{"schemaVersion":1,"research":true,"symbol":"pru","name":"Prudential Financial","topic":"moat","path":"/stock/pru/moat","status":"published","version":9,"updatedAt":"2026-10-19T20:45:12.511Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Prudential has demonstrated policy retention, established distribution and substantial investment-management capabilities, but the passages do not establish durable competitive superiority. Japan persistency supports customer attachment; structural misconduct and regulatory sales suspensions materially weaken the distribution and trust thesis. Existing-contract repricing is constrained, while realized pricing power remains unestablished. These findings establish weakness in parts of the franchise, not a company-wide absence of moat.","advantages":[{"mechanism":"switching_costs","claim":"Current Japan policy persistency and contractual market-value adjustments on specified savings products support customer attachment and some exit friction. They do not establish a differentiated, company-wide switching-cost advantage.","durability":"Long-duration contracts can sustain existing relationships, but the evidence ends before the October regulatory orders and lacks comparable competitor retention.","risks":"Individual policy counts declined in the latest displayed periods. Misconduct, customer remediation and suspended solicitation could undermine trust and future replenishment.","invalidation":"The candidate advantage would weaken if subsequent disclosures show sustained deterioration in both persistency measures, accelerated policy exits, or inability to replenish the book after permitted sales resume.","competitors":[],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4"]},{"mechanism":"intangible_assets","claim":"Proprietary distribution, bank relationships and PGIM capabilities are current operating assets. Management identifies brand and integration as competitive strengths, but their durable superiority is unproven.","durability":"Established relationships and specialized capabilities may take time to build. No sustained comparative acquisition-cost, investment-performance or pricing advantage is established.","risks":"Competition for distributors is intense. The Japan investigation found structural failures in the relationship-based sales model. Aflac and Globe Life also disclose distribution capabilities, limiting claims of uniqueness.","invalidation":"A differentiated franchise thesis would fail if customer and distributor losses persist after remediation, or if results require progressively less favorable pricing and distribution terms without sustained client demand.","competitors":["Aflac Incorporated","Globe Life"],"evidenceIds":["e5","e6","e7","e8","e9","e10"],"counterEvidenceIds":["e3","e4","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-7","location":"Japan Businesses—sales results and supplementary information; persistency and policies in force","excerpt":"Face amount of individual policies in force at end of period (in billions) (1)(2)\n(Constant exchange rate basis)\n517 \n512 \n501 \nPolicyholder Account Balances at end of period (in millions) (1)(2)\n(Constant exchange rate basis)\n51,350 \n53,300 \n54,748 \n55,483 \n56,890 \nNumber of individual policies in force at end of period (in thousands) (3)\n11,116 \n11,142 \n11,136 \n11,045 \n10,945 \nLife insurance individual policy persistency: \n13 months\n94.5 \n95.5 \n95.9 \n95.8 \n95.7 \n25 months\n85.1 \n85.0 \n86.1 \n87.7 \n88.9 \nNumber of Life Planners at end of period"},{"id":"e2","sourceId":"filing-1","location":"International Businesses—specified savings-product guarantees and market-value adjustments","excerpt":"Single-pay products sold predominantly in Japan where credited interest rates are guaranteed for a specified period of time and impose a market value adjustment if the contract is not held to maturity; and variable and indexed annuities that provide a non-guaranteed return or a return based on a selected index with performance subject to certain provisions."},{"id":"e3","sourceId":"filing-8","location":"October 9 regulatory update—POJ solicitation restriction and Gibraltar partial suspension","excerpt":"Prudential of Japan (“POJ”) extends the period in which it cannot solicit new business to January 31, 2027, and partial business suspension order for Gibraltar Life (“Gibraltar”) applies to its Life"},{"id":"e4","sourceId":"filing-9","location":"Special Investigation Committee findings—structural business-model and governance problems","excerpt":"sales employees or at certain sales locations, but rather structural problems resulting from the interplay among the business model, systems, organizational culture, sales management framework, head office functions, and governance."