PRU Prudential (PRU) Q2 FY26 earnings call
Prudential unveiled a refreshed strategy focused on narrowing its geographic footprint, scaling chosen businesses, optimizing capital deployment, and enhancing enterprise efficiency. The plan aims for top-quartile earnings growth (ex-VA) and improved free cash flow conversion over a multiyear horizon. Q2 FY26 results demonstrated strong performance, with significant growth in adjusted operating income and PGIM's profitability, despite the ongoing sales suspension in Prudential of Japan.
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PRU operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Net new assets PGIM | $8.6BTotal net flows in the quarter of $8.6 billion included affiliated net flows of $8.9 billion, driven by a large annuities mandate, partially offset by $300 million of third-party net outflows.Source: earnings call transcript | $4.3BThe net flows in the quarter of $4.3 billion included institutional third-party flows of $4.6 billion, driven by mandates across fixed income, private alternatives and equity, which are partially offset by modest retail third-party outflows.Source: earnings call transcript | $2.4BTotal net inflows in the quarter of $2.4 billion included affiliated net inflows of $1.8 billion and third-party net inflows of $600 million.Source: earnings call transcript | ~-$10BPGIM experienced net outflows of approximately $10 billion in the quarter across third-party and affiliated channels, reflecting the industry trend away from active equities as well as a single low fee fixed income withdrawal.Source: earnings call transcript | — | — | — |
| Net new assets PGIM Affiliated | $8.9BTotal net flows in the quarter of $8.6 billion included affiliated net flows of $8.9 billion, driven by a large annuities mandate, partially offset by $300 million of third-party net outflows.Source: earnings call transcript | — | $1.8BTotal net inflows in the quarter of $2.4 billion included affiliated net inflows of $1.8 billion and third-party net inflows of $600 million.Source: earnings call transcript | — | -$1.9BNet outflows in PGIM's affiliated channel totaled $1.9 billion, primarily driven by runoff in traditional variable annuities.Source: earnings call transcript | -$3BAffiliated net outflows were $3 billion, driven by our variable annuities runoff.Source: earnings call transcript | -57.9% |
| Net new assets PGIM Third-Party | -$300MTotal net flows in the quarter of $8.6 billion included affiliated net flows of $8.9 billion, driven by a large annuities mandate, partially offset by $300 million of third-party net outflows.Source: earnings call transcript | — | $600MTotal net inflows in the quarter of $2.4 billion included affiliated net inflows of $1.8 billion and third-party net inflows of $600 million.Source: earnings call transcript | — | $1.8BImportantly, third-party net inflows totaled $1.8 billion as strong fixed income inflows more than offset equity outflows and which, as Andy noted, remained pressured consistent with broader industry trends away from active equities.Source: earnings call transcript | $4.6BInstitutional and retail third-party net flows totaled $4.6 billion, driven primarily by strong public credit inflows.Source: earnings call transcript | +155.6% |
| Assets under management (AUM) PGIM Private Alternatives | <$250BIn addition, our diversified PGIM private alternatives platform, which has assets under management of nearly $250 billion, experienced 37% growth in private credit origination activity in 2024 compared to the prior year.Source: earnings call transcript | <$250BOur diversified PGIM Private Alternatives platform, which has assets under management of nearly $250 billion experienced over $10 billion in private capital deployment, up over 60% compared to the prior year quarter.Source: earnings call transcript | — | — | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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