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Pruco Life Insurance

Pruco Life Insurance Company (the “Company”, “Pruco Life”, “we”, or “our”) is a wholly-owned subsidiary of The Prudential Insurance Company of America, (“Prudential Insurance”), which in turn is a direct wholly-owned subsidiary of Prudential Financial Inc. (“Prudential Financial”). See Note 1 to the Consolidated Financial Statements for additional information. Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey (“PLNJ”). Pruco Life and its subsidiary are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Calendar

11 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.79B 1.79B 1.79B 1.79B 1.79B 1.79B
Cash burn (monthly) 14.11M (no burn) (no burn) 210.98M (no burn) (no burn)
Cash used (since last report) 20.17M n/a n/a 301.76M n/a n/a
Cash remaining 1.77B n/a n/a 1.49B n/a n/a
Runway (months of cash) 125.5 n/a n/a 7.1 n/a n/a

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Financial report summary

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Management Discussion
  • Income (loss) from operations before income taxes increased $532 million from a loss of $26 million for the three months ended June 30, 2021 to income of $506 million for the three months ended June 30, 2022. This includes a favorable comparative net gain of $342 million from our annual reviews and update of assumptions and other refinements driven by an NPR assumption update. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, income (loss) from operations increased $189 million primarily driven by:
  • Income (loss) from operations before income taxes increased $444 million from income of $32 million for the six months ended June 30, 2021 to a gain of $476 million for the six months ended June 30, 2022. This includes a favorable comparative net gain of $342 million from our annual reviews and update of assumptions and other refinements as noted above. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, income (loss) from operations increased $102 million primarily driven by:
  • •Fees paid to Prudential Insurance for the recapture of the yearly renewable term ("YRT") reinsurance for most of the Company's variable life insurance policies and by ceding a portion of the variable life business to Lotus Re.

Content analysis

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Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: broader, evidence, FLIAC, Fortitude, impaired, impairment, longer, nonrecurring, novate, novated, opportunity, Overnight, renamed, SOFR, withheld
Proxies
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