},{"id":"e5","sourceId":"filing-1","location":"International Businesses—proprietary Life Planner distribution","excerpt":"Marketing and Distribution\nOur marketing and distribution efforts are conducted through the following proprietary agent models and third-party channels:\n•Proprietary agent models:\n◦Life Planners—focus on selling protection-oriented life insurance products to mass affluent and affluent customers, as well as retirement-oriented products to small businesses."},{"id":"e6","sourceId":"filing-1","location":"International Businesses—Japanese bank distribution relationships","excerpt":"We have relationships with Japan’s major banks, as well as many regional banks, and continue to explore opportunities to expand our distribution capabilities through this channel."},{"id":"e7","sourceId":"filing-2","location":"Company overview—management assertion about integrated competitive position","excerpt":"We believe we are a uniquely integrated financial services company, with a competitive position supported by our longstanding brand, broad customer relationships, global distribution capabilities, and a diversified business model that combines liability generation across retirement and protection products with PGIM’s asset management expertise across public and private markets."},{"id":"e8","sourceId":"filing-2","location":"PGIM—first-half operating results","excerpt":"Operating Results The following table sets forth PGIM’s operating results for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating results(1): Revenues $ 1,107 $ 1,043 $ 2,147 $ 2,028 Expenses 813 814 1,663 1,643 Adjusted operating income 294 229 484 385 Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 32 42 41 52 Other adjustments(2) (1) (1) (4) 27 Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 325 $ 270 $ 521 $ 464 __________ (1)Certain of PGIM’s investment activities are based in currencies other than the USD and are therefore subject to foreign currency exchange rate risk."},{"id":"e9","sourceId":"filing-3","location":"Executive compensation—performance peer group identified as marketplace competitors","excerpt":"We measure our relative ROE performance against a group of our competitors in the current marketplace, shown below."},{"id":"e10","sourceId":"filing-3","location":"Executive compensation—named marketplace competitors","excerpt":"​ • Aflac Incorporated ​ • Brighthouse Financial ​ • CNO Financial Group ​ • Globe Life ​ ​ ​ • Lincoln National ​ • MetLife, Inc."},{"id":"e11","sourceId":"filing-1","location":"International Businesses—distribution advantage assertion and intense channel competition","excerpt":"The ability to sell through multiple and complementary distribution channels is also a competitive advantage; however, competition for sales personnel, as well as access to third-party distribution channels, is intense."},{"id":"e12","sourceId":"filing-15","location":"Aflac U.S.—issuer assertion concerning product, distribution and brand differentiation","excerpt":"Moreover, Aflac U.S. believes that its products are distinct from competitive offerings given its product focus (including features, benefits and claims service model), distribution capabilities and brand awareness."},{"id":"e13","sourceId":"filing-16","location":"Globe Life—exclusive independent-agent distribution","excerpt":"Agents of American Income Life, Liberty National and Family Heritage are independent contractors that exclusively sell for Globe Life."},{"id":"e14","sourceId":"filing-1","location":"Risk factors—contractual restrictions on premiums, charges and credits","excerpt":"Many of our products do not permit us to increase premiums or adjust other charges and credits or limit those adjustments during the life of the policy or contract."},{"id":"e15","sourceId":"filing-1","location":"State insurance regulation—premium rates and policy terms","excerpt":"State insurance authorities possess broad administrative powers concerning all aspects of insurance business, including, among other things: (1) licensing for business operations; (2) agent licensing; (3) asset admittance to statutory surplus; (4) regulation of premium rates for specific products; (5) policy form approvals; (6) oversight of unfair trade and claims practices; (7) establishment of reserve requirements and solvency standards; (8) determination of maximum interest rates on life insurance policy loans and minimum accumulation or surrender values; (9) regulation of permissible investments by type, amount, and valuation; and (10) oversight of reinsurance transactions, including captive reinsurers."