PRUDENTIAL FINANCIAL INC, DEF 14A filed on 3/28/2024
Proxy Statement (definitive)
v3.24.1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Prudential Financial, Inc.
Entity Central Index Key 0001137774
v3.24.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Value of initial fixed $100 investment
based on:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Year
​ ​
Summary
Compensation
Table (SCT)
Total to PEO
($)(1)
 ​ ​
Compensation
Actually Paid
(CAP) to PEO
($)(4)
 ​ ​
Average SCT Total
to Non-PEO NEOs
($)(1)
 ​ ​
Average CAP to
Non-PEO NEOs
($)(4)
 ​ ​
Company
Total Shareholder
Return (TSR)
($)
 ​ ​
Financial Services
Composite Index
TSR
($)(2)
 ​ ​
Net Income
($MM)
 ​ ​
Adjusted
EPS
($)(3)
 ​
2023
​ ​ ​ ​ 19,213,328 ​ ​ ​ ​ ​ 17,490,622 ​ ​ ​ ​ ​ 9,700,487 ​ ​ ​ ​ ​ 8,781,582 ​ ​ ​ ​ ​ 136 ​ ​ ​ ​ ​ 151 ​ ​ ​ ​ ​ 2,488 ​ ​ ​ ​ ​ 12.85 ​ ​
2022
​ ​ ​ ​ 20,093,608 ​ ​ ​ ​ ​ 10,248,958 ​ ​ ​ ​ ​ 9,324,926 ​ ​ ​ ​ ​ 5,172,084 ​ ​ ​ ​ ​ 124 ​ ​ ​ ​ ​ 137 ​ ​ ​ ​ ​ (1,438)(5) ​ ​ ​ ​ ​ 11.29 ​ ​
2021
​ ​ ​ ​ 19,799,737 ​ ​ ​ ​ ​ 31,070,154 ​ ​ ​ ​ ​ 9,879,467 ​ ​ ​ ​ ​ 15,228,582 ​ ​ ​ ​ ​ 129 ​ ​ ​ ​ ​ 138 ​ ​ ​ ​ ​ 7,724 ​ ​ ​ ​ ​ 12.68 ​ ​
2020
​ ​ ​ ​ 14,990,254 ​ ​ ​ ​ ​ 10,531,380 ​ ​ ​ ​ ​ 8,045,602 ​ ​ ​ ​ ​ 6,032,859 ​ ​ ​ ​ ​ 89 ​ ​ ​ ​ ​ 101 ​ ​ ​ ​ ​ (324) ​ ​ ​ ​ ​ 11.05 ​ ​
​
(1)
The principal executive officer (PEO) reflected for all years shown is Charles F. Lowrey. The non-PEO named executive officers (NEOs) reflected for 2023 are: Kenneth Y. Tanji, Robert M. Falzon and Andrew F. Sullivan, and Caroline A. Feeney. The non-PEO NEOs reflected for 2021 and 2022 are: Kenneth Y. Tanji, Robert M. Falzon, Scott G. Sleyster and Andrew F. Sullivan. The non-PEO NEOs for 2020 are Stephen Pelletier, who retired from the Company on April 1, 2020, as well as Messrs. Tanji, Falzon, Sleyster and Sullivan.
​
(2)
The peer group reflected is a Financial Services Composite Index, which is the average of the S&P 500 Life & Health Insurance and S&P 500 Diversified Financials indices.
​
(3)
Adjusted EPS is calculated as described in Appendix A to this Proxy Statement and is subject to the standard adjustments described in Annual Incentive Awards section within the CD&A. Adjusted EPS reflects estimates as of January of the following year.
​
(4)
The amounts reported as Compensation Actually Paid (CAP) to our PEO and Average CAP to Non-PEO NEOs are derived from Summary Compensation Table (SCT) Totals, as follows:
​
(5)
Prior period amounts are not restated for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
​
PEO SCT Total to CAP Reconciliation
​ ​ ​ ​ ​ ​ ​ ​ ​
Deductions from SCT Total
 ​ ​
Additions to SCT Total
​ ​ ​ ​ ​ ​ ​
Year
​ ​
