Products & Liabilities
As of December 31, 2024 (FY2024 10-K). Japan entities use March 31, 2025 (FY2024 J-GAAP year-end).· Source: curated SEC 10-K filing analysis· 10 of 34 tables shown
Confidence:HighMediumLow
| # | Product | Segment | Liability Type | Balance Sheet ($B) | Risk to PRU | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Pension Risk Transfer (PRT) | Inst Ret | FPB | ~$60–70 (within Inst Ret $79.0B gross) | Longevity + investment | No (GA) | Direct to plan sponsors | Actively sold — record $36.1B sales FY2024 | Prismic Re (~$9B ceded, PRU owns 20%) |
| 2 | Structured Settlements | Inst Ret | FPB | within Inst Ret $79.0B | Longevity + investment | No (GA) | Broker intermediaries | Actively sold | Prismic Re (partial cession) |
| 3 | GICs — General Account | Inst Ret | PAB | $19.1B (within Inst Ret PAB) | Investment + crediting | No (GA) | Direct to plan sponsors / institutional | Actively sold | None |
| 4 | GICs — Separate Account | Inst Ret | Sep Acct Liab | within $163.1B PICA sep acct | Pass-through (market risk to holder) | Yes (VCA-GI-100, VCA-GI-200) | Direct to institutional clients | Actively sold | None |
| 5 | Funding Agreements — FANIP | Inst Ret | PAB | ~$5.5B (within Inst Ret PAB $19.1B) | Investment + crediting | No (GA) | Medium-term note program (via PRICOA Global Funding I) | Actively issued | None |
| 6 | Funding Agreements — FHLB | Inst Ret | PAB | ~$2.6B (within Inst Ret PAB $19.1B) | Investment + crediting | No (GA) | FHLB of NY / Indianapolis collateralized | Actively issued | None |
| 7 | Funding Agreements — Farmer Mac | Inst Ret | PAB | ~$2.5B (within Inst Ret PAB $19.1B) | Investment + crediting | No (GA) | Farmer Mac bilateral (Feb 2027–Nov 2029) | Actively issued | None |
| 8 | Synthetic GICs | Inst Ret | Derivative (off-B/S notional) | $76.4B notional (no B/S reserve — standalone derivative) | Book value guarantee | N/A — derivative wrap | Direct to DC pension plans | Actively sold | None |
| 9 | Group Life Insurance | Group Ins | FPB + Claims | within Group $10B est. FPB + $5.0B PAB | Mortality | No (GA) | Employer group (direct + broker) | Actively sold — $1.1T in-force face | Canada Life (45%), Hannover (45%) — 90% ceded for new biz |
| 10 | Group Long-Term Disability (LTD) | Group Ins | FPB + Claims | within Group ~$10B est. FPB | Morbidity (long-tail) | No (GA) | Employer group (direct + broker) | Actively sold | Various YRT |
| 11 | Group Short-Term Disability (STD) | Group Ins | FPB + Claims | within Group ~$10B est. FPB | Morbidity (short-tail) | No (GA) | Employer group (direct + broker) | Actively sold | Various YRT |
| 12 | Group Supplemental Health | Group Ins | FPB | within Group ~$10B est. FPB | Morbidity | No (GA) | Employer group (voluntary worksite) | Actively sold | — |
| 13 | Long-Term Care (LTC) | Corp & Other | FPB | $8.3B (benefit reserves) | Morbidity + longevity | No (GA) | N/A (closed to new sales) | Run-off — closed block, active claims only | None (100% retained) |
| 14 | Guaranteed Universal Life (GUL) | Indiv Life | FPB (AIR) | within $16.8B AIR (gross), $9.8B reins recov | Mortality + lapse | No (GA) | Agent (career + independent) | Closed to new sales (reinsured to Somerset/Wilton) | Somerset Re (~30%), Wilton Re (~40%) |
| 15 | Term Life | Indiv Life | FPB | within $8.3B Term Life benefit reserves (gross) | Mortality | No (GA) | Agent (career + independent) | Actively sold — record $700M FY2024 | AZ captives (XXX reserves); YRT pools |