},{"id":"e16","sourceId":"filing-1","location":"Retirement Strategies—periodic offering, pricing and feature adjustments","excerpt":"We periodically adjust product offerings, prices, and features based on the market and our strategy, with a goal of achieving customer and enterprise value."},{"id":"e17","sourceId":"filing-2","location":"Market risk benefits—unfavorable policyholder-behavior assumption updates","excerpt":"In both 2026 and 2025, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions."},{"id":"e18","sourceId":"filing-2","location":"International Businesses—estimated first-half suspension impact","excerpt":"The suspension of sales resulted in an estimated reduction of $235 million in International Businesses’ pre-tax adjusted operating income through the first six months of 2026."},{"id":"e19","sourceId":"filing-2","location":"Earnings per share—consolidated earnings and diluted weighted-average shares","excerpt":"EARNINGS PER SHARE A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows: Three Months Ended June 30, 2026 2025 Income Weighted Average Shares Per Share Amount Income Weighted Average Shares Per Share Amount (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,036 $ 566 Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 51 33 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 12 6 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 973 346.4 $ 2.81 $ 527 353.1 $ 1.49 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 12 $ 6 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 12 6 Stock options 0.0 0.1 Deferred and long-term compensation programs 1.7 1.7 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 973 348.1 $ 2.80 $ 527 354.9 $ 1.48 Six Months Ended June 30, 2026 2025 Income Weighted Average Shares Per Share Amount Income Weighted Average Shares Per Share Amount (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,642 $ 1,308 Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 60 68 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 21 16 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,561 347.0 $ 4.50 $ 1,224 353.7 $ 3.46 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 21 $ 16 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 21 16 Stock options 0.1 0.1 Deferred and long-term compensation programs 1.7 1.7 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,561 348.8 $ 4.48 $ 1,224 355.5 $ 3.44 89 Table of Contents PRUDENTIAL FINANCIAL, INC."},{"id":"e20","sourceId":"filing-7","location":"Financial metrics summary—dividends, repurchases and Japan sales information","excerpt":"533 \n1,431 \n905 \n597 \n1,240 \n1,582 \n28%\nReturn on Equity\nOperating Return on Average Equity (based on adjusted operating income) (1)\n13.7 \n16.6 \n12.8 \n13.7 \n15.1 \n13.5 \n14.4 \nReturn on Average Equity (based on net income (loss))\n7.1 \n18.3 \n11.2 \n7.4 \n12.4 \n8.4 \nDistributions to Shareholders\nDividends paid\n485 \n481 \n480 \n496 \n971 \n989 \nShare repurchases\n250 \n250 \n250 \n250 \n250 \n500 \n500 \n—%\nTotal capital returned\n735 \n731\nAnnualized new business premiums\n453 \n453 \n328 \n258 \n931 \n586 \nAnnualized new business premiums by distribution channel:\nLife Planners\n172 \n173 \n173 \n101 \n123 \nLife Consultants \n150 \n138 \n110 \n105 \n109 \n280 \n214 \nBanks \n140 \n105 \nIndependent Agency and Other\n63 \n453 \n453 \n328 \n258 \n931 \n586 \nConstant exchange rate basis (2):\nNet premiums, policy charges and fee income\n2,439 \n2,550 \n2,395 \n2,770 \n2,533 \n5,352 \n5,303 \nAnnualized new business premiums\n454 \n417 \n335 \n262 \n933 \n597 \nAnnualized new business premiums by distribution channel:\nLife Planners\n169 \n174 \n178 \nLife Consultants \n150 \n138 \n111 \n110 \n281 \nBanks \n140 \nIndependent Agency and Other\n123 \n146 \n454 \n417 \n335 \n262 \n933 \n597 \n(1) Translated based on applicable average exchange rates for the period shown."},{"id":"e21","sourceId":"filing-3","location":"Non-GAAP appendix—GAAP return on average equity","excerpt":"equity. Return on average equity (based on net income (loss)) was 11.7% and 9.6% for the years ended December 31, 2025 and December 31, 2024, respectively."},{"id":"e22","sourceId":"filing-3","location":"Non-GAAP appendix—GAAP return-on-equity numerator","excerpt":"Return on average equity (based on net income) represents income after-tax, attributable to consolidated Prudential Financial, Inc., as determined in accordance with U.S."