SCT Total
($)
 ​ ​
Change in
Pension
Value
($)
 ​ ​
Grant Date
Fair Value of
Stock and
Option Awards
($)
 ​ ​
Pension
Service
Cost
($)
 ​ ​
Above-Market
Interest on
Supplemental
Employee
Savings Plan
($)
 ​ ​
Fair Value of
Stock and
Option Awards
Granted as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
Unvested as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
That Vested
($)
 ​ ​
Dividend
Equivalents
Paid
($)(1)
 ​ ​
CAP
($)
 ​
2023 ​ ​ ​ ​ 19,213,328 ​ ​ ​ ​ ​ 691,074 ​ ​ ​ ​ ​ 13,000,041 ​ ​ ​ ​ ​ 327,611 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 12,879,181 ​ ​ ​ ​ ​ (2,405,305) ​ ​ ​ ​ ​ 196,953 ​ ​ ​ ​ ​ 969,969 ​ ​ ​ ​ ​ 17,490,622 ​ ​
2022 ​ ​ ​ ​ 20,093,608 ​ ​ ​ ​ ​ 1,016,309 ​ ​ ​ ​ ​ 12,500,145 ​ ​ ​ ​ ​ 443,465 ​ ​ ​ ​ ​ 4,459 ​ ​ ​ ​ ​ 6,327,527 ​ ​ ​ ​ ​ (5,156,618) ​ ​ ​ ​ ​ 1,154,676 ​ ​ ​ ​ ​ 898,296 ​ ​ ​ ​ ​ 10,248,958 ​ ​
2021 ​ ​ ​ ​ 19,799,737 ​ ​ ​ ​ ​ 781,247 ​ ​ ​ ​ ​ 11,300,123 ​ ​ ​ ​ ​ 439,898 ​ ​ ​ ​ ​ 10,452 ​ ​ ​ ​ ​ 17,273,653 ​ ​ ​ ​ ​ 5,017,220 ​ ​ ​ ​ ​ 170,415 ​ ​ ​ ​ ​ 440,148 ​ ​ ​ ​ ​ 31,070,154 ​ ​
2020 ​ ​ ​ ​ 14,990,254 ​ ​ ​ ​ ​ 1,133,852 ​ ​ ​ ​ ​ 6,662,505 ​ ​ ​ ​ ​ 413,560 ​ ​ ​ ​ ​ 12,039 ​ ​ ​ ​ ​ 4,381,842 ​ ​ ​ ​ ​ (1,756,444) ​ ​ ​ ​ ​ (15,084) ​ ​ ​ ​ ​ 301,570 ​ ​ ​ ​ ​ 10,531,380 ​ ​
​
Average Non-PEO NEOs SCT Total to CAP Reconciliation
​ ​ ​ ​ ​ ​ ​ ​ ​
Deductions from SCT Total
 ​ ​
Additions to SCT Total
​ ​ ​ ​ ​ ​ ​
Year
​ ​
SCT Total
($)
 ​ ​
Change in
Pension
Value
($)
 ​ ​
Grant Date
Fair Value of
Stock and
Option Awards
($)
 ​ ​
Pension
Service
Cost
($)
 ​ ​
Above-Market
Interest on
Supplemental
Employee
Savings Plan
($)
 ​ ​
Fair Value of
Stock and
Option Awards
Granted as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
Unvested as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
That Vested
($)
 ​ ​
Dividend
Equivalents
Paid
($)
 ​ ​
CAP
($)
 ​
2023 ​ ​ ​ ​ 9,700,487 ​ ​ ​ ​ ​ 675,099 ​ ​ ​ ​ ​ 5,787,638 ​ ​ ​ ​ ​ 146,744 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 5,733,832 ​ ​ ​ ​ ​ (905,460) ​ ​ ​ ​ ​ 82,278 ​ ​ ​ ​ ​ 486,438 ​ ​ ​ ​ ​ 8,781,582 ​ ​
2022 ​ ​ ​ ​ 9,324,926 ​ ​ ​ ​ ​ 47,351 ​ ​ ​ ​ ​ 5,600,107 ​ ​ ​ ​ ​ 216,251 ​ ​ ​ ​ ​ 1,832 ​ ​ ​ ​ ​ 2,834,755 ​ ​ ​ ​ ​ (2,452,765) ​ ​ ​ ​ ​ 504,637 ​ ​ ​ ​ ​ 389,908 ​ ​ ​ ​ ​ 5,172,084 ​ ​
2021 ​ ​ ​ ​ 9,879,467 ​ ​ ​ ​ ​ 275,707 ​ ​ ​ ​ ​ 5,350,094 ​ ​ ​ ​ ​ 206,194 ​ ​ ​ ​ ​ 4,213 ​ ​ ​ ​ ​ 8,178,284 ​ ​ ​ ​ ​ 2,310,256 ​ ​ ​ ​ ​ 75,981 ​ ​ ​ ​ ​ 199,986 ​ ​ ​ ​ ​ 15,228,582 ​ ​
2020 ​ ​ ​ ​ 8,045,602 ​ ​ ​ ​ ​ 958,010 ​ ​ ​ ​ ​ 3,379,427 ​ ​ ​ ​ ​ 782,666 ​ ​ ​ ​ ​ 3,769 ​ ​ ​ ​ ​ 2,222,605 ​ ​ ​ ​ ​ (822,363) ​ ​ ​ ​ ​ (7,243) ​ ​ ​ ​ ​ 145,260 ​ ​ ​ ​ ​ 6,032,859 ​ ​
     
