

•After-tax adjusted operating income of $1.278 billion or $3.61 per Common share versus $1.188 billion or $3.29 per share for the year-ago quarter.

•Book value per Common share of $91.28 versus $83.59 per share for the year-ago quarter; adjusted book value per Common share of $99.79 versus $96.37 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $3.7 billion versus $4.9 billion for the year-ago quarter, primarily attributable to a $1.0 billion hybrid securities redemption in May 2025.

•Assets under management(2) of $1.576 trillion versus $1.522 trillion for the year-ago quarter.

•Capital returned to shareholders totaled $746 million, including $250 million of share repurchases and $496 million of dividends, versus $736 million in the year-ago quarter. Dividends paid in the first quarter were $1.40 per Common share, representing a yield on adjusted book value of over 5%.

•On April 21, 2026, Prudential issued a press release and held a call with the investment community to discuss the extension of the Prudential of Japan voluntary sales suspension. For more information, please visit our website at investor.prudential.com.

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Prudential Financial, Inc. First Quarter 2026 Earnings Release Page 2

“We delivered a solid first quarter, reflecting the progress we have made over the past year to operate with greater consistency and discipline,” said Andy Sullivan, Chairman and Chief Executive Officer of Prudential Financial. "Momentum is growing across our businesses as we sharpen focus and strengthen execution.

PGIM delivered strong investment performance and is on track to achieve its margin expansion target. Our U.S. Businesses reflected the actions taken to enhance competitive positioning, enabling us to capture demand and improve the underlying fundamentals across retirement and insurance. While the results of our International Businesses were impacted by the sales suspension at Prudential of Japan, our broader Japan platform remains diversified and resilient. Outside of Japan, Emerging Markets delivered a robust first quarter, driven by record earnings in Brazil.

We have a strong foundation, distinctive capabilities, and we are building a stronger Prudential — positioned to deliver durable value across cycles."

OVERVIEW

Net income attributable to Prudential Financial, Inc. ("Prudential" or the "Company") was $597 million ($1.68 per Common share) for the first quarter of 2026, compared to net income of $707 million ($1.96 per Common share) for the first quarter of 2025. After-tax adjusted operating income was $1.278 billion ($3.61 per Common share) for the first quarter of 2026, compared to $1.188 billion ($3.29 per Common share) for the first quarter of 2025.

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3)

RESULTS OF ONGOING OPERATIONS

Prudential's ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.

PGIM

PGIM, the Company’s global investment management business, reported adjusted operating income of $190 million for the first quarter of 2026, up 22% compared to $156 million in the year-ago quarter. This increase primarily reflects higher asset management fees and other related revenues, mainly driven by agency earnings, partially offset by higher expenses resulting from growth initiatives.

PGIM assets under management of $1.433 trillion increased 3% from the year-ago quarter, primarily driven by equity market appreciation and strong investment performance. Total net outflows in the quarter of $0.1 billion reflected affiliated net outflows of $1.9 billion, mostly offset by third-party net inflows of $1.8 billion. Third-party institutional net inflows were $1.6 billion as public and private fixed income and real estate inflows were partially offset by public equity outflows. Third-party retail net inflows of $0.2 billion were primarily driven by public fixed income inflows, partially offset by public equity outflows.

U.S. Businesses

U.S. Businesses, which includes the Company's Retirement, Group Insurance, Individual Life, and U.S. Legacy Products segments, re