Long-Duration Targeted Improvements and Resegmentation Impact Summary
Updated Seasonality of Key Financial Items.
($ millions, pre-tax adjusted
operating income (¹))
PGIM (2)
H
Institutional Retirement
Strategies
Individual Life
Life Planner
Gibraltar Life
& Other
Corporate
& Other
($40)
($25)
1Q23
Higher compensation
expense(3)
($30)
Lowest
underwriting gains
$60 Highest premiums
$25 Highest premiums
Higher compensation
expense(3)
2Q23
($30) Lowest premiums
($15) Lowest premiums
Expanding access to investing, insurance, and retirement security
$20
3Q23
(1) See Non-GAAP Measures on slide 7.
(2)
PGIM seasonality not impacted by LDTI.
(3) Long-term compensation expense for retiree eligible employees is recognized when awards are granted, typically in the first quarter of each year.
(4)
Total company expenses are typically higher than the quarterly average in the fourth quarter by $125-175 million. Corporate and Other's expected annual operating loss for 2023 is $1.65 billion.
Highest
underwriting gains
4Q23
Other Related Revenues
tend to be higher driven by
Incentive & Agency Fees
($30) Lowest premiums
($10) Lower premiums
($75) Higher expenses (4)
Higher Assurance IQ revenue
(annual Medicare enrollment)
LO
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