Q3 2023 Earnings Summary
Reported on Nov 2, 2023 (After Market Close)
Pre-Earnings Price$91.67Last close (Nov 2, 2023)
Post-Earnings Price$92.93Open (Nov 3, 2023)
Price Change
$1.26(+1.37%)
- Prudential is implementing a restructuring program that will result in annual cost savings greater than the $200 million restructuring charge, providing capacity to invest in growth and improve margins.
- Prudential's Japan business is financially strong and well-capitalized, generating strong earnings with good solvency margins, and is expected to remain robust under new capital standards.
- Prudential's investment portfolio is well-diversified, with strong performance in the private equity portfolio, and the company expects to continue performing well in relevant markets.
- PGIM's Other Related Revenues are expected to average about $40 million per quarter, a reduction due to the slowdown in the real estate market affecting agency earnings.
- Variable Investment Income is anticipated to be lower going forward, mainly due to decreased prepayment income and underperformance in the real estate sector.
- The improvement in Individual Life earnings may not be sustainable as it was driven by one-time items, including favorable expense experience and a legal reserve release.
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