Prudential Financial, Inc. (PRU): Business Model Canvas [Dec-2025 Updated]

You're looking to truly understand how a giant like Prudential Financial, Inc. makes its money now, and honestly, the numbers from late 2025 show a company doubling down on scale and tech efficiency. We're talking about managing $1.612 trillion in assets through PGIM while aggressively deploying AI, like their Pace partnership, to streamline operations. This focus is clearly paying off, evidenced by their $1.521 billion adjusted operating income in Q3 2025 and a commitment to return capital via a $1 billion share repurchase plan for 2025. If you want the full, precise breakdown of the nine building blocks driving this strategy-from their iconic Rock symbol resource to their global customer segments-dive into the canvas below; it cuts right through the noise.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Key Partnerships

You're looking at the external relationships that make Prudential Financial, Inc.'s business engine run smoothly, especially in late 2025. These aren't just casual connections; they are deep, strategic alliances that move risk, distribute products, and drive investment origination. Honestly, for a firm this size, partnerships are how you scale without owning every single piece of the infrastructure.

Reinsurers to transfer significant insurance risk and manage capital

Prudential Financial, Inc. actively uses reinsurance to manage its balance sheet and capital requirements. A key example from early 2025 involved a strategic reinsurance agreement with Prismic Life Reinsurance International, Ltd., a subsidiary of Prismic Life Holding Company, LP. This deal was set to reinsure an approximate $7 billion block of U.S. Dollar denominated Japan whole life products.

The estimated transaction value for this specific reinsurance move was projected to be $400 million, covering capital release, ceding commission, and the net present value of future income. As part of this, Prudential Financial, Inc. committed to maintaining an equity investment in Prismic HoldCo at approximately 20 percent. This structure allows Prudential Financial, Inc. to optimize its international business while retaining a stake, which is expected to lead to a modest increase in after-tax annual adjusted operating income through increased PGIM asset management fees and earnings on that minority interest. Prudential Financial, Inc. continues to leverage this reinsurance capacity, which is central to its strategy of becoming less market-sensitive.

LPL Financial and Dimensional Fund Advisors for product distribution

Distribution strength relies heavily on external networks, and Prudential Financial, Inc. has deepened ties with major players in the advisory space. The collaboration with LPL Financial, for instance, is designed to push Insurance Overlay retirement lifetime income strategies directly into LPL's managed accounts platform. This move targets LPL's network of 29,000 financial advisors, many of whom don't typically use insurance-led retirement solutions.

Similarly, the three-way partnership involving Dimensional Fund Advisors and Fiduciary Exchange LLC (FIDx) focuses on bringing protected lifetime income strategies to managed accounts via the FIDx Insurance Overlay marketplace. This builds on existing product integrations, such as Dimensional indexes being used within Prudential's FlexGuard registered index-linked annuity suite and SurePath fixed-indexed annuities. To give you a sense of Dimensional's scale, they managed $794 billion for investors worldwide as of September 30, 2024.

Here's a quick look at how these distribution and product integration partnerships are structured:

Pace for agentic AI to automate insurance operations

Modernization is a key theme, and Prudential's Individual Life Insurance (ILI) business has partnered with Pace to deploy agentic Artificial Intelligence. This multi-year agreement moved from a successful pilot to full production, with the first automated systems now live. The AI agents are specifically tasked with streamlining policy servicing and supporting quality assurance efforts. The immediate impact is significant: the live systems are already taking on thousands of hours of work, freeing up Prudential teams to focus on customer relationships. Pace's platform is designed to automate tasks traditionally handled by business process outsourcers (BPOs), including submission intake and claims handling.

Banks and broker-dealers for retail product distribution

The reach into retail channels is supported by a vast network of financial professionals. Prudential's Retirement Strategies business reports working with more than 100,000 retail financial professionals across its five lines of business. This massive footprint is essential for distributing products like the MyRock Advisor Variable Annuity through platforms like FIDx. The firm's overall strategy emphasizes an omni-channel distribution approach.

Strategic alliances for global investment origination (PGIM)

PGIM, Prudential Financial, Inc.'s asset management arm, actively forms alliances to enhance its investment origination capabilities and product offerings. As of June 30, 2025, PGIM managed more than $1.44 trillion in assets, entering a strategic partnership with Partners Group to deliver multi-asset solutions in response to client interest in alternatives. The total Assets Under Management for PGIM was reported at $1.612 trillion as of March 31, 2025, and stood at $1.5 trillion as of Q3 2025.