},{"id":"e23","sourceId":"filing-3","location":"Non-GAAP appendix—average-equity denominator","excerpt":"GAAP, divided by average total Prudential Financial, Inc."},{"id":"e24","sourceId":"filing-1","location":"Liquidity and capital resources—insurance subsidiary transfer restrictions","excerpt":"Our insurance companies are subject to limitations on the payment of dividends and other transfers of funds to Prudential Financial and other affiliates under applicable insurance law and regulation."},{"id":"e25","sourceId":"filing-3","location":"Compensation discussion—actual performance-share delivery below target","excerpt":"The Performance ​ Shares component of our 2023-2025 Long-Term Incentive Program delivered less than the target number of shares (88.3%)."},{"id":"e26","sourceId":"filing-3","location":"Compensation policies—existing clawback coverage and triggers","excerpt":"Financial restatements \n 2. Improper conduct (including failure to report)\n CLAWBACK POLICY\n In accordance with SEC requirements and related NYSE listing standards, we maintain a clawback policy that covers all executive officers (including the NEOs), applies to all incentive-based compensation (including stock options and other equity awards) paid to or in respect of an executive officer, and includes separate triggers for financial restatements and improper conduct (including failure to report)."},{"id":"e27","sourceId":"filing-1","location":"Share-based compensation—additional shares from award modifications","excerpt":"The impact from these modifications increased shares to be delivered to 161 employees across all three performance plans by a total of approximately 600,000 shares."},{"id":"e28","sourceId":"filing-1","location":"Share-based compensation—incremental modification cost","excerpt":"In addition, total compensation costs resulting from these modifications increased by approximately $62 million."},{"id":"e29","sourceId":"filing-9","location":"Japan compensation redesign—preparations for implementation in 2027","excerpt":"activities. The core design of the new systems has already been completed, and preparations are underway for implementation in 2027."},{"id":"e30","sourceId":"filing-3","location":"Corporate governance—independence of key board committees","excerpt":"Each member of the Audit, Compensation and Human Capital, and Corporate Governance and Business Ethics Committees has been determined by the Board to be independent for purposes of the NYSE Corporate Governance listing standards."},{"id":"e31","sourceId":"filing-9","location":"Investigation findings—deficient aggregation and analysis of risk information","excerpt":"It found that the Company lacked sufficient mechanisms to aggregate and analyze risk information across the organization, including complaints, whistleblower reports, misconduct cases,"},{"id":"e32","sourceId":"filing-9","location":"Investigation findings—ineffective governance functions","excerpt":"and internal audit findings, and to identify and elevate structural risks as management issues, with the result that governance functions were not fully effective."},{"id":"e33","sourceId":"filing-9","location":"Remediation—completed disciplinary actions","excerpt":"Disciplinary action against all 146 individuals was completed by April 2026."},{"id":"e34","sourceId":"filing-1","location":"Statutory capital—Japanese solvency margin regime","excerpt":"The Japan Financial Services Agency (“FSA”) utilizes a solvency margin ratio to evaluate the capital adequacy of Japanese insurance companies."},{"id":"e35","sourceId":"filing-1","location":"Statutory capital—solvency margin capital and risk-amount definition","excerpt":"The solvency margin ratio considers the level of solvency margin capital to a solvency margin risk amount, which is calculated in a similar manner to RBC."},{"id":"e36","sourceId":"filing-1","location":"Statutory capital—year-end 2025 Japanese capital expectation","excerpt":"As of December 31, 2025, the Company expects The Prudential Life Insurance Company Ltd."},{"id":"e37","sourceId":"filing-1","location":"Statutory capital—expected Japanese capital relative to corrective-action minimums","excerpt":"(“Prudential of Japan”) and Gibraltar Life both had solvency margin capital in excess of 3.5 times the regulatory required minimums that would require corrective action."