PRS - Prudential Financial Inc. (PRU) Q1 2024 Earnings Call Transcript
2024-05-01 12:22:10 ET
Prudential Financial, Inc. (PRU)
Q1 2024 Earnings Conference Call
May 01, 2024 11:00 AM ET
Company Participants
Bob McLaughlin - Vice President, Investor Relations
Charlie Lowrey - Chairman & Chief Executive Officer
Rob Falzon - Vice Chairman
Yanela Frias - Chief Financial Officer
Andy Sullivan - Executive Vice President & Head-International Businesses & Global Investment Management
Caroline Feeney - Head, US Businesses
Rob Axel - Controller & Principal Accounting Officer
Conference Call Participants
Ryan Krueger - KBW
Tom Gallagher - Evercore ISI
Joel Hurwitz - Dowling & Partners
Wes Carmichael - Autonomous
Elyse Greenspan - Wells Fargo
Suneet Kamath - Jefferies
Jimmy Bhullar - JPMorgan
Wilma Burdis - Raymond James
Presentation
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 will now turn the call over to Mr. Bob McLaughlin. Please go ahead.
Bob McLaughlin
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 those predictions we make today. In addition, our presentation includes references to non-GAAP measures. For a reconciliation of such measures to the comparable GAAP measure 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 to 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.
Charlie Lowrey
Thank you, Bob, and thanks to everyone for joining us today. Our results for the quarter reflect accelerating momentum across all our businesses, including significant positive net flows in PGIM, our global asset manager and strong sales in our US and International Insurance businesses.
During the quarter, we made substantial progress in shifting our business mix and growing our market-leading businesses to become a higher growth, more capital efficient and nimble company. We also maintained our disciplined approach to capital management by making further investments in our businesses and returning additional capital to shareholders. Our rock solid balance sheet, business mix and distinct strategy position us to deliver long-term growth for our stakeholders.
Turning to slide 3. I'll now begin this morning with a few recent examples that demonstrate how we are growing our market-leading businesses. PGIM achieved robust third-party and affiliated net flows in the quarter, notably in our fixed income business, underpinned by continued strong investment performance. These flows reinforce the benefits of our large and strategic global client relationships and the power of our mutually reinforcing business system to grow our asset management fees....
Prudential Financial, Inc. (PRU) Q1 2024 Earnings Call Transcript