PRU - Prudential Financial, Inc. (PRU) Q1 2025 Earnings Conference Call Transcript
2025-05-01 14:28:09 ET
Prudential Financial, Inc. (PRU)
Q1 2025 Earnings Conference Call
May 01, 2025, 11:00 AM ET
Company Participants
Bob McLaughlin - VP, IR
Andy Sullivan - CEO
Yanela Frias - CFO
Conference Call Participants
Ryan Krueger - KBW
Tom Gallagher - Evercore ISI
Bob Huang - Morgan Stanley
Suneet Kamath - Jefferies
Joel Hurwitz - Dowling Partners
John Barnidge - Piper Sandler
Elyse Greenspan - Wells Fargo
Jimmy Bhullar - JPMorgan
Jack Matten - BMO Capital Markets
Wes Carmichael - Autonomous Research
Alex Scott - Barclays
Mike Ward - UBS
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 Andy Sullivan, CEO, and Yanela Frias, CFO. We will start with prepared comments by Andy and Tanela, and then we will address your questions.
Today's discussion may include forward-looking statements. It is possible that actual results may differ materially from those predictions we made 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 to today's presentation, which can be found on our website at investor.prudential.com.
And now I'll turn it over to Andy.
Andy Sullivan
Good morning, everyone. I'm incredibly excited to lead Prudential Forward at this pivotal moment in our 150-year history. We make promises that last for decades, and we commit every single day to keep those promises to our 50 million customers all over the world.
Our work makes a difference, and that is a privilege that I take seriously. Over the past few months, I've been visiting our global offices and meeting with our leadership as I take stock of the state of our business. What is clear to me from this early assessment as CEO is that we need to sharpen our focus on driving growth and on creating greater value for our stakeholders.
Beginning on Slide 2, I see both significant opportunities and challenges in front of us. With our unique combination of global scale, distribution power, brand, and talent, we're well-positioned to address the growing protection and retirement needs of customers and clients around the world and to meet increasing investor appetite for a broad range of investment products, including private credit and alternatives.
Over the last several years, we've made tangible progress towards de-risking and diversifying the company. Through our divestitures and blocks placed into runoff, we've significantly reduced our exposure to more volatile and market-sensitive products. We've already reduced our overall exposure to traditional variable annuities and guaranteed universal life products by nearly 60%. And we continue to focus on ways to optimize our balance sheet, capital, and cash flows....
Prudential Financial, Inc. (PRU) Q1 2025 Earnings Conference Call Transcript