Pretax adjusted operating income: $1.5 billion, representing a 16% increase from the year-ago quarter.
Earnings per share: $3.12 after tax, up from the previous year.
Asset management fees: Increased, driven by equity market appreciation, positive third-party net inflows, and contributions from the Deerpath Capital acquisition.
Retirement strategies: Generated strong sales of $14.3 billion in the first quarter across institutional and individual lines of business.
Group Insurance sales: Grew by 18% year-over-year.
International businesses sales: Increased by 5% compared to the year-ago quarter.
Future Guidance
Second quarter earnings per share baseline: Adjusted to $3.43 per share after considering underwriting experience and expected seasonal impacts. Excluding specific second quarter items, anticipated at $3.50 per share.
Operating income momentum: Expected to increase, supporting growth strategies.
Capital deployment: Focused on long-term growth investments and returning capital to shareholders, with over $700 million returned in the first quarter.
Trends, Market Conditions, Sentiment
Accelerating momentum across all business segments, with significant positive net flows in PGIM and strong sales in U.S. and International Insurance businesses.
Capital efficiency and business mix shift: Continued progress towards becoming a higher growth, more nimble company by moving away from capital-intensive and lower-growth businesses.
Market-leading positions: Growing through disciplined capital management, investment in businesses, and effective operations model enhancements.
Robust demand in retirement strategies: Both institutional and individual retirement products showed remarkable sales, underlining strong market demand.
Expanding global presence: Notably in emerging markets, with a focus on scalable operations in high-growth regions.
Strong investment performance: PGIM’s assets under management increased, benefiting from market appreciation and net inflows.
Digital and operational investments: Aimed at improving customer experience and efficiency.
Notable Quotes
”Our results for the quarter reflect accelerating momentum across all our businesses."
"We are becoming a higher growth, more capital efficient and nimble company."
"Our disciplined approach to capital deployment enables us to invest in our market-leading businesses."
"We’ve entered the second quarter with confidence in our strategy to be a global leader."
"Our decision to use Prismic…is driven by looking through a lens of commercial priorities, statutory considerations, GAAP outcomes, and economic considerations."
"Over time, we are very confident that will be a net winner and a net grower.”
