Prudential Financial, Inc.

PRU

US7443201022

Life & Health Insurance

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Dec. 10	Prudential Financial, Inc. announces an Equity Buyback for $1,000 million worth of its shares.	CI
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Prudential Financial : Third Quarter 2024 Earnings Transcript

November 01, 2024 at 11:25 am EDT

Corrected Transcript

31-Oct-2024

Prudential Financial, Inc. (PRU)

Q3 2024 Earnings Call

	Total Pages: 20
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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

CORPORATE PARTICIPANTS

Robert McLaughlin	Yanela del Carmen Frias
Vice President-Investor Relations, Prudential Financial, Inc.	Chief Financial Officer & Executive Vice President, Prudential Financial,
Charles F. Lowrey	Inc.
Andrew F. Sullivan
Chairman & Chief Executive Officer, Prudential Financial, Inc.
Robert Michael Falzon	Executive Vice President & Head-International Businesses and Global
Investment Management, Prudential Financial, Inc.
Vice Chairman, Prudential Financial, Inc.	Caroline A. Feeney

	Executive Vice President & Head-US Businesses, Prudential Financial,
	Inc.

.....................................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Ryan Krueger	John Barnidge
Analyst, Keefe, Bruyette & Woods, Inc.	Analyst, Piper Sandler & Co
Suneet Kamath	Wes Carmichael
Analyst, Jefferies LLC	Analyst, Autonomous Research US LP
Thomas Gallagher	Wilma Burdis
Analyst, Evercore ISI	Analyst, Raymond James & Associates, Inc.
Nicholas M. Annitto	Alex Scott
Analyst, Wells Fargo Securities LLC	Analyst, Barclays Capital, Inc.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

MANAGEMENT DISCUSSION SECTION

Operator: Ladies and gentlemen, thank you for standing by, and welcome to Prudential's Quarterly Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. Later, we'll conduct a question-and-answer session. Instructions will be given at that time. [Operator Instructions] As a reminder, today's call is being recorded.

I would now turn the call over to Mr. Bob McLaughlin. Please go ahead.

Robert McLaughlin

Vice President-Investor Relations, Prudential Financial, Inc.

Good morning and thank you for joining our call. Representing Prudential on today's call are Charlie Lowrey, Chairman and CEO; Rob Falzon, Vice Chairman; Andy Sullivan, Head of International Businesses and PGIM, our global investment manager; Caroline Feeney, Head of US Businesses; Yanela Frias, Chief Financial Officer; and Rob Axel, Controller and Principal Accounting Officer. We will start with prepared comments by Charlie, Rob and Yanela, and then we will take your questions.

Today's discussion may include forward-looking statements. It is possible that actual results may differ materially from the predictions we make today. In addition, our presentation includes references to non-GAAP measures for reconciliation of such measures to the comparable GAAP measures, and a discussion of factors that could cause actual results to differ materially from those in the forward-looking statements, please see the slides titled Forward-Looking Statements and Non-GAAP Measures in the appendix of today's presentation and the quarterly financial supplement, both of which can be found on our website at investor.prudential.com.

And now, I'll turn it over to Charlie.

Charles F. Lowrey

Chairman & Chief Executive Officer, Prudential Financial, Inc.

Thank you, Bob, and thanks to all of you for joining us today. Our third quarter performance reflects continued positive momentum in growing our businesses, increasing capital efficiency, and pivoting our product suite to address the investing, insurance, and retirement needs of our customers and clients around the world.

We reported robust sales across our US and international insurance and retirement businesses, as well as strong investment performance and private credit originations in PGIM. We also maintained our disciplined approach to capital deployment, while continuing to invest in our businesses and returning excess capital to shareholders. Our strategic progress and performance are backed by our financial strength.

Turning to slide 3. This morning, I will highlight how we continue to become a higher growth, more capital efficient company. We are growing our market-leading businesses while increasing our capital flexibility. Let's start by taking a closer look at how our Retirement Strategies business is benefiting from the global retirement opportunity. On the institutional side, our continued leadership in pension risk transfer was reinforced through a second transaction with IBM, this time to ensure $6 billion of pension liabilities. With this latest transaction, we have now closed 7 out of the 10 largest pension risk transfer deals in the US. On the individual side, five of our annuity products have exceeded $1 billion in sales so far this year, validating our product diversification strategy.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

Our Japan business is another great example of how we're addressing the growing demand for retirement products. While life insurance has traditionally comprised the bulk of our business in Japan, year-to-date sales of retirement and savings products are up 30% compared to the prior year. Meanwhile, PGIM is well positioned to help plan sponsors deliver benefits to millions of retirement beneficiaries through its diversified investment solutions. As a market leader, with nearly $0.5 trillion of assets under management supporting defined benefit and defined contribution plans, PGIM serves more than half of the world's 300 largest pension funds.

Now, let's look at how we are further growing our market-leading businesses by diversifying our products and expanding our global distribution networks. In our Retirement Strategies business, we're increasing the number of individual annuity solutions and adding new workplace partnerships, like the relationship we recently announced with J.P. Morgan Asset Management. In our Group Insurance business, we are expanding our disability and supplemental health products and growing our position in the under 5,000 lives and Association market segments.

Turning to our Individual Life business, we continue to launch innovative, more capital efficient products and we have positive momentum across our distribution channels. In our international businesses, we're benefiting from recent product launches and our strong multichannel distribution in both Japan and Brazil. And lastly, PGIM continues to benefit from our deeply connected and reinforcing business mix, resulting in strong affiliated flows on a year-to-date basis. In addition, private alternatives capital deployment has increased 24% year-to-date, underscoring the demand in the market and PGIM's private credit capabilities.

PGIM is also well-positioned to continue to capture the growing retail demand for fixed income products. In addition, our investments in technology across our insurance, retirement and asset management businesses is helping us to deliver exceptional sales, service and claims experiences supporting our growth strategy.

At the same time, we're improving the quality of earnings from the continued shift of our business mix. This quarter, we announced a transaction with Wilton Re to reinsure an $11 billion guaranteed universal life block. Following this transaction, we will have reduced our guaranteed universal life reserves by 60%, advancing our strategic progress to become a higher growth, more capital efficient company.

Turning to slide 4, our continued investments in our businesses are supported by our disciplined approach to capital deployment, which included returning more than $700 million to shareholders during the third quarter.

Turning to slide 5, our growth strategy is further supported by our financial strength and our risk and capital management framework. We maintain a AA rating, which reflects a healthy capital position, including more than $4 billion in highly liquid assets at the end of the third quarter. We also maintain a well-diversified,high-quality portfolio and disciplined approach to asset liability management. In closing, we're operating from a position of strength, with confidence in our strategy, our capabilities, and our path to deliver long-term sustainable value for all our stakeholders.

And with that, I'll turn it over to Rob.

Robert Michael Falzon

Vice Chairman, Prudential Financial, Inc.

Thanks, Charlie. I'll provide an overview of our financial results and business performance for our PGIM, US, and international businesses. I'll begin on slide 6 with our financial results. Our pre-tax adjusted operating income was $1.6 billion or $3.48 per share on an after-tax basis for the third quarter of 2024 and $9.98 on a year-to-date basis, which is up 6%. These results reflect the execution of our strategy to grow our market-leading businesses

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

and were driven by higher spread and fee income due to continued strong sales and the benefit of higher interest rates and equity markets, net of increased expenses to support the growth of our businesses.

Year-to-date adjusted operating return on equity of 13.7% has improved a 0.5 percentage point from the prior year. This reflects the strength of our businesses, the benefits from the deliberate actions we have taken to pivot to more capital efficient and higher growth products.

Turning to the operating results from our businesses compared to the year-ago quarter. PGIM, our global investment manager, had higher asset management fees, driven by favorable investment performance, contributions from the Deerpath Capital acquisition and market appreciation. This was partially offset by higher expenses to support business growth.

Earnings growth in our US businesses reflected more favorable underwriting results from better-than-expected mortality experience in Individual Life and higher spread income driven by business growth and the benefit of higher interest rates. This was partially offset by lower legacy traditional variable annuity fee income as we intentionally pivot to less market-sensitive products, as well as higher expenses to support business growth.

