Prudential Financial, Inc. (PRU) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by, and welcome to Prudential's quarterly earnings conference call. At this time, all participants have been placed in a listen-only mode. Later, we'll conduct a question and answer session. Instructions will be given at that time. If you should require any assistance during the call, please press star zero, and an operator will assist you offline. As a reminder, today's call is being recorded. I will now turn the call over to Mr. Bob McLaughlin. Please go ahead. Good morning, and thank you for joining our call. Representing Prudential on today's call are Andy Sullivan, CEO, and Janella Freas, CFO. We will start with comments by Andy and Janella, and then we will address your questions. Today's discussion may include forward-looking statements. It is possible that actual results may differ materially from the predictions we make today. In addition, our presentation includes references to non-GAAP measures. For a reconciliation of such measures to the comparable GAAP measures, and a discussion of the factors that could cause actual results to differ materially from those in the forward-looking statements, please see the slides titled Forward-Looking Statements and Non-Gap Measures in the appendix to today's presentation, which can be found on our website at investor.prudential.com. And now I'll turn it over to Andy. Good morning, everyone, and welcome to the call. We had a strong third quarter. Our pre-tax adjusted operating income was $1.9 billion. or $4.26 per share, a record high of 28% from the prior year quarter, reflecting earnings growth in every business. And our year-to-date adjusted operating return on equity was over 15%. These results reflect higher spread income and more favorable underwriting experience across...