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Press Release: Prudential Financial, Inc. -4-

· 02/04/2021 16:18
CONTACT:corresponding to realized gains/losses (1,399) (1,835) ------- ------- Adjusted book value 38,086 40,911 End of period number of common shares (diluted) 401.8 404.9 ======= ======= GAAP book value per common share - diluted 167.81 155.88 GAAP book value excluding AOCI per share - diluted 91.31 96.51 Adjusted book value per common share - diluted 94.79 101.04 See footnotes on last page. Financial Highlights (in millions, or as otherwise noted, unaudited) Three Months Ended Year Ended December 31 December 31 -------------------- -------------------- 2020 2019 2020 2019 --------- --------- -------- ---------- PGIM: PGIM: Assets Managed by PGIM (in billions, as of end of period): Institutional customers $ 614.9 $ 552.8 Retail customers (4) 372.0 305.6 General account 511.7 472.6 -------- -------- Total PGIM $1,498.6 $1,331.0 ======= ======= Institutional Customers - Assets Under Management (in billions): Gross additions, other than money market $ 16.9 $ 16.4 $ 68.4 $ 60.8 ======= ======= ====== ====== Net additions (withdrawals), other than money market $ 2.5 $ 0.7 $ 3.0 $ (6.5) ======= ======= ====== ====== Retail Customers - Assets Under Management (in billions): Gross additions, other than money market $ 24.6 $ 19.6 $ 95.0 $ 61.2 ======= ======= ====== ====== Net additions, other than money market $ 3.8 $ 1.2 $ 17.2 $ 5.7 ======= ======= ====== ====== U.S. Workplace Solutions Division: Retirement: Full Service: Deposits and sales $ 11,802 $ 8,322 $40,914 $36,394 ======= ======= ====== ====== Net additions (withdrawals) $ 2,323 $ (262) $ 6,262 $ 688 ======= ======= ====== ====== Total account value at end of period $315,227 $272,448 ======= ======= Institutional Investment Products: Gross additions $ 8,251 $ 8,575 $22,469 $31,101 ======= ======= ====== ====== Net additions $ 3,189 $ 4,268 $ 4,181 $14,358 ======= ======= ====== ====== Total account value at end of period $243,387 $227,596 ======= ======= Group Insurance: Group Insurance Annualized New Business Premiums (5): Group life $ 16 $ 21 $ 243 $ 254 Group disability 20 6 163 159 -------- -------- ------- ------- Total $ 36 $ 27 $ 406 $ 413 ======= ======= ====== ====== U.S. Individual Solutions Division: Individual Annuities: Fixed and Variable Annuity Sales and Account Values: Gross sales $ 1,980 $ 2,081 $ 6,815 $ 9,720 ======= ======= ====== ====== Sales, net of full surrenders and death benefits $ (125) $ (388) $(1,030) $ 346 ======= ======= ====== ====== Total account value at end of period $176,280 $169,681 ======= ======= Individual Life: Individual Life Insurance Annualized New Business Premiums (5): Term life $ 34 $ 47 $ 148 $ 200 Guaranteed universal life 11 26 94 95 Other universal life 18 42 91 155 Variable life 176 94 449 278 -------- -------- ------- ------- Total $ 239 $ 209 $ 782 $ 728 ======= ======= ====== ====== International Businesses: International Businesses: International Businesses Annualized New Business Premiums (5)(6): Actual exchange rate basis $ 440 $ 546 $ 2,190 $ 2,310 ======= ======= ====== ====== Constant exchange rate basis $ 454 $ 550 $ 2,240 $ 2,325 ======= ======= ====== ====== See footnotes on last page. Financial Highlights (in billions, as of end of period, unaudited) December 31 -------------------- 2020 2019 -------- ---------- Assets and Assets Under Management and Administration: Total assets $ 940.7 $ 896.6 Assets under management (at fair market value): PGIM (4) 1,498.6 1,331.0 U.S. Businesses: U.S. Workplace Solutions division 102.9 91.6 U.S. Individual Solutions division (4) 105.1 115.5 -------- -------- Total U.S. Businesses 208.0 207.1 International Businesses 14.3 12.8 -------- -------- Total assets under management 1,720.9 1,550.9 Client assets under administration 341.7 291.6 -------- -------- Total assets under management and administration $2,062.6 $1,842.5 ======= ======= See footnotes on last page. (1) Adjusted operating income is a non-GAAP measure of performance. See FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional U.S. GAAP measure, is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standard Codification (ASC) 280 -- Segment Reporting. When presented by segment, we have prepared the reconciliation of adjusted operating income to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280. (2) Assurance IQ was acquired in October of 2019. (3) Represents adjustments not included in the above reconciling items. "Other adjustments" include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration. (4) Effective first quarter of 2020, certain assets have been reclassified from U.S. Individual Solutions division to PGIM. Prior period amounts have been reclassified to conform to current period presentation. (5) Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. (6) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006016/en/

MEDIA CONTACT: Bill Launder, (973) 802-8760, bill.launder@prudential.com

(END) Dow Jones Newswires

February 04, 2021 16:18 ET (21:18 GMT)