Fri, Aug 16, 8:19 PM (151 days ago)
Pruco Life Insurance Company of New Jersey's Q2 2024 financial results reflect a substantial increase in total assets to $24.0 billion, up from $22.9 billion at year-end 2023, primarily due to increased reinsurance recoverables and separate account assets. Total liabilities rose to $22.8 billion, driven by higher policyholder benefits and other liabilities related to reinsurance. The company reported a net loss of $73.3 million for the first half of 2024, a significant decline from a profit of $25.9 million in 2023, influenced by higher claims and policyholder benefits. Revenues surged to $493 million, largely from increased policy charges and fee income linked to reinsurance recaptures. However, benefits and expenses also rose sharply to $607 million, reflecting increased policyholder claims. The company's liquidity remains robust, with liquid assets totaling $2.7 billion. Future operations may be impacted by rising interest rates, which have contributed to unrealized losses and could affect market risk benefits. The company is managing risks associated with its products through strategic asset-liability management and product design features, ensuring sufficient liquidity and capital to meet obligations.