Prudential Financial (NYSE: PFH) updates PGIM AUM and fee income details

Rhea-AI Filing Summary

Prudential Financial, Inc. is providing preliminary fourth-quarter 2025 metrics for its PGIM asset management segment and its General Account investments ahead of its full earnings release. As of December 31, 2025, assets under management in the PGIM segment were $1.47 trillion, highlighting the scale of its institutional and retail investment operations. For the same quarter, PGIM’s other related revenues, net of related expenses, were about $55 million on an adjusted operating income basis, reflecting incentive fees, transaction fees, and earnings from seed and co-investments and mortgage originations.

The company also notes that alternative investment income in the General Account portfolio, excluding the Closed Block Division and Funds Withheld portfolios, is estimated to be $5 million to $25 million below its near-term expectations for the quarter. All figures are preliminary, unaudited estimates prepared on a basis consistent with prior periods and may change once Prudential completes its financial closing procedures.

Insights

Insurance and asset management equity analyst

Prudential previews PGIM scale and fees, with modest shortfall in alternative investment income.

Prudential Financial provides an early look at key drivers before its full Q4 2025 results. The PGIM segment reports $1.47 trillion in assets under management as of December 31, 2025, underscoring the size of its fee-earning base. PGIM’s other related revenues, net of related expenses, were about $55 million on an adjusted operating income basis, coming from incentive and transaction fees, seed and co-investments, and mortgage originations.

The company also highlights that alternative investment income in the General Account portfolio for the quarter is estimated to be $5–$25 million below its near-term expectations. This points to softer contributions from private equity, hedge funds, and real estate-related holdings in that period, though the exact magnitude relative to overall earnings is not specified in the excerpt. Because all figures are preliminary and unaudited, the final impact will only be clear once closing procedures are completed and the full earnings release is issued on February 3, 2026.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  ___________________________

  FORM 8-K

  ___________________________

CURRENT REPORT

 Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 15, 2026

  ___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

  ___________________________

New Jersey			001-16707			22-3703799
(State or other jurisdiction			(Commission			(I.R.S. Employer
of incorporation)			File Number)			Identification Number)

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, Par Value $.01

PRU

New York Stock Exchange

5.950% Junior Subordinated Notes

PRH

New York Stock Exchange

5.625% Junior Subordinated Notes

PRS

New York Stock Exchange

4.125% Junior Subordinated Notes

PFH

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 2.02 Results of Operations and Financial Condition.

The information contained in Item 7.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.02.

Item 7.01    Regulation FD Disclosure.

Prudential Financial, Inc. (the “Company”) is furnishing this Current Report to disclose certain preliminary financial information regarding the quarter ended December 31, 2025, prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the period, scheduled for release on February 3, 2026.

Assets Under Management of the PGIM Segment

As of December 31, 2025, assets under management of the PGIM segment were $1.47 trillion.

Other Related Revenues, Net of Related Expenses, of the PGIM Segment

For the quarter ended December 31, 2025, PGIM’s other related revenues, net of related expenses, were approximately $55 million on an adjusted operating income basis(1). “Other related revenues” include incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations.

Alternative Investment Income of the General Account

For the quarter ended December 31, 2025, the alternative investment income of the Company’s General Account, excluding the Closed Block Division and Funds Withheld portfolios, (the “GA Portfolio”) is estimated to be approximately $5 - $25 million below the Company’s near-term expectations. “Alternative investment income” includes the adjusted operating income of the GA Portfolio’s interests in private equity, hedge fund and real estate-related investments, as well as real estate investments held through direct ownership, and excludes the results from those interests held by Divested Businesses and unaffiliated investors that have been consolidated on the Company’s balance sheet.

The preliminary financial information presented above for the quarter ended December 31, 2025, is estimated and unaudited and has been prepared in good faith on a basis consistent with prior periods based on information available to management as of the date hereof; however, we have not completed our financial closing procedures for the quarter ended December 31, 2025, and our actual results could be materially different from these preliminary financial results.

Certain of the statements included in this report, including those regarding our estimated financial results for the fourth quarter of 2025 discussed herein, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects”, “believes”, “anticipates”, “includes”, “plans”, “assumes”, “estimates”, “projects”, “intends”, “should”, “will”, “shall”, or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The estimated financial results for the fourth quarter of 2025 presented herein could differ from our actual results because we have not completed our financial closing procedures for the period. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation.

(1) The Company analyzes the operating performance of each segment using pre-tax “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the following items: realized investment gains (losses), net, and related charges and adjustments; change in value of market risk benefits, net of related hedging gains (losses); market experience updates; divested and run-off businesses; equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests; and other adjustments. For more information about adjusted operating income, see the “Segment Information” Note to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 15, 2026

PRUDENTIAL FINANCIAL, INC.
By:			/s/ Robert E. Boyle
			Name: Robert E. Boyle Title:   Senior Vice President and Principal Accounting Officer

FAQ

What preliminary PGIM assets under management did Prudential Financial (PFH) report for Q4 2025?

As of December 31, 2025, Prudential Financial reported that assets under management in its PGIM segment were $1.47 trillion, reflecting the scale of its global investment management operations.

How much were PGIM’s other related revenues for Prudential Financial (PFH) in Q4 2025?

For the quarter ended December 31, 2025, PGIM’s other related revenues, net of related expenses, were approximately $55 million on an adjusted operating income basis. These revenues include incentive fees, transaction fees, and earnings from seed and co-investments and mortgage originations.

What did Prudential Financial (PFH) say about General Account alternative investment income for Q4 2025?

For the quarter ended December 31, 2025, alternative investment income in Prudential’s General Account portfolio, excluding the Closed Block Division and Funds Withheld portfolios, is estimated to be $5 million to $25 million below the company’s near-term expectations.

Are Prudential Financial’s (PFH) Q4 2025 figures for PGIM and the General Account final?

No. The company states these Q4 2025 figures are preliminary, estimated and unaudited. Prudential has not completed its financial closing procedures, and actual results may differ, possibly materially, from these estimates.

When will Prudential Financial (PFH) release its full Q4 2025 earnings and financial supplement?

Prudential Financial indicates that its quarterly earnings release and quarterly financial supplement for the period ended December 31, 2025 are scheduled for release on February 3, 2026.

How does Prudential Financial (PFH) define adjusted operating income in this context?

Prudential uses pre-tax adjusted operating income as its segment performance measure, which differs from GAAP income. It adjusts income before taxes and equity in earnings of joint ventures and other operating entities for items such as realized investment gains and losses, changes in market risk benefits, market experience updates, divested and run-off businesses, equity in earnings of joint ventures and other operating entities, earnings attributable to noncontrolling interests, and other adjustments.