30 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like
them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
(1) (1) (in millions) Revenues: Premiums $ 0 $ 2,074 $ 1,400 $ 219 $ 22 $ 2,171 $ 6 $ 5,892 $ 931 $ 6,823 Policy charges and fee income 0 38 196 465 346 120 (16) 1,149 (31) 1,118 Net investment income 23 2,279 139 383 524 1,495 346 5,189 782 5,971 Asset management fees, commissions and other income 1,006 93 18 107 263 56 (280) 1,263 (726) 537 Total revenues 1,029 4,484 1,753 1,174 1,155 3,842 56 13,493 956 14,449 Benefits and expenses: Policyholders' benefits 0 2,811 1,292 451 306 2,115 3 6,978 Interest credited to policyholders' account balances 0 739 35 151 64 452 2 1,443 Interest expense 17 6 3 107 185 0 239 557 Deferral of acquisition costs 0 (191) (7) (236) (5) (182) 38 (583) Amortization of DAC 0 99 2 110 55 155 (19) 402 Operating expenses(3) 466 130 197 103 85 507 134 1,622 Variable expenses(3) 283 244 130 289 210 240 8 1,404 Other benefits and expenses(4) 0 26 0 0 2 (4) 0 24 Total benefits and expenses 766 3,864 1,652 975 902 3,283 405 11,847 Total pre-tax income $ 263 $ 620 $ 101 $ 199 $ 253 $ 559 $ (349) $ 1,646 $ (5) $ 1,641 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments (368) Change in value of market risk benefits, net of related hedging gains (losses) (32) Market experience updates 104 Divested and Run-off Businesses: Closed Block division 16 Other Divested and Run-off Businesses 279 Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (5) Other adjustments 1 Total reconciling items (5) Total GAAP pre-tax income(5) $ 1,641
Read in the 10-Q ↗
Show the other 25
2026 2025 Assets by segment(1): PGIM $ 39,964 $ 39,103 U.S. Businesses: Retirement 227,584 213,780 Group Insurance 41,094 41,292 Individual Life 92,103 87,898 U.S. Legacy Products 129,285 136,383 Total U.S. Businesses 490,066 479,353 Japan Businesses 175,425 181,370 Corporate and Other 20,790 25,819 Closed Block division 45,133 48,095 Total Assets per Unaudited Interim Consolidated Financial Statements $ 771,378 $ 773,740
Read in the 10-Q ↗
In April 2026, the Company voluntarily extended the new sales suspension for an additional 180 days through November 5, 2026. In October 2026, the Japan Financial Services Agency (“FSA”) issued a business suspension order prohibiting Prudential of Japan from soliciting new business through January 31, 2027. The FSA also issued a partial business suspension order to Gibraltar Life Insurance Company, Ltd. (“Gibraltar Life”), a Japanese insurance subsidiary of the Company, commencing October 13, 2026 and extending through January 31, 2027, applicable to its Life Consultant channel but not its independent agency channel. The FSA also issued business improvement orders to each of Prudential of Japan, Prudential Holdings of Japan, Inc., and Gibraltar Life, requiring each company to submit business improvement plans to the FSA by the end of November 2026 and report regularly on their progress.
Read in the 10-Q ↗
On October 20, 2026, the Company announced that it has entered into definitive agreements to sell 100 % of the Company’s equity interests in each of Prudential do Brasil Seguros S.A. (“Prudential of Brazil”) and Prudential Seguros Mexico, S.A. de C.V. (“Prudential of Mexico”) to the CNP Assurances Group (respectively to CNP Seguradora, CNP Assurances’ Brazilian subsidiary, and to CNP Assurances Holding). The Company expects the transactions to close in 2027, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions.
Read in the 10-Q ↗
In addition, as previously announced in August 2026, the Company announced its intent to exit certain of its emerging markets businesses previously included within the International Businesses segment. As a result, effective in the third quarter of 2026, (i) the operating results of certain businesses, including its Brazil and Mexico operations, are reflected in Divested and Run-off Businesses included within Corporate and Other operations, and (ii) the former International Businesses segment has been renamed “Japan Businesses” to reflect the ongoing operations in Japan. In connection with this change, the results of the Company’s indirect 40% ownership interest in Administradora de Fondos de Pensiones Habitat S.A. (“AFP Habitat”), previously included within the former International Businesses’ segment results, are now included within the Retirement segment results, reflecting the Company’s recent organizational and strategic changes.
Read in the 10-Q ↗
On October 9, 2026, the FSA issued a business suspension order prohibiting Prudential of Japan from soliciting new business through January 31, 2027. The FSA also issued a partial business suspension order to Gibraltar Life Insurance Company, Ltd. (“Gibraltar Life”), a Japanese insurance subsidiary of the Company, commencing October 13, 2026 and extending through January 31, 2027, applicable to its Life Consultant channel but not its independent agency channel. The FSA also issued business improvement orders to each of Prudential of Japan, Prudential Holdings of Japan, Inc., and Gibraltar Life, requiring each company to submit business improvement plans to the FSA by the end of November 2026 and report regularly on their progress.
Read in the 10-Q ↗
We estimate that the partial suspension of new sales at Gibraltar Life from October 13, 2026 through January 31, 2027 will result in a reduction of Japan Businesses’ pre-tax adjusted operating income of approximately $100 million for 2026 and approximately $175 million for 2027, reflecting remediation costs associated with sustaining the business.