| 16 | Closed Block — Whole Life | Closed Block Div | FPB + PAB + Div | $42.5B FPB + $4.4B PAB + $0.7B div = ~$47.6B | Mortality + investment + dividends | No (GA at PICA; guaranteed sep acct at PLIC) | N/A (closed to new sales since demutualization 2001) | Run-off — Closed Block, declining inforce | PLIC (100% coinsurance) |
| 17 | UK Pension Risk Transfer | Inst Ret | FPB | within Inst Ret $79.0B gross | Longevity (UK lives) | No (GA) | UK pension trustees | Actively sold (since 2011) | Collateral from UK counterparties |
| 18 | Japan USD Life — Assumed | Inst Ret / Intl | FPB (assumed reserves) | ~$30.6B (assumed from Japan entities) | Mortality + investment | No (GA) | N/A — assumed via intercompany coinsurance | Active — ongoing cessions from POJ, Gibraltar Life | POJ and Gibraltar Life are cedants |
| 19 | Experience-Rated Contracts | Inst Ret | Experience-rated assets/liab | $3.7B (assets backing) | Pass-through (policyholder bears investment risk) | No (GA — but risk passed through) | Direct to institutional clients | Actively sold | None |
| 20 | Legacy Variable Annuities (PICA-written) | Indiv Ret | Sep Acct + MRB | within PICA sep acct (~$0–5B) | Market (VA guarantees) | Yes (VCA-2, VCA-10, VCA-11, VCA-24) | N/A (legacy, most now via Pruco Life) | Run-off / legacy | Union Hamilton (VA guarantee reinsurance) |
| # | Product | Segment | Liability Type | Balance Sheet ($B) | Risk to PRU | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 21 | Variable Annuities (VA) | Indiv Ret | Sep Acct + PAB + MRB | $103.6B sep acct (parent) + $34.1B PAB (Indiv Variable) + $4.3B MRB liab | Policyholder (market) + PRU (guarantees: GMDB, GMIB, GLWB) | Yes (VUA, VAA, MSA) | Agent + broker-dealer + wirehouses | Actively sold (new business through FlexGuard and similar) | Union Hamilton ($2.9B QS), AuguStar (~$10B AV block) |
| 22 | Fixed Annuities (Deferred) | Indiv Ret | PAB | $12.0B (Indiv Fixed PAB) | Investment + crediting | No (GA) | Agent + broker-dealer | Actively sold | — |
| 23 | Fixed Indexed Annuities (FIA) | Indiv Ret | PAB (embedded derivative) | within $12.0B Indiv Fixed PAB | Index crediting + floor guarantee | No (GA) | Agent + IMO / independent | Actively sold | Somerset Re ($2.8B FW — FIA quota share) |
| 24 | RILA (FlexGuard) | Indiv Ret | Sep Acct | New (CIK 2077810) | Buffer/floor guarantee | Yes (new sep acct registration) | Broker-dealer + wirehouses | Actively sold — fastest growing product | — |
| 25 | Variable Universal Life (VUL) | Indiv Life | Sep Acct + PAB + FPB | within $103.6B sep acct + $27.6B PAB (Indiv Life VUL) + $16.8B AIR | Policyholder (market) + PRU (mortality + COI) | Yes (VUA sub-accounts) | Agent (career + independent) | Actively sold — $140M VL sales FY2024 | Lotus Re (~$2.3B LOC for STAT reserve credit) |
| 26 | Guaranteed Universal Life (GUL) | Indiv Life | FPB (AIR) | within $16.8B AIR — largest share | Mortality + lapse | No (GA) | Agent | Closed to new sales | Somerset Re ($1.6B net recov), Wilton Re ($7.5B recov) |
| 27 | Term Life | Indiv Life | FPB | within $8.3B Term Life gross benefit reserves | Mortality | No (GA) | Agent (career + independent) | Actively sold — record year | AZ captives (XXX reserves for older blocks) |
| 28 | Universal Life (UL / Accumulation) | Indiv Life | PAB | within $27.6B Indiv Life VUL PAB | Mortality + crediting | No (GA) | Agent | Actively sold — $100M UL sales FY2024 | — |