These alliances extend across various asset classes:

• PGIM Fixed Income established a revolving pass-through loan sale facility with Affirm of up to $3 billion over 36 months, building on a prior $500 million purchase in December 2024. PGIM Fixed Income managed $862 billion in assets as of March 31, 2025.
• PGIM Private Capital deployed nearly $6.7 billion in senior debt and junior capital to over 125 middle-market companies and projects globally in the first half of 2025.
• Prudential Financial, Inc. and Dai-ichi Life are pursuing a strategic partnership, with CEO Andrew Sullivan noting regular meetings to explore expansion opportunities.

Finance: draft 13-week cash view by Friday.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Key Activities

You're looking at the core actions Prudential Financial, Inc. (PRU) takes to deliver value, grounded in the latest numbers from late 2025. These aren't abstract goals; they are the daily financial and operational drivers.

Active global investment management through PGIM is a massive undertaking. PGIM manages a substantial pool of assets for clients worldwide, a key source of fee revenue.

• Active global investment management through PGIM (AUM $1.612 trillion)

The asset management business saw its Assets Under Management (AUM) reach $1.470 trillion as of the third quarter of 2025, up 5% from the year-ago quarter, driven by market appreciation and net inflows. PGIM's Q2 2025 AUM was reported at $1.441 trillion. As of September 30, 2025, PGIM reported total assets under management of $1.5T.

Here's a quick look at how PGIM's AUM was segmented based on September 30, 2025 data:

The company's insurance operations involve underwriting and servicing life insurance and group benefits. The Group Insurance segment posted one of its best earnings quarters in Q2 2025. Individual Life sales showed growth, increasing by 10% year-over-year in Q2 2025. For the third quarter of 2025, Individual Life reported adjusted operating income of $480 million. The benefits ratio in Q2 2025 improved to 80.9% when excluding favorable assumption updates.

Managing institutional and individual retirement strategies remains central. Institutional Retirement Strategies saw sales reach $9 billion in Q2 2025. For the full year 2024, institutional pension risk transfer (PRT) sales hit $36 billion, a 27% year-over-year increase. Individual Retirement Strategies posted adjusted operating income of $486 million in Q3 2025, following 2024 sales exceeding $14 billion.

Developing and deploying AI-enhanced advisor technology is a key focus area for efficiency. The Prudential Advisors Connect mobile app, which extends the AI-enhanced desktop platform, launched its iOS version on December 3, 2025. Since the underlying cloud platform launched in 2024, it has demonstrated a 5% rise in advisor productivity, a +10% gain in lead conversion, and a +24% increase in Ease of Doing Business scores. Also, AI innovations, like the Retirement Income Calculator and 22-second underwriting, drove 12% new business profit growth and $1.26B Total Embedded Value (TEV) in 2025.

Disciplined capital deployment and share repurchases reflect the commitment to shareholder returns. Prudential Financial authorized a $1 billion share repurchase plan for 2025. In the first half of 2025 alone, the company repurchased 72 million shares for $711 million. Management projects that 30%-40% of capital deployment will go toward organic growth, while 35%-45% is allocated to dividends. Overall, the company guides for returning more than $5 billion to shareholders across the 2024-2027 period.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Key Resources

You're looking at the core assets Prudential Financial, Inc. (PRU) relies on to execute its strategy. These aren't just line items; they are the engines driving client security and asset growth. Here's the breakdown of what matters most right now, based on late 2025 figures.

The sheer scale of assets managed is a primary resource. As of the third quarter of 2025, Prudential Financial, Inc. reported Global Assets Under Management (AUM) of $1.612 trillion. This figure is heavily influenced by its investment management arm, PGIM, which specifically managed $1.470 trillion of that AUM as of September 30, 2025.

Another critical, though intangible, resource is the iconic Rock symbol. This represents the company's long-standing reputation for financial strength and stability, a key trust factor in insurance and retirement services.

Technology is clearly a growing physical and intellectual resource. The proprietary AI platform, Prudential Advisors Connect, launched in 2024, is being actively enhanced, with a mobile app hitting iOS devices on December 3, 2025. Collaboration with advisors shaped this platform, leading to 74% of user-suggested enhancements being implemented since its launch.

