Prudential Financial
31 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
Group Insurance National Market segment
concentrated inWhile the majority of our premiums are derived from the National Market segment (over 5,000 benefit-eligible employees), we continue to diversify our book through growth of the Premier Market (between 100–5,000 benefit-eligible employees) and Association segments (affinity groups, regardless of size).Business (Item 1)
Partners and platforms
Prismic Life Reinsurance, Ltd. (Prismic Re)
approximate 20% equity interestThrough our Corporate and Other operations, we own an approximate 20% equity interest in Prismic Life Holding Company LP (“Prismic”), the Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”).Business (Item 1)
Japanese banks
depends onnamed as a riskFor example, a significant amount of our sales in Japan are derived through major Japanese banks and a significant portion of our sales in Japan through Life Consultants is derived through a single association relationship.Risk factors (Item 1A)
Warburg Pincus
In September 2023, we, together with Warburg Pincus and a group of institutional investors, launched Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company.Business (Item 1)
Other companies
Prudential of Japan
operates in · 90-day periodnamed as a riskIn February 2026, in conjunction with its previously announced internal investigation into employee misconduct in Japan, the Company voluntarily suspended new sales activity at Prudential of Japan for a 90-day period, commencing February 9, 2026.Business (Item 1)
Long-term care insurance
named as a riskOur actual experience obtaining pricing increases could be materially different than what we have assumed, resulting in further policy liability increases which could be material.Risk factors (Item 1A)
Prudential plc / M&G plc name agreement
The agreement restricts use of the “Prudential” and “Pru” names and marks in a number of countries outside the Americas, including Europe, Africa and most parts of Asia.Business (Item 1)
The Allstate Corporation
We also use assumed reinsurance in connection with our 2006 acquisition of The Allstate Corporation (“Allstate”) variable annuity business and the reinsurance of certain annuity products retained in connection with the sale of Prudential Annuities Life Assurance Corporation (“PALAC”).Business (Item 1)
The Hartford
We also use assumed reinsurance in connection with our 2013 acquisition of The Hartford’s individual life insurance business.Business (Item 1)
Places
Japan
concentrated innamed as a riskAs a U.S.-based company with significant business operations outside of the U.S., particularly in Japan, we are exposed to foreign currency exchange rate risk related to these operations, as well as in our investment portfolio.Risk factors (Item 1A)
Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more
United Kingdom
earns fromOur Institutional Retirement Strategies business develops and distributes retirement investment and income products and services to retirement plan sponsors in the public, private, and not-for-profit sectors, both domestically and internationally, primarily within the United Kingdom.Business (Item 1)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Hazards
China–Taiwan geopolitical tensions
named as a riskLikewise, geopolitical tensions (including those between China and Taiwan) may cause governments to take actions such as the implementation of sanctions or other measures to restrict commercial activity in or among markets where we operate or have other interests.Risk factors (Item 1A)
Also named by ENTG
Commodities and inputs
S&P 500
exposed to its price · $(1,673)named as a riskWe benchmark our return on equity holdings against a blend of market indices, mainly the S&P 500 and Russell 2000 for U.S. equities.Market risk (Item 7A)
Fixed maturities interest rate exposure
exposed to its price · $(2,476)named as a riskThe following table sets forth the net estimated potential loss in fair value on these financial instruments from a hypothetical 100 basis point upward shift as of December 31, 2025 and 2024.Market risk (Item 7A)
Japanese yen
exposed to its pricenamed as a riskTherefore, if the U.S. dollar strengthens against other currencies such as the Japanese yen, our revenues reported in U.S. dollars would decline, even if there was no corresponding reduction in the health of our business.Risk factors (Item 1A)
Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY and 24 more
Australian dollar
exposed to its pricenamed as a riskThis volatility has been mitigated by disaggregating the USD and AUD-denominated businesses in certain of our Japanese operations into separate divisions, each with its own functional currency that aligns with the underlying products and investments.Market risk (Item 7A)
