Prudential Financial said that as of March 31, 2024, the book value of its highly liquid assets at the holding company level was $4,701 million, up $131 million from December 31, 2023. Excluding net intercompany liquidity accounts, the figure was $4,248 million, an increase of $153 million.

1. 01

   Prudential Financial said that as of March 31, 2024, the book value of its highly liquid assets at the holding company level was $4,701 million, up $131 million from December 31, 2023. Excluding net intercompany liquidity accounts, the figure was $4,248 million, an increase of $153 million.

2. 02

   Prudential Financial said it issued $1 billion of junior subordinated notes in March 2024 and closed a reinsurance transaction with Somerset Re. The company said the transaction reduced funding for Guideline AXXX reserves through Credit-Linked Notes Structures by $5,040 million from December 31, 2023.

3. 03

   Prudential Financial said it recorded net realized investment losses of $413 million on derivatives in Q1 2024. These included losses of $568 million on interest rate derivatives, partially offset by gains of $78 million on foreign currency hedges and gains of $46 million on credit default swaps.

4. 04

   Prudential Financial said it had total capital of $48.3 billion as of March 31, 2024, which it said is sufficient to support the capital requirements of its business segments and Corporate and Other operations. The company also said its Board of Directors authorized common stock repurchases of up to $1.0 billion from January 1, 2024 through December 31.

Key figures

Quarter ended March 31, 2024

Revenue

$23.5B

Net income

$1.1B

EPS

$3.12

Operating cash flow

$5.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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