Results of our international businesses included less favorable underwriting results, primarily reflecting elevated US dollar product surrenders with a weakness in the yen, and higher expenses to support business growth, partially offset by higher joint venture earnings driven by encaje performance in Chile and higher spread income due to higher yields from reinvestment of the portfolio.

Turning to slide 7, PGIM, our global investment manager, has diversified capabilities in both public and private asset classes across fixed income, equities, and alternatives. PGIM's strong investment performance continues to improve with 86% of assets under management exceeding their benchmarks over the past year. This has contributed favorably to strong long-term performance with 79% and 85% of assets under management outperforming their benchmarks over the last 5- and 10-year periods respectively.

PGIM's assets under management increased by 15% to $1.4 trillion from the year-ago quarter driven by market appreciation, investment performance, and net flows. Total net flows in the quarter of $3.2 billion included affiliated net flows of $6.4 billion driven by strong retirement strategy sales, partially offset by $3.2 billion of third- party net outflows. On a year-to-date basis, total net flows were $29 billion, including $15 billion in affiliated flows and $14 billion from third-party clients. These inflows reflect the net benefit from large episodic institutional pension plan activity.

As the investment engine of Prudential, PGIM's capabilities support the success and growth of our US and international businesses in retirement, asset management, and insurance. PGIM's asset origination capabilities, investment management expertise, and access to institutional and other sources of private capital, including through our sponsored reinsurer, Prismic, are a competitive advantage, helping our businesses bring enhanced solutions and create more value for our customers.

Our insurance and retirement businesses, in turn, provide a source of growth for PGIM through affiliated net flows as well as unique access to insurance liabilities. In addition, our diversified PGIM Private Alternatives platform, which has assets under management of over $250 billion, experienced strong private credit origination activity driven by our direct lending businesses, including the benefit from our recent acquisition of Deerpath Capital.

Turning to slide 8, our US businesses produce diversified earnings from fees, net investment spread, and underwriting income and benefit from our complementary mix of longevity and mortality businesses and

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

diversified sources of earnings. We continue to focus on growing our market-leading businesses by expanding our addressable market with new financial solutions delivered through a broader distribution footprint, leveraging capabilities across Prudential and enhancing those capabilities to improve the experience of our customers and distribution partners while driving operating efficiencies.

Retirement Strategies generated strong sales of nearly $15 billion in the third quarter across its institutional and individual lines of business. Institutional Retirement sales totaled $11 billion in the quarter. US-funded pension risk transfer transactions of $6.3 billion included the second PRT transaction with IBM. Additionally, longevity risk transfer sales totaled $2.8 billion for the quarter. Year-to-date, Institutional Retirement sales were over $26 billion as we have captured about 40% of the PRT market.

Individual Retirement posted $3.6 billion in sales, its best quarter of sales in over a decade. Our product pivots and innovation have resulted in continued strong sales of our registered indexed linked annuities, and fixed annuity products have more than doubled from the prior year. Additionally, we continue to reduce market sensitivity by running off our legacy variable annuities.

Group Insurance sales primarily occur in the first quarter of the year based on annual enrollments. On a year-to- date basis, sales increased 3% compared to the prior year driven by growth and supplemental health. We are executing our strategy of both product and client segment diversification while leveraging technology to increase operating efficiency and enhance the customer experience. These actions to improve profitability and performance resulted in a benefits ratio of 83.4% which is the low end of our target range.

In Individual Life, sales increased 13% from the year-ago quarter and 9% year-to-date. These increases include the benefit from the strength and breadth of our distribution capabilities and expansion of our product offerings, including our pivot towards more capital efficient products like FlexGuard Life which reached its highest sales quarter since its launch in 2022.

Turning to slide 9, our international businesses include our Japanese life insurance companies where we have a differentiated multi-channel distribution model as well as other businesses aimed at expanding our presence in targeted high growth emerging markets. In Japan, we are focused on providing high-quality service and expanding our distribution and product offerings. Our needs-based selling approach and protection and retirement product focus continue to provide important value to our customers as we expand our product offerings to meet their evolving needs.

In emerging markets, we are focused on creating a selective portfolio of businesses in regions where customer needs are growing, where there are compelling opportunities to build market-leading businesses and where the Prudential enterprise can add value. Sales in our international businesses were up 25% compared to the year- ago quarter. Higher sales in Japan are benefiting from recent product launches as we expand our retirement and savings offerings, which are gaining traction with customers and represented 75% of the current quarter sales.