Financial fortitude at the holding company level provides operational flexibility. As of Q3 2025, parent company highly liquid assets stood at $3.9 billion, exceeding the company's own target of $3 billion.

Distribution capability is anchored by its human capital. Through October 31, 2025, Prudential Advisors accelerated its network growth, bringing the total number of financial advisors to more than 3,000 nationwide. This represented a headcount increase of nearly 9% in the period leading up to that date.

Here's a quick look at the key quantifiable resources as of late 2025:

The impact of the technology investment is showing up in advisor efficiency metrics:

• Advisor productivity increase: 5%
• Lead conversion rise: 10%
• Ease of Doing Business score improvement: 24%

The platform, Prudential Advisors Connect, integrates several functions for the advisor force. You can see the core components it unifies:

• Financial planning
• Customer relationship management (CRM)
• Investments
• Annuities
• Lead management

Prudential Financial, Inc. (PRU) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Prudential Financial, Inc. (PRU) in late 2025. It's about delivering concrete security and expertise across a massive, global footprint. Forget the marketing fluff; here are the hard numbers backing up the value they offer.

Lifetime income protection via innovative insurance overlays

Prudential Financial, Inc. is actively reshaping retirement income by moving beyond traditional annuity structures. You see this clearly with the launch of the ActiveIncome strategy in July 2025, which acts as an innovative insurance overlay inside managed accounts. This lets clients stay invested while securing a lifetime income floor through a contingent deferred annuity (CDA) structure.

The market demand is there: a recent survey showed that 66% of non-retired U.S. respondents prefer a guaranteed monthly check over a lump sum, yet only 29% overall currently use annuities to deliver that income. Prudential is bridging that gap. The financial impact of this innovation is baked into forward estimates; ActiveIncome is expected to contribute to EPS growth from approximately $13.66 in 2025 to over $17 by 2028. Furthermore, the capital-light nature of this product supports an estimated incremental Return on Equity (ROE) of around 3%.

For more traditional variable annuity needs, their Highest Daily Lifetime Income 2.0 product offers specific fee structures for guaranteed benefits:

• Fee for single life coverage: 1.0 percent.
• Fee for spousal coverage: 1.10 percent.

Global, diversified investment expertise across public and private assets

The investment management arm, PGIM, is a significant value driver, managing substantial assets globally. As of September 30, 2025, Prudential Financial, Inc. reported total assets of $776.302B, with PGIM alone managing $1.441 trillion in assets under management as of the second quarter of 2025. This scale allows for deep expertise across asset classes, including private markets.

Here's a quick look at the scale and recent performance:

This global reach and asset diversity are key to managing complex liabilities and seeking alpha for clients.

Comprehensive financial security and retirement planning solutions

Prudential Financial, Inc. serves a vast customer base, underscoring its role in broad financial security. The company reports serving 50 million customers in over 50 countries. In the retirement space, the focus is on providing certainty where workers increasingly lack it due to the shift from defined benefit to defined contribution plans.

The value proposition here is demonstrated by market leadership and product guarantees:

• Prudential ranked No. 1 in the Insurance: Life & Health industry on FORTUNE's World's Most Admired Companies list for 2025.
• It is the largest life insurer in the United States based on total admitted assets.
• It is the 1st-largest seller of individual life insurance in the United States based on total premiums.
• In Q2 2025, after-tax adjusted operating income was $1.284 billion.

Financial strength and claims-paying ability (e.g., A+ rating)

For insurance and annuity products, financial strength is the ultimate value proposition. Prudential maintains ratings that reflect a very strong balance sheet assessment, supported by an improved Best's Capital Adequacy Ratio (BCAR). You can see this stability reflected across the major agencies as of late 2025.

The core insurance entity, The Prudential Insurance Company of America, holds these key ratings:

The holding company, Prudential Financial, Inc. (PFI), itself holds a Long-Term ICR of "a-" (Excellent) from AM Best, with a stable outlook. This high rating confirms the ability to meet claims-paying obligations.

Personalized advice supported by a defintely modern tech stack

Prudential recognizes that personalized guidance is critical for clients to feel confident in their retirement projections; 88% of surveyed plan sponsors believe personalized advice leads to better outcomes. To deliver this, the firm is heavily investing in its advisor technology.