Company Selected Measure Name AdjustedEPS      
Named Executive Officers, Footnote
(1)
The principal executive officer (PEO) reflected for all years shown is Charles F. Lowrey. The non-PEO named executive officers (NEOs) reflected for 2023 are: Kenneth Y. Tanji, Robert M. Falzon and Andrew F. Sullivan, and Caroline A. Feeney. The non-PEO NEOs reflected for 2021 and 2022 are: Kenneth Y. Tanji, Robert M. Falzon, Scott G. Sleyster and Andrew F. Sullivan. The non-PEO NEOs for 2020 are Stephen Pelletier, who retired from the Company on April 1, 2020, as well as Messrs. Tanji, Falzon, Sleyster and Sullivan.
     
Peer Group Issuers, Footnote
(2)
The peer group reflected is a Financial Services Composite Index, which is the average of the S&P 500 Life & Health Insurance and S&P 500 Diversified Financials indices 		     
PEO Total Compensation Amount $ 19,213,328 $ 20,093,608 $ 19,799,737 $ 14,990,254
PEO Actually Paid Compensation Amount $ 17,490,622 10,248,958 31,070,154 10,531,380
Adjustment To PEO Compensation, Footnote
PEO SCT Total to CAP Reconciliation
​ ​ ​ ​ ​ ​ ​ ​ ​
Deductions from SCT Total
 ​ ​
Additions to SCT Total
​ ​ ​ ​ ​ ​ ​
Year
​ ​
SCT Total
($)
 ​ ​
Change in
Pension
Value
($)
 ​ ​
Grant Date
Fair Value of
Stock and
Option Awards
($)
 ​ ​
Pension
Service
Cost
($)
 ​ ​
Above-Market
Interest on
Supplemental
Employee
Savings Plan
($)
 ​ ​
Fair Value of
Stock and
Option Awards
Granted as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
Unvested as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
That Vested
($)
 ​ ​
Dividend
Equivalents
Paid
($)(1)
 ​ ​
CAP
($)
 ​
2023 ​ ​ ​ ​ 19,213,328 ​ ​ ​ ​ ​ 691,074 ​ ​ ​ ​ ​ 13,000,041 ​ ​ ​ ​ ​ 327,611 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 12,879,181 ​ ​ ​ ​ ​ (2,405,305) ​ ​ ​ ​ ​ 196,953 ​ ​ ​ ​ ​ 969,969 ​ ​ ​ ​ ​ 17,490,622 ​ ​
2022 ​ ​ ​ ​ 20,093,608 ​ ​ ​ ​ ​ 1,016,309 ​ ​ ​ ​ ​ 12,500,145 ​ ​ ​ ​ ​ 443,465 ​ ​ ​ ​ ​ 4,459 ​ ​ ​ ​ ​ 6,327,527 ​ ​ ​ ​ ​ (5,156,618) ​ ​ ​ ​ ​ 1,154,676 ​ ​ ​ ​ ​ 898,296 ​ ​ ​ ​ ​ 10,248,958 ​ ​
2021 ​ ​ ​ ​ 19,799,737 ​ ​ ​ ​ ​ 781,247 ​ ​ ​ ​ ​ 11,300,123 ​ ​ ​ ​ ​ 439,898 ​ ​ ​ ​ ​ 10,452 ​ ​ ​ ​ ​ 17,273,653 ​ ​ ​ ​ ​ 5,017,220 ​ ​ ​ ​ ​ 170,415 ​ ​ ​ ​ ​ 440,148 ​ ​ ​ ​ ​ 31,070,154 ​ ​
2020 ​ ​ ​ ​ 14,990,254 ​ ​ ​ ​ ​ 1,133,852 ​ ​ ​ ​ ​ 6,662,505 ​ ​ ​ ​ ​ 413,560 ​ ​ ​ ​ ​ 12,039 ​ ​ ​ ​ ​ 4,381,842 ​ ​ ​ ​ ​ (1,756,444) ​ ​ ​ ​ ​ (15,084) ​ ​ ​ ​ ​ 301,570 ​ ​ ​ ​ ​ 10,531,380 ​ ​
     
