Prudential Financial, Inc. Announces 2021 Results

Fourth-quarter 2021 net income is attributable to Prudential Financial, Inc. of $1.208 billion or $3.13 per Common share versus net income of $819 million or $2.03 per share for the year-ago quarter.

Fourth-quarter 2021 after-tax adjusted operating income of $1.227 billion or $3.18 per Common share versus $1.130 billion or $2.80 per share for the year-ago quarter.

2021 net income attributable to Prudential Financial, Inc. of $7.724 billion or $19.51 per Common share versus a net loss of $374 million or $1.00 per share for 2020.

2021 after-tax adjusted operating income of $5.772 billion or $14.58 per Common share versus $3.913 billion or $9.72 per share for 2020.

Book value per common share of $161.26 versus $167.81 per share for the year-ago; adjusted book value per common share of $108.72 versus $94.79 per share for the year-ago.

Parent company highly liquid assets of $3.6 billion versus $5.6 billion for the year-ago quarter.

Assets under management of $1.742 trillion versus $1.721 trillion for the year-ago quarter.

As previously announced, the Company’s Board of Directors has authorized the repurchase of up to $1.5 billion of outstanding Common Stock during the period from January 1, 2022, through December 31, 2022.  In addition, the Company declared a quarterly dividend of $1.20 per share of Common Stock, payable on March 11, 2022, to shareholders of record as of February 15, 2022, representing an increase of 4% over the prior-year dividend level and a 4% annualized yield on adjusted book value.

NEWARK, NJ (STL.News) Prudential Financial, Inc. (NYSE: PRU) today reported fourth quarter and year-end 2021 results.  Net income attributable to Prudential Financial, Inc. was $1.208 billion ($3.13 per Common share) for the fourth quarter of 2021, compared to net income of $819 million ($2.03 per Common share) for the fourth quarter of 2020.  After-tax adjusted operating income was $1.227 billion ($3.18 per Common share) for the fourth quarter of 2021, compared to $1.130 billion ($2.80 per Common share) for the fourth quarter of 2020.

Net income attributable to Prudential Financial, Inc. was $7.724 billion ($19.51 per Common share) for 2021, compared to a net loss of $374 million ($1.00 per Common share) for 2020.  After-tax adjusted operating income was $5.772 billion ($14.58 per Common share) for 2021, compared to $3.913 billion ($9.72 per Common share) for 2020.

Consolidated adjusted operating income, and adjusted book value are non-GAAP measures.  A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this press release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.

Charles Lowrey, Chairman and CEO commented on results:

“Prudential reported strong financial results for the fourth quarter and full year, and made significant progress in becoming a higher growth, less market sensitive, and more nimble Company.

During 2021, we entered into agreements to divest lower growth and more market-sensitive businesses and programmatically acquired businesses for sustainable long-term growth.  We advanced our cost savings program and remain on track to achieve our previously announced goal of $750 million of savings by the end of 2023.  We also refined our product mix to meet our customers’ changing needs.  We did all of this while returning $4.3 billion to shareholders through share repurchases and dividends, expanding our commitments to our employees and communities, and taking new steps to address climate change.

Backed by this momentum and our rock-solid financial position, we are starting 2022 from a position of strength, with an even sharper focus on growth, customers, and innovation, and on expanding access to investing insurance, and retirement security for people around the world.”

NOTE: This is NOT the complete release.  Visit the Prudential website for complete details.

SOURCE: Prudential Financial, Inc.