Investments In Operating Joint Ventures

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments In Operating Joint Ventures

INVESTMENTS IN OPERATING JOINT VENTURES

The Company has made investments in certain joint ventures that are strategic in nature and made other than for the sole purpose of generating investment income. These investments are accounted for under the equity method of accounting and are included in “Other assets” in the Company’s Consolidated Statements of Financial Position. The earnings from these investments are included on an after-tax basis in “Equity in earnings of operating joint ventures, net of taxes” in the Company’s Consolidated Statements of Operations. The Company has made these investments through its PGIM and International Businesses segments, and its Corporate and Other operations. The summarized financial information for the Company’s operating joint ventures has been included in the summarized combined financial information for all significant equity method investments shown in Note 3.

The following table sets forth information related to the Company’s investments in operating joint ventures as of and for the years ended December 31:

	2019		2018		2017
	(in millions)
Investment in operating joint ventures	$	1,309	$	1,329	$	1,483
Dividends received from operating joint ventures	$	70	$	93	$	63
After-tax equity in earnings of operating joint ventures	$	100	$	76	$	49

For the years ended December 31, 2019, 2018 and 2017, the Company recognized $29 million, $32 million and $36 million, respectively, of asset management fee income for services the Company provided to these operating joint ventures.