Equibles

8-K

PRUDENTIAL FINANCIAL INC (PRU)

8-K 2025-10-29 For: 2025-10-29
View Original
Added on April 03, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 8-K

___________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2025

___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

___________________________

New Jersey 001-16707 22-3703799
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, Par Value $.01 PRU New York Stock Exchange
5.950% Junior Subordinated Notes PRH New York Stock Exchange
5.625% Junior Subordinated Notes PRS New York Stock Exchange
4.125% Junior Subordinated Notes PFH New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

Prudential Financial, Inc. (the "Company") furnishes herewith, as Exhibit 99.1, a news release announcing third quarter 2025 results.

Item 7.01    Regulation FD Disclosure.

A. Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for third quarter 2025.
B. Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Thursday, October 30, 2025 at 11:00 A.M. ET, to discuss the Company's third quarter 2025 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

Investors and others should note that the Company routinely uses its Investor Relations website to post presentations to investors and other important information, including information that may be deemed material to investors. Accordingly, the Company encourages investors and others interested in the Company to review the information that it shares at www.investor.prudential.com. Interested parties may register to receive automatic email alerts when presentations and other information are posted to the Investor Relations website by clicking on "Subscribe to Email Alerts" at www.investor.prudential.com and following the instructions provided.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 News release of Prudential Financial, Inc. datedOctober 29, 2025, announcingthirdquarter 2025 results (furnished and not filed).
99.2 Quarterly Financial Supplement for Prudential Financial, Inc. forthirdquarter 2025 (furnished and not filed).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 29, 2025

PRUDENTIAL FINANCIAL, INC.
By: /s/ Robert E. Boyle
Name: Robert E. Boyle<br>Title:   Senior Vice President and Principal Accounting Officer

Document

Exhibit 99.1

earningsreleasebanner.jpg

October 29, 2025

Prudential Financial, Inc. Announces

Third Quarter 2025 Results

•Net income attributable to Prudential Financial, Inc. of $1.431 billion or $4.01 per Common share versus net income of $448 million or $1.24 per share for the year-ago quarter.

•After-tax adjusted operating income of $1.521 billion or $4.26 per Common share versus $1.208 billion or $3.33 per share for the year-ago quarter.

•Book value per Common share of $90.69 versus $84.47 per share for the year-ago quarter; adjusted book value per Common share of $99.25 versus $98.71 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $3.9 billion versus $4.3 billion for the year-ago quarter.

•Assets under management(2) of $1.612 trillion versus $1.558 trillion for the year-ago quarter.

•Capital returned to shareholders of $731 million, including $250 million of share repurchases and $481 million of dividends, versus $721 million in the year-ago quarter. Dividends paid in the third quarter were $1.35 per Common share, representing a yield on adjusted book value of over 5%.

Andy Sullivan, CEO, commented on results:

"Our third quarter adjusted operating income earnings per share reached a record-high, up 28% from the year-ago quarter, driven by earnings growth in every business. This performance reflects continued momentum in sales and flows, as well as favorable market conditions, resulting in year-to-date adjusted operating return on equity of over 15%.

We also made significant progress advancing our efforts to deliver greater long-term value for our shareholders. We are quickly evolving to a unified asset manager model in PGIM and have taken actions to drive margin expansion. We are also addressing the global retirement opportunity with an increasingly diverse set of products and solutions for our customers. These actions will support our growth in areas where we have differentiated capabilities and positions us to be a global leader in investment, insurance, and retirement security."

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported third quarter results. Net income attributable to Prudential Financial, Inc. was $1.431 billion ($4.01 per Common share) for the third quarter of 2025, compared to net income of $448 million ($1.24 per Common share) for the third quarter of 2024. After-tax adjusted operating income was $1.521 billion ($4.26 per Common share) for the third quarter of 2025, compared to $1.208 billion ($3.33 per Common share) for the third quarter of 2024.

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Prudential Financial, Inc. Third Quarter 2025 Earnings Release Page 2

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this press release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3)

RESULTS OF ONGOING OPERATIONS

The Company’s ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.

PGIM

PGIM, the Company’s global investment management business, reported adjusted operating income of $244 million for the third quarter of 2025, compared to $241 million in the year-ago quarter. This increase primarily reflects higher asset management fees, higher other related revenues, driven by higher agency earnings and seed and co-investment income, and a gain from the sale of our Taiwan business, partially offset by higher expenses, including a reorganization charge.

PGIM assets under management of $1.470 trillion were up 5% from the year-ago quarter driven by equity market and fixed income appreciation and net inflows. Total net flows in the quarter of $2.4 billion reflect affiliated net inflows of $1.8 billion and third-party net inflows of $0.6 billion. Third-party institutional and retail inflows were both $0.3 billion, mainly driven by fixed income inflows, partially offset by equity outflows.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $1.149 billion for the third quarter of 2025, compared to $1.040 billion in the year-ago quarter. This increase primarily reflects higher net investment spread results, including higher alternative investment income, and more favorable underwriting results, partially offset by lower net fee income, driven by the run-off of our legacy traditional variable annuity block, and higher expenses to support business growth.

Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $966 million for the third quarter of 2025, compared to $898 million in the year-ago quarter.

Institutional Retirement Strategies:

•Reported adjusted operating income of $480 million in the current quarter, compared to $438 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, including higher alternative investment income, partially offset by less favorable underwriting results and higher expenses to support business growth.

•Net account values of $299 billion increased 7% from the year-ago quarter, reflecting business growth and market appreciation. Sales in the current quarter of $6.4 billion include a jumbo pension risk transfer transaction of $2.3 billion and longevity risk transfer transactions totaling $1.5 billion. Year-to-date sales totaled $22.3 billion.

Individual Retirement Strategies:

•Reported adjusted operating income of $486 million in the current quarter, compared to $460 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, including higher alternative investment income, partially offset by lower net fee income, driven by the run-off of our legacy traditional variable annuity block.

•Net account values of $136 billion increased 6% from the year-ago quarter, driven by market appreciation and net inflows from registered index-linked and fixed annuity products, partially offset by net outflows from the run-off of our legacy traditional variable annuity block. Year-to-date sales of $10 billion decreased 4% from prior year-to-date, mainly due to lower sales of registered index-linked annuities.

Group Insurance:

•Reported adjusted operating income of $90 million in the current quarter, compared to $82 million in the year-ago quarter. This increase primarily reflects more favorable group life underwriting results.

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Prudential Financial, Inc. Third Quarter 2025 Earnings Release Page 3

•Year-to-date sales of $555 million increased 14% from prior year-to-date, driven by growth in both group life and disability.

Individual Life:

•Reported adjusted operating income of $93 million in the current quarter, compared to $60 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results, partially offset by lower net investment spread results.

•Year-to-date sales of $686 million increased 18% from prior year-to-date, primarily driven by higher variable life sales.

International Businesses

International Businesses reported adjusted operating income of $881 million for the third quarter of 2025, compared to $766 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, including higher alternative investment income, and more favorable underwriting results, partially offset by higher expenses to support business growth.

Year-to-date constant dollar basis sales(4) of $1.7 billion increased 4% from prior year-to-date, driven by growth in Japan and Brazil.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $327 million for the third quarter of 2025, compared to a loss of $487 million in the year-ago quarter. This lower loss primarily reflects lower expenses and favorable foreign exchange remeasurement impacts.

NET INCOME

Net income in the current quarter included $574 million of pre-tax net realized investment losses and related charges and adjustments, including $114 million of pre-tax net credit-related losses, $36 million of pre-tax losses related to market experience updates, $324 million of pre-tax gains related to net change in value of market risk benefits, and $133 million of pre-tax earnings from divested and run-off businesses.

Net income for the year-ago quarter included $737 million of pre-tax net realized investment losses and related charges and adjustments, including $93 million of pre-tax net credit-related losses, $146 million of pre-tax losses related to net change in value of market risk benefits, $127 million of pre-tax losses related to market experience updates, and $49 million of pre-tax earnings from divested and run-off businesses.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Thursday, October 30, 2025, at 11:00 a.m. ET to discuss with the investment community the Company’s third quarter results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes early in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through November 13. To access a replay via phone starting at 3:00 p.m. ET on October 30 through November 13, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13755673.

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FORWARD-LOOKING STATEMENTS

Certain of the statements included in this release, including those regarding long-term value for our shareholders, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors

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Prudential Financial, Inc. Third Quarter 2025 Earnings Release Page 4

that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.

NON-GAAP MEASURES

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in this release.

We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com.

Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments”. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.

Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments, are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.

Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations, and discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on

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applicable IRS and foreign tax regulations inclusive of pertinent adjustments.

Adjusted operating income does not equate to “Net income” as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.

Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.

FOOTNOTES

(1)Highly liquid assets predominantly include cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. For more information about highly liquid assets, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

(2)For more information about assets under management, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Segment Measures” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

(3)While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.

