Prudential Financial
Q4 2022 Earnings Call
Feb 08, 2023, 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] Later, we'll conduct the question-and-answer session. Instructions will be given at that time. [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.
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 international businesses and PGIM; our global investment manager; Caroline Feeney, head of U.S. 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 those 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 a discussion of factors that could cause actual results to differ materially from those in the forward-looking statements, please see the slides 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. As we look back on 2022, I am proud of the progress we've made executing against our strategic priorities. During the year, we continued to transform our business to be less market-sensitive and better positioned to deliver sustainable long-term growth. We exceeded our $750 million cost-savings target one year ahead of schedule, and our rock-solid balance sheet provided the financial strength to navigate the evolving macroeconomic environment.
I'll provide an update on each of these areas, beginning with our business transformation. Turning to Slide 3. During 2022, we reduced the overall market sensitivity of our business by completing the sales of the full service retirement business and the PALAC block, as well as the run-off of traditional variable annuities. We simultaneously continued to invest in the long-term sustainable growth of our business through programmatic acquisitions and partnerships in emerging markets.