},{"id":"e38","sourceId":"filing-1","location":"Statutory capital—subsidiaries above respective regulatory minimums","excerpt":"All of the Company’s domestic and international insurance subsidiaries have capital and surplus levels that exceed their respective regulatory minimum requirements, and none utilized prescribed or permitted practices that vary materially from the practices prescribed by the NAIC or equivalent regulatory bodies for results reported as of December 31, 2025 and 2024, respectively, or for the years ended December 31, 2025, 2024 and 2023, respectively."},{"id":"e39","sourceId":"filing-7","location":"Consolidated balance sheets—cash and investment balances","excerpt":"Quarterly Financial Supplement\nSecond Quarter 2026\nCONSOLIDATED BALANCE SHEETS\n(in millions)\n06/30/2025\n09/30/2025\n12/31/2025\n03/31/2026\n06/30/2026\nAssets:\nInvestments:\nFixed maturities, available-for-sale, at fair value\n328,302 \n335,414 \n331,455 \n330,851 \n333,526 \nFixed maturities, trading, at fair value\n14,020 \n14,575 \n14,869 \n15,831 \n16,758 \nAssets supporting experience-rated contractholder liabilities, at fair value\n4,282 \n4,648 \n4,842 \n4,781 \n5,405 \nEquity securities, at fair value\n7,434 \n8,794 \n10,972 \n12,552 \n14,389 \nCommercial mortgage and other loans\n62,966 \n64,813 \n64,715 \n65,412 \n65,985 \nPolicy loans\n9,946 \n9,951 \n9,958 \n9,988 \n9,984 \nOther invested assets \n27,256 \n27,665 \n27,294 \n27,792 \n28,574 \nShort-term investments \n6,375 \n6,248 \n6,414 \n6,917 \n7,216 \nTotal investments\n460,581 \n472,108 \n470,519 \n474,124 \n481,837 \nCash and cash equivalents\n16,638 \n17,469 \n19,712 \n15,936 \n15,162 \nAccrued investment income\n3,560 \n3,581 \n3,636 \n3,633 \n3,758 \nDeferred policy acquisition costs\n21,222 \n21,468 \n21,530 \n21,730 \n21,880 \nValue of business acquired\n450 \n430 \n397 \n382 \n366 \nMarket risk benefit assets\n2,188 \n2,252 \n2,330 \n2,166 \n2,430\n(1) Revenues exclude realized investment gains, net of losses."},{"id":"e40","sourceId":"filing-2","location":"Derivatives—collateralization under contractual terms","excerpt":"All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements."},{"id":"e41","sourceId":"filing-1","location":"Liquidity risk—wholesale funding dependence","excerpt":"•Wholesale funding: The Company depends upon the financial markets for funding (such as through the issuance of commercial paper, securities lending and repurchase arrangements and other forms of borrowings in the capital markets)."},{"id":"e42","sourceId":"filing-2","location":"Foreign currency exposures—USD assets supporting Japanese USD product liabilities","excerpt":"Separate from this program, our Japanese operations also have $92.3 billion and $90.0 billion as of June 30, 2026 and December 31, 2025, respectively, of USD-denominated assets supporting USD-denominated liabilities related to USD-denominated products."},{"id":"e43","sourceId":"filing-2","location":"Commercial mortgage and other loans—current-payment status","excerpt":"(1)As a percentage of recorded investment gross of allowance, 99% of these assets were current as of both June 30, 2026 and December 31, 2025."},{"id":"e44","sourceId":"filing-2","location":"Commercial mortgage and other loans—loan-specific reserve additions","excerpt":"The following table sets forth the balance of and changes in the allowance for credit losses for our commercial mortgage and other loans, as of the dates indicated:\nAllowance, beginning of year\n468 \nAddition to (release of) allowance for credit losses\n133 \nWrite-downs charged against the allowance\n(205)\nAllowance, end of period\n441 \nThe allowance for credit losses as of June 30, 2026 increased in comparison to December 31, 2025 primarily related to additions to loan-specific reserves for commercial mortgage loans within the office and retail sectors, an agricultural property loan and an uncollateralized loan, partially offset by a net decrease in the general reserve and a release to loan-specific reserves for an agricultural property loan."