The retail arm, Prudential Advisors, is scaling its human capital and technology simultaneously:

• Advisor headcount exceeded 3,000 nationwide through October 31, 2025.
• New advisors onboarded through October 31, 2025, managed nearly $3 billion in client assets.
• The proprietary Prudential Advisors Connect platform, launched in 2024, has seen 74% of user-suggested enhancements implemented since launch.
• This tech stack has driven measurable results: a 5% rise in advisor productivity and a +10% increase in lead conversion.

This combination of human expertise, backed by a modern, AI-enhanced platform, helps bridge the advice gap, especially since only 41% of mass affluents globally currently work with a financial advisor.

Finance: draft 13-week cash view by Friday.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Customer Relationships

You're looking at how Prudential Financial, Inc. (PRU) maintains and deepens its connections with clients, which is a mix of high-touch human interaction and scalable digital support.

Dedicated, high-touch relationship management via Prudential Advisors

The core of the personalized relationship strategy rests with Prudential Advisors. As of October 31, 2025, the firm has grown its network to more than 3,000 financial advisors nationwide. This growth is tangible; through that date, the firm welcomed experienced financial advisors who collectively manage nearly $3 billion in client assets. This influx represented a nearly 9% increase in total headcount for the year. These new advisors bring significant client relationship history, averaging more than 25 years of experience each. This dedicated advisory force serves a broad base, offering financial advice and solutions to more than 3.5 million American families. Prudential Financial, Inc. held approximately $1.6 trillion in assets under management as of September 30, 2025, showing the scale these relationships operate within.

The market opportunity for this high-touch model is still significant; the 2025 Global Retirement Pulse Survey revealed that only 41% of mass affluents globally currently use a financial advisor.

Digital self-service tools for policy and account management

To support the advisors and allow for efficient client interaction, Prudential Financial, Inc. heavily invests in digital tools. The Prudential Advisors Connect platform, launched in 2024, integrates planning, CRM, investments, and lead management. The impact of this technology on the advisor experience is measurable, showing clear operational gains.

Here are the reported results from the platform since its launch:

The firm continues to enhance this digital ecosystem, recently launching the Prudential Advisors Connect mobile app for iOS devices on December 3, 2025, with Android support coming soon. This allows for on-the-go access to client search and portfolio summaries, folding core workflows into mobile devices.

Institutional sales teams for large pension risk transfer deals

For large institutional clients, the relationship is managed by specialized sales teams focused on complex de-risking solutions. In the second quarter of 2025, longevity risk transfer transactions totaled $5.6 billion within that quarter's sales. Year-to-date sales for Institutional Retirement Strategies, through Q2 2025, reached $15.9 billion, which was a 6% increase compared to the prior year-to-date period. The net account values for this segment stood at $298 billion as of Q2 2025, reflecting a 13% increase from the year-ago quarter.

Continuous product innovation based on client feedback (e.g., 74% of advisor-suggested enhancements implemented)

Prudential Financial, Inc. closes the loop between client needs and product development. For the proprietary Prudential Advisors Connect platform, collaboration with advisors was key, resulting in 74% of user-suggested enhancements being implemented since its launch. This commitment to advisor-driven development extends to product design, too. For instance, the new Insurance Overlay product, called ActiveIncome, which uses a contingent deferred annuity structure, was designed directly in response to advisor feedback to address demand for longevity-protected income.

The firm's focus on innovation was recognized when it won the 2025 Wealth Management Impact Award for Best Innovation in Retirement & Income Planning on October 17, 2025.

Finance: draft 13-week cash view by Friday.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Channels

You're looking at how Prudential Financial, Inc. (PRU) gets its products and services to customers as of late 2025. It's a mix of direct human interaction, institutional reach, and digital access, all built on a massive scale.

Prudential Advisors network (career agents and fee-based planners)

The Prudential Advisors network remains a core channel, representing the firm's direct retail sales force. As of October 31, 2025, this network grew to more than 3,000 advisors nationwide, marking an increase of nearly 9% in headcount over the year. These new additions brought in nearly $3 billion in client assets through that same date. The joining advisors typically have significant experience, averaging 25+ years in the industry. This channel is supported by a strategic relationship with LPL Financial to broaden investment options and technology support. Securities products are offered through Pruco Securities, LLC, Prudential Investment Management Services, LLC, or Prudential Annuities Distributors, Inc.