(4)For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of September 30, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.

MEDIA CONTACT: Emily Blum, Emily.Blum@prudential.com

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Financial Highlights
(in millions, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
Adjusted operating income (loss) before income taxes (1):
PGIM $ 244 $ 241 $ 629 $ 616
U.S. Businesses 1,149 1,040 3,035 2,868
International Businesses 881 766 2,490 2,364
Corporate and Other (327) (487) (1,022) (1,293)
Total adjusted operating income (loss) before income taxes $ 1,947 $ 1,560 $ 5,132 $ 4,555
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments $ (574) $ (737) $ (1,336) $ (625)
Change in value of market risk benefits, net of related hedging gains (losses) 324 (146) (453) (320)
Market experience updates (36) (127) 45 (112)
Divested and Run-off Businesses:
Closed Block division 10 2 (30) (61)
Other Divested and Run-off Businesses 123 47 84 50
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (11) (43) (26) (113)
Other adjustments (2) (1) (3) 26 (16)
Total reconciling items, before income taxes (165) (1,007) (1,690) (1,197)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 1,782 $ 553 $ 3,442 $ 3,358
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc. $ 1,431 $ 448 $ 2,671 $ 2,784
Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 52 3 120 (11)
Net income (loss) 1,483 451 2,791 2,773
Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 52 3 120 (11)
Income (loss) attributable to Prudential Financial, Inc. 1,431 448 2,671 2,784
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 31 35 13 119
Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities 1,400 413 2,658 2,665
Less: Total reconciling items, before income taxes (165) (1,007) (1,690) (1,197)
Less: Income taxes, not applicable to adjusted operating income (loss) (44) (212) (355) (342)
Total reconciling items, after income taxes (121) (795) (1,335) (855)
After-tax adjusted operating income (loss) (1) 1,521 1,208 3,993 3,520
Income taxes, applicable to adjusted operating income 426 352 1,139 1,035
Adjusted operating income (loss) before income taxes (1) $ 1,947 $ 1,560 $ 5,132 $ 4,555
See footnotes on last page.

Page 1

Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc. $ 4.01 $ 1.24 $ 7.44 $ 7.64
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments (1.63) (2.05) (3.77) (1.74)
Change in value of market risk benefits, net of related hedging gains (losses) 0.92 (0.41) (1.28) (0.89)
Market experience updates (0.10) (0.35) 0.13 (0.31)
Divested and Run-off Businesses:
Closed Block division 0.03 0.01 (0.08) (0.17)
Other Divested and Run-off Businesses 0.35 0.13 0.24 0.14
Difference in earnings allocated to participating unvested share-based payment awards 0.01 0.02 0.04 0.02
Other adjustments (2) — (0.01) 0.07 (0.04)
Total reconciling items, before income taxes (0.42) (2.66) (4.65) (2.99)
Less: Income taxes, not applicable to adjusted operating income (loss) (0.17) (0.57) (0.96) (0.96)
Total reconciling items, after income taxes (0.25) (2.09) (3.69) (2.03)
After-tax adjusted operating income (loss) $ 4.26 $ 3.33 $ 11.13 $ 9.67
Weighted average number of outstanding common shares - basic 351.1 356.9 352.8 358.3
Weighted average number of outstanding common shares - diluted 353.0 358.7 354.7 359.9
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. $ 1,431 $ 448 $ 2,671 $ 2,784
Less: Earnings allocated to participating unvested share-based payment awards 15 5 31 33
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 1,416 $ 443 $ 2,640 $ 2,751
After-tax adjusted operating income (loss) (1) $ 1,521 $ 1,208 $ 3,993 $ 3,520
Less: Earnings allocated to participating unvested share-based payment awards 17 13 46 41
After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,504 $ 1,195 $ 3,947 $ 3,479
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period $ 32,094 $ 30,416
Less: Accumulated other comprehensive income (AOCI) (3,175) (4,844)
GAAP book value excluding AOCI 35,269 35,260
Less: Cumulative change in fair value of funds withheld embedded derivatives (47) (238)
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 192 (49)
Adjusted book value $ 35,124 $ 35,547
End of period number of common shares - diluted 353.9 360.1
GAAP book value per common share - diluted $ 90.69 $ 84.47
GAAP book value excluding AOCI per share - diluted $ 99.66 $ 97.92
Adjusted book value per common share - diluted $ 99.25 $ 98.71
See footnotes on last page.

Page 2

Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period) (3):
Institutional customers - Third Party $ 654.9 $ 610.3
Retail customers - Third Party 265.2 245.1
Affiliated 549.9 544.5
Total PGIM $ 1,470.0 $ 1,399.9
Institutional Customers - Assets Under Management (in billions) (3):
Gross additions, excluding money market $ 18.8 $ 15.7 $ 64.7 $ 77.8
Net additions (withdrawals), excluding realizations, distributions and money market $ 0.3 $ (2.2) $ 10.5 $ 19.5
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 16.2 $ 16.4 $ 49.9 $ 46.6
Net additions (withdrawals), excluding money market $ 0.3 $ 1.3 $ (2.7) $ 1.2
Affiliated - Assets Under Management (in billions) (3):
Gross additions, excluding money market $ 15.8 $ 23.7 $ 56.2 $ 69.7
Net additions (withdrawals), excluding realizations, distributions and money market $ 1.8 $ 6.5 $ 2.3 $ 15.6
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions $ 6,353 $ 11,081 $ 22,258 $ 26,082
Net additions (withdrawals) $ (107) $ 4,462 $ 3,631 $ 6,882
Total account value at end of period, net $ 298,603 $ 278,767
Individual Retirement Strategies:
Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:
Gross sales (4) $ 3,378 $ 3,618 $ 9,986 $ 10,402
Sales, net of full surrenders and death benefits $ 227 $ 763 $ 1,348 $ 2,209
Total account value at end of period, net $ 136,272 $ 128,825
Group Insurance:
Annualized New Business Premiums (5):
Group life $ 36 $ 35 $ 296 $ 251
Group disability 42 28 259 236
Total $ 78 $ 63 $ 555 $ 487
Individual Life:
Annualized New Business Premiums (5):
Term life $ 37 $ 34 $ 108 $ 99
Universal life 30 19 78 61
Variable life 186 157 500 420
Total $ 253 $ 210 $ 686 $ 580
International Businesses:
International Businesses:
Annualized New Business Premiums (5)(6):
Actual exchange rate basis $ 555 $ 588 $ 1,672 $ 1,624
Constant exchange rate basis $ 553 $ 588 $ 1,680 $ 1,617
See footnotes on last page.

Page 3

Financial Highlights
(in billions, as of end of period, unaudited)
September 30,
2025 2024
Assets and Assets Under Management and Administration:
Total assets (3) $ 776.3 $ 760.4
Assets under management (at fair market value):
PGIM $ 1,470.0 $ 1,399.9
U.S. Businesses 115.9 128.6
International Businesses 19.8 18.1
Corporate and Other 6.3 11.3
Total assets under management 1,612.0 1,557.9
Assets under administration 194.6 189.8
Total assets under management and administration $ 1,806.6 $ 1,747.7
See footnotes on last page.

Page 4

(1) Adjusted operating income is a non-GAAP measure of performance. See NON-GAAP MEASURES within the earnings release for additional information.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Prior period amounts have been updated to conform to current period presentation.
(4) Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.
(5) Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company’s domestic individual life and international operations are included in annualized new business premiums based on a 10% credit.
(6) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)
Quarterly Financial Supplement
Third Quarter 2025
Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
TABLE OF CONTENTS
Page
HIGHLIGHTS
Financial Metrics Summary 1
Financial Highlights 2
Other Financial Highlights 3
Operations Highlights 4
Combined Statements of Operations 5
Consolidated Balance Sheets 6
Combining Balance Sheets 7
Short-Term and Long-Term Debt - Unaffiliated 8
PGIM
Statements of Operations 9
Supplementary Revenue and Assets Under Management Information 10
Supplementary Assets Under Management Information 11
U.S.BUSINESSES
Combined Statements of Operations 12
Combined Statements of Operations - Retirement Strategies 13
Statements of Operations - Institutional Retirement Strategies 14
Institutional Retirement Strategies Sales Results and Account Values 15
Statements of Operations - Individual Retirement Strategies 16
Individual Retirement Strategies Sales Results and Account Values 17
Individual Retirement Strategies Account Value Activity 18
Individual Retirement Strategies Market Risk Benefit Features 19
Statements of Operations - Group Insurance 20
Group Insurance Supplementary Information 21
Statements of Operations - Individual Life 22
Individual Life Supplementary Information 23
INTERNATIONAL BUSINESSES
Statements of Operations - International Businesses 24
Sales Results and Supplementary Information 25
CORPORATE AND OTHER
Statements of Operations 27
INVESTMENT PORTFOLIO
Investment Portfolio Composition 28
Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations 29
Investment Results 30
Investment Results - Japanese Insurance Operations 31
Investment Results - Excluding Japanese Insurance Operations 32
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES 33
KEY DEFINITIONS AND FORMULAS 37
RATINGS AND INVESTOR INFORMATION 40