},{"id":"e45","sourceId":"filing-2","location":"Mortgage portfolio—loan-to-value and debt-service coverage","excerpt":"The following tables set forth the gross carrying value of our commercial mortgage and agricultural property loans by loan-to-value and debt service coverage ratios, as of the dates indicated: June 30, 2026 Debt Service Coverage Ratio > 1.2x 1.0x to < 1.2x < 1.0x Total Commercial Mortgage and Agricultural Property Loans Loan-to-Value Ratio (in millions) 0%-59.99% $ 27,769 $ 1,472 $ 654 $ 29,895 60%-69.99% 13,388 444 275 14,107 70%-79.99% 4,696 420 151 5,267 80% or greater 3,001 265 1,436 4,702 Total commercial mortgage and agricultural property loans $ 48,854 $ 2,601 $ 2,516 $ 53,971 December 31, 2025 Debt Service Coverage Ratio > 1.2x 1.0x to < 1.2x < 1.0x Total Commercial Mortgage and Agricultural Property Loans Loan-to-Value Ratio (in millions) 0%-59.99% $ 27,975 $ 798 $ 520 $ 29,293 60%-69.99% 13,706 956 213 14,875 70%-79.99% 4,810 270 173 5,253 80% or greater 2,942 312 1,523 4,777 Total commercial mortgage and agricultural property loans $ 49,433 $ 2,336 $ 2,429 $ 54,198 168 Table of Contents The following table sets forth the breakdown of our commercial mortgage and agricultural property loans by year of origination, as of the date indicated: June 30, 2026 Gross Carrying Value % of Total Year of Origination ($ in millions) 2026 $ 2,551 4.7 % 2025 6,822 12.6 2024 7,237 13.4 2023 5,247 9.7 2022 3,822 7.1 2021 6,272 11.6 2020 2,837 5.3 2019 & Prior 18,981 35.2 Revolving Loans 202 0.4 Total commercial mortgage and agricultural property loans $ 53,971 100.0 % Residential Mortgage Loans Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above."},{"id":"e46","sourceId":"filing-7","location":"Capitalization data—senior and junior subordinated debt","excerpt":"Quarterly Financial Supplement\nSecond Quarter 2026\nOTHER FINANCIAL HIGHLIGHTS\n(in millions, except per share data)\n2025\n2026\n2Q\n3Q\n4Q\n1Q\n2Q\nCapitalization Data (1):\nSenior debt:\nShort-term debt\n1,373 \n1,386 \n1,443 \n946 \n955 \nLong-term debt\n11,056 \n11,202 \n11,261 \n11,286 \n11,324 \nJunior subordinated long-term debt\n7,595 \n7,595 \n7,595 \n7,596 \n8,339 \nPrudential Financial, Inc."},{"id":"e47","sourceId":"filing-2","location":"PGIM business updates—agreement to acquire remaining Deerpath interest","excerpt":"•In July 2026, the Company entered into an agreement to acquire the remaining 25% interest in Deerpath Capital Management, LP (“Deerpath”), bringing the Company’s ownership to 100% after acquiring a 75% majority stake in December 2023."},{"id":"e48","sourceId":"filing-2","location":"PGIM business updates—Deerpath closing conditions","excerpt":"The closing of this transaction is subject to regulatory approvals and customary closing conditions."},{"id":"e49","sourceId":"filing-1","location":"Related-party transactions—Prismic balances and reimbursement guarantees","excerpt":"The related party balances with Prismic, Prismic Re and Prismic Re International impacted the Company’s balance sheet as of the periods indicated as follows:\n15,581 \n9,084 \n162 \n187 \nReinsurance and funds withheld payables (includes $194 and $(91) of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)\n7,980 \n7,796 \nAccumulated other comprehensive income (loss)\n(128)\n(139)\nThe Company has agreed to guarantee Prismic Re's reimbursement obligations on letters of credit that may be obtained by Prismic Re from third-party financial institutions to support Prismic Re’s obligations under the reinsurance agreement with the Company for a total amount up to $2.0 billion as of both December 31, 2025 and 2024."},{"id":"e50","sourceId":"filing-2","location":"PGIM—management fees by affiliated and third-party source","excerpt":"116 Table of Contents The following table sets forth PGIM’s revenues, presented on a basis consistent with the table above under “—Operating Results,” by type: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Revenues by type: Asset management fees by source: Institutional - Third Party $ 402 $ 387 $ 800 $ 774 Retail - Third Party 224 219 440 444 Affiliated(1) 238 219 471 435 Total asset management fees 864 825 1,711 1,653 Other related revenues by source: Incentive fees 25 24 38 34 Transaction fees 4 5 15 12 Seed and co-investments 34 28 46 34 Commercial mortgage(2) 31 25 60 40 Total other related revenues 94 82 159 120 Service, distribution and other revenues 149 136 277 255 Total revenues $ 1,107 $ 1,043 $ 2,147 $ 2,028 __________ (1)Includes revenues from the Company’s general account assets, as well as certain separate account assets of the Company’s insurance and retirement businesses managed by PGIM."},{"id":"e51","sourceId":"filing-2","location":"Strategy—prospective cost-saving target","excerpt":"As part of this strategy, we are undertaking an enterprise-wide cost savings initiative expected to reduce annual operating expenses by approximately $750 million by year-end 2028."