Prudential Financial
Q3 2022 Earnings Call
Nov 02, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by, and welcome to Prudential's quarterly earnings conference call. [Operator instructions] I will now turn the call over to Mr. Bob McLaughlin. Please, go ahead.
Bob McLaughlin -- Vice President, Investor Relations
Good morning, and thank you for joining our call. Representing Prudential on today's call are Charlie Lowrey, chairman and CEO; Rob Falzon, vice chairman; Andy Sullivan, head of U.S. businesses; Scott Sleyster, head of international businesses; Ken Tanji, chief financial officer; and Rob Axel, controller and principal accounting officer. We will start with prepared comments by Charlie, Rob, and Ken, and then we will take your questions.
Today's presentation may include forward-looking statements. It is possible that actual results may differ materially from the predictions that we make today. In addition, this presentation may include references to non-GAAP measures. For a reconciliation of such measures to the comparable GAAP measures and the discussion of factors that could cause actual results to differ materially from those in the forward-looking statements, please see the slide titled Forward-Looking Statements and non-GAAP Measures in the appendix to today's presentation and the quarterly financial supplement, both of which can be found on our website at investor.prudential.com.
And now, I'll turn it over to Charlie.
Charlie Lowrey -- Chairman and Chief Executive Officer
Thank you, Bob, and thanks to everyone for joining us today. Our third quarter financial results reflect the impact of market conditions, including the variability in alternative investment returns and lower fee income, as well as an elevated level of COVID-19 hospitalization claims in Japan, partially offset by underlying business growth, including the benefit from rising interest rates. We continue to transform our businesses to be less market-sensitive and better positioned to deliver sustainable long-term growth. This includes investing in products and solutions that meet the evolving needs of our customers and achieving our $750 million cost savings target one year ahead of schedule.
Our rock-solid balance sheet provides the financial strength to navigate the current macroeconomic environment and support our customers, shareholders, employees, and other stakeholders. Turning to Slide 3. I'll start off today with an update on how we are investing in long-term growth opportunities that meet the evolving needs of our customers and support our vision to be a global leader in expanding access to investing, insurance, and retirement security. In September, Prudential was selected by IBM for a 50% participation in the second largest pension risk transfer transaction in U.S.