| 29 | Hartford Life Business (Assumed) | Indiv Life | Reins recov + payable | $2.0B recov, $1.4B payable | Mortality (assumed) | No | N/A — assumed via coinsurance (Jan 2013) | Run-off / assumed — ~700K policies, ~$141B face | Hartford/Talcott/Sixth Street (cedant) |
| 30 | AuguStar PDI VA Block (Ceded) | Indiv Ret | Sep Acct + MRB | ~$10B AV | Market + guarantees (GLB) | Yes | N/A — ceded to AuguStar (Apr 2023) | Ceded — off-risk for PRU | AuguStar (100% coinsurance) |
| 31 | Great-West/Empower Full Service Ret | Indiv Ret | Deposit receivable | $5.1B deposit receivable | Investment | Yes (SA modco) + No (GA coinsurance) | N/A — ceded to Great-West (Apr 2022) | Ceded — deposit method accounting | Great-West/Empower |
| # | Product | Segment | Liability Type | Balance Sheet ($B) | Risk to PRU | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 32 | Variable Annuities / Variable Life (NJ-issued) | Indiv Life / Ret | Sep Acct + MRB | $14.5B sep acct + $0.5B MRB | Policyholder (market) + PRU (guarantees) | Yes (~5 CIKs) | Agent | Actively sold (NJ/NY-specific) | — |
| 33 | Fixed/Indexed Annuities (NJ-issued) | Indiv Ret | PAB | $4.9B PAB | Investment + crediting | No (GA) | Agent | Actively sold | Most ceded to PICA via intercompany coinsurance |
| 34 | Traditional Life (NJ-issued) | Indiv Life | FPB | $2.5B FPB | Mortality | No (GA) | Agent | Actively sold | Somerset Re ($4.9B reins recov), Wilton Re |
| 35 | RILA (NJ-issued FlexGuard) | Indiv Ret | Sep Acct | New (CIK 2077808) | Buffer guarantee | Yes | Broker-dealer | Actively sold | — |
| # | Product | Segment | Liability Type | Balance Sheet ($B) | Risk to PRU | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 36 | Yen Whole Life | International (Life Planner) | FPB ($43.9B LP benefit reserves) | within $43.9B LP reserves | Mortality + yen IR | Life Planner (captive agent system) | Actively sold | Gibraltar Re (mortality/morbidity ceded) |
| 37 | Yen Term Life | International (LP) | FPB | within $43.9B LP reserves | Mortality | Life Planner | Actively sold | Gibraltar Re |
| 38 | USD-Denominated Life | International (LP) | FPB | ~$4.8B ceded to PICA + $30.6B overall Japan USD life at PICA | Mortality + FX + investment | Life Planner | Actively sold — 57% of Intl sales in USD | Gibraltar Re + PICA (assumes via coinsurance) |
| 39 | Yen Annuities / Savings | International (LP) | PAB | $13.1B (Life Planner PAB) | Investment + crediting + longevity | Life Planner | Actively sold | — |
| 40 | A&H / Medical / Cancer | International (LP) | FPB | within $43.9B LP reserves | Morbidity | Life Planner | Actively sold | Gibraltar Re |
| 41 | Variable Insurance | International (LP) | Sep Acct | $3.8B (¥571B) | Market risk to policyholder | Life Planner | Actively sold | — |
| # | Product | Segment | Liability Type | Balance Sheet ($B) | Risk to PRU | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 42 | Yen Whole Life / Endowment | International (Gibraltar) | FPB ($45.8B Gib benefit reserves) | within $45.8B | Mortality + yen IR | Multi-channel: agency + bank + independent | Actively sold | Gibraltar Re ($17.3B+ ceded) |
| 43 | USD-Denominated Life | International (Gibraltar) | FPB | within $45.8B + ceded to PICA (~$25.8B of $30.6B total) | Mortality + FX + investment | Multi-channel | Actively sold — largest USD life seller | Gibraltar Re + PICA (assumes via coinsurance) |
