Prudential Financial
Q2 2022 Earnings Call
Aug 03, 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] As a reminder, today's call is being recorded. I will now turn the call over to Mr. Bob McLaughlin.
Please go ahead, sir.
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 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 second quarter financial results reflect the impact of macroeconomic environments, including the unusual confluence and magnitude of rising interest rates, widening credit spreads and equity market declines. In addition, we strengthened our Individual Life reserves as part of our annual review of assumptions, which had a significant impact on our results. This was primarily driven by an increase in our guaranteed Universal Life reserves.
As a reminder, we discontinued single life guaranteed Universal Life sales in 2020 as part of our strategy to derisk our product mix. And we continue to make strategic progress in transforming our businesses to be less market-sensitive and more nimble. We also made additional investments to enhance our long-term sustainable growth. We did this in several ways.
First, we significantly reduced our market sensitivity by completing our planned divestitures. Second, we invested in growth businesses and partnerships to address customer needs and expand access to our products and solutions. And third, we continue to advance our cost savings program and now expect to reach our $750 million target one year ahead of schedule. We executed on these strategic initiatives with the support of our solid balance sheet.