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM 241 259 156 229 244 616 629 2%
U.S. Businesses 1,040 860 931 955 1,149 2,868 3,035 6%
International Businesses 766 742 848 761 881 2,364 2,490 5%
Corporate and Other (487) (490) (415) (280) (327) (1,293) (1,022) 21%
Total adjusted operating income (loss) before income taxes 1,560 1,371 1,520 1,665 1,947 4,555 5,132 13%
Income taxes, applicable to adjusted operating income 352 303 332 381 426 1,035 1,139 10%
After-tax adjusted operating income (loss) 1,208 1,068 1,188 1,284 1,521 3,520 3,993 13%
Income (loss) attributable to Prudential Financial, Inc. 448 (57) 707 533 1,431 2,784 2,671 -4%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1) 13.6 % 12.2 % 13.8 % 14.9 % 17.5 % 13.3 % 15.4 %
Return on Average Equity (based on net income (loss)) 6.1 % -0.8 % 9.8 % 7.1 % 18.3 % 13.1 % 11.8 %
Distributions to Shareholders
Dividends paid 471 470 486 485 481 1,422 1,452 2%
Share repurchases 250 250 250 250 250 750 750 —%
Total capital returned 721 720 736 735 731 2,172 2,202 1%
Per Share Data
Net income (loss) - diluted (2) 1.24 (0.17) 1.96 1.48 4.01 7.64 7.44 -3%
Adjusted Operating Income - diluted 3.33 2.96 3.29 3.58 4.26 9.67 11.13 15%
Shareholder dividends 1.30 1.30 1.35 1.35 1.35 3.90 4.05 4%
GAAP book value - diluted 84.47 77.62 83.59 85.98 90.69
Adjusted book value - diluted (3) 98.71 95.82 96.37 96.41 99.25
Shares Outstanding
Weighted average number of common shares - basic 356.9 355.4 354.3 353.1 351.1 358.3 352.8 -2%
Weighted average number of common shares - diluted 358.7 357.3 356.1 354.9 353.0 359.9 354.7 -1%
End of period common shares - basic 355.9 354.6 354.0 351.9 349.9
End of period common shares - diluted 360.1 359.1 357.5 355.7 353.9
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.
(2) For the three months ended December 31, 2024 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended December 31, 2024 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income (loss) 3.33 2.96 3.29 3.58 4.26 9.67 11.13
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (2.05) (4.27) (0.69) (1.45) (1.63) (1.74) (3.77)
Change in value of market risk benefits, net of related hedging gains (losses) (0.41) (0.22) (0.99) (1.20) 0.92 (0.89) (1.28)
Market experience updates (0.35) 0.17 0.11 0.12 (0.10) (0.31) 0.13
Divested and Run-off Businesses:
Closed Block division 0.01 (0.15) (0.06) (0.05) 0.03 (0.17) (0.08)
Other Divested and Run-off Businesses 0.13 (0.06) (0.14) 0.03 0.35 0.14 0.24
Difference in earnings allocated to participating unvested share-based payment awards 0.02 0.02 0.02 0.02 0.01 0.02 0.04
Other adjustments (1) (0.01) (0.01) 0.08 — — (0.04) 0.07
Total reconciling items, before income taxes (2.66) (4.52) (1.67) (2.53) (0.42) (2.99) (4.65)
Income taxes, not applicable to adjusted operating income (0.57) (1.39) (0.34) (0.43) (0.17) (0.96) (0.96)
Total reconciling items, after income taxes (2.09) (3.13) (1.33) (2.10) (0.25) (2.03) (3.69)
Net income (loss) attributable to Prudential Financial, Inc. 1.24 (0.17) 1.96 1.48 4.01 7.64 7.44
Weighted average number of outstanding common shares - basic 356.9 355.4 354.3 353.1 351.1 358.3 352.8
Weighted average number of outstanding common shares - diluted 358.7 357.3 356.1 354.9 353.0 359.9 354.7
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. 448 (57) 707 533 1,431 2,784 2,671
Less: Earnings allocated to participating unvested share-based payment awards 5 5 10 6 15 33 31
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 443 (62) 697 527 1,416 2,751 2,640
After-tax adjusted operating income (loss) 1,208 1,068 1,188 1,284 1,521 3,520 3,993
Less: Earnings allocated to participating unvested share-based payment awards 13 12 16 13 17 41 46
After-tax adjusted operating income for earnings per share of Common Stock calculation 1,195 1,056 1,172 1,271 1,504 3,479 3,947
___________
(1) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2024 2025
3Q 4Q 1Q 2Q 3Q
Capitalization Data (1):
Senior debt:
Short-term debt 950 953 1,406 1,373 1,386
Long-term debt 10,487 10,600 10,949 11,056 11,202
Junior subordinated long-term debt 8,589 8,587 8,591 7,595 7,595
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period 30,416 27,872 29,883 30,582 32,094
Less: Accumulated other comprehensive income (AOCI) (4,844) (6,711) (4,741) (3,921) (3,175)
GAAP book value excluding AOCI (2) 35,260 34,583 34,624 34,503 35,269
Less: Cumulative change in fair value of funds withheld embedded derivatives (3) (238) 141 62 67 (47)
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) (49) 34 108 144 192
Adjusted book value 35,547 34,408 34,454 34,292 35,124
Book Value per Share of Common Stock:
GAAP book value per common share - diluted 84.47 77.62 83.59 85.98 90.69
GAAP book value excluding AOCI per share - diluted (2) 97.92 96.30 96.85 97.00 99.66
Adjusted book value per common share - diluted 98.71 95.82 96.37 96.41 99.25
End of period number of common shares - diluted 360.1 359.1 357.5 355.7 353.9
Common Stock Price Range (based on closing price):
High 127.32 129.52 122.33 112.71 109.89
Low 105.53 114.59 105.04 95.12 100.68
Close 121.10 118.53 111.68 107.44 103.74
Common Stock market capitalization (1) 43,099 42,031 39,535 37,808 36,299
__________
(1) As of end of period.
(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.
(3) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
OPERATIONS HIGHLIGHTS
2024 2025
3Q 4Q 1Q 2Q 3Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers - Third Party 610.3 601.1 620.2 647.6 654.9
Retail customers - Third Party 245.1 244.9 240.6 256.7 265.2
Affiliated 544.5 529.2 524.5 536.4 549.9
Total PGIM 1,399.9 1,375.2 1,385.3 1,440.7 1,470.0
U.S. Businesses 128.6 112.6 111.3 113.8 115.9
International Businesses 18.1 18.4 19.3 19.4 19.8
Corporate and Other 11.3 6.2 6.2 6.4 6.3
Total assets under management 1,557.9 1,512.4 1,522.1 1,580.3 1,612.0
Assets under administration 189.8 173.5 180.4 193.2 194.6
Total assets under management and administration 1,747.7 1,685.9 1,702.5 1,773.5 1,806.6
Distribution Representatives (1):
Prudential Advisors 2,877 2,794 2,906 2,985 3,034
Life Planners 5,900 6,035 6,175 6,161 6,141
Life Consultants 6,861 6,844 6,840 6,822 6,940
__________
(1) As of end of period.
(2) At fair market value.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums 12,527 5,935 6,446 6,426 8,691 34,810 21,563 -38%
Policy charges and fee income 1,098 1,062 1,108 1,070 1,126 3,215 3,304 3%
Net investment income 4,436 4,601 4,519 4,600 4,872 12,774 13,991 10%
Asset management fees, commissions and other income 1,428 1,411 1,339 1,410 1,550 4,245 4,299 1%
Total revenues 19,489 13,009 13,412 13,506 16,239 55,044 43,157 -22%
Benefits and expenses (1):
Insurance and annuity benefits 13,321 6,843 7,344 7,195 9,485 37,232 24,024 -35%
Change in estimates of liability for future policy benefits 66 56 (14) 100 96 52 182 250%
Interest credited to policyholders' account balances 1,038 1,057 1,083 1,135 1,215 2,892 3,433 19%
Interest expense 485 525 522 526 531 1,494 1,579 6%
Deferral of acquisition costs (636) (704) (684) (689) (699) (1,897) (2,072) -9%
Amortization of acquisition costs 356 364 376 392 395 1,081 1,163 8%
Operating expenses 1,717 1,810 1,624 1,634 1,639 5,060 4,897 -3%
Variable expenses 1,582 1,687 1,641 1,548 1,630 4,575 4,819 5%
Total benefits and expenses 17,929 11,638 11,892 11,841 14,292 50,489 38,025 -25%
Adjusted operating income (loss) before income taxes 1,560 1,371 1,520 1,665 1,947 4,555 5,132 13%
Income taxes, applicable to adjusted operating income 352 303 332 381 426 1,035 1,139 10%
After-tax adjusted operating income 1,208 1,068 1,188 1,284 1,521 3,520 3,993 13%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (737) (1,525) (246) (516) (574) (625) (1,336) -114%
Change in value of market risk benefits, net of related hedging gains (losses) (146) (77) (351) (426) 324 (320) (453) -42%
Market experience updates (127) 60 39 42 (36) (112) 45 140%
Divested and Run-off Businesses:
