Revision to Prior Year Financial Statement (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2024						Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Revision		As Revised
	(in thousands)
REVENUES
Other income (loss)	$	137,689	$	3,429	$	141,118	$	351,174	$	4,939	$	356,113
Realized investment gains (losses), net	838,882		(34,134)		804,748		861,882		(59,939)		801,943
Change in value of market risk benefits, net of related hedging gains (losses)	(282,183)		0		(282,183)		(190,592)		12,405		(178,187)
TOTAL REVENUES	1,813,249		(30,705)		1,782,544		5,704,664		(42,595)		5,662,069
BENEFITS AND EXPENSES
Interest credited to policyholders’ account balances	226,224		0		226,224		450,774		33,800		484,574
Amortization of deferred policy acquisition costs	148,010		2,297		150,307		16,995		4,155		21,150
General, administrative and other expenses	286,660		(15,096)		271,564		594,838		(25,460)		569,378
TOTAL BENEFITS AND EXPENSES	790,599		(12,799)		777,800		5,286,715		12,495		5,299,210
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	1,022,650		(17,906)		1,004,744		417,949		(55,090)		362,859
Income tax expense (benefit)	134,404		(5,179)		129,225		70,787		(9,209)		61,578
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY	$	886,269	$	(12,727)	$	873,542	$	343,847	$	(45,881)	$	297,966
Other comprehensive income (loss), before tax:
Gain (loss) from changes in nonperformance risk on market risk benefits	55,049		0		55,049		(183,925)		53		(183,872)
Total	(69,075)		0		(69,075)		(590,888)		53		(590,835)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(14,270)		0		(14,270)		(123,561)		12		(123,549)
Other comprehensive income (loss), net of taxes	(54,805)		0		(54,805)		(467,327)		41		(467,286)
Comprehensive income (loss)	833,355		(12,727)		820,628		(120,408)		(45,840)		(166,248)

Unaudited Interim Consolidated Statements of Equity


	Retained Earnings						Total Equity
	As Previously Reported		Adjustments		As Revised			As Previously Reported		Adjustments		As Revised
	(in thousands)





Balance, March 31, 2024	$	(1,075,373)	$	(51,674)	$	(1,127,047)		$	3,598,694	$	(51,674)	$	3,547,020
Comprehensive income (loss):
Net income (loss)	886,269		(12,727)		873,542			888,160		(12,727)		875,433

Total comprehensive income (loss)	886,269		(12,727)		873,542			833,355		(12,727)		820,628
Balance, June 30, 2024	$	(189,104)	$	(64,401)	$	(253,505)		$	3,931,563	$	(64,401)	$	3,867,162

Unaudited Interim Consolidated Statements of Cash Flows


	Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		As Revised
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	346,919	$	(45,881)	$	301,038
Interest credited to policyholders' account balances	450,774		33,800		484,574
Realized investment (gains) losses, net	(861,882)		59,939		(801,943)
Change in value of market risk benefits, net of related hedging (gains) losses	190,592		(12,405)		178,187
Change in:
Reinsurance related balances(1)	251,299		(4,939)		246,360
Deferred policy acquisition costs(1)	(423,421)		(21,305)		(444,726)
Income taxes	(47,971)		(9,209)		(57,180)
Derivatives, net	566,749		221,299		788,048
Other, net(1)	150,721		(221,299)		(70,578)
Cash flows from (used in) operating activities	1,917,883		0		1,917,883
CASH FLOWS FROM FINANCING ACTIVITIES:
Ceded policyholders’ account deposits	(654,834)		54,672		(600,162)
Policyholders’ account withdrawals	(2,047,637)		80,696		(1,966,941)
Other, net(1)	110,804		(135,368)		(24,564)
Cash flows from (used in) financing activities	5,319,369		0		5,319,369

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