Underwriting profitability remains highly variable, with the combined ratio fluctuating significantly between 47.3% in 2023Q4 and 92.3% in 2025Q4, complicating the assessment of core operational efficiency.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Revenue | 62.83B | 60.77B | 70.41B | 53.98B | 54.58B | 71.18B | 57.09B | 64.81B | 62.99B | 59.69B | 58.78B | 57.12B | 59.06B | 46.79B |
| Revenue Growth % | 4.08% | -13.68% | 30.43% | -1.11% | -23.32% | 24.69% | -11.91% | 2.88% | 5.53% | 1.55% | 2.91% | -3.29% | 26.22% | - |
| Medical Costs & Claims | 18.9B | 35.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 30.09% | 57.96% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 28.4B | 25.55B | 70.41B | 53.98B | 54.58B | 71.18B | 57.09B | 64.81B | 62.99B | 59.69B | 58.78B | 57.12B | 59.06B | 46.79B |
| Gross Margin % | 45.2% | 42.04% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -63.71% | 30.43% | -1.11% | -23.32% | 24.69% | -11.91% | 2.88% | 5.53% | 1.55% | 2.91% | -3.29% | 26.22% | - |
| Operating Expenses | 14.78B | 20.77B | 13.34B | 12.92B | 12.57B | 13.61B | 13.91B | 13.39B | 14.22B | 13.49B | 13.66B | 13.03B | 55.35B | 47B |
| OpEx / Revenue % | 23.52% | 34.17% | 18.95% | 23.94% | 23.03% | 19.12% | 24.36% | 20.66% | 22.58% | 22.61% | 23.23% | 22.82% | 93.72% | 100.44% |
| Depreciation & Amortization | -193M | 128M | 0 | -70M | 117M | 204M | 0 | 0 | 161M | 222M | 318M | 113M | -6.75B | -3.73B |
| Combined Ratio % | 53.6% | 92.13% | 18.95% | 23.94% | 23.03% | 19.12% | 24.36% | 20.66% | 22.58% | 22.61% | 23.23% | 22.82% | 93.72% | 100.44% |
| Operating Income | 13.62B | 4.79B | 57.06B | 41.06B | -989M | 10.44B | 43.19B | 51.42B | 4.83B | 6.6B | 7.18B | 9.03B | 6.75B | 3.73B |
| Operating Margin % | 21.68% | 7.87% | 81.05% | 76.06% | -1.81% | 14.67% | 75.64% | 79.34% | 7.68% | 11.06% | 12.22% | 15.81% | 11.43% | 7.97% |
| Operating Income Growth % | - | -91.61% | 38.98% | 4251.47% | -109.47% | -75.82% | -16.01% | 963.45% | -26.79% | -8.09% | -20.45% | 33.77% | 81.02% | - |
| EBITDA | 13.43B | 4.91B | 57.06B | 40.99B | -872M | 10.64B | 43.19B | 51.42B | 5B | 6.83B | 7.5B | 9.14B | 0 | 0 |
| EBITDA Margin % | 21.37% | 8.08% | 81.05% | 75.93% | -1.6% | 14.95% | 75.64% | 79.34% | 7.93% | 11.44% | 12.76% | 16.01% | 0% | 0% |
| Interest Expense | 533M | 0 | 0 | 0 | 708M | 364M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 10.55B | 0 | 57.06B | 37.99B | 903M | 1.06B | 43.19B | 51.42B | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 3.83B | 4.79B | 3.35B | 3.12B | -1.95B | 9.47B | -227M | 5.18B | 4.83B | 6.49B | 5.71B | 7.77B | 1.77B | -1.63B |
| Pretax Margin % | 6.1% | 7.87% | 4.76% | 5.78% | -3.58% | 13.3% | -0.4% | 8% | 7.67% | 10.87% | 9.71% | 13.6% | 3.01% | -3.47% |
| Income Tax | 246.58M | 1.05B | 507M | 613M | -279M | 1.67B | -81M | 947M | 822M | -1.44B | 1.33B | 2.07B | 349M | 1.06B |
| Effective Tax Rate % | 6.43% | 22.01% | 15.12% | 19.64% | 14.28% | 17.68% | 35.68% | 18.26% | 17% | -22.17% | 23.4% | 26.67% | 19.66% | -65.11% |
| Net Income | 3.47B | 3.58B | 2.73B | 2.49B | -2.15B | 8.87B | -374M | 4.19B | 4.03B | 7.77B | 4.32B | 5.64B | 1.35B | -682M |
| Net Margin % | 5.52% | 5.88% | 3.87% | 4.61% | -3.93% | 12.46% | -0.66% | 6.46% | 6.39% | 13.01% | 7.35% | 9.88% | 2.29% | -1.46% |
| Net Income Growth % | 50.96% | 31.13% | 9.61% | 215.94% | -124.2% | 2471.12% | -108.93% | 3.97% | -48.17% | 79.9% | -23.47% | 316.38% | 298.68% | - |
| EPS (Diluted) | 9.92 | 9.99 | 7.53 | 6.74 | -4.49 | 19.51 | -1.00 | 10.11 | 9.45 | 17.82 | 9.67 | 12.25 | 2.89 | -1.47 |
| EPS Growth % | 54.27% | 32.67% | 11.72% | 250.11% | -123.01% | 2051% | -109.89% | 6.98% | -46.97% | 84.28% | -21.06% | 323.88% | 296.6% | - |
