Prudential Financial Inc.
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+ FollowMarket Cap$41.4B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Solid Q3 performance, but headwinds from Japan POJ weigh on results
- After-tax adjusted operating income: $1.3B ($3.77/share) vs $1.4B ($4.05/share) a year ago.
- YTD adjusted operating ROAE: 14.5% (in line with prior year).
- Main drivers: lower Japan earnings (POJ sales suspension) outweighed solid PGIM + U.S. businesses.
- Unexpected/important: Japan earnings fell ~25% YoY in Q3, primarily due to a reported $140M impact from the POJ sales suspension (and lower alternative investment income).
Strategic shift: “simpler, more focused Prudential” via capital rotation + geographic narrowing
- Company intent (from August and reaffirmed in Q3): concentrate capital/talent on Retirement, Asset Management (PGIM), and Select Protection.
- Progress on portfolio reshaping:
- Brazil + Mexico insurance businesses sold to C & P Assurances for $4.025B (announced); expected net proceeds ~ $3.1B after taxes/fees (close expected 2H 2027; exact net proceeds to be confirmed at close).
- Closed sales of Indonesia and Kenya businesses; announced sale of South Africa business.
- Management emphasized sequencing: divestments provide capital, then reinvestment, but M&A is ongoing in parallel (not strictly “finish first then start”).
PGIM momentum: fees, private assets, and ETF growth offset equity outflow challenges
- PGIM pretax adjusted operating income: $263M (+8% YoY); pretax adjusted operating margin 26.5% (+280 bps YoY).
- Private assets fundraising +10% YoY; direct lending + real estate debt were key (private capital raised nearly 70% from these).
- Third-party net flows: $9B, highest in 10 quarters (supported by public fixed income inflows).
- Challenge: public equity outflows remained a headwind; affiliated net outflows of $1.6B, largely driven by variable annuity runoff and absence of PRT transactions.
- Surprising opportunity: Active ETF lineup grew to $40B+ with $6B+ net inflows in Q3; ~70 ETFs—helping shift mix and support growth.
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Share Statistics
| Market cap | $41.40 Billion |
|---|---|
| Enterprise Value | $43.43 Billion |
| Annual dividend | $5.55 |
| Dividend yield | 4.65% |
| Earnings per Share | $10.22 |
| Beta | 0.84 |
| Outstanding Shares | 344,500,000 |
Return
| Return on Equity | 12.82% |
|---|---|
| Return on Assets | 0.49% |
| Return on Invested Capital | 0.76% |
Valuation & Multiples
| P/E Ratio | 10.69 |
|---|---|
| PEG | -255.06 |
| Price to Sales | 0.71 |
| Price to Book Ratio | 1.31 |
| Enterprise Value to Revenue | 0.73 |
| Enterprise Value to EBIT | 10.5 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0.48 |
| Debt to Equity | 0.7 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$3.47
Consensus analyst estimateRevenue Estimate
$15.11 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 2, 2027
EPS Estimate
$3.04
Consensus analyst estimateRevenue Estimate
$14.41 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.53, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.5335▲ 70.66% |
|---|---|
| Total Calls | 73,100▼ 97.02% |
| Total Puts | 112,100▼ 94.48% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 13.28%▼ 54.91% |
|---|---|
| Total Invested | $4.94B▼ 79.24% |
| Investors Holding | 824▼ 650.00% |
About Prudential Financial Inc.
41,671 employees
CEO: Charles Lowrey
Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps people get the most out of life through life and health insurance, and retirement and asset management solutions. Prudential p...