Non-PEO NEO Average Total Compensation Amount $ 9,700,487 9,324,926 9,879,467 8,045,602
Non-PEO NEO Average Compensation Actually Paid Amount $ 8,781,582 5,172,084 15,228,582 6,032,859
Adjustment to Non-PEO NEO Compensation Footnote
Average Non-PEO NEOs SCT Total to CAP Reconciliation
​ ​ ​ ​ ​ ​ ​ ​ ​
Deductions from SCT Total
 ​ ​
Additions to SCT Total
​ ​ ​ ​ ​ ​ ​
Year
​ ​
SCT Total
($)
 ​ ​
Change in
Pension
Value
($)
 ​ ​
Grant Date
Fair Value of
Stock and
Option Awards
($)
 ​ ​
Pension
Service
Cost
($)
 ​ ​
Above-Market
Interest on
Supplemental
Employee
Savings Plan
($)
 ​ ​
Fair Value of
Stock and
Option Awards
Granted as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
Unvested as of
FY End
($)
 ​ ​
Change in
Value of Prior
Year Stock and
Option Awards
That Vested
($)
 ​ ​
Dividend
Equivalents
Paid
($)
 ​ ​
CAP
($)
 ​
2023 ​ ​ ​ ​ 9,700,487 ​ ​ ​ ​ ​ 675,099 ​ ​ ​ ​ ​ 5,787,638 ​ ​ ​ ​ ​ 146,744 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 5,733,832 ​ ​ ​ ​ ​ (905,460) ​ ​ ​ ​ ​ 82,278 ​ ​ ​ ​ ​ 486,438 ​ ​ ​ ​ ​ 8,781,582 ​ ​
2022 ​ ​ ​ ​ 9,324,926 ​ ​ ​ ​ ​ 47,351 ​ ​ ​ ​ ​ 5,600,107 ​ ​ ​ ​ ​ 216,251 ​ ​ ​ ​ ​ 1,832 ​ ​ ​ ​ ​ 2,834,755 ​ ​ ​ ​ ​ (2,452,765) ​ ​ ​ ​ ​ 504,637 ​ ​ ​ ​ ​ 389,908 ​ ​ ​ ​ ​ 5,172,084 ​ ​
2021 ​ ​ ​ ​ 9,879,467 ​ ​ ​ ​ ​ 275,707 ​ ​ ​ ​ ​ 5,350,094 ​ ​ ​ ​ ​ 206,194 ​ ​ ​ ​ ​ 4,213 ​ ​ ​ ​ ​ 8,178,284 ​ ​ ​ ​ ​ 2,310,256 ​ ​ ​ ​ ​ 75,981 ​ ​ ​ ​ ​ 199,986 ​ ​ ​ ​ ​ 15,228,582 ​ ​
2020 ​ ​ ​ ​ 8,045,602 ​ ​ ​ ​ ​ 958,010 ​ ​ ​ ​ ​ 3,379,427 ​ ​ ​ ​ ​ 782,666 ​ ​ ​ ​ ​ 3,769 ​ ​ ​ ​ ​ 2,222,605 ​ ​ ​ ​ ​ (822,363) ​ ​ ​ ​ ​ (7,243) ​ ​ ​ ​ ​ 145,260 ​ ​ ​ ​ ​ 6,032,859 ​ ​
     