Closed Block division 2 (52) (22) (18) 10 (61) (30) 51%
Other Divested and Run-off Businesses 47 (20) (51) 12 123 50 84 68%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (43) 97 3 (18) (11) (113) (26) 77%
Other adjustments (2) (3) (3) 28 (1) (1) (16) 26 263%
Total reconciling items, before income taxes (1,007) (1,520) (600) (925) (165) (1,197) (1,690) -41%
Income taxes, not applicable to adjusted operating income (212) (489) (125) (186) (44) (342) (355) -4%
Total reconciling items, after income taxes (795) (1,031) (475) (739) (121) (855) (1,335) -56%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 553 (149) 920 740 1,782 3,358 3,442 3%
Income tax expense (benefit) 140 (186) 207 195 382 693 784 13%
Income (loss) before equity in earnings of joint ventures and other operating entities 413 37 713 545 1,400 2,665 2,658 —%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 35 (94) (6) (12) 31 119 13 -89%
Income (loss) attributable to Prudential Financial, Inc. 448 (57) 707 533 1,431 2,784 2,671 -4%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 3 130 35 33 52 (11) 120 1191%
Net income (loss) 451 73 742 566 1,483 2,773 2,791 1%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 3 130 35 33 52 (11) 120 1191%
Net income (loss) attributable to Prudential Financial, Inc. 448 (57) 707 533 1,431 2,784 2,671 -4%
____________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 33-36 for reconciliation.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
CONSOLIDATED BALANCE SHEETS
(in millions)
12/31/2024 03/31/2025 06/30/2025 09/30/2025
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value 311,570 315,914 328,302 335,414
Fixed maturities, trading, at fair value 12,530 13,278 14,020 14,575
Assets supporting experience-rated contractholder liabilities, at fair value 3,707 3,769 4,282 4,648
Equity securities, at fair value 9,417 8,720 7,434 8,794
Commercial mortgage and other loans 62,341 62,694 62,966 64,813
Policy loans 9,795 9,876 9,946 9,951
Other invested assets 26,351 26,739 27,256 27,665
Short-term investments 9,069 8,716 6,375 6,248
Total investments 444,780 449,706 460,581 472,108
Cash and cash equivalents 18,497 16,063 16,638 17,469
Accrued investment income 3,441 3,383 3,560 3,581
Deferred policy acquisition costs 20,448 20,790 21,222 21,468
Value of business acquired 435 446 450 430
Market risk benefit assets 2,331 2,139 2,188 2,252
Reinsurance recoverables and deposit receivables 37,680 43,982 44,152 44,947
Income tax assets 866 300 839 240
Other assets 13,737 14,262 14,561 15,267
Separate account assets 193,372 188,191 194,761 198,540
Total assets 735,587 739,262 758,952 776,302
Liabilities:
Future policy benefits 268,912 269,969 270,133 272,553
Policyholders' account balances 166,254 170,278 180,931 188,657
Market risk benefit liabilities 4,455 5,021 4,859 4,771
Reinsurance and funds withheld payables 17,084 17,347 17,126 17,874
Securities sold under agreements to repurchase 6,796 7,549 8,205 9,937
Cash collateral for loaned securities 9,621 9,507 9,167 8,597
Income tax liabilities — — — —
Short-term debt 953 1,406 1,373 1,386
Long-term debt 19,187 19,540 18,651 18,797
Other liabilities 17,397 16,789 18,872 18,507
Notes issued by consolidated variable interest entities 1,430 1,443 1,758 1,868
Separate account liabilities 193,372 188,191 194,761 198,540
Total liabilities 705,461 707,040 725,836 741,487
Mezzanine Equity:
Redeemable noncontrolling interests 1,939 2,019 2,213 2,358
Total mezzanine equity 1,939 2,019 2,213 2,358
Equity:
Accumulated other comprehensive income (loss) (6,711) (4,741) (3,921) (3,175)
Other equity (1) 34,583 34,624 34,503 35,269
Total Prudential Financial, Inc. equity 27,872 29,883 30,582 32,094
Noncontrolling interests 315 320 321 363
Total equity 28,187 30,203 30,903 32,457
Total liabilities, mezzanine equity and equity 735,587 739,262 758,952 776,302
____________
(1) Includes (47) million, 67 million, 62 million, 141 million and (238) million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINING BALANCE SHEETS
(in millions)
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 47,333 424,775 3,830 225,693 163,509 31,743
Deferred policy acquisition costs 147 21,321 — 12,181 9,764 (624)
Other assets 1,038 83,148 5,492 54,770 18,956 3,930
Separate account assets — 198,540 29,734 172,740 — (3,934)
Total assets 48,518 727,784 39,056 465,384 192,229 31,115
Liabilities:
Future policy benefits 41,667 230,886 — 121,309 100,396 9,181
Policyholders' account balances 4,273 184,384 — 118,538 61,331 4,515
Debt — 20,183 1,954 4,683 222 13,324
Other liabilities 4,168 57,386 3,453 30,172 9,380 14,381
Separate account liabilities — 198,540 29,734 172,740 — (3,934)
Total liabilities 50,108 691,379 35,141 447,442 171,329 37,467
Mezzanine Equity:
Redeemable noncontrolling interests — 2,358 820 — — 1,538
Total mezzanine equity — 2,358 820 — — 1,538
Equity:
Accumulated other comprehensive income (loss) (145) (3,030) (40) (501) (258) (2,231)
Other equity (1) (1,456) 36,725 2,977 18,364 21,129 (5,745)
Total Prudential Financial, Inc. equity (1,601) 33,695 2,937 17,863 20,871 (7,976)
Noncontrolling interests 11 352 158 79 29 86
Total equity (1,590) 34,047 3,095 17,942 20,900 (7,890)
Total liabilities, mezzanine equity and equity 48,518 727,784 39,056 465,384 192,229 31,115
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 47,466 397,314 2,624 204,091 159,678 30,921
Deferred policy acquisition costs 156 20,292 — 11,551 9,304 (563)
Other assets 1,193 75,794 4,775 54,982 11,056 4,981
Separate account assets — 193,372 28,645 168,299 — (3,572)
Total assets 48,815 686,772 36,044 438,923 180,038 31,767
Liabilities:
Future policy benefits 42,464 226,448 — 118,110 99,699 8,639
Policyholders' account balances 4,359 161,895 — 102,940 54,855 4,100
Debt — 20,140 1,593 4,805 129 13,613
Other liabilities 3,632 53,151 2,393 28,793 7,570 14,395
Separate account liabilities — 193,372 28,645 168,299 — (3,572)
Total liabilities 50,455 655,006 32,631 422,947 162,253 37,175
Mezzanine Equity:
Redeemable noncontrolling interest — 1,939 543 — — 1,396
Total mezzanine equity — 1,939 543 — — 1,396
Equity:
Accumulated other comprehensive income (loss) (188) (6,523) (154) (1,569) (2,302) (2,498)
Other equity (1) (1,463) 36,046 2,883 17,465 20,057 (4,359)
Total Prudential Financial, Inc. equity (1,651) 29,523 2,729 15,896 17,755 (6,857)
Noncontrolling interests 11 304 141 80 30 53
Total equity (1,640) 29,827 2,870 15,976 17,785 (6,804)
Total liabilities, mezzanine equity and equity 48,815 686,772 36,044 438,923 180,038 31,767
____________
(1) Includes (47) million and 141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2025 and December 31, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
As of December 31, 2024
Senior Debt
Long-term Debt Junior Subordinated Long-term Debt Total Debt Short-term Debt Long-term Debt Junior Subordinated Long-term Debt Total Debt
Borrowings by use of proceeds:
Capital Debt 6,362 7,595 13,969 347 5,890 7,588 13,825
Operating Debt 4,357 — 5,731 521 4,355 999 5,875
Limited recourse and non-recourse borrowing 483 — 483 85 355 — 440
Total Debt 11,202 7,595 20,183 953 10,600 8,587 20,140
As of December 31, 2024
The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt Prudential Financial, Inc. The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt
Borrowings by sources:
Capital Debt — 42 13,969 13,438 347 40 13,825
Operating Debt 849 — 5,731 5,380 495 — 5,875
Limited recourse and non-recourse borrowing 33 450 483 — 85 355 440
Total Debt 882 492 20,183 18,818 927 395 20,140
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes 0 million and 347 million of surplus notes as of September 30, 2025 and December 31, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - PGIM
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums — — — — — — — —
Policy charges and fee income — — — — — — — —
Net investment income 16 28 20 59 54 (13) 133 1123%
Asset management fees, commissions and other income 1,005 1,090 965 984 1,041 2,987 2,990 0%