In addition, emerging market sales were also higher, driven by growth in Brazil, as we continue to expand third- party distribution and benefit from the strong performance of our world-class Life Planners. As we look ahead, we are well positioned across our businesses to be a global leader in expanding access to investing, insurance, and retirement security. We continue to focus on investing in growth businesses and markets, delivering industry- leading customer and client experiences, and creating the next generation of financial solutions to serve the diverse needs of a broad range of customers.

And with that, I'll now hand it over to Yanela.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

Yanela del Carmen Frias

Chief Financial Officer & Executive Vice President, Prudential Financial, Inc.

Thank you, Rob. I will begin on slide 10, which provides insight into earnings for the fourth quarter of 2024 relative to our third quarter results. The pre-tax adjusted operating income for the third quarter was $1.6 billion and resulted in earnings per share of $3.48 on an after-tax basis. To get a sense of how our fourth quarter results might develop, we suggest adjustments for the following items.

First, variable investment income was below expectations by $50 million in the third quarter, driven by lower private equity returns. Beginning next quarter, we plan to pre-announce our estimated variable investment income results. Next, underwriting experience was above expectations by $15 million in the third quarter. And last, we include an adjustment of $100 million for expenses and other items.

Higher expenses in the third quarter reflect the timing of investments in enterprise initiatives to support growth. We expect higher initiative investments to continue in the fourth quarter and maintain the full year 2024 expected loss in corporate and other of $1.8 billion. We also expect seasonally lower annual premiums of $50 million in international in the fourth quarter. These adjustments combined get us to a baseline of $3.34 per share for the fourth quarter. I will note that if you exclude items specific to the fourth quarter, earnings per share would be $3.67.

The key takeaway is that our underlying earnings power increased and reflects the improved quality of earnings from intentionally shifting our business mix and continued investment in the growth of our market-leading businesses. While we have provided these items to consider, please note that there may be other factors that affect earnings per share in the future. A few items that I would highlight.

We continue to benefit from new money rates that were higher than our portfolio yield in the third quarter, and we do not expect a significant impact from the potential decline in short-term rates. We have cash at the holding company, floating rate assets across our businesses, and collateral in Individual Retirement Strategies that earn short-term yields, which is generally offset by interest rate derivatives that manage duration across our businesses, where we pay short-term rates and receive fixed.

The earnings benefit from the recent pension risk transfer transactions grows over time as we reposition the investment portfolio and is muted by in-force runoff. In addition, our legacy variable annuities in-force is running off at $3 billion to $4 billion per quarter, and we have been experiencing an elevated level of surrenders in our businesses in Japan associated with US dollar products as the yen has weakened relative to the US dollar. The exchange rate hit a 38-year low in the second quarter. And while we have experienced a reduction in surrender levels as the yen strengthened during the third quarter, we expect some continued near-term pressure on earnings before surrenders normalize.

Also of note, in order to provide greater insight into our financial outlook and to better align with the longer-term nature of our business, we plan to introduce new intermediate-term financial targets. These targets will replace our quarterly baseline disclosure, concurrent with the release of our fourth quarter earnings results.

Turning to slide 11, our regulatory capital ratios are strong and above levels that we believe represent AA financial strength as we continue to maintain margins to support strong organic growth prospects and are prepared for the potential impacts of market-driven volatility. Our cash and liquid assets were $4.3 billion, which is above our minimum liquidity target of $3 billion, and we have substantial off-balance sheet resources. We remain thoughtful in our capital deployment, preserving financial strength and flexibility, investing in our businesses for long-term growth, and returning capital to shareholders.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

Turning to slide 12, and in summary, we are becoming a higher-growth, more capital efficient company. We are maintaining a disciplined approach to capital deployment, and our growth is supported by the strengths of our balance sheet.

And with that, we will be happy to take your questions.

QUESTION AND ANSWER SECTION

Operator: Thank you. We'll now be conducting a question-and-answer session. [Operator Instructions] Our first question today is coming from Ryan Krueger from KBW. Your line is now live.