Also named by ADBE, BEN, BF/B, BTU, CSGP, EEFT, EZPW, GPC and 13 more
Tokyo Price Index (TOPIX)
exposed to its pricenamed as a riskWe benchmark foreign equities against the Tokyo Price Index, and the MSCI EAFE, a market index which captures large and mid cap representation across developed markets around the world, excluding the U.S. and Canada.Market risk (Item 7A)
Regulators
Bermuda Monetary Authority (BMA)
subject toOur Bermuda entities, including Gibraltar Reinsurance Company Ltd. and Lotus Reinsurance Company Ltd., as well as Prismic, in which Prudential has a significant equity interest, are regulated by the Bermuda Monetary Authority (the “BMA”).Business (Item 1)
Also named by AFL, AIG, APO, ARES, CAT, CB, CG, COIN and 8 more
National Association of Insurance Commissioners (NAIC)
subject toThe National Association of Insurance Commissioners (“NAIC”) has developed and implemented a group capital calculation that uses a risk-based capital (“RBC”) aggregation methodology to serve as an additional tool to help state regulators assess potential risks.Business (Item 1)
Also named by ALL, ARES, BX, FNF, KKR, MET, OWL, PFG and 3 more
Japan Financial Services Agency (FSA)
subject toOur insurance operations in Japan are regulated by the FSA.Business (Item 1)
New Jersey Department of Banking and Insurance (NJDOBI)
subject toThe New Jersey Department of Banking and Insurance (“NJDOBI”) acts as the group-wide supervisor of Prudential Financial pursuant to New Jersey legislation that authorizes group-wide supervision of internationally active insurance groups (“IAIGs”).Business (Item 1)
Laws and programs
U.S. insurance guaranty associations
subject to · $10 million, $71 million, and $0.7 million in assessments for 2025, 2024, and 2023For our U.S. insurance operations, we paid $10 million, $71 million, and $0.7 million in assessments for 2025, 2024, and 2023, respectively, and we have established an estimated $5 million reserve as of December 31, 2025, for future assessments related to insurance companies currently subject to insolvency proceedings.Business (Item 1)
Employee Retirement Income Security Act (ERISA)
subject tonamed as a riskLoss of QPAM status or disqualification under other applicable exemptions—due to criminal convictions or non-prosecution or deferred prosecution agreements—could negatively affect our investment management and Prudential Advisors business.Business (Item 1)
U.S. Department of Labor fiduciary rule
subject tonamed as a riskComplying with these rules and standards of care has resulted in and may continue to cause increased compliance costs.Business (Item 1)
Chile, Colombia and Peru pension system reforms
subject tonamed as a riskFor example, pension system reforms being proposed in some jurisdictions (including Chile, Colombia and Peru) may limit the role of private companies, fundamentally changing our business in these markets.Risk factors (Item 1A)
Colorado AI Law (Senate Bill 24-205)
subject tonamed as a riskIn May 2024, Colorado passed Senate Bill 24-205 (“the Colorado AI Law”), which becomes effective on February 1, 2026, regulates certain AI systems, and imposes obligations on AI system deployers and developers doing business in Colorado.Business (Item 1)
Dodd-Frank Act
subject toThe Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) established a framework for regulation by both the SEC and the CFTC of the over-the-counter derivatives markets.Business (Item 1)
Also named by AFL, AN, BGC, CNX, CPAY, EPD, EQT, FITB and 14 more
SEC Regulation Best Interest
subject toThe Company and our distributors are subject to rules regarding the standard of care applicable to sales of our products and the provision of advice to our customers, including, among others, the U.S. Department of Labor (“DOL”) fiduciary rule, the Securities and Exchange Commission (“SEC”) Regulation Best Interest, and the National Association of Insurance Commissioners (“NAIC”) and Japanese Financial Services Agency (“FSA”) Standard of Care regulations.Business (Item 1)
SECURE Act
subject toWe are also subject to the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act, together with SECURE 2.0 (collectively, the “SECURE Act”), designed to broaden retirement plan access and savings.Business (Item 1)
Also named by LNC
Japan Economic Solvency Ratio (ESR)
subject toOur Japan insurance operations are currently subject to a market-based capital standard called the Economic Solvency Ratio (“ESR”), which became effective in April 2025, with disclosure under the new framework required in 2026.Business (Item 1)