| EPS (Basic) | - | 10.16 | 7.57 | 6.76 | -4.49 | 19.65 | -1.00 | 10.23 | 9.64 | 18.19 | 9.85 | 12.49 | 2.89 | -1.47 |
| Diluted Shares Outstanding | 349.4M | 353.7M | 359.3M | 364.6M | 372.3M | 390.1M | 395.8M | 410.9M | 426.2M | 436M | 446.6M | 460.4M | 469.5M | 465.1M |
Commercial Real Estate Exposure
As reported in recent financial statements, Prudential's top-line growth has exhibited significant volatility, swinging from a 133.4% surge in 2024Q3 to a 42.7% contraction in 2025Q1, suggesting that headline figures are heavily influenced by market-driven investment gains rather than underlying insurance premium volume or core business expansion.
The erratic revenue trajectory appears to be a byproduct of accounting adjustments and market-sensitive investment fluctuations rather than a fundamental shift in the company's competitive positioning. Investors should monitor the underlying premium growth in the International segment, which remains the primary anchor for long-term revenue stability.
Based on the provided quarterly data, the combined ratio fluctuated between 47.3% in 2023Q4 and 92.3% in 2025Q4, indicating that underwriting profitability is subject to significant period-over-period variance that complicates the assessment of the company's core operational efficiency and long-term margin sustainability.
While the combined ratio remains below the 100% threshold, the wide range of outcomes suggests that Prudential's underwriting results are sensitive to mortality experience and actuarial adjustments. The lack of consistent reporting for loss ratios in several quarters warrants further investigation into the stability of the company's core insurance margins.
According to the company's income statement data, the reliance on investment-related income appears to be a primary driver of net income volatility, as evidenced by the sharp EPS swings from $4.01 in 2025Q3 to $1.48 in 2025Q2, reflecting the firm's deep integration with global capital markets.
Prudential's earnings profile is structurally tied to the performance of its general account and the PGIM asset management engine. The sensitivity to interest rate environments and asset valuations suggests that the company's profitability may be more exposed to market cycles than to the pure underwriting performance of its insurance blocks.
As indicated by the recent restructuring of the Assurance IQ business, Prudential's historical capital allocation decisions appear to have faced significant headwinds, raising questions about the efficacy of its digital-direct strategy and the potential for future impairments to weigh on the company's overall earnings quality.
The combination of failed digital initiatives and significant exposure to commercial real estate through PGIM suggests that the company's balance sheet may be more vulnerable to credit migration than the current valuation implies. Investors should monitor whether these legacy issues continue to act as a drag on the firm's ability to achieve consistent multiple expansion.
Quick answers to the most common questions about buying PRH stock.
For fiscal year 2025, Prudential Financial, Inc. 5.95 (PRH) reported total revenue of $60.77B. This represents a 29.9% increase compared to $46.79B in 2013.
Prudential Financial, Inc. 5.95 (PRH) is profitable, generating $3.58B in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Prudential Financial, Inc. 5.95 (PRH) reported an operating income of $4.79B, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Prudential Financial, Inc. 5.95 (PRH) generated $25.55B in gross profit for the year, representing a gross profit margin of 42.0%. This demonstrates the company's core pricing power and production efficiency.