Prudential Financial, Inc. (PRU) FY2025 Annual Balance Sheet

Prudential Financial, Inc. (PRU) FY2025 Annual Balance Sheet

Balance sheet as of 2025-12-31. The chart shows assets, liabilities and equity at that date.

Assets

773,740,000,000 US dollars

Liabilities

738,159,000,000 US dollars

Equity

32,787,000,000 US dollars

Redeemable noncontrolling interests

2,794,000,000 US dollars

Noncontrolling interest

349,000,000 US dollars. Included in consolidated equity; this amount is not added again.

Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025-$183; 2024-$331) (amortized cost: 2025-$357,996; 2024-$341,004)

331,455,000,000 US dollars

Separate account assets

196,251,000,000 US dollars

Commercial mortgage and other loans (net of $469 and $574 allowance for credit losses; includes $1,056 and $702 of loans measured at fair value under the fair value option at December 31, 2025 and 2024, respectively)

64,715,000,000 US dollars

Reinsurance recoverables and deposit receivables (net of $14 and $12 allowance for credit losses; includes $573 and $849 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)

44,077,000,000 US dollars

Other invested assets (net of $2 and $2 allowance for credit losses; includes $8,285 and $7,574 of assets measured at fair value at December 31, 2025 and 2024, respectively)

27,294,000,000 US dollars

Deferred policy acquisition cost

21,530,000,000 US dollars

Cash and cash equivalents

19,712,000,000 US dollars

Other assets (net of $1 and $2 allowance for credit losses; includes $0 and $0 of assets at fair value at December 31, 2025 and 2024, respectively)

15,009,000,000 US dollars

Fixed maturities, trading, at fair value (amortized cost: 2025-$15,536; 2024-$13,631)

14,869,000,000 US dollars

Equity securities, at fair value (cost: 2025-$8,303; 2024-$7,043)

10,972,000,000 US dollars

Policy loans

9,958,000,000 US dollars

Short-term investments (net of allowance for credit losses: 2025-$0; 2024-$0)

6,414,000,000 US dollars

Assets supporting experience-rated contractholder liabilities, at fair value

4,842,000,000 US dollars

Accrued investment income

3,636,000,000 US dollars

Market risk benefit assets

2,330,000,000 US dollars

Value of business acquired

397,000,000 US dollars

Income Tax Assets

279,000,000 US dollars

Future policy benefits

266,914,000,000 US dollars

Separate account liabilities

196,251,000,000 US dollars

Policyholders' account balances

191,307,000,000 US dollars

Long-term debt

18,856,000,000 US dollars

Reinsurance and funds withheld payables (includes $174 and $(118) of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)

18,844,000,000 US dollars

Other liabilities (includes $16 and $14 allowance for credit losses and $6,215 and $4,751 of derivatives at fair value at December 31, 2025 and 2024, respectively)

17,692,000,000 US dollars

Securities sold under agreements to repurchase

9,598,000,000 US dollars

Cash collateral for loaned securities

8,700,000,000 US dollars

Market risk benefit liabilities

4,623,000,000 US dollars

Notes issued by consolidated variable interest entities (includes $767 and $60 measured at fair value under the fair value option at December 31, 2025 and 2024, respectively)

2,659,000,000 US dollars

Short-term debt

1,443,000,000 US dollars

Policyholder's dividends

1,272,000,000 US dollars

Retained Earnings

34,831,000,000 US dollars

Additional paid-in capital

26,013,000,000 US dollars

Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both December 31, 2025 and 2024)

6,000,000 US dollars

Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued)

0 US dollars

Noncontrolling Interests

349,000,000 US dollars

Common Stock held in treasury, at cost (318,361,498 and 311,738,187 shares at December 31, 2025 and 2024, respectively)

negative 25,335,000,000 US dollars

Accumulated other comprehensive income (loss)

negative 3,077,000,000 US dollars

Gross equity (calculated)

61,199,000,000 US dollars. Net equity plus the magnitudes of its negative contributions equals gross positive equity. The negative contributions enter this reconciliation as add-backs; their filed signs stay negative.

Chart connections

• Assets equal liabilities plus temporary equity plus consolidated equity. Consolidated equity includes noncontrolling interests when reported.
• Treasury shares and other negative equity contributions reduce equity.