Prudential Financial earnings date
Prudential Financial (PLL) Q3 2026 Earnings Report
DE:PLL Q3 2026 EPS Results
- Actual EPS
- EUR 3.40
- Consensus EPS
- EUR 3.00
- Beat/Miss
- Beat by +EUR 0.40
- One Year Ago EPS
- EUR 3.84
DE:PLL Q3 2026 Revenue Results
- Actual Revenue
- EUR 13.02B
- Expected Revenue
- EUR 13.21B
- Beat/Miss
- Missed by -EUR 188.18M
- YoY Revenue Growth
- -19.23%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- After Close
- Conference Call
- Tuesday, November 3, 2026
Prudential Financial's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by portfolio simplification, strong liquidity and capital ratios, PGIM earnings and margin expansion, record retail annuity sales, Group Insurance growth, strong third-party distribution in Japan, and progress toward expense savings. These positives were tempered by lower adjusted operating earnings and EPS, the continuing Prudential of Japan sales suspension, reduced Japan sales, muted pension risk transfer activity, elevated disability claims, asset management outflows in public equities, and expected corporate losses. Management maintained a confident but disciplined tone, emphasizing that the strategic benefits will take time to materialize.
Management expects a full year 2026 impact of approximately $500 million for POJ and $100 million for Gibraltar, with POJ positioned to return to the market in phases beginning on February 1st and Gibraltar also expected to return to the market on February 1st; the Japan sales suspension is not expected to materially affect capital, ESR or cash flows in 27, while Prudential Holdings of Japan is expected to report an ESR ratio of approximately 200% versus a 150% operating target. The company expects a full year effective tax rate of 20% to 21%, a full year 2026 corporate loss of $1.55 billion, and remains ahead of target on realizing its previously communicated $150 million in pre-tax run rate benefits in 2027. PGIM is ahead of its target of at least 200 basis points of margin expansion in 2026 and intends to expand its margin to 30% over the multiyear and over the longer period of time to go north of 30%; asset management earnings are targeted to rise from 12% of earnings to 25% over a period of 5 years, with at least half of that journey expected from organic growth. Habitat’s expected earnings are $25 million per quarter, Japan’s in-force is expected to decline by roughly 15% due to the sales suspension, and the net proceeds from Brazil and Mexico are expected to be approximately $3.1 billion, with closing expected in the second half of next year.
- Strategic Portfolio Simplification and DivestituresPrudential announced the sale of its Brazil and Mexico businesses to CNP Assurances for $4.025 billion, closed the sales of its insurance businesses in Indonesia and Kenya, and announced the sale of its South Africa business. Management said these actions are intended to concentrate capital, talent, and management attention on retirement, asset management, and select protection businesses.
- Expected Proceeds from Brazil and Mexico SaleNet proceeds from the $4.025 billion Brazil and Mexico transaction are expected to be approximately $3.1 billion after taxes, transaction fees, and closing costs. The transaction is expected to close in the second half of next year.
- Stable Return on EquityYear-to-date adjusted operating return on average equity was 14.5%, in line with the prior-year period.
- Expense Savings Ahead of TargetPrudential said it is ahead of its target for realizing the previously communicated $150 million in pre-tax run-rate benefits in 2027. Excluding costs related to the Prudential of Japan sales suspension, underlying operating expenses for the quarter and year-to-date were lower than in the prior-year periods.
- PGIM Earnings and Margin ExpansionPGIM pretax adjusted operating income increased 8% year over year to $263 million. Its pretax adjusted operating margin expanded 280 basis points to 26.5%, driven by higher asset management fees, equity market appreciation, strong investment performance, and lower expenses. The year-to-date margin was 24.6%, up 240 basis points excluding the prior-year reorganization charge.
- Strong PGIM Third-Party FlowsPGIM's third-party net flows were $9 billion, the highest level in 10 quarters, with positive contributions from institutional and retail clients. Public fixed income inflows were a key driver.
- Private Asset Fundraising and Deployment GrowthPGIM private-asset fundraising increased 10% year over year, led by direct lending and real estate debt, which together represented nearly 70% of private capital raised in the quarter. Asset-backed finance deployment increased nearly 30% year over year.
- Active ETF ExpansionPGIM's active ETF platform surpassed $40 billion in assets under management and recorded more than $6 billion of net inflows in the third quarter. Management said ETF assets under management have doubled, the platform now has more than 70 ETFs, and PGIM ranked number 10 in both flows and assets under management overall.
- PGIM Margin Growth StrategyManagement reiterated its objective to expand PGIM's margin to 30% over multiple years and above 30% over a longer period. Growth in higher-fee products such as direct lending, asset-backed finance, and ETFs, together with expense management and potential improvement in fixed income and real estate markets, were cited as contributors.