}],"changes":["The uncertain moat verdict is retained after reassessing the current catalog.","Japan retention remains grade 3, supported directly by the current persistency passage rather than the previous assessment.","Current passages support the October suspension and structural misconduct findings, but do not support assuming remediation success or a completed 2027 compensation redesign.","Financial conclusions retain mixed grades with fresh citations. The previous reference to $1.642 billion of first-half consolidated net income is distinguished from earnings attributable to Prudential and common shareholders.","Aflac and Globe Life disclosures provide limited distribution comparisons; neither establishes Prudential's relative costs, retention or pricing."],"limitations":["Only supplied passages were used. Source dates are filing dates, not retrieval dates.","Moat-category grades remain null because durable competitive superiority is unestablished; this does not establish a uniformly weak competitive position.","The named competitors are explicitly identified in Prudential's marketplace performance peer group. Supplied competitor operating coverage is principally Aflac and Globe Life and is not comprehensive across Prudential's businesses.","Management assertions concerning brand, integration, future savings and restored competitiveness are distinguished from demonstrated results.","Pricing outcomes are not isolated from product mix, assets under management, market returns or sales volume. Fee growth alone does not establish realized pricing power.","Japan retention data extend through June 2026, before the October orders. No post-order retention or recovery results are supplied.","Current quantified domestic RBC and Japanese ESR ratios, stressed parent liquidity coverage, complete reinsurance recoverability analysis and acquisition returns are absent.","Actual executive ownership levels and complete current compensation and financing costs are not established by the supplied passages.","All financial grades rely on sources filed in 2026, within 550 days of the assessment. Earlier filings do not establish current capital sufficiency."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Distribution and integrated asset management are established capabilities, but comparative structural superiority is unproven. Competitors also disclose substantial distribution capabilities.","evidenceIds":["e5","e6","e7","e12","e13"]},{"criterion":"durability","grade":null,"rationale":"Persistency supports continuity of existing contracts, but cannot establish durable excess economic returns. Japan's structural failures weaken the franchise thesis.","evidenceIds":["e1","e3","e4"]},{"criterion":"customer_dependency","grade":null,"rationale":"Specified contractual exit adjustments and strong persistency suggest attachment, but differentiated customer dependence across Prudential is unestablished.","evidenceIds":["e1","e2"]},{"criterion":"erosion_resilience","grade":null,"rationale":"PGIM improved operating results while Japan suffered material disruption. This mixed evidence cannot establish resilience of a durable competitive advantage.","evidenceIds":["e8","e18","e3"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Management describes periodic price adjustments, but no observed premium-rate, fee-rate or comparable price realization is isolated. PGIM fee growth includes affiliated business and does not identify price changes.","evidenceIds":["e16","e50"]},{"criterion":"retention","grade":3,"rationale":"Japan's displayed 13-month persistency is approximately 95%–96%, and 25-month persistency rises from 85.1% to 88.9%. This is direct retention evidence, tempered by declining recent policy counts and absent post-order results.","evidenceIds":["e1","e3"]},{"criterion":"margin_resilience","grade":2,"rationale":"PGIM first-half revenue and adjusted operating income improved to $2.147 billion and $484 million. The estimated $235 million suspension impact and unfavorable behavior-assumption updates offset that strength. Pricing-led protection is unestablished.","evidenceIds":["e8","e18","e17"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Many existing contracts prohibit or limit premium, charge and credit adjustments, and specified rates face regulatory control. 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ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two 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statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is 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unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for 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statements for this 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