Ryan Krueger

Analyst, Keefe, Bruyette & Woods, Inc.

Hey. Thanks. Good morning. I guess, one question and kind of a related follow-up would be, one, can you give an update on Prismic and potential activity there? And then the second one was just how you plan to use capital that you free up from both external and internal reinsurance transactions going forward? Because I think you've freed up some capital from various transactions, but what are your key priorities for returning that over time?

Robert Michael Falzon

Vice Chairman, Prudential Financial, Inc.

Ryan, it's Rob. I'll take the first part of your question, and I think Charlie will probably jump in and handle the second part of that. So, I guess, what I'd start with, Ryan, is I would reiterate what we said last quarter, which is we'd be disappointed if we've not entered into an additional transaction that we could announce before year-end. We're continuing our work on a very active pipeline. It's got multiple reinsurance transactions across a spectrum of types, so it's ongoing looking at our own balance sheet optimization. It's looking at opportunities for flow or new sales financing as well as third-party blocks. And there, we have a particular focus on Japan. And as you may have seen, we actually made - Prismic actually made an announcement that we've stood up a dedicated licensed team in Tokyo in order to be able to advance that opportunity.

While they're all in play, I think we would say that the likely next transaction is going to be back-book amongst the variety of things that we're working on and potentially in Japan. The interest in that is in particularly that it would help establish the plumbing and the precedent for doing third-party transactions from that market, which we think is an interesting market in which we have a competitive advantage. If I was - stepping back, Ryan, I would say, we have a visible pipeline. We have capital available to us. We've got the right underwriting expertise and the staffing at Prismic, and all of that combines to give us confidence in our ability to scale Prismic in a way that's consistent with our aspirations and the aspirations of our investors.

Charles F. Lowrey

Chairman & Chief Executive Officer, Prudential Financial, Inc.

And Ryan, this is Charlie. Let me add on to what Rob said in terms of capital deployment. We've always said that we want to be good stewards of capital and that we have a consistent disciplined and balanced approach to the redeployment of that capital within our businesses and to our shareholders. And there are really three aspects to our approach on which we focus. The first is just maintaining our rock-solid balance sheet and financial strength, which is fundamental to us in terms of fulfilling our promises, which we've done for almost 150 years. The second

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

is investing, both organically and through programmatic acquisitions to support the sustainable long-term growth of our businesses.

And finally, returning excess capital to shareholders, as we've done in the past. And in this quarter, we deployed capital to support strong sales across our businesses, including several new products to meet the evolving needs of our customers, and we returned over $700 million to shareholders. So, we have a consistent process, and we're going to follow that through.

Ryan Krueger

Analyst, Keefe, Bruyette & Woods, Inc.

Great. Thank you.

Operator: Thank you. The next question today is coming from Suneet Kamath from Jefferies. Your line is now live.

Suneet Kamath

Analyst, Jefferies LLC

Hi. Thanks. Good morning. I wanted to start with Japan. Can you talk about how the margins or the returns on these retirement products that you're selling compare to the protection products, death protection products that you used to sell? I mean, my recollection is those death protection products have very attractive margins. And I just want to get a sense of the new business that you're writing and how that compares.

Andrew F. Sullivan

Executive Vice President & Head-International Businesses and Global Investment Management, Prudential Financial, Inc.

Yeah, Suneet, good morning. It's Andy. I'll take the question. So, we're pleased with the profitability of the sales that we're seeing in Japan. And we do not expect an impact on the margins, given the mix shift between the product types. We're actually quite excited. We see a long-term opportunity to help the citizens in Japan prepare for and enjoy their retirement. Given the longevity aspects of Japan and the low bank savings yields, we believe that we're going to see a continued strengthening of demand for a broader set of retirement products.

While we already have a broad product portfolio there, we've been methodically diversifying and expanding our capabilities to really lean into this opportunity. And you saw that - success of that strategy in third quarter with our retirement investment product sales increasing about 30% year-to-date versus the prior year. And those sales accounted for the majority of Japan sales in the quarter. So, we don't expect an impact on the margins given that mix shift, and we're very excited as we see this as early days in what should be a very long-term opportunity tailwind.

