Prudential Annuities Life Assurance Corporation (the “Company”, “PALAC”, “we”, or “our”), with its principal offices in Shelton, Connecticut, is a wholly-owned subsidiary of Prudential Annuities Inc. (“PAI”), which in turn is an indirect wholly-owned subsidiary of Prudential Financial Inc. (“Prudential Financial”), a New Jersey corporation. The Company has developed long-term savings and retirement products, which are distributed through its affiliated broker-dealer company, Prudential Annuities Distributors Inc. (“PAD”). The Company issues variable and fixed deferred and immediate annuities for individuals and groups in the United States of America and Puerto Rico. In addition, the Company has a relatively small in force block of variable life insurance policies. The Company stopped actively selling annuity products between March 2010 and December 2017. The Company resumed offering annuity products to new investors (except in New York) when it launched a new fixed index annuity and a new deferred income annuity in 2018.
Company profile
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
AMERICAN SKANDIA LIFE ASSURANCE CORP/CT
SEC CIK
Calendar
12 May 22
12 Aug 22
31 Dec 22
Financial summary
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| Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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| 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 |
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| Cash on hand (at last report) | 1.58B | 1.58B | 1.58B | 1.58B | 1.58B | 1.58B |
| Cash burn (monthly) | 146.02M | 19.31M | (no burn) | (no burn) | 296.28M | (no burn) |
| Cash used (since last report) | 642.23M | 84.91M | n/a | n/a | 1.3B | n/a |
| Cash remaining | 935.58M | 1.49B | n/a | n/a | 274.73M | n/a |
| Runway (months of cash) | 6.4 | 77.3 | n/a | n/a | 0.9 | n/a |
Financial report summary
?Management Discussion
- Income (loss) from operations before income taxes decreased $2 billion from a gain of $2.4 million for the three months ended March 31, 2021 to a gain of $0.4 billion for the three months ended March 31, 2022, primarily driven by:
- •Realized investment gains (losses), net decrease reflecting prior year's favorable impact related to the portions of our U.S. GAAP liability before NPR, that are excluded from our hedge targets driven by rising interest rates and favorable prior year equity market performance.
- (1)Positive amount represents income; negative amount represents a loss.
Content analysis
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New words:
automation, costly, difficulty, experiencing, FGH, forward, fourth, hiring, incorrectly, ledger, longer, option, ownership, prospective, revision, thirty, training, transmission, unanticipated, vintage
Removed:
actively, affirm, Aid, anticipate, breakout, called, carried, Consolidated, continuity, cooperating, created, critical, decision, declining, defer, distancing, effectively, emergency, ensuring, executing, expire, extended, extension, facilitate, federal, incremental, indefinite, interruption, marketed, prepayment, receivable, relief, remote, replacement, representing, restructuring, safe, September, social, subpoena, suspension, sustain, target, thereof, transitioning, transportation, unamortized, unpaid, whichever, work
Financial reports
Current reports
8-K
Prudential Financial Completes Sale to Fortitude Re
7 Apr 22
8-K
Other Events
19 Sep 13
8-K
Amendments to Articles of Incorporation or Bylaws
29 Aug 13
8-K
Other Events
1 Jul 13
8-K
Other Events
3 Jun 13
8-K
Other Events
27 Nov 12
8-K
Other Events
16 Apr 09
8-K
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
8 Feb 06
8-K
Changes in registrant's certifying accountant
8 Oct 03
8-K
Changes in control of registrant
30 Apr 03
Registration and prospectus
424B3
Prospectus supplement
22 Apr 22
424B3
Prospectus supplement
22 Apr 22
424B3
Prospectus supplement
22 Apr 22
424B3
Prospectus supplement
22 Apr 22
POS AM
Prospectus update (post-effective amendment)
20 Apr 22
POS AM
Prospectus update (post-effective amendment)
20 Apr 22
424B3
Prospectus supplement
23 Mar 22
POS AM
Prospectus update (post-effective amendment)
13 Feb 22
POS AM
Prospectus update (post-effective amendment)
13 Feb 22
424B3
Prospectus supplement
20 Sep 21
Proxies
No filings
Other
EFFECT
Notice of effectiveness
2 May 22
EFFECT
Notice of effectiveness
2 May 22
EFFECT
Notice of effectiveness
24 May 21
CORRESP
Correspondence with SEC
2 May 21
EFFECT
Notice of effectiveness
3 Feb 21
CORRESP
Correspondence with SEC
1 Feb 21
EFFECT
Notice of effectiveness
23 Dec 20
EFFECT
Notice of effectiveness
23 Dec 20
EFFECT
Notice of effectiveness
23 Dec 20
EFFECT
Notice of effectiveness
23 Dec 20