- Record Retail Annuity SalesRetail annuity sales reached $3.9 billion, the highest quarterly level since 2013. RILA sales also reached their highest quarterly level ever, reflecting the continued success of the enhanced product introduced late last year.
- Growth in Retail Annuity Account ValuesRetail annuity account values increased 25% year over year to $68 billion, supported by $14 billion in sales over the last 12 months. Total net account values were $364 billion at quarter end, up modestly year over year.
- Improved Pension Risk Transfer MomentumAlthough institutional pension risk transfer activity was muted through the first three quarters, Prudential closed three mid-sized transactions totaling $1.6 billion in October and anticipates closing several additional transactions by year end.
- Group Insurance Earnings and Sales GrowthGroup Insurance pretax adjusted operating income increased 12% year over year to $101 million, driven primarily by higher underwriting results and favorable mortality in the working-age population. Year-to-date sales increased 23%, particularly in supplemental health products and the premier middle-market segment.
- Favorable Group Insurance Benefit RatioThe overall Group Insurance benefit ratio was 81%, below Prudential's target range, reflecting strong Group Life results and actions to diversify the business mix. Investments in claims and service organizations were intended to support growth, improve efficiency, and enhance operating leverage.
- Individual Life Earnings GrowthIndividual Life pretax adjusted operating income increased to $199 million from $153 million in the prior-year quarter. The increase primarily reflected more favorable underwriting results, including an approximately $30 million reserve refinement, and higher spread income from higher new-money yields.
- Strong Individual Life Product MixIndividual Life reported record sales of its Custom Premier II variable universal life product. Total sales were $230 million, and management said the quality and profitability of new business remained strong as the portfolio shifts toward more profitable and capital-efficient business.
- Japan Third-Party Distribution GrowthJapan's independent-agent channel increased 53% year over year, while overall third-party channels grew 9%. Prudential expanded the number of agencies selling its retirement and savings products threefold over the last 12 months and increased shelf space with major national banks.
- Japan Product and Distribution DiversificationPrudential launched additional retirement and savings products through independent agents and is expanding into major securities firms and larger regional banks. Management said products sold through third-party channels are comfortably above the company's cost of capital.
- Planned Return of Japan Businesses to MarketPrudential said it expects Prudential of Japan to return to the market in phases beginning February 1st, with strong oversight, clear accountability, and customer outcomes central to its operating model. Gibraltar is also expected to return to the market on February 1st.
- Strong Liquidity and CapitalizationPrudential ended the quarter with $4 billion of cash and highly liquid assets, above its $3 billion minimum liquidity target. Prudential Holdings of Japan is expected to report a consolidated ESR ratio of approximately 200% as of September 30, compared with a 150% operating target.
- Capital Deployment FlexibilityPrudential said it intends to deploy the expected Brazil and Mexico sale proceeds into targeted acquisitions that advance its growth strategy. Management expects capital rotation to be a multistep process over a five-year period and said growth will come from both acquisitions and organic opportunities.
- Lower Effective Tax Rate OutlookThe company now expects a full-year effective tax rate of 20% to 21%, down from its prior guidance of 21% to 22%, primarily due to moving emerging markets into divested businesses.
- Attractive Annuity Market BackdropManagement said the individual annuity market is expected to exceed $120 billion in the quarter, marking the 12th consecutive quarter above $100 billion, and described the current market as approximately $500 billion with continued demand for protected retirement income.
- Data Center and AI-Related Investment ActivityPGIM has digital infrastructure funds and has originated data center loans through its private credit and real estate businesses. Prudential's general account had $7.2 billion of AI-related exposure, less than 2% of the general account; $3.1 billion was in data centers backed by long-term investment-grade leases or diversified tenant pools, with no speculative construction risk, and $1.1 billion was GPU exposure backed by investment-grade leases.
DE:PLL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | 2.72- | 2.97 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 3.003.40 | 3.84 | -11.50% (-0.44) | |
| Aug 04, 2026 | 2026 (Q2) | 3.173.68 | 3.23 | 13.97% (+0.45) | |
| May 05, 2026 | 2026 (Q1) | 2.793.25 | 2.96 | 9.73% (+0.29) | |
| Feb 03, 2026 | 2025 (Q4) | 3.042.97 | 2.67 | 11.49% (+0.31) | |
| Oct 29, 2025 | 2025 (Q3) | 3.353.84 | 3.14 | 22.41% (+0.70) | |
| Jul 30, 2025 | 2025 (Q2) | 2.903.23 | 3.05 | 5.60% (+0.17) | |
| Apr 30, 2025 | 2025 (Q1) | 2.862.96 | 2.81 | 5.45% (+0.15) | |
| Feb 04, 2025 | 2024 (Q4) | 2.922.67 | 2.33 | 14.73% (+0.34) | |
| Oct 30, 2024 | 2024 (Q3) | 3.133.14 | 3.1 | 1.16% (+0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
