Prudential Financial is a large, diversified financial services company built around three core activities: investment management, retirement products, and life insurance, serving roughly 50 million customers globally. PGIM, Prudential's asset management arm, manages approximately $1.5T in AUM across public fixed income, private credit, equity, real estate, and multi-asset strategies for institutional clients, retail investors, and Prudential's own insurance and retirement businesses. PGIM recently reorganized into a single integrated platform, consolidating its public and private fixed income capabilities into a $1T+ global credit business, and earns primarily AUM-based fees. Prudential's retirement business includes institutional pension risk transfer (PRT) and longevity risk transfer contracts — where Prudential assumes pension obligations in exchange for a premium — as well as individual annuities, including fixed annuities and registered index-linked annuities (RILAs) marketed under the FlexGuard brand. The life insurance business sells group life and disability products to employers and individual life products to U.S. consumers, and also operates internationally, primarily in Japan and Brazil. Prudential earns through three mechanisms: spread income (investing policyholder premiums and earning the difference over amounts credited back), fee income (asset-based fees on variable products), and underwriting income (premiums minus claims). Japan is Prudential's largest international market, though a 2026 employee misconduct issue at Prudential of Japan triggered a voluntary 90-day sales suspension, with management estimating a $300M–$350M pretax earnings impact in 2026.