Prudential no longer reports Assurance IQ results

Yesterday, Prudential Financial shared its first quarter 2023 results, which, for the first time, did not include Assurance IQ’s financial performance.

In an SEC filing, Prudential stated that Assurance IQ no longer represents a separately reportable segment and is now included within the company’s “Corporate and Other” operations.

Based on Prudential’s 2022 annual report, the Corporate and Other operations include corporate items and initiatives that are not allocated to the company’s business segments as well as businesses that have been or will be divested or placed in wind-down status.

While this move may indicate that Assurance IQ is no longer a priority for Prudential, it’s worth mentioning that in the company’s Q1 earnings call presentation, the subsidiary is featured in regards to future revenues.

In Q4 2022, Assurance IQ reported an adjusted operating income of $29 million, ending a long losing streak totaling $381 million.