What does variable annuity — total MRB liabilities mean?

This metric represents the total gross liability recognized for Market Risk Benefits, reflecting the present value of future expected payments to contract holders. It is the primary measure of the financial burden imposed by the guarantees embedded in the variable annuity products. Investors monitor this to assess the long-term solvency and profitability of the annuity business.

Prudential Financial PRU Variable Annuity — Total MRB liabilities

Similar metrics at other companies

LNCVariable Annuities — Less: Ceded MRB assets (liabilities)

-$327M-4.8%

JXNVariable annuity — Net MRB balance, end of period, net of reinsurance

-$2.98B+10.4%

HMNDeferred variable annuities — Net MRBs

-$6.2M-19.2%

PFGVariable Annuity — Market Risk Benefit Liability Amount

$81.4M+1.2%

JXNVariable annuity — Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change

-$2.63B0.0%

EQHPurchased MRB — Net amount at risk

$6.9B-8.5%

Other financials

Income statement

See full

Revenue$15.5B+15.3%

Net income$597.0M-15.6%

EPS (diluted)$1.68-14.3%

Balance sheet

See full

Cash & equivalents$15.9B-0.8%

Total debt$18.9B-3.4%

Total equity$32.0B+7.0%

Total assets$765.40B+3.5%

Cash flow

See full

Operating cash flow$1.0B+140%

Valuation

See full

Market cap$37.6B-0.1%

Enterprise value$40.54B+2.3%

P/E10.9×-11.4×

P/S0.6×0.0×

Profitability

See full

Net margin5.5%+1.6pp

Returns & leverage

See full

Return on equity11.2%+3.0pp

Debt / equity0.6×-0.1×

Where this comes from

Reported directly by Prudential Financial in its filing.

Tagged under the XBRL concept us-gaap:MarketRiskBenefitLiabilityAmount.

The official record: Prudential Financial’s 10-K, filed February 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Prudential Financial's variable annuity — total MRB liabilities?: Prudential Financial (PRU) reported variable annuity — total MRB liabilities of $4.41B in Q4 2025.
What does variable annuity — total MRB liabilities mean?: This metric represents the total gross liability recognized for Market Risk Benefits, reflecting the present value of future expected payments to contract holders. It is the primary measure of the financial burden imposed by the guarantees embedded in the variable annuity products. Investors monitor this to assess the long-term solvency and profitability of the annuity business.