Prudential Annuities Life Assurance

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

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31 Dec 21
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.07B 1.07B 1.07B 1.07B 1.07B 1.07B
Cash burn (monthly) 1.48B 143.83M 103.61M 336.25M 2.05B (positive/no burn)
Cash used (since last report) 5.07B 493.87M 355.78M 1.15B 7.05B n/a
Cash remaining -4B 575.34M 713.43M -85.38M -5.98B n/a
Runway (months of cash) -2.7 4.0 6.9 -0.3 -2.9 n/a

Beta Read what these cash burn values mean

Financial report summary

Management Discussion
  • Losses from operations before income taxes increased $2,755 million from a loss of $1,280 million in 2019 to a loss of $4,035 million in 2020. Excluding the impact of our annual reviews and update of assumptions and other refinements, losses from operations increased $2,852 million primarily driven by:
  • •Unfavorable impact related to the portions of our U.S. GAAP liability before NPR, that are excluded from our hedge target driven by declining interest rates, partially offset by favorable equity markets. This decrease was partially offset by a favorable NPR adjustment in the current year. Prior year period reflected an increase in these reserves primarily driven by declining interest rates, credit spreads tightening and unfavorable NPR adjustment.
  • (1)Positive amount represents income; negative amount represents a loss.
Content analysis
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