| Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
The table below reconciles “adjusted operating income before income taxes” to “income before income taxes and equity in earnings of operating joint ventures”: | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2018 | | 2017 | | 2018 | | 2017 | | (in millions) | Adjusted operating income before income taxes by segment: | | | | | | | | PGIM | $ | 230 |
| | $ | 259 |
| | $ | 716 |
| | $ | 673 |
| Total PGIM division(1) | 230 |
| | 259 |
| | 716 |
| | 673 |
| Retirement | 239 |
| | 248 |
| | 833 |
| | 953 |
| Group Insurance | 59 |
| | 61 |
| | 196 |
| | 231 |
| Total U.S. Workplace Solutions division(1) | 298 |
| | 309 |
| | 1,029 |
| | 1,184 |
| Individual Annuities | 454 |
| | 577 |
| | 1,480 |
| | 1,657 |
| Individual Life | 170 |
| | 150 |
| | 249 |
| | (289 | ) | Total U.S. Individual Solutions division(1) | 624 |
| | 727 |
| | 1,729 |
| | 1,368 |
| International Insurance | 890 |
| | 799 |
| | 2,530 |
| | 2,421 |
| Total International Insurance division | 890 |
| | 799 |
| | 2,530 |
| | 2,421 |
| Corporate and Other operations | (374 | ) | | (310 | ) | | (954 | ) | | (974 | ) | Total Corporate and Other | (374 | ) | | (310 | ) | | (954 | ) | | (974 | ) | Total segment adjusted operating income before income taxes | 1,668 |
| | 1,784 |
| | 5,050 |
| | 4,672 |
| Reconciling items: | | | | | | | | Realized investment gains (losses), net, and related adjustments | 271 |
| | 1,395 |
| | 751 |
| | (48 | ) | Charges related to realized investment gains (losses), net | (94 | ) | | (231 | ) | | (233 | ) | | 571 |
| Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net | 10 |
| | 85 |
| | (586 | ) | | 330 |
| Change in experience-rated contractholder liabilities due to asset value changes | (21 | ) | | (31 | ) | | 482 |
| | (188 | ) | Divested businesses: | | | | | | | | Closed Block division | 18 |
| | 33 |
| | (22 | ) | | 49 |
| Other divested businesses | 12 |
| | 10 |
| | (1,586 | ) | | 51 |
| Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (26 | ) | | (24 | ) | | (75 | ) | | (66 | ) | Consolidated income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 1,838 |
| | $ | 3,021 |
| | $ | 3,781 |
| | $ | 5,371 |
|
__________ | | (1) | Prior period divisional subtotals are presented on a basis consistent with the Company’s new organizational structure effective in the fourth quarter of 2017. Individual segment results and consolidated totals remain unchanged. See Note 22 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
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| Reconciliation of Certain Financial Information from Segments to Consolidated |
The table below presents revenues and total assets for the Company’s reportable segments for the periods or as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | Revenues | | Total Assets | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | September 30,
2018 | | December 31,
2017 | | 2018 | | 2017 | | 2018 | | 2017 | | | (in millions) | PGIM | $ | 817 |
| | $ | 827 |
| | $ | 2,459 |
| | $ | 2,370 |
| | $ | 48,175 |
| | $ | 49,944 |
| Total PGIM division(1) | 817 |
| | 827 |
| | 2,459 |
| | 2,370 |
| | 48,175 |
| | 49,944 |
| Retirement | 4,203 |
| | 3,259 |
| | 9,280 |
| | 8,803 |
| | 178,778 |
| | 183,629 |
| Group Insurance | 1,430 |
| | 1,363 |
| | 4,270 |
| | 4,108 |
| | 41,634 |
| | 41,575 |
| Total U.S. Workplace Solutions division(1) | 5,633 |
| | 4,622 |
| | 13,550 |
| | 12,911 |
| | 220,412 |
| | 225,204 |
| Individual Annuities | 1,224 |
| | 1,304 |
| | 3,742 |
| | 3,825 |
| | 177,497 |
| | 183,666 |
| Individual Life | 1,454 |
| | 1,411 |
| | 4,330 |
| | 3,510 |
| | 86,313 |
| | 83,985 |
| Total U.S. Individual Solutions division(1) | 2,678 |
| | 2,715 |
| | 8,072 |
| | 7,335 |
| | 263,810 |
| | 267,651 |
| International Insurance | 5,490 |
| | 5,376 |
| | 16,818 |
| | 16,268 |
| | 214,197 |
| | 211,647 |
| Total International Insurance division | 5,490 |
| | 5,376 |
| | 16,818 |
|
| 16,268 |
|
| 214,197 |
|
| 211,647 |
| Corporate and Other operations | (186 | ) | | (179 | ) | | (549 | ) | | (488 | ) | | 16,199 |
| | 14,556 |
| Total Corporate and Other | (186 | ) | | (179 | ) | | (549 | ) | | (488 | ) | | 16,199 |
| | 14,556 |
| Total | 14,432 |
| | 13,361 |
| | 40,350 |
|
| 38,396 |
|
| 762,793 |
|
| 769,002 |
| Reconciling items: | | | | | | | | | | | | Realized investment gains (losses), net, and related adjustments | 271 |
| | 1,395 |
| | 751 |
| | (48 | ) | | | | | Charges related to realized investment gains (losses), net | (60 | ) | | (63 | ) | | (223 | ) | | (154 | ) | | | | | Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net | 10 |
| | 85 |
| | (586 | ) | | 330 |
| | | | | Divested businesses: | | | | | | | | | | | | Closed Block division | 1,249 |
| | 1,376 |
| | 3,800 |
| | 4,382 |
| | 59,955 |
| | 63,134 |
| Other divested businesses | 276 |
| | 185 |
| | 551 |
| | 594 |
| | | | | Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (30 | ) | | (26 | ) | | (83 | ) | | (76 | ) | | | | | Total per Unaudited Interim Consolidated Financial Statements | $ | 16,148 |
| | $ | 16,313 |
| | $ | 44,560 |
| | $ | 43,424 |
| | $ | 822,748 |
| | $ | 832,136 |
|
__________ | | (1) | Prior period divisional subtotals are presented on a basis consistent with the Company’s new organizational structure effective in the fourth quarter of 2017. Individual segment results and consolidated totals remain unchanged. See Note 22 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
|