Read in the 10-Q ↗
• lower service, distribution and other revenues, primarily reflecting the gain on sale of our asset management business in Taiwan in the prior year, and lower revenues from certain consolidated funds (which were fully offset by lower expenses related to noncontrolling interests in these funds).
Read in the 10-Q ↗
• lower service, distribution and other revenues, primarily reflecting the gain on sale of our asset management business in Taiwan in the prior year and lower revenues from certain consolidated funds (which were fully offset by lower expenses related to noncontrolling interests in these funds), partially offset by higher real estate servicing fees, securities lending and interest income; and
Read in the 10-Q ↗
• In August 2026, the Company entered into an agreement to become a minority investor in a new U.K.-based joint venture sponsored by Standard Life, which is expected to expand the Company’s presence in the U.K. bulk pension annuity market. This transaction, subject to customary approvals, is expected to close in the first half of 2027.
Read in the 10-Q ↗
(5) Account values for pension risk transfers are calculated as the present value of future benefits. Additions for pension risk transfers are calculated on premiums received.
Read in the 10-Q ↗
• significant pension risk transfer and longevity reinsurance sales in the prior year period; and
Read in the 10-Q ↗
• significant longevity reinsurance and pension risk transfer sales in the prior year period;
Read in the 10-Q ↗
• net outflows, primarily driven by pension risk transfer and longevity reinsurance products, partially offset by net inflows of retail annuities; and
Read in the 10-Q ↗
• an increase in reinsurance ceded and the negative impact of foreign exchange rate changes; and
Read in the 10-Q ↗
• net outflows, primarily driven by pension risk transfer and longevity reinsurance products, partially offset by net inflows of retail annuities.
Read in the 10-Q ↗
In August 2026, the Company announced its intent to exit certain of its emerging markets businesses previously included within the International Businesses segment. As a result, effective in the third quarter of 2026, (i) the operating results of certain businesses, including its Brazil and Mexico operations, are reflected in Divested and Run-off Businesses included within Corporate and Other operations, and (ii) the former International Businesses segment has been renamed “Japan Businesses.” In connection with this change, the results of the Company’s indirect 40% ownership interest in AFP Habitat, previously included within the International Businesses’ segment results, are now included within the Retirement segment results, reflecting the Company’s recent organizational and strategic changes. These changes have been applied retrospectively and did not have an impact on any of the Company’s previously issued Consolidated Financial Statements.
Read in the 10-Q ↗
As previously announced in August 2026, the Company made the strategic decision to exit certain of its emerging markets businesses previously included within the former International Businesses segment. As a result, effective in the third quarter of 2026, the operating results of certain of these businesses are reflected in “Divested and Run-off Businesses” and the results of certain joint ventures and investments are included within “Equity in earnings of joint ventures and other operating entities, net of taxes” in our Corporate and Other operations. These changes have been applied retrospectively and did not have an impact on any of the Company’s previously issued Consolidated Financial Statements.
Read in the 10-Q ↗
• In September 2026, agreements were signed to sell the Company’s 33% minority interest in Alexander Forbes Group Holdings Limited, a South Africa-based financial services company. The closings of these transactions are subject to regulatory approvals and customary closing conditions.
Read in the 10-Q ↗
• In October 2026, the Company announced that it has entered into definitive agreements to sell 100% of the Company’s equity interests in each of Prudential do Brasil Seguros S.A. (“Prudential of Brazil”) and Prudential Seguros Mexico, S.A. de C.V. (“Prudential of Mexico”) to the CNP Assurances Group (respectively to CNP Seguradora, CNP Assurances’ Brazilian subsidiary, and to CNP Assurances Holding) for an aggregate purchase price of approximately $4.025 billion (or approximately $3.1 billion after transaction related costs and taxes). The Company expects the transactions to close in 2027, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions.
Read in the 10-Q ↗
As of September 30, 2026, the excess of actual cumulative earnings over the expected cumulative earnings was $1,330 million; however, due to the accumulation of net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of September 30, 2026 was reduced to zero.
Read in the 10-Q ↗
Net insurance activity results increased, primarily reflecting a favorable change in reserves, partially offset by higher policyholder benefits, as well as lower premiums due to the runoff of policies in force.
Read in the 10-Q ↗
• In October, we entered into an agreement with Prismic Re International to reinsure approximately $6 billion of policyholders’ account balances for certain USD-denominated Japanese whole life insurance policies originated by our Japanese insurance subsidiaries. The value of the reinsurance transaction is estimated to be $600 million, which includes release of capital, taxes, and the net present value of future income.
Read in the 10-Q ↗
September 30, 2026 December 31, 2025 PFI Closed Consolidated PFI Closed Consolidated
Read in the 10-Q ↗
On October 15th, 2026, S&P Global Ratings (“S&P”) revised the rating outlook on Prudential Financial, Inc., the holding company, to Negative from Stable. This action was specific to the holding company. The ratings and outlooks for PICA and its subsidiaries remain unchanged.
Read in the 10-Q ↗
Item 6
PLNJ Pruco Life Insurance Company of New Jersey Registrant Prudential Financial, Inc.
Read in the 10-Q ↗
