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Mar 31, 2023
Prudential Q1 2023 Earnings Report
Prudential Financial reported mixed results for Q1 2023, with net income increasing significantly but adjusted operating income decreasing due to lower investment and fee income, as well as elevated mortality experience.
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
Revenue by Segment
PGIM Revenue
CapyFin.comU.S. Businesses Revenue
CapyFin.comInternational Businesses Revenue
CapyFin.comCorporate & Other Revenue
CapyFin.com 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