Prudential Q4 2022 Earnings Report
Key Takeaways
Prudential Financial reported a net loss of $558 million for Q4 2022, compared to a net income of $1.208 billion in the same quarter of the previous year. After-tax adjusted operating income was $907 million, down from $1.227 billion in the year-ago quarter. The results reflect lower variable investment and fee income, partially offset by improved COVID-19 mortality and benefits from rising interest rates.
Q4 2022 net loss attributable to Prudential Financial, Inc. was $558 million or $1.53 per Common share, compared to net income of $1.208 billion or $3.13 per share for the year-ago quarter.
Q4 2022 after-tax adjusted operating income was $907 million or $2.42 per Common share, compared to $1.227 billion or $3.18 per share for the year-ago quarter.
Capital returned to shareholders of $824 million in the fourth quarter, including $375 million of share repurchases and $449 million of dividends.
The Board of Directors authorized the repurchase of up to $1.0 billion of outstanding Common Stock during the period from January 1, 2023 through December 31, 2023, and declared a quarterly dividend of $1.25 per share of Common Stock.
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Forward Guidance
Prudential's strategic progress, financial strength, and complementary businesses, combined with the benefits of a higher interest rate environment, position the company well for the future.