Prudential Financial, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, reflecting a robust recovery from the previous fiscal period. For the three months ended September 30, 2024, total revenues surged to $19,490 million, a substantial increase from $8,352 million in the same period of 2023. Year-to-date revenues also rose to $57,882 million, compared to $38,895 million in the prior year.
The company's net income for Q3 2024 was $451 million, a notable recovery from a loss of $791 million in Q3 2023. This improvement was driven by a favorable variance of $1,686 million from realized investment gains and a $160 million increase from divested and run-off businesses. For the nine months ended September 30, 2024, net income reached $2,773 million, up from $1,182 million in the same period of 2023.
Prudential's premium income also saw a remarkable increase, with total premiums for Q3 2024 amounting to $13,045 million, compared to $4,173 million in Q3 2023. Year-to-date premiums rose to $36,402 million from $20,445 million. The company’s policyholders’ benefits for Q3 2024 were $14,027 million, significantly higher than $5,163 million in the same quarter of 2023.
Total assets for Prudential Financial increased to $760,294 million as of September 30, 2024, up from $721,123 million at the end of 2023. Total investments also rose to $469,117 million, compared to $434,733 million at the end of the previous year. The company’s total liabilities increased to $727,719 million, while total equity grew to $30,416 million, up from $27,820 million at the end of 2023.
Strategically, Prudential made significant moves, including a $200 million investment for a 20% equity interest in Prismic Life Holding Company in September 2023. The company also entered into reinsurance agreements, including a notable transaction with Somerset Re to reinsure approximately $10 billion of account values of traditional variable annuity contracts. Additionally, Prudential recorded a restructuring charge of $200 million in Q4 2023 to streamline operations.
The company’s cash flow from operating activities for the nine months ended September 30, 2024, was $6,180 million, compared to $5,407 million in the same period of 2023. Prudential's focus on enhancing operational efficiencies and investing in technology is expected to support its growth trajectory moving forward.
About PRUDENTIAL FINANCIAL INC
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