Suneet Kamath

Analyst, Jefferies LLC

Okay. That makes sense. Thanks for that. And then I guess for Caroline, it looks like your prediction that 2024 would be another record year for annuity sales is playing out. Just curious, if you can give us some color around like where the growth is kind of coming from. Is it coming out of 401(k) plan rollovers or product exchanges? And how sustainable do you think this level of sales is as we think about moving into 2025? Thanks.

Caroline A. Feeney

Executive Vice President & Head-US Businesses, Prudential Financial, Inc.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q3 2024 Earnings Call	31-Oct-2024

Yes, sure. Thanks for your question, Suneet. So, first of all, let me say, we are extremely pleased with our individual retirement results. And as you saw in the third quarter, we drove over $3.5 billion of sales, making our best quarter in over a decade. And this strong performance is the direct result of our efforts over the past few years to diversify our annuity portfolio, allowing us to meet more of the consumer need for protected savings and income. In fact, we now have the broadest individual product portfolio we've ever had. And to put that in perspective, Suneet, as Charlie mentioned in his opening comments, just two years ago, we had only one product that generated over $1 billion in sales. Now, we already have five products that have exceeded that mark this year.

So, in terms of your question on sustainability, the outlook for our individual annuity franchise remains strong. Beyond our diversified portfolio, what we see is a clear tailwind coming from aging demographics. That's over 11,000 Americans turning 65 every day, and 30 million Americans turning 65 between now and 2030. So, a lot of that growth, Suneet, is coming from that tailwind. We're also seeing increased demand in the marketplace for protected savings and income solutions. So, combining those factors, the industry is on pace for a third sequential record-setting sales year, as you say, with year-to-date sales outpacing last year by more than 25%. And we'll meet that demand head-on with our diverse portfolio solutions and the strength of our brand and our distribution.

Suneet Kamath

Analyst, Jefferies LLC

Got it. Okay. Thanks for that.

Operator: Thank you. Next question today is coming from Tom Gallagher from Evercore ISI. Your line is now live.

Thomas Gallagher

Analyst, Evercore ISI

Good morning. First question back on Japan. Can you talk about your sales mix between yen products, foreign currency products? I know foreign currency has been a big part of what's gone on, but just given the move higher in rates in Japan, are you starting to see a pivot back into yen-oriented products? And how do you see that going forward? Thanks.

Andrew F. Sullivan

Executive Vice President & Head-International Businesses and Global Investment Management, Prudential Financial, Inc.

Yeah, Tom. It's Andy. I'll take the question. So, in the third quarter, we saw about 30% of our sales in Japan were yen-based sales. The fact is our level of yen-based sales has nearly doubled over the last three years, and this has been based on what have been a series of very intentional actions on our part. We believe in having a broadly diversified product portfolio in every geography that we operate. So for Japan, that means having good diversification across life insurance, retirement, and savings products, and having a nice balance between US dollar and yen offerings.

So we've been intentionally strengthening the choices that our customers have for yen-based products over the last year or so. And these new product introductions have been a material contributor to the 29% year-over-year sales increase. So, we believe in a broad portfolio. We've been expanding the yen-based offerings, and we're seeing the success of that strategy.

Thomas Gallagher

Analyst, Evercore ISI

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Prudential Financial Inc. published this content on November 01, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 01, 2024 at 15:24:05.916.

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Prudential Financial, Inc., Q3 2024 Earnings Call, Oct 31, 2024	Oct. 31

Chart Prudential Financial, Inc.

Duration

Period

PRU: Dynamic Chart

Company Profile

Prudential Financial, Inc. specializes in supplying financial services to private and institutional customers. Revenues break down by activity as follows: - retirement insurance (21.7%); - individual life insurance (12.3%); - group insurance (12.3%): primarily life and disability insurances; - individual fixed and variable annuity management (8.9%); - portfolio and mutual fund management (7.1%): USD 1,298.1 billion in assets under management at the end of 2023; - other (1%). The remaining revenues (36.7%) are from international activities. Revenues are distributed geographically as follows: the United States (57.5%), Japan (28.8%) and other (13.7%).

Employees

40,366

Sector

Life & Health Insurance

Calendar

2025-02-10 - Q4 2024 Earnings Release (Projected)

More about the company