Total revenues 1,021 1,118 985 1,043 1,095 2,974 3,123 5%
Benefits and expenses (1):
Insurance and annuity benefits — — — — — — — —
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances — — — — — — — —
Interest expense 30 25 21 24 27 80 72 -10%
Deferral of acquisition costs — — — — — (1) — 100%
Amortization of acquisition costs 1 — — — — 2 — -100%
Operating expenses 442 460 504 477 503 1,381 1,484 7%
Variable expenses 307 374 304 313 321 896 938 5%
Total benefits and expenses 780 859 829 814 851 2,358 2,494 6%
Adjusted operating income (loss) before income taxes 241 259 156 229 244 616 629 2%
Total revenues 1,021 1,118 985 1,043 1,095 2,974 3,123 5%
Less: Passthrough distribution revenue 23 22 21 20 21 66 62 -6%
Less: Revenue associated with consolidations 24 84 18 50 45 57 113 98%
Total adjusted revenues (2) 974 1,012 946 973 1,029 2,851 2,948 3%
Adjusted operating margin (2)(3) 24.7 % 25.6 % 16.5 % 23.5 % 23.7 % 21.6 % 21.3 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 22.3%, 22.0%, 15.8%, 23.2% and 23.6% for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and 20.1% and 20.7% for the nine months ended September 30, 2025 and September 30, 2024, respectively.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2025 Year-to-date
4Q 1Q 2Q 3Q 2024 2025 % change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees 825 828 825 844 2,354 2,497 6%
Other related revenues (1) 176 38 82 93 254 213 -16%
Service, distribution and other revenues 117 119 136 158 366 413 13%
Total PGIM revenues 1,118 985 1,043 1,095 2,974 3,123 5%
Analysis of asset management fees by source:
Institutional customers - Third Party 378 387 387 395 1,106 1,169 6%
Retail customers - Third Party 231 225 219 231 637 675 6%
Affiliated 216 216 219 218 611 653 7%
Total asset management fees 825 828 825 844 2,354 2,497 6%
Supplementary Assets Under Management Information (at fair market value) (in billions):
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers - Third Party 470.0 69.0 35.5 1.3 654.9
Retail customers - Third Party 153.4 0.2 0.3 2.3 265.2
Affiliated 278.5 64.4 90.8 76.6 549.9
Total 901.9 133.6 126.6 80.2 1,470.0
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers - Third Party 436.3 68.0 33.6 1.4 610.3
Retail customers - Third Party 133.8 2.3 0.5 2.5 245.1
Affiliated 293.3 61.5 85.1 67.9 544.5
Total 863.4 131.8 119.2 71.8 1,399.9
__________
(1) Other related revenues, net of related expenses are 64 million, 49 million, 19 million, 66 million and 45 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and 132 million and 140 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
2025 Year-to-date
4Q 1Q 2Q 3Q 2024 2025
Institutional Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management 610.3 601.1 620.2 647.6 562.7 601.1
Additions 23.6 23.8 22.1 18.8 77.8 64.7
Withdrawals (21.4) (16.2) (19.5) (18.5) (58.3) (54.2)
Net institutional additions (withdrawals), excluding realizations, distributions and money market activity 2.2 7.6 2.6 0.3 19.5 10.5
Realizations and distributions (1) (2.7) (4.2) (2.3) (4.0) (6.8) (10.5)
Change in market value (14.6) 6.6 24.0 15.6 34.7 46.2
Net money market flows (0.9) 1.7 0.8 (0.3) (2.7) 2.2
Other (2) 6.8 7.4 2.3 (4.3) 2.9 5.4
Ending assets under management 601.1 620.2 647.6 654.9 610.3 654.9
Retail Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management 245.1 244.9 240.6 256.7 215.5 244.9
Additions 19.0 17.7 16.0 16.2 46.6 49.9
Withdrawals (18.8) (17.9) (18.8) (15.9) (45.4) (52.6)
Net retail additions (withdrawals), excluding money market activity 0.2 (0.2) (2.8) 0.3 1.2 (2.7)
Change in market value 1.4 (5.5) 18.6 9.2 28.3 22.3
Net money market flows 0.7 1.8 0.5 0.7 1.0 3.0
Other (2) (2.5) (0.4) (0.2) (1.7) (0.9) (2.3)
Ending assets under management 244.9 240.6 256.7 265.2 245.1 265.2
Affiliated - Assets Under Management (at fair market value):
Beginning assets under management 544.5 529.2 524.5 536.4 519.9 529.2
Additions 55.7 20.6 19.8 15.8 69.7 56.2
Withdrawals (46.7) (20.7) (19.2) (14.0) (54.1) (53.9)
Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity 9.0 (0.1) 0.6 1.8 15.6 2.3
Realizations and distributions (1) (0.1) (0.1) — (0.6) (0.3) (0.7)
Change in market value (14.4) 3.9 10.9 13.2 25.2 28.0
Net money market flows 3.5 (5.3) (2.1) — (8.1) (7.4)
Other (2) (13.3) (3.1) 2.5 (0.9) (7.8) (1.5)
Ending assets under management 529.2 524.5 536.4 549.9 544.5 549.9
__________
(1) Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations.
(2) Fourth quarter 2024 includes 7.0 billion related to the reinsurance of certain guaranteed universal life policies to Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited, and first quarter 2025 includes 6.1 billion related to the reinsurance of certain Japanese whole life policies to Prismic Life Reinsurance, Ltd, which were transferred from affiliated to institutional assets under management. In third quarter 2025, Prudential completed the sale of its ownership in the PGIM SITE business in Taiwan to E.SUN Financial Holding Co., Ltd. and the outflows of 4.0 billion and 1.4 billion are reflected in institutional and retail, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums 9,686 3,272 3,398 3,724 5,897 25,837 13,019 -50%
Policy charges and fee income 1,029 996 1,035 993 1,046 3,014 3,074 2%
Net investment income 2,666 2,731 2,700 2,760 2,948 7,672 8,408 10%
Asset management fees, commissions and other income 599 580 573 531 551 1,840 1,655 -10%
Total revenues 13,980 7,579 7,706 8,008 10,442 38,363 26,156 -32%
Benefits and expenses (1):
Insurance and annuity benefits 10,743 4,384 4,563 4,750 6,928 29,442 16,241 -45%
Change in estimates of liability for future policy benefits 64 53 (11) 68 117 (326) 174 153%
Interest credited to policyholders' account balances 703 708 724 754 808 1,947 2,286 17%
Interest expense 294 330 295 286 290 909 871 -4%
Deferral of acquisition costs (416) (462) (411) (431) (426) (1,188) (1,268) -7%
Amortization of acquisition costs 213 216 227 233 234 637 694 9%
Operating expenses 480 572 529 583 500 1,562 1,612 3%
Variable expenses 859 918 859 810 842 2,512 2,511 —%
Total benefits and expenses 12,940 6,719 6,775 7,053 9,293 35,495 23,121 -35%
Adjusted operating income (loss) before income taxes 1,040 860 931 955 1,149 2,868 3,035 6%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums 8,153 1,776 1,765 2,143 4,308 21,247 8,216 -61%
Policy charges and fee income 320 315 297 278 294 952 869 -9%
Net investment income 1,764 1,846 1,872 1,930 2,085 4,938 5,887 19%
Asset management fees, commissions and other income 554 538 509 477 496 1,708 1,482 -13%
Total revenues 10,791 4,475 4,443 4,828 7,183 28,845 16,454 -43%
Benefits and expenses (1):
Insurance and annuity benefits 8,768 2,470 2,467 2,834 4,913 23,423 10,214 -56%
Change in estimates of liability for future policy benefits 47 42 (19) 125 118 (410) 224 155%
Interest credited to policyholders' account balances 467 483 507 543 588 1,220 1,638 34%
Interest expense 36 20 30 27 24 95 81 -15%
Deferral of acquisition costs (186) (187) (209) (207) (180) (534) (596) -12%
Amortization of acquisition costs 102 108 115 122 125 297 362 22%
Operating expenses 186 213 215 228 199 596 642 8%
Variable expenses 473 475 461 434 430 1,390 1,325 -5%
Total benefits and expenses 9,893 3,624 3,567 4,106 6,217 26,077 13,890 -47%
Adjusted operating income (loss) before income taxes 898 851 876 722 966 2,768 2,564 -7%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
2025 Year-to-date
4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums (2) 1,758 1,745 2,126 4,285 21,189 8,156 -62%
Policy charges and fee income 9 7 5 11 24 23 -4%
Net investment income 1,241 1,243 1,248 1,333 3,433 3,824 11%
Asset management fees, commissions and other income 135 110 128 125 406 363 -11%
Total revenues 3,143 3,105 3,507 5,754 25,052 12,366 -51%
Benefits and expenses (1):
Insurance and annuity benefits 2,434 2,437 2,707 4,862 23,318 10,006 -57%