Compensation Actually Paid vs. Total Shareholder Return
[MISSING IMAGE: bc_tsr-pn.jpg]
     
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_netincome-pn.jpg]
     
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_adjusted-pn.jpg]
     
Total Shareholder Return Vs Peer Group
[MISSING IMAGE: lc_threeyeartsr-pn.jpg]
     
Tabular List, Table
Most Important Financial Performance Measures
The three items listed to the right represent the most important metrics we used to link our executive compensation program and our named executive officers’ Compensation Actually Paid to our performance for 2023. These metrics, and why we selected these measures, are further described in the CD&A within the section titled “Formulaic Framework for Incentive Programs.”
​
Adjusted Earnings Per Share (EPS)
​
​
Return on Equity (ROE)
​
​
Adjusted Book Value Per Share (BVPS)
 ​
     
Total Shareholder Return Amount $ 136 124 129 89
Peer Group Total Shareholder Return Amount 151 137 138 101
Net Income (Loss) $ 2,488 $ (1,438,000,000) $ 7,724,000,000 $ (324,000,000)
Company Selected Measure Amount | $ / shares 12.85 11.29 12.68 11.05
PEO Name Charles F. Lowrey      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted Earnings Per Share (EPS)      
Non-GAAP Measure Description
(3)
Adjusted EPS is calculated as described in Appendix A to this Proxy Statement and is subject to the standard adjustments described in Annual Incentive Awards section within the CD&A. Adjusted EPS reflects estimates as of January of the following year.
     
Measure:: 2        
Pay vs Performance Disclosure        
Name Return on Equity (ROE)      
Measure:: 3        
Pay vs Performance Disclosure        
Name Adjusted Book Value Per Share (BVPS)      
PEO | Pension Value And Equity Awards Value In Compensation Table For The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (691,074) $ (1,016,309) $ (781,247) $ (1,133,852)
PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (13,000,041) (12,500,145) (11,300,123) (6,662,505)
PEO | Pension Adjustments Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 327,611 443,465 439,898 413,560
PEO | Above-Market Interest on Supplemental Employee Savings Plan [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 4,459 10,452 12,039
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 12,879,181 6,327,527 17,273,653 4,381,842
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,405,305) (5,156,618) 5,017,220 (1,756,444)
PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 196,953 1,154,676 170,415 (15,084)
PEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 969,969 898,296 440,148 301,570
Non-PEO NEO | Pension Value And Equity Awards Value In Compensation Table For The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (675,099) (47,351) (275,707) (958,010)
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (5,787,638) (5,600,107) (5,350,094) (3,379,427)
Non-PEO NEO | Pension Adjustments Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 146,744 216,251 206,194 782,666
Non-PEO NEO | Above-Market Interest on Supplemental Employee Savings Plan [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 1,832 4,213 3,769
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,733,832 2,834,755 8,178,284 2,222,605
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (905,460) (2,452,765) 2,310,256 (822,363)
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 82,278 504,637 75,981 (7,243)
Non-PEO NEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 486,438 $ 389,908 $ 199,986 $ 145,260