| 44 | Yen Savings / Annuity | International (Gibraltar) | PAB | $41.2B (Gibraltar & Other PAB) | Investment + crediting + longevity | Multi-channel (bank channel dominant) | Actively sold | — |
| 45 | A&H / Medical / Cancer | International (Gibraltar) | FPB | within $45.8B | Morbidity | Multi-channel | Actively sold | Gibraltar Re |
| 46 | Variable Insurance | International (Gibraltar) | Sep Acct | $0.1B (¥15B) — minimal | Market risk | Multi-channel | Minimal | — |
| # | Product | Segment | Liability Type | Balance Sheet ($B) | Risk to PRU | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 47 | Bank-Distributed Life / Savings | International (Gibraltar & Other) | FPB + PAB | $7.4B (¥1,112B insurance reserves) | Mortality + investment + crediting | Bank channel exclusively | Actively sold — growing bancassurance | — |
| # | Product | Segment | Liability Type | Balance Sheet ($B) | Risk to PRU | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 48 | Closed Block (assumed from PICA) | Corp & Other (run-off) | Guaranteed sep acct | ~$55B (guaranteed separate account) | Mortality + investment + dividends (ring-fenced) | N/A — no new sales | Run-off — declining inforce | PICA is cedant; PLIC is 100% reinsurer |
| Product | WA Crediting Rate (FY2024) | At Guaranteed Min ($B) | 1–50 bps Above ($B) | 51–150 bps Above ($B) | >150 bps Above ($B) | Total Disclosed ($B) | % at Minimum |
|---|---|---|---|---|---|---|---|
| Institutional Retirement | 4.11% | $9.26 | $0.00 | $0.00 | $0.00 | $9.26 | 100% |
| Individual Variable Annuity | 1.77% | $2.07 | $0.81 | $0.66 | $0.00 | $3.53 | 58% |
| Individual Fixed Annuity | 2.64% | $3.16 | $0.64 | $0.79 | $1.11 | $5.69 | 55% |
| Group Insurance | 2.88% | $1.51 | $0.02 | $0.04 | $0.98 | $2.55 | 59% |
| Individual Life VUL | 2.81% | $11.81 | $3.40 | $6.31 | $2.29 | $23.80 | 50% |
| Life Planner (International) | 6.67% | $5.60 | $0.07 | $0.08 | $2.98 | $8.73 | 64% |
| Gibraltar & Other (Intl) | 2.37% | $40.71 | $0.32 | $0.03 | $0.00 | $41.05 | 99% |
| Total | 2.99% | $74.11 | $5.24 | $7.91 | $7.36 | $94.62 | 78% |
| Product | < 1.00% ($B) | 1.00%–1.99% ($B) | 2.00%–2.99% ($B) | 3.00%–4.00% ($B) | > 4.00% ($B) | Total ($B) |
|---|---|---|---|---|---|---|
| Institutional Retirement | 0.40 | 1.55 | 0.08 | 3.89 | 3.34 | 9.26 |
| Individual Variable | 1.28 | 0.42 | 0.03 | 1.72 | 0.08 | 3.53 |
| Individual Fixed | 1.04 | 0.82 | 1.58 | 2.17 | 0.08 | 5.69 |
| Group Insurance | 0.96 | 0.01 | 0.04 | 1.54 | 0.00 | 2.55 |
| Individual Life VUL | 0.32 | 4.04 | 4.87 | 9.18 | 5.38 | 23.80 |
| Life Planner | 3.39 | 2.68 | 1.90 | 0.37 | 0.38 | 8.73 |
| Gibraltar & Other | 15.27 | 7.83 | 2.94 | 6.33 | 8.69 | 41.05 |
| Total | 22.66 | 17.35 | 11.44 | 25.20 | 17.96 | 94.62 |
| Product | Account Balance ($B) | Cash Surrender Value ($B) | Surrender Cushion ($B) | Cushion % | Net Amount at Risk ($M) |
|---|---|---|---|---|---|
| Institutional Retirement | 19.09 | 19.06 | 0.03 | 0.2% | $0 |
| Individual Variable | 34.09 | 32.50 | 1.59 | 4.7% | $0 |
| Individual Fixed | 12.02 | 10.31 | 1.71 | 14.2% | $0 |
| Group Insurance | 4.97 | 3.89 | 1.08 | 21.7% | $73,259 |
| Individual Life VUL | 27.60 | 23.89 | 3.71 | 13.4% | $400,990 |
| Life Planner | 13.06 | 12.19 | 0.87 | 6.7% | $20,307 |
| Gibraltar & Other | 41.21 | 36.84 | 4.37 | 10.6% | $6,128 |
| Total | 152.03 | 138.67 | 13.36 | 8.8% | $500,684 |