Assurance IQ lost $37 million in Q1 2022

Prudential Financial announced its Q1 2022 results and during the quarter Assurance IQ reported a loss, on an adjusted operating income basis, of $37 million.

Assurance IQ now counts 10 consecutive quarters where it has reported a loss. In total, the company lost $276 million since Prudential started to disclose financial information.

Last year, Prudential recorded a goodwill impairment that resulted in a charge of $837 million, net of tax, “reflecting the decline in the fair value of Assurance IQ as a result of lower publicly traded peer valuations and slower than expected earnings growth.”