保德信金融 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the quarterly period endedMarch31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the Transition Period fromto Commission File Number001-16707 Prudential Financial, Inc. (Exact Name of Registrant as Specified in its Charter) New Jersey(State or Other Jurisdiction ofIncorporation or Organization) 751 Broad StreetNewark,NJ07102(973)802-6000(Address and Telephone Number of Registrant’s Principal Executive Offices)SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.Yesx No¨Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).Yes x No¨Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨Indicateby check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes☐No x As of April 28, 2025,354million shares of the registrant’s Common Stock (par value $0.01) were outstanding. TABLE OF CONTENTS Item1.Financial Statements:Unaudited Interim Consolidated Statements of Financial Position as of March 31, 2025 and December31, 2024Unaudited Interim Consolidated Statements of Operations for the three months ended March 31, 2025and 2024Unaudited Interim Consolidated Statements of Comprehensive Income for the three months ended March31, 2025 and 2024Unaudited Interim Consolidated Statements of Equity for the three months ended March 31, 2025 and2024Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2025and 2024Notes to Unaudited Interim Consolidated Financial Statements1. Business and Basis of Presentation2. Significant Accounting Policies and Pronouncements3. Investments4. Variable Interest Entities5. Derivatives and Hedging6. Fair Value of Assets and Liabilities7. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired8. Separate Accounts9. Liability for Future Policy Benefits10. Policyholders’ Account Balances11. Market Risk Benefits12. Reinsurance13. Closed Block14. Income Taxes15. Short-Term and Long-Term Debt16. Employee Benefit Plans17. Equity18. Earnings Per Share19. Segment Information20. Related Party Transactions21. Commitments and Contingent LiabilitiesItem2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem3.Quantitative and Qualitative Disclosures About Market RiskItem4.Controls and ProceduresPARTII OTHER INFORMATIONItem 1.Legal ProceedingsItem1A.Risk Factors Forward-Looking Statements Certain of the statements included in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the U.S. Private SecuritiesLitigation 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 expectationsand beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that futuredevelopments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee offuture performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, fromexpectations or estimates reflected in such forward-looking statements, including, among others: (1) losses on investments or financial contracts due to deterioration incredit quality or value, or counterparty default; (2) losses on insurance products due to mortality experience, morbidity experience or policyholder b