Prudential Financial, Inc. (PRU) Q4 2024 Earnings Call Transcript

2025-02-05 12:17:21 ET

Prudential Financial, Inc. (PRU)

Q4 2024 Earnings Conference Call

February 05, 2025 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 - Head, International Businesses & PGIM

Caroline Feeney - Head, US Businesses

Conference Call Participants

Suneet Kamath - Jefferies

Tom Gallagher - Evercore ISI

Ryan Krueger - KBW

Elyse Greenspan - Wells Fargo

Wes Carmichael - Autonomous Research

John Barnidge - Piper Sandler

Jack Matten - BMO

Alex Scott - Barclays

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 the predictions we make today. In addition, our presentation includes references to non-GAAP measures. For a 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 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 all of you for joining us today. First, I'd like to comment on the leadership changes we announced in the fourth quarter. The Board appointed Andy Sullivan, as Prudential's next CEO, effective March 31. He is an exceptional leader and the Board and I have every confidence he is the right person to take Prudential into the future. Also at the end of March, Caroline Feeney will take on an expanded role overseeing our Global Retirement and Insurance businesses. Both Andy and Caroline have been highly engaged in setting and executing our strategy, so we expect a smooth transition. And Jacques Chappuis will be joining as CEO of PGIM, our Global Asset Management business. Both Caroline and Jacques will report directly to Andy.

This is an exciting and significant time for Prudential and the right time to elevate the next generation of leadership as we mark our 150th anniversary. Finally, I'd also note that just last week, we were recognized as the number one company among our Life and Health Insurance peers for 2024 on Fortune's List of the World's Most Admired Companies

Now let's turn to our results. In 2024, we made significant progress on our path to becoming a higher growth, more capital efficient company. We maintained our disciplined approach to capital deployment while also continuing to invest in our businesses. And returned excess capital to shareholders. Our strategic progress and performance are backed by our financial strength.

Turning to Slide 3. Our results for the full year reflect continued momentum as we further diversified our product suite and expanded our distribution capabilities to address the Investment, Insurance and Retirement needs of our customers and clients around the world....

Read the full article on Seeking Alpha

For further details see: