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PRUDENTIAL FINANCIAL INC FILES (8-K) Disclosing Regulation FD Disclosure, Financial Statements and Exhibits
Edgar Glimpses
Item 7.01 Regulation FD Disclosure.
EffectiveJanuary 1, 2023 ,Prudential Financial, Inc. (the "Company") adopted Accounting Standards Update 2018-12,Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12" or "LDTI"), which provides new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The Company adopted this guidance using the modified retrospective transition method, where permitted, for changes to the liability for future policy benefits and deferred policy acquisition costs and related balances, and the retrospective transition method, as required, for market risk benefits. The Company applied this guidance as of the transition date ofJanuary 1, 2021 , and retrospectively adjusted prior period amounts for years 2021 and 2022 to reflect the new guidance.
The Company furnishes herewith, as Exhibit 99.1, an updated Quarterly Financial
Supplement (unaudited) for fourth quarter 2022 to provide investors with
additional information regarding the expected impacts of adopting LDTI. The
updates made for the adoption of ASU 2018-12 are highlighted in yellow
throughout.
The unaudited supplemental financial information included in Exhibit 99.1 has been prepared by, and is the responsibility of, the Company's management. This information is preliminary, unaudited and subject to change based on the completion of ongoing internal control, review and audit procedures. Investors should therefore not place undue reliance on this unaudited supplemental financial information. This information should be read together with the consolidated financial statements and the related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K, filed onFebruary 16, 2023 , and the Company's other filings with theSEC . The Company undertakes no obligation to update or revise these amounts as a result of new information or otherwise, except as required by law. Additional materials related to the impact of the adoption of LDTI are available on the Company's Investor Relations website. Investors and others should note that the Company routinely uses its Investor Relations website to post presentations to investors and other important information, including information that may be deemed material to investors. Accordingly, the Company encourages investors and others interested in the Company to review the information that it shares at www.investor.prudential.com. Interested parties may register to receive automatic email alerts when presentations and other information are posted to the Investor Relations website by clicking on "Subscribe to Email Alerts" at www.investor.prudential.com and following the instructions provided.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Quarterly Financial Supplement (unaudited)
for Prudential Financial,
Inc. for fourth quarter 2022 (furnished and not
filed).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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