Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
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 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | The following section was prepared in accordance with Item 402(v) of the SEC’s Regulation S-K. The table below reflects certain information regarding executive compensation actually paid, as defined by Item 402(v) of the SEC’s Regulation S-K, co Year Summary Table (SCT) ($) (1 ) Compensation ($) (4) Average SCT Total ($) (1) Average CAP to ($) (4) Value of initial fixed $100 investment Net Income ($MM) Adjusted ($) (3) Company ($) Financial Services ($) (3) 2022 20,093,608 10,248,958 9,324,926 5,172,084 124 137 (1,438 ) 11.29 2021 19,799,737 31,070,154 9,879,467 15,228,582 129 138 7,724 12.68 2020 14,990,254 10,531,380 8,045,602 6,032,859 89 101 (324 ) 11.05 (1) The principal executive officer (PEO) reflected for all years shown is Charles F. Lowrey. The non-PEO named executive officers (NEOs) reflected for 2021 and 2022 are: Kenneth Y. Tanji, Robert M. Falzon, Scott G. Sleyster and Andrew F. Sullivan. For 2020, the non-PEO NEOs are Stephen Pelletier, who retired from the Company on April 1, 2020, as well as Messrs. Tanji, Falzon, Sleyster, and Sullivan. (2) The peer group reflected is a Financial Services Composite Index, which is the average of the S&P 500 Life & Health Insurance and S&P 500 Diversified Financials indices (3) Adjusted EPS is calculated as described in Appendix A to this Proxy Statement and is subject to the standard adjustments described in Annual Incentive Awards section within the CD&A. (4) The amounts reported as Compensation Actually Paid (CAP) to our PEO and Average CAP to Non-PEO NEOs are derived from Summary Compensation Table (SCT) Totals, as follows: PEO SCT Total to CAP Reconciliation Deductions from SCT Total Additions to SCT Total Year SCT Total ($) Change in ($) Grant Date ($) Pension ($) Above-Market Fair Value of ($) Change in ($) Change in ($) Dividend ($) CAP ($) 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 Deductions from SCT Total Additions to SCT Total Year SCT Total ($) Change in ($) Grant Date ($) Pension ($) Above-Market Fair Value of ($) Change in ($) Change in Dividend ($) CAP ($) 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 | Adjusted EPS | ||
Named Executive Officers, Footnote [Text Block] | The principal executive officer (PEO) reflected for all years shown is Charles F. Lowrey. The non-PEO named executive officers (NEOs) reflected for 2021 and 2022 are: Kenneth Y. Tanji, Robert M. Falzon, Scott G. Sleyster and Andrew F. Sullivan. For 2020, the non-PEO NEOs 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 [Text Block] | 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 | $ 20,093,608 | $ 19,799,737 | $ 14,990,254 |
PEO Actually Paid Compensation Amount | $ 10,248,958 | 31,070,154 | 10,531,380 |
Adjustment To PEO Compensation, Footnote [Text Block] | PEO SCT Total to CAP Reconciliation Deductions from SCT Total Additions to SCT Total Year SCT Total ($) Change in ($) Grant Date ($) Pension ($) Above-Market Fair Value of ($) Change in ($) Change in ($) Dividend ($) CAP ($) 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 | $ 9,324,926 | 9,879,467 | 8,045,602 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 5,172,084 | 15,228,582 | 6,032,859 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Average Non-PEO Deductions from SCT Total Additions to SCT Total Year SCT Total ($) Change in ($) Grant Date ($) Pension ($) Above-Market Fair Value of ($) Change in ($) Change in Dividend ($) CAP ($) 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 [Text Block] | Compensation Actually Paid vs. TSR As shown to the right, the Compensation Actually Paid to our PEO and our other NEOs are directionally aligned with Company TSR between 2020 and 2022. | ||
Compensation Actually Paid vs. Net Income [Text Block] | Compensation Actually Paid vs. Net Income As shown to the right, the Compensation Actually Paid to the PEO and our other NEOs is strongly correlated with our Net Income between 2020 and 2022. While the Company does not use Net Income as a direct measure to determine payouts under its incentive plans, Compensation Actually Paid is strongly aligned with Company earnings. | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Compensation Actually Paid vs. Adjusted EPS As shown to the right, the Compensation Actually Paid to the PEO and our other NEOs is strongly aligned with Adjusted EPS, our Company-selected measure, further reflecting the correlation between Compensation Actually Paid and Company earnings. | ||
Tabular List [Table Text Block] | 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 2022. 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 | $ 124 | 129 | 89 |
Peer Group Total Shareholder Return Amount | 137 | 138 | 101 |
Net Income (Loss) | $ (1,438,000,000) | $ 7,724,000,000 | $ (324,000,000) |
Company Selected Measure Amount | 0.1129 | 0.1268 | 0.1105 |
PEO Name | Charles F. Lowrey | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted Earnings Per Share (EPS) | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Return on Equity (ROE) | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted Book Value Per Share (BVPS) | ||
PEO [Member] | Change in Pension Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 1,016,309 | $ 781,247 | $ 1,133,852 |
PEO [Member] | Grade Date Fair Value of Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 12,500,145 | 11,300,123 | 6,662,505 |
PEO [Member] | Pension Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 443,465 | 439,898 | 413,560 |
PEO [Member] | Above-market interest on Supplemental Employee Savings Plan [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,459 | 10,452 | 12,039 |
PEO [Member] | Fair Value of Current Year Equity Awards at FY End [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 6,327,527 | 17,273,653 | 4,381,842 |
PEO [Member] | Change in Value of Prior Year Awards Unvested at FY End [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (5,156,618) | 5,017,220 | (1,756,444) |
PEO [Member] | Change in Value of Prior Year Awards That Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,154,676 | 170,415 | (15,084) |
PEO [Member] | Dividend Equivalents Paid [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 898,296 | 440,148 | 301,570 |
Non-PEO NEO [Member] | Change in Pension Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 47,351 | 275,707 | 958,010 |
Non-PEO NEO [Member] | Grade Date Fair Value of Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 5,600,107 | 5,350,094 | 3,379,427 |
Non-PEO NEO [Member] | Pension Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 216,251 | 206,194 | 782,666 |
Non-PEO NEO [Member] | Above-market interest on Supplemental Employee Savings Plan [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,832 | 4,213 | 3,769 |
Non-PEO NEO [Member] | Fair Value of Current Year Equity Awards at FY End [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,834,755 | 8,178,284 | 2,222,605 |
Non-PEO NEO [Member] | Change in Value of Prior Year Awards Unvested at FY End [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (2,452,765) | 2,310,256 | (822,363) |
Non-PEO NEO [Member] | Change in Value of Prior Year Awards That Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 504,637 | 75,981 | (7,243) |
Non-PEO NEO [Member] | Dividend Equivalents Paid [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 389,908 | $ 199,986 | $ 145,260 |