Change in estimates of liability for future policy benefits 42 (25) 124 112 (418) 211 150%
Interest credited to policyholders' account balances 180 182 188 216 484 586 21%
Interest expense (7) 17 15 12 38 44 16%
Deferral of acquisition costs (23) (27) (34) (19) (57) (80) -40%
Amortization of acquisition costs 3 6 4 4 8 14 75%
Operating expenses 57 71 68 67 174 206 18%
Variable expenses 30 32 39 20 76 91 20%
Total benefits and expenses 2,716 2,693 3,111 5,274 23,623 11,078 -53%
Adjusted operating income (loss) before income taxes 427 412 396 480 1,429 1,288 -10%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Includes pension risk transfer premiums of 2.4 billion, 0.2 billion, 0.0 billion, 0.1 billion and 6.4 billion for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and 2.6 billion and 16.3 billion for the nine months ended September 30, 2025 and September 30, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025
Beginning total account value 274,128 287,829 288,202 293,930 307,306 267,654 288,202
Additions 11,081 10,249 7,051 8,854 6,353 26,082 22,258
Withdrawals and benefits (6,619) (6,127) (6,642) (5,525) (6,460) (19,200) (18,627)
Net flows 4,462 4,122 409 3,329 (107) 6,882 3,631
Change in market value, interest credited and interest income 4,476 1,540 2,804 2,355 3,521 9,050 8,680
Other (1) 4,763 (5,289) 2,515 7,692 (3,206) 4,243 7,001
Ending total account value, gross 287,829 288,202 293,930 307,306 307,514 287,829 307,514
Reinsurance ceded (9,062) (9,011) (8,952) (8,899) (8,911) (9,062) (8,911)
Ending total account value, net 278,767 279,191 284,978 298,407 298,603 278,767 298,603
Amounts included in ending total account value, net above:
Investment-only stable value wraps 62,189 61,286 61,302 61,566 61,777
International reinsurance (2) 108,927 108,882 115,533 127,701 124,795
Group annuities and other products 107,651 109,023 108,143 109,140 112,031
Ending total account value, net 278,767 279,191 284,978 298,407 298,603
__________
(1) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.
(2) Represents notional amounts based on present value of future benefits under international reinsurance contracts.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums 19 18 20 17 23 58 60 3%
Policy charges and fee income 310 306 290 273 283 928 846 -9%
Net investment income 565 605 629 682 752 1,505 2,063 37%
Asset management fees, commissions and other income 424 403 399 349 371 1,302 1,119 -14%
Total revenues 1,318 1,332 1,338 1,321 1,429 3,793 4,088 8%
Benefits and expenses (1):
Insurance and annuity benefits 26 36 30 127 51 105 208 98%
Change in estimates of liability for future policy benefits 6 — 6 1 6 8 13 63%
Interest credited to policyholders' account balances 290 303 325 355 372 736 1,052 43%
Interest expense 24 27 13 12 12 57 37 -35%
Deferral of acquisition costs (163) (164) (182) (173) (161) (477) (516) -8%
Amortization of acquisition costs 98 105 109 118 121 289 348 20%
Operating expenses 135 156 144 160 132 422 436 3%
Variable expenses 442 445 429 395 410 1,314 1,234 -6%
Total benefits and expenses 858 908 874 995 943 2,454 2,812 15%
Adjusted operating income (loss) before income taxes 460 424 464 326 486 1,339 1,276 -5%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite 2,244 2,513 2,334 1,718 1,803 6,190 5,855
Investment Only VA (2) 28 67 34 33 43 95 110
Fixed 1,346 1,056 1,105 1,384 1,532 4,117 4,021
Total 3,618 3,636 3,473 3,135 3,378 10,402 9,986
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value 39,108 43,729 47,204 48,817 54,429 30,655 47,204
Sales 3,618 3,636 3,473 3,135 3,378 10,402 9,986
Full surrenders and death benefits (351) (394) (437) (458) (540) (954) (1,435)
Sales, net of full surrenders and death benefits 3,267 3,242 3,036 2,677 2,838 9,448 8,551
Partial withdrawals and other benefit payments (184) (243) (283) (269) (289) (549) (841)
Net flows 3,083 2,999 2,753 2,408 2,549 8,899 7,710
Change in market value, interest credited, and other 1,554 494 (1,116) 3,232 2,754 4,215 4,870
Policy charges (16) (18) (24) (28) (29) (40) (81)
Ending total account value, gross 43,729 47,204 48,817 54,429 59,703 43,729 59,703
Reinsurance ceded (2,494) (2,755) (3,144) (2,680) (3,076) (2,494) (3,076)
Ending total account value, net 41,235 44,449 45,673 51,749 56,627 41,235 56,627
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value 96,267 97,116 91,435 87,009 88,163 99,053 91,435
Sales 6 7 6 8 3 22 17
Full surrenders and death benefits (2,510) (2,484) (2,455) (2,151) (2,614) (7,261) (7,220)
Sales, net of full surrenders and death benefits (2,504) (2,477) (2,449) (2,143) (2,611) (7,239) (7,203)
Partial withdrawals and other benefit payments (1,037) (1,205) (1,133) (991) (1,002) (3,183) (3,126)
Net flows (3,541) (3,682) (3,582) (3,134) (3,613) (10,422) (10,329)
Change in market value and other 4,924 (1,493) (365) 4,773 3,901 10,092 8,309
Policy charges (534) (506) (479) (485) (491) (1,607) (1,455)
Ending total account value, gross 97,116 91,435 87,009 88,163 87,960 97,116 87,960
Reinsurance ceded (9,526) (8,764) (8,608) (8,393) (8,315) (9,526) (8,315)
Ending total account value, net 87,590 82,671 78,401 79,770 79,645 87,590 79,645
__________
(1) Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.
(2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity.
(3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025
Account Values in General Account (1):
Beginning balance 38,942 43,350 46,900 48,660 54,064 30,844 46,900
Premiums and deposits 3,522 3,494 3,369 3,051 3,280 10,121 9,700
Full surrenders and death benefits (296) (239) (306) (330) (398) (799) (1,034)
Premiums and deposits net of full surrenders and death benefits 3,226 3,255 3,063 2,721 2,882 9,322 8,666
Partial withdrawals and other benefit payments (224) (282) (293) (275) (301) (663) (869)
Net flows 3,002 2,973 2,770 2,446 2,581 8,659 7,797
Change in market value, interest credited and other 960 839 (1,253) 2,846 2,389 3,378 3,982
Net transfers (to) from separate account 451 (254) 253 124 126 480 503
Policy charges (5) (8) (10) (12) (12) (11) (34)
Ending balance, gross 43,350 46,900 48,660 54,064 59,148 43,350 59,148
Reinsurance ceded (2,494) (2,755) (3,144) (2,680) (3,076) (2,494) (3,076)
Ending balance, net 40,856 44,145 45,516 51,384 56,072 40,856 56,072
Account Values in Separate Account (1):
Beginning balance 96,433 97,495 91,739 87,166 88,528 98,864 91,739
Premiums and deposits 102 149 110 92 101 303 303
Full surrenders and death benefits (2,565) (2,639) (2,586) (2,279) (2,756) (7,416) (7,621)
Premiums and deposits net of full surrenders and death benefits (2,463) (2,490) (2,476) (2,187) (2,655) (7,113) (7,318)
Partial withdrawals and other benefit payments (997) (1,166) (1,123) (985) (990) (3,069) (3,098)
Net flows (3,460) (3,656) (3,599) (3,172) (3,645) (10,182) (10,416)
Change in market value, interest credited and other 5,518 (1,838) (228) 5,159 4,266 10,929 9,197
Net transfers (to) from general account (451) 254 (253) (124) (126) (480) (503)
Policy charges (545) (516) (493) (501) (508) (1,636) (1,502)
Ending balance, gross 97,495 91,739 87,166 88,528 88,515 97,495 88,515
Reinsurance ceded (9,526) (8,764) (8,608) (8,393) (8,315) (9,526) (8,315)
Ending balance, net 87,969 82,975 78,558 80,135 80,200 87,969 80,200
__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
2024 2025
3Q 4Q 1Q 2Q 3Q
MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1):
Market Risk Benefits Account Values by Risk Management Design:
Account Values with Auto-Rebalancing Feature - risk retained by Prudential 68,960 64,932 61,716 62,634 62,434
Account Values with Auto-Rebalancing Feature - externally reinsured 2,115 1,902 1,763 1,758 1,713
Account Values without Auto-Rebalancing Feature 24,561 23,100 22,098 24,322 24,630
Total 95,636 89,934 85,577 88,714 88,777
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature 5,638 6,510 6,937 6,104 5,575
Net Amount at Risk without Auto-Rebalancing Feature 2,240 2,775 2,778 3,033 2,907
Total 7,878 9,285 9,715 9,137 8,482
__________
(1) At end of period.

