Revision to Prior Year Financial Statement (Tables)

3 Months Ended

Mar. 31, 2025

Prior Period Adjustment [Abstract]

Revision to Prior Period Financial Statements

The following are selected line items from the Consolidated Financial Statements illustrating the effects of these revisions:

Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss)

	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		As Revised
	(in thousands)
REVENUES
Other income (loss)	$	213,485	$	1,510	$	214,995
Realized investment gains (losses), net	23,000		(25,805)		(2,805)
Change in value of market risk benefits, net of related hedging gains (losses)	91,591		12,405		103,996
TOTAL REVENUES	3,891,415		(11,890)		3,879,525
BENEFITS AND EXPENSES
Interest credited to policyholders’ account balances	224,550		33,800		258,350
Amortization of deferred policy acquisition costs	(131,015)		1,858		(129,157)
General, administrative and other expenses	308,178		(10,364)		297,814
TOTAL BENEFITS AND EXPENSES	4,496,116		25,294		4,521,410
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	(604,701)		(37,184)		(641,885)
Income tax expense (benefit)	(63,617)		(4,030)		(67,647)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY	$	(542,422)	$	(33,154)	$	(575,576)
Other comprehensive income (loss), before tax:
Gain (loss) from changes in nonperformance risk on market risk benefits	(238,974)		53		(238,921)
Total	(521,813)		53		(521,760)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(109,291)		12		(109,279)
Other comprehensive income (loss), net of taxes	(412,522)		41		(412,481)
Comprehensive income (loss)	(953,763)		(33,113)		(986,876)

Unaudited Interim Consolidated Statements of Equity

	Retained Earnings						AOCI						Total Equity
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(in thousands)
Balance, December 31, 2023	$	(532,951)	$	(18,520)	$	(551,471)	$	(30,920)	$	(41)	$	(30,961)	$	4,521,425	$	(18,561)	$	4,502,864
Comprehensive income (loss):
Net income (loss)	(542,422)		(33,154)		(575,576)								(541,241)		(33,154)		(574,395)
Other comprehensive income (loss), net of taxes							(412,522)		41		(412,481)		(412,522)		41		(412,481)
Total comprehensive income (loss)	(542,422)		(33,154)		(575,576)		(412,522)		41		(412,481)		(953,763)		(33,113)		(986,876)
Balance, March 31, 2024	$	(1,075,373)	$	(51,674)	$	(1,127,047)	$	(443,442)	$	0	$	(443,442)	$	3,598,694	$	(51,674)	$	3,547,020

Unaudited Interim Consolidated Statements of Cash Flows

	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		As Revised
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(541,241)	$	(33,154)	$	(574,395)
Interest credited to policyholders' account balances	224,550		33,800		258,350
Realized investment (gains) losses, net	(23,000)		25,805		2,805
Change in value of market risk benefits, net of related hedging (gains) losses	(91,591)		(12,405)		(103,996)
Change in:
Reinsurance related balances(1)	497,883		(1,510)		496,373
Deferred policy acquisition costs(1)	(186,041)		(8,506)		(194,547)
Income taxes	(64,423)		(4,030)		(68,453)
Derivatives, net	(23,220)		148,320		125,100
Other, net(1)	96,126		(148,320)		(52,194)
Cash flows from (used in) operating activities	690,625		0		690,625
CASH FLOWS FROM FINANCING ACTIVITIES:
Ceded policyholders’ account deposits	(356,405)		54,672		(301,733)
Policyholders’ account withdrawals	(1,027,050)		48,184		(978,866)
Other, net(1)	24,649		(102,856)		(78,207)
Cash flows from (used in) financing activities	2,739,124		0		2,739,124

(1) As previously reported balances have been updated to conform to the current period presentation.