The scale of Prudential Financial's overall reach is significant; as of December 31, 2024, the company served 50 million customers across over 50 countries. Furthermore, Prudential Financial is recognized as the 1st-largest seller of individual life insurance in the United States based on total premiums.

Third-party distribution (broker-dealers, wirehouses, RIAs)

Prudential Financial uses external partners to reach segments of the market not covered by its internal advisors. This strategy is part of the broader omni-channel distribution approach. The strategic relationship with LPL Financial is a key example of how Prudential Financial interfaces with third-party platforms for brokerage, RIA, and custodial services, providing advisors on that platform with access to Prudential products.

Here's a look at the overall scale of the business that these channels feed into:

PGIM institutional sales force for global asset management

PGIM, the global investment management business, relies on a dedicated institutional sales force to manage assets for external clients, including pension funds and other institutions. As of the third quarter of 2025, PGIM's assets under management (AUM) stood at $1.470 trillion, reflecting a 5% increase from the year-ago quarter, driven by market appreciation and net inflows.

The institutional segment is a major component of this AUM. For instance, as of March 31, 2025, $838 billion of PGIM's third-party AUM was benchmarked, which represented 66% of the total third-party AUM at that time. Prudential Financial expects low-double-digit earnings growth for PGIM, supported by projected asset management fee growth of 6% to 9%.

• PGIM AUM (Q3 2025): $1.470 trillion.
• Expected Asset Management Fee Growth: 6% to 9%.
• PGIM Target Adjusted Operating Margin: 25% to 30%.

Direct-to-consumer digital channels for select products

Prudential Financial uses direct digital channels to serve customers, particularly younger demographics who may prefer less direct advisor interaction. The firm has an established direct-to-consumer service called LINK by Prudential, which offers personalized financial planning and recommendations for insurance, annuities, and investments.

The strategy is to blend this digital offering with human support, allowing customers to buy products directly or with remote advisor help. This approach is part of the broader goal to deliver industry-leading customer experiences by blending the human touch with advanced technology.

Prudential Advisors Connect mobile app for on-the-go access

The technology ecosystem supporting the distribution network includes the Prudential Advisors Connect mobile app, which provides advisors with on-the-go access to client information and firm resources. This supports the overall goal of providing industry-leading technology to the advisor force.

If you're tracking advisor productivity, remember that the success of this channel hinges on effective integration of new talent and the productivity of the over 3,000 advisors on the platform.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Customer Segments

You're looking at the core groups Prudential Financial, Inc. (PRU) serves across its global operations as of late 2025. Honestly, the sheer breadth is what stands out, moving from individual protection to massive institutional mandates.

The foundation remains the individual consumer, particularly in the United States. While the exact figure of 3.5 million American families seeking advice isn't directly confirmed in the latest reports, the scale of the U.S. Businesses segment, which contributed about 50% of adjusted 2024 earnings, shows this is a primary focus area, covering individual retirement (annuities), group insurance, and individual life insurance. Prudential Advisors, the retail arm, grew its headcount to more than 3,000 financial advisors nationwide as of October 31, 2025, adding nearly $3 billion in client assets through that date. That's how they reach those families.

For institutional clients, the numbers are managed through PGIM and the Pension Risk Transfer (PRT) business. PGIM, Prudential's global investment manager, reported assets under management (AUM) of $1.47 trillion as of September 30, 2025. This AUM serves a mix of clients, including institutional mandates. On the PRT side, Prudential safeguarded $26 billion of pension liabilities globally in 2024, demonstrating its role for corporations and pension funds needing to offload risk.

When we look at wealth management for high-net-worth individuals, this service is embedded within the broader advisory and investment management platforms, like PGIM, which serves both retail and institutional clients globally. While a specific count for HNWIs isn't itemized, the focus on specialized expertise across asset classes, including private credit solutions, caters to sophisticated investors requiring tailored strategies. The firm's overall customer base is vast, reporting 50 million customers in over 50 countries as of December 31, 2024.

The international footprint is significant, with the International Businesses segment accounting for about 40% of adjusted 2024 earnings. This segment has a strong market position in Japan, where sales of retirement and savings solutions grew by 14% in 2024 over 2023, and a presence in Latin America, specifically Brazil. The company operates in over 40 other countries besides the U.S.