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Table of Contents

Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums 1,299 1,260 1,396 1,349 1,353 3,869 4,098 6%
Policy charges and fee income 189 149 197 184 183 529 564 7%
Net investment income 134 132 134 133 138 398 405 2%
Asset management fees, commissions and other income 21 23 21 21 20 67 62 -7%
Total revenues 1,643 1,564 1,748 1,687 1,694 4,863 5,129 5%
Benefits and expenses (1):
Insurance and annuity benefits 1,241 1,171 1,296 1,230 1,272 3,630 3,798 5%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 35 38 35 32 33 111 100 -10%
Interest expense 2 3 5 5 7 8 17 113%
Deferral of acquisition costs (5) (13) — (4) — (15) (4) 73%
Amortization of acquisition costs 1 2 2 4 2 4 8 100%
Operating expenses 179 184 194 186 181 550 561 2%
Variable expenses 108 113 127 109 109 327 345 6%
Total benefits and expenses 1,561 1,498 1,659 1,562 1,604 4,615 4,825 5%
Adjusted operating income (loss) before income taxes 82 66 89 125 90 248 304 23%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025
Annualized New Business Premiums:
Group life 35 38 225 35 36 251 296
Group disability 28 25 175 42 42 236 259
Total 63 63 400 77 78 487 555
Future Policy Benefits (1):
Group life 2,266 2,415 2,422 2,396 2,334
Group disability 3,253 3,256 3,283 3,316 3,345
Total 5,519 5,671 5,705 5,712 5,679
Policyholders' Account Balances (1):
Group life 4,878 4,915 4,519 4,460 4,503
Group disability 110 117 117 104 99
Total 4,988 5,032 4,636 4,564 4,602
Separate Account Liabilities (1):
Group life 26,021 25,126 25,547 26,364 26,988
Group Life Insurance:
Gross premiums, policy charges and fee income (2) 1,137 1,168 1,196 1,195 1,155 3,358 3,546
Earned premiums 924 891 996 935 952 2,724 2,883
Earned policy charges and fee income 164 124 171 156 154 453 481
Benefits ratio (3) 85.0 % 87.1 % 87.1 % 83.1 % 84.1 % 86.8 % 84.8 %
Administrative expense ratio 10.5 % 11.9 % 10.8 % 11.5 % 10.5 % 11.1 % 10.9 %
Persistency ratio 94.6 % 94.6 % 97.0 % 96.8 % 96.5 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2) 403 400 429 447 434 1,239 1,310
Earned premiums 375 369 400 414 401 1,145 1,215
Earned policy charges and fee income 25 25 26 28 29 76 83
Benefits ratio (3) 78.9 % 72.8 % 65.6 % 75.3 % 79.7 % 73.5 % 73.6 %
Administrative expense ratio 24.7 % 26.1 % 25.8 % 24.8 % 24.0 % 24.3 % 24.9 %
Persistency ratio 92.9 % 92.6 % 95.3 % 94.1 % 92.9 %
Total Group Insurance:
Benefits ratio (3) 83.4 % 83.1 % 81.3 % 80.9 % 82.8 % 83.1 % 81.7 %
Administrative expense ratio 14.2 % 15.8 % 14.8 % 15.2 % 14.2 % 14.7 % 14.7 %
Net face amount of policies in force (in billions) (4) 2,102 2,120 2,127 2,118 2,118
__________
(1) As of end of period.
(2) Before returns of premiums to participating policyholders for favorable claims experience.
(3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 84.6%, 73.4%, 81.5% and 86.8%, 71.4%, 82.5% for the nine months ended September 30, 2025 and September 30, 2024, respectively.
(4) At end of period; net of reinsurance.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums 234 236 237 232 236 721 705 -2%
Policy charges and fee income 520 532 541 531 569 1,533 1,641 7%
Net investment income 768 753 694 697 725 2,336 2,116 -9%
Asset management fees, commissions and other income 24 19 43 33 35 65 111 71%
Total revenues 1,546 1,540 1,515 1,493 1,565 4,655 4,573 -2%
Benefits and expenses (1):
Insurance and annuity benefits 734 743 800 686 743 2,389 2,229 -7%
Change in estimates of liability for future policy benefits 17 11 8 (57) (1) 84 (50) -160%
Interest credited to policyholders' account balances 201 187 182 179 187 616 548 -11%
Interest expense 256 307 260 254 259 806 773 -4%
Deferral of acquisition costs (225) (262) (202) (220) (246) (639) (668) -5%
Amortization of acquisition costs 110 106 110 107 107 336 324 -4%
Operating expenses 115 175 120 169 120 416 409 -2%
Variable expenses 278 330 271 267 303 795 841 6%
Total benefits and expenses 1,486 1,597 1,549 1,385 1,472 4,803 4,406 -8%
Adjusted operating income (loss) before income taxes 60 (57) (34) 108 93 (148) 167 213%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life 34 35 32 39 37 99 108
Universal life 19 24 24 24 30 61 78
Variable life 157 267 154 160 186 420 500
Total 210 326 210 223 253 580 686
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors 43 45 38 43 48 122 129
Third party distribution 167 281 172 180 205 458 557
Total 210 326 210 223 253 580 686
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance 33,365 33,581 33,773 33,936 34,362 33,026 33,773
Premiums and deposits 619 675 709 676 686 1,857 2,071
Surrenders and withdrawals (445) (410) (463) (488) (455) (1,295) (1,406)
Net sales (redemptions) 174 265 246 188 231 562 665
Benefit payments (30) (43) (68) (64) (58) (121) (190)
Net flows 144 222 178 124 173 441 475
Interest credited and other 440 308 375 637 445 1,229 1,457
Net transfers (to) from separate account 158 171 145 168 193 444 506
Policy charges (526) (509) (535) (503) (512) (1,559) (1,550)
Ending balance, gross 33,581 33,773 33,936 34,362 34,661 33,581 34,661
Reinsurance ceded (4,520) (8,995) (9,029) (9,043) (9,077) (4,520) (9,077)
Ending balance, net 29,061 24,778 24,907 25,319 25,584 29,061 25,584
Separate Account Liabilities:
Beginning balance 51,385 53,953 54,803 53,323 57,995 46,453 54,803
Premiums and deposits 1,018 1,179 963 1,084 1,117 2,716 3,164
Surrenders and withdrawals (316) (295) (326) (315) (442) (943) (1,083)
Net sales (redemptions) 702 884 637 769 675 1,773 2,081
Benefit payments (183) (165) (184) (165) (170) (486) (519)
Net flows 519 719 453 604 505 1,287 1,562
Change in market value, interest credited and other 2,569 673 (1,414) 4,608 3,450 7,717 6,644
Net transfers (to) from general account (158) (171) (145) (168) (193) (444) (506)
Policy charges (362) (371) (374) (372) (381) (1,060) (1,127)
Ending balance 53,953 54,803 53,323 57,995 61,376 53,953 61,376
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life 280 278 274 284 282
Universal life 79 62 62 62 62
Variable life 162 167 165 170 174
Total 521 507 501 516 518
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums 2,850 2,665 3,057 2,709 2,800 8,991 8,566 -5%
Policy charges and fee income 83 81 88 92 96 243 276 14%
Net investment income 1,428 1,493 1,469 1,451 1,540 4,230 4,460 5%
Asset management fees, commissions and other income 56 44 124 147 159 178 430 142%
Total revenues 4,417 4,283 4,738 4,399 4,595 13,642 13,732 1%
Benefits and expenses (1):
Insurance and annuity benefits 2,581 2,463 2,789 2,446 2,559 7,805 7,794 —%
Change in estimates of liability for future policy benefits 2 3 (3) 32 (21) 378 8 -98%
Interest credited to policyholders' account balances 315 328 347 369 390 882 1,106 25%
Interest expense 5 (4) (1) 1 2 2 2 —%
Deferral of acquisition costs (308) (269) (306) (297) (308) (869) (911) -5%
Amortization of acquisition costs 164 162 165 174 175 484 514 6%
Operating expenses 455 454 436 467 466 1,339 1,369 2%
Variable expenses 437 404 463 446 451 1,257 1,360 8%
Total benefits and expenses 3,651 3,541 3,890 3,638 3,714 11,278 11,242 —%
Adjusted operating income (loss) before income taxes 766 742 848 761 881 2,364 2,490 5%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan 2,649 2,464 2,860 2,462 2,548 8,335 7,870
Emerging Markets 284 282 285 339 348 899 972
Total 2,933 2,746 3,145 2,801 2,896 9,234 8,842
Annualized new business premiums:
Japan 486 402 478 453 453 1,330 1,384
Emerging Markets 102 96 98 88 102 294 288
Total 588 498 576 541 555 1,624 1,672
Annualized new business premiums by distribution channel:
Life Planners 207 205 258 216 227 637 701
Life Consultants 136 119 130 150 138 361 418
Banks 147 98 95 93 108 361 296
Independent Agency and Other 98 76 93 82 82 265 257
Total 588 498 576 541 555 1,624 1,672
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan 2,711 2,530 2,950 2,475 2,580 8,541 8,005
Emerging Markets 273 286 289 333 328 816 950
Total 2,984 2,816 3,239 2,808 2,908 9,357 8,955
Annualized new business premiums:
Japan 491 410 487 454 457 1,351 1,398
Emerging Markets 97 97 99 87 96 266 282
Total 588 507 586 541 553 1,617 1,680
Annualized new business premiums by distribution channel:
Life Planners 208 210 265 214 227 640 706
Life Consultants 137 121 132 151 139 365 422
Banks 145 99 95 93 106 349 294
Independent Agency and Other 98 77 94 83 81 263 258
Total 588 507 586 541 553 1,617 1,680
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
2024 2025
3Q 4Q 1Q 2Q 3Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan 537 533 530 526 524
Emerging Markets 47 49 50 52 54
Total 584 582 580 578 578
Policyholder Account Balances at end of period (in millions) (1)(2):
(Constant exchange rate basis)
International Businesses 54,084 55,548 49,858 51,945 53,903
Number of individual policies in force at end of period (in thousands) (3):
Japan 11,075 11,078 11,102 11,116 11,142
Emerging Markets 820 842 855 869 884
Total 11,895 11,920 11,957 11,985 12,026
International Businesses life insurance individual policy persistency:
13 months 91.3 % 91.4 % 92.0 % 92.8 % 93.6 %
25 months 84.0 % 83.4 % 83.2 % 83.0 % 82.6 %
Number of Life Planners at end of period:
Japan 4,264 4,309 4,356 4,285 4,282
Emerging Markets 1,636 1,726 1,819 1,876 1,859
Total Life Planners 5,900 6,035 6,175 6,161 6,141
Life Consultants 6,861 6,844 6,840 6,822 6,940
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
2024 2025 Year-to-date
3Q 4Q 1Q 2Q 3Q 2024 2025 % change
Revenues (1):
Premiums (9) (2) (9) (7) (6) (18) (22) -22%
Policy charges and fee income (14) (15) (15) (15) (16) (42) (46) -10%
Net investment income 326 349 330 330 330 885 990 12%
Asset management fees, commissions and other income (232) (303) (323) (252) (201) (760) (776) -2%
Total revenues 71 29 (17) 56 107 65 146 125%
Benefits and expenses (1):
Insurance and annuity benefits (3) (4) (8) (1) (2) (15) (11) 27%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 20 21 12 12 17 63 41 -35%
Interest expense 156 174 207 215 212 503 634 26%
Deferral of acquisition costs 88 27 33 39 35 161 107 -34%
Amortization of acquisition costs (22) (14) (16) (15) (14) (42) (45) -7%
Operating expenses 340 324 155 107 170 778 432 -44%
Variable expenses (21) (9) 15 (21) 16 (90) 10 111%
Total benefits and expenses 558 519 398 336 434 1,358 1,168 -14%
Adjusted operating income (loss) before income taxes (487) (490) (415) (280) (327) (1,293) (1,022) 21%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
September 30, 2025 December 31, 2024
Closed PFI Excluding Closed PFI Excluding
Total Block Funds Closed Block Division and Funds Withheld Total Block Funds Closed Block Division and Funds Withheld
Portfolio Division Withheld (1) Amount % of Total Portfolio Division Withheld (1) Amount % of Total
243,021 19,151 4,310 219,560 54.8 % 230,018 19,103 4,837 206,078 54.9 %
91,884 10,232 2,738 78,914 19.7 % 81,179 9,625 2,795 68,759 18.3 %
14,447 613 8,906 4,928 1.2 % 12,447 647 7,732 4,068 1.1 %
4,648 — — 4,648 1.2 % 3,707 — — 3,707 1.0 %
8,322 1,544 — 6,778 1.7 % 8,896 1,642 — 7,254 1.9 %
63,740 7,648 263 55,829 13.9 % 61,872 7,652 233 53,987 14.4 %
9,951 3,250 — 6,701 1.7 % 9,795 3,348 — 6,447 1.7 %
23,992 4,636 1,885 17,471 4.3 % 23,577 4,929 1,867 16,781 4.4 %
6,246 259 7 5,980 1.5 % 9,056 520 43 8,493 2.3 %
466,251 47,333 18,109 400,809 100.0 % 440,547 47,466 17,507 375,574 100.0 %
5,857 — — 5,857 4,233 — — 4,233
472,108 47,333 18,109 406,666 444,780 47,466 17,507 379,807
Fixed Maturities by Credit Quality (3)(5): September 30, 2025 December 31, 2024
PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld
Gross Gross Gross Gross
Amortized Unrealized Unrealized Allowance for Fair Amortized Unrealized Unrealized Allowance for Fair
Cost Gains Losses Credit Losses Value % of Total Cost Gains Losses Credit Losses Value % of Total
186,883 3,074 22,232 1 167,724 76.4 % 176,693 3,412 20,161 — 159,944 77.6 %
46,563 967 2,802 1 44,727 20.4 % 43,221 522 3,744 — 39,999 19.4 %
233,446 4,041 25,034 2 212,451 96.8 % 219,914 3,934 23,905 — 199,943 97.0 %
5,771 82 578 — 5,275 2.4 % 4,807 60 574 — 4,293 2.1 %
1,204 47 7 — 1,244 0.6 % 1,264 48 30 — 1,282 0.6 %
525 20 17 20 508 0.2 % 439 16 12 7 436 0.2 %
101 6 9 16 82 0.0 % 196 7 9 70 124 0.1 %
7,601 155 611 36 7,109 3.2 % 6,706 131 625 77 6,135 3.0 %
241,047 4,196 25,645 38 219,560 100.0 % 226,620 4,065 24,530 77 206,078 100.0 %
21,265 340 1,438 — 20,167 25.6 % 18,756 257 1,920 — 17,093 24.9 %
47,587 1,694 2,097 — 47,184 59.8 % 44,179 765 3,453 — 41,491 60.3 %
68,852 2,034 3,535 — 67,351 85.4 % 62,935 1,022 5,373 — 58,584 85.2 %
7,384 342 117 — 7,609 9.6 % 6,483 114 282 — 6,315 9.2 %
2,878 49 57 20 2,850 3.6 % 2,646 15 101 28 2,532 3.7 %
883 20 21 62 820 1.0 % 1,051 30 34 29 1,018 1.5 %
369 27 1 111 284 0.4 % 437 24 11 140 310 0.4 %
11,514 438 196 193 11,563 14.6 % 10,617 183 428 197 10,175 14.8 %
80,366 2,472 3,731 193 78,914 100.0 % 73,552 1,205 5,801 197 68,759 100.0 %
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(5) Excludes fixed maturity securities classified as trading.
(6) Reflects equivalent ratings for investments of the international operations. Includes, as of September 30, 2025 and December 31, 2024, 1,159 securities with amortized cost of 7,063 million (fair value 7,054 million) and 803 securities with amortized cost of 4,147 million (fair value 3,840 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

All values are in US Dollars.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
September 30, 2025 December 31, 2024
Amount % of Total Amount % of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value 105,600 65.7 % 102,904 65.1 %
Private, available-for-sale, at fair value 21,881 13.6 % 21,603 13.6 %
Fixed maturities, trading, at fair value 482 0.3 % 461 0.3 %
Assets supporting experience-rated contractholder liabilities, at fair value 4,648 2.9 % 3,707 2.3 %
Equity securities, at fair value 1,979 1.2 % 1,845 1.2 %
Commercial mortgage and other loans, at book value, net of allowance 14,902 9.3 % 16,137 10.2 %
Policy loans, at outstanding balance 2,762 1.7 % 2,608 1.6 %
Other invested assets, net of allowance (3) 6,393 4.0 % 6,588 4.2 %
Short-term investments, net of allowance 2,161 1.3 % 2,324 1.5 %
Total 160,808 100.0 % 158,177 100.0 %
September 30, 2025 December 31, 2024
Amount % of Total Amount % of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value 113,960 47.5 % 103,174 47.4 %
Private, available-for-sale, at fair value 57,033 23.8 % 47,156 21.7 %
Fixed maturities, trading, at fair value 4,446 1.9 % 3,607 1.7 %
Assets supporting experience-rated contractholder liabilities, at fair