Prudential Financial’s Post

Transcript

Hello. I���m Yanela Frias, chief financial officer of Prudential Financial. I���m here to share with you five important takeaways from our first-quarter financial results. We reported strong sales across our retirement and insurance businesses, reflecting the strength of our global brand, distribution networks, and an increasingly diverse product portfolio designed to meet the evolving needs of our customers. PGIM also continues to benefit from strong investment performance and robust third-party institutional flows. This performance was partially offset by lower alternative investment income, which includes the returns we earn from private equity and real estate investments. While our earnings were an improvement from our prior results, we know we can do better. Andy and I are deeply committed to driving profitable growth across our businesses and creating greater value for our stakeholders. So let���s talk about our path to get there, including the underlying momentum across our businesses. We continue to benefit from growing demand for protection and retirement-focused products, as well as increased interest in alternative investment solutions like private credit. In the U.S., the institutional and individual retirement businesses reported $10 billion in sales for the first quarter. Individual life sales were up 26%, reflecting customer demand for our diversified product set. Internationally, sales were up 15%, powered by recent product launches in Japan and record sales in Brazil, a key emerging market for growth. Meanwhile, assets under management at PGIM grew 3%, and we saw an increase of over 60% in private capital deployment. We have the foundation we need to deliver strong results and greater value for our stakeholders. As a result, and despite the macroeconomic uncertainty, we continue to expect 5% to 8% core adjusted operating EPS growth through 2027. To deliver on that confidence, Andy has outlined three initial priorities. First, we will evolve our strategy to address the changing needs of our customers, the competitive landscape, and capture new opportunities. We will also sharpen our discipline in directing capital to the areas of our businesses with the greatest potential for growth. Second, we will execute with clarity and consistency. This calls for a fresh focus on managing our expenses, earning higher returns on the capital invested in our businesses, and ensuring our company is set up to grow over time. Third, we must continue to foster a high-performing culture. One that moves faster to seize opportunities as they emerge and takes greater accountability for outcomes. That means moving with urgency, learning fast, and standing behind the results that we deliver. When we do, there���s no limit to what we can achieve together. And finally, let���s talk about the current economic climate and what it means for our customers and our shareholders. We have a long history of navigating economic cycles and global events. Prudential is built for periods of volatility and uncertainty, and we have done it for 150 years. We keep our promises that last a lifetime, and we are here for our customers today and into tomorrow. Thank you for watching. I will see you next time.