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Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20222021
(in thousands)
U.S. dollar fixed rate notes2022-20270.00%-14.85 %$148,076 $162,045 
Total long-term notes receivable - affiliated(1)$148,076 $162,045 
(1)All long-term notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Commercial Mortgage Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
 December 31, 2022December 31, 2021
 Amount
(in thousands)
% of
Total
Amount
(in thousands)
% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,289,026 26.0 %$748,414 26.4 %
Hospitality104,177 2.1 48,141 1.7 
Industrial1,766,247 35.8 916,398 32.2 
Office590,897 11.9 445,055 15.7 
Other380,121 7.7 252,590 8.9 
Retail351,457 7.1 255,577 9.0 
Total commercial mortgage loans4,481,925 90.6 2,666,175 93.9 
Agricultural property loans467,018 9.4 172,336 6.1 
Total commercial mortgage and agricultural property loans4,948,943 100.0 %2,838,511 100.0 %
Allowance for credit losses(20,263)(5,951)
Total net commercial mortgage and agricultural property loans$4,928,680 $2,832,560 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:
Maturity DateInterest Rate20222021
(in thousands)
Affiliated Commercial Mortgage Loan20258.67%$72,225 $73,412 
Affiliated Asset Transfers The table below shows affiliated asset trades for the years ended December 31, 2022 and 2021, excluding those related to the 2021 Variable Annuities Recapture effective July 1, 2021, as described in Note 1.
AffiliateDateTransactionSecurity TypeFair
Value
Book ValueAPIC, Net
of Tax
Increase/
(Decrease)
Realized
Investment
Gain/
(Loss)
    (in thousands)
PALACJune 2021PurchaseEquities$40,284 $40,284 $$
Prudential InsuranceSeptember 2021PurchaseFixed Maturities$64,374 $59,642 $(3,739)$
Prudential InsuranceSeptember 2021SaleFixed Maturities$37,887 $35,264 $2,073 $
Hirakata LLCSeptember 2021PurchaseFixed Maturities$13,944 $13,944 $$
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseFixed Maturities$120,256 $120,256 $$
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleFixed Maturities$173,590 $166,427 $$7,163 
Prudential InsuranceSeptember 2021PurchaseCommercial Mortgage and Other Loans$45,358 $42,127 $(2,553)$
Prudential InsuranceSeptember 2021SaleCommercial Mortgage and Other Loans$22,796 $21,780 $802 $
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseCommercial Mortgage and Other Loans$29,483 $29,483 $$
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleCommercial Mortgage and Other Loans$51,005 $47,020 $$3,985 
Prudential InsuranceSeptember 2021PurchaseDerivatives$600 $494 $(84)$
Prudential InsuranceSeptember 2021SaleDerivatives$335 $175 $127 $
Prudential Retirement Insurance & Annuity CoSeptember 2021PurchaseDerivatives$(1,243)$(1,243)$$
Prudential Retirement Insurance & Annuity CoSeptember 2021SaleDerivatives$2,846 $770 $$2,076 
PARUNovember 2021PurchaseFixed Maturities$41,021 $41,021 $$
PALACNovember 2021PurchaseDerivatives$1,112 $1,112 $$
PALACDecember 2021Transfer inFixed Maturities$2,037,320 $2,037,320 $$
PURCDecember 2021PurchaseFixed Maturities$48,041 $48,041 $$
PALACDecember 2021PurchaseFixed Maturities$57,087 $57,087 $$
PALACDecember 2021Transfer inCommercial Mortgage and Other Loans$517,309 $517,309 $$
Prudential InsuranceDecember 2021Contributed CapitalFixed Maturities$166,676 $166,676 $$
Prudential Retirement Insurance & Annuity CoDecember 2021SaleDerivatives$31,567 $$$31,567 
Prudential Retirement Insurance & Annuity CoDecember 2021PurchaseDerivatives$73,572 $73,572 $$
PALACDecember 2021PurchaseDerivatives$8,455 $8,455 $$
PALACJanuary 2022PurchaseFixed Maturities$4,432 $4,432 $$
PALACJanuary 2022PurchaseDerivatives$404 $404 $$
PALACFebruary 2022PurchaseFixed Maturities$128,909 $128,909 $$
PARUApril 2022PurchaseFixed Maturities$48,970 $48,970 $$
Prudential InsuranceMay 2022PurchaseFixed Maturities$233,426 $241,128 $6,085 $
Prudential InsuranceJune 2022PurchaseFixed Maturities$88,754 $81,216 $(5,955)$
Prudential InsuranceJune 2022Transfer InFixed Maturities$52,089 $45,031 $(5,577)$
Prudential InsuranceJune 2022Transfer OutFixed Maturities$48,786 $58,984 $(8,057)$
PARUJune 2022PurchaseCommercial Mortgage and Other Loans$6,492 $6,492 $$
PARUJune 2022SaleCommercial Mortgage and Other Loans$14,853 $15,725 $$(872)
GUL REJune 2022PurchaseCommercial Mortgage and Other Loans$13,551 $13,551 $$
GUL REJune 2022SaleCommercial Mortgage and Other Loans$8,692 $9,033 $$(341)
PURCJune 2022PurchaseCommercial Mortgage and Other Loans$4,403 $4,403 $$
Prudential InsuranceJuly 2022Transfer InFixed Maturities$6,319 $7,230 $719 $
PARUJuly 2022PurchaseFixed Maturities$16,284 $16,284 $$
Prudential InsuranceAugust 2022PurchaseFixed Maturities$155,823 $139,712 $(12,728)$
Vantage Casualty Insurance CompanySeptember 2022PurchaseFixed Maturities$3,497 $3,497 $$
WH Warehouse LtdOctober 2022SaleFixed Maturities$26,536 $26,388 $$148 
PARUNovember 2022PurchaseFixed Maturities$91,051 $91,051 $$
Prudential InsuranceDecember 2022PurchaseFixed Maturities$67,477 $71,369 $3,075 $
Debt Agreements The following table provides the breakout of the Company's short and long-term debt to affiliates as of December 31, 2022:
AffiliateDate IssuedAmount of Notes - December 31, 2022Amount of Notes - December 31, 2021Interest 
Rate
Date of Maturity
(in thousands)
Prudential Insurance8/13/2021$96,666 $99,770 4.39 %12/15/2023
Prudential Insurance8/13/202129,000 29,931 4.39 %12/15/2023
Prudential Insurance8/13/202197,665 100,348 3.95 %6/20/2024
Prudential Insurance8/13/202139,066 40,139 3.95 %6/20/2024
Prudential Insurance8/13/202148,832 50,174 3.95 %6/20/2024
Prudential Funding, LLC12/28/2022138 4.73 %1/31/2023
Prudential Funding, LLC12/29/202262 4.73 %1/31/2023
Prudential Funding, LLC12/30/2022384 4.73 %1/31/2023
Total Loans Payable to Affiliates$311,813 $320,362