Prudential Q1 2023 Earnings Report
Key Takeaways
Prudential Financial's Q1 2023 net income attributable to the company was $1.462 billion, or $3.93 per share, compared to a net loss of $493 million, or $1.33 per share, in the year-ago quarter. After-tax adjusted operating income was $990 million, or $2.66 per share, compared to $1.191 billion, or $3.10 per share, in the year-ago quarter. The company's results were influenced by underlying business growth, a higher interest rate environment, lower variable investment and fee income, and elevated seasonal mortality experience.
Net income attributable to Prudential Financial, Inc. was $1.462 billion, or $3.93 per Common share.
After-tax adjusted operating income was $990 million, or $2.66 per Common share.
Assets under management were $1.417 trillion.
Capital returned to shareholders totaled $718 million, including $250 million in share repurchases and $468 million in dividends.
Prudential
Prudential
Prudential Revenue by Segment
Forward Guidance
The company is focused on becoming a higher growth, less market sensitive, and more nimble company. They are advancing their programmatic M&A strategy and continuing to invest in products and solutions that will drive long-term, sustainable growth and deliver value for their customers.
Positive Outlook
- Underlying business growth
- Benefits from a higher interest rate environment
- Advancing programmatic M&A strategy
- Expanding alternative capabilities
- Generating additional fee-based revenue
Challenges Ahead
- Lower variable investment and fee income
- Elevated seasonal mortality experience
- Lower net fee income
- Lower net investment spread results
- Less favorable underwriting results