For small to mid-sized businesses, the Group Insurance benefits area is the key touchpoint. This is part of the U.S. Businesses segment, which reported adjusted operating income of $955 million for the second quarter of 2025. This segment includes group insurance offerings, serving the employee benefits needs of businesses across the country. You can see the scale of the international operations in the table below, focusing on the reported income for Q2 2025.

Here's a quick look at the geographic segment income:

The customer base is segmented across these core areas, which is how Prudential structures its reporting and strategy execution.

You can also see the client focus within the PGIM business structure:

• Third-Party Institutional clients are served across PGIM's specialized investment affiliates.
• Retail clients access mutual funds, ETFs, SMAs, and Direct Indexing through PGIM Investments.
• Insurance & Pension Solutions clients are served by specialized teams within PGIM.

Finance: draft 13-week cash view by Friday.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Cost Structure

You're looking at the engine room costs for Prudential Financial, Inc. as of late 2025. These are the major drains on the bottom line that keep this global operation running.

Significant investment in technology and AI integration (e.g., Pace partnership)

Prudential Financial, Inc. is actively digitizing its entire organization, focusing on AI and automation tools for employees across its markets. The multi-year agreement with Pace, an agentic workforce provider for insurance, is live, with the initial set of automated systems now handling thousands of hours of work within the Individual Life Insurance (ILI) business. The Prudential Advisors Connect platform, launched in 2024, already showed a 5% increase in advisor productivity.

High compensation and benefits for the large advisor and employee base

The cost structure must support a substantial workforce. Prudential Financial, Inc. has approximately 38.2K employees as of the third quarter of 2025. Compensation and benefits are embedded within the overall operating expenses, which are significant.

Underwriting and claims expenses for insurance products

These costs fluctuate based on mortality and morbidity experience. For the third quarter of 2025, U.S. Businesses saw an increase in adjusted operating income partially due to more favorable underwriting results, though this was offset by higher expenses to support business growth. International Businesses also reported more favorable underwriting results in Q3 2025.

Interest expense on corporate debt and capital costs

Servicing the balance sheet is a fixed, material cost. For the fiscal quarter ending September 2025, Prudential Financial, Inc. reported an Interest Expense on Debt of $531M. The Total Debt for the company stood at $22.051B as of September 30, 2025, with Long Term Debt at $18.797B for the same period.

General and administrative expenses to support global operations

The overall cost base for supporting global operations is captured in the total operating expenses. For the twelve months ending September 30, 2025, Prudential Financial, Inc.'s operating expenses were $54.314B. For the third quarter of 2025 alone, reported Operating Expenses were $13.76B.

Here's a quick look at the scale of these costs:

The Corporate & Other segment reflected lower expenses in Q1 2025 compared to the prior year, though this was partially offset by higher interest expense.

Prudential Financial, Inc. (PRU) - Canvas Business Model: Revenue Streams

The revenue streams for Prudential Financial, Inc. (PRU) are anchored in its core insurance, retirement, and asset management businesses, reflecting a diversified approach to generating financial returns as of late 2025.

Insurance premiums and policy fees from life and group insurance form a foundational component, supported by strong underwriting results noted in the third quarter of 2025.

Asset management fees from PGIM are a significant driver, with the segment reporting adjusted operating income of $244 million for the third quarter of 2025, on Assets Under Management totaling $1.470 trillion as of that period end. Management has previously guided toward strong asset management fee growth of 6% to 9%, supporting the overall revenue outlook.

Net investment income from the General Account portfolio contributes substantially, evidenced by higher net investment spread results, including favorable alternative investment income, which boosted segment earnings in the third quarter of 2025.

Fee income from U.S. Retirement Strategies is a key projected figure for the full year 2025, stated as a projection of $28 billion. The segment itself reported adjusted operating income of $966 million for the third quarter of 2025.

The overall profitability metric for the period is the after-tax adjusted operating income of $1.521 billion reported for the third quarter of 2025.

Here's the quick math on the segment-level adjusted operating income that drives these streams for Q3 2025:

The company's overall financial health is also reflected in key performance indicators:

• Year-to-date adjusted operating return on equity exceeded 15%.
• Total Assets Under Management reached $1.612 trillion at the end of Q3 2025.
• Parent company highly liquid assets stood at $3.9 billion.

The projected revenue stream for asset management fees from PGIM for FY2025 is stated as $4.3 billion.

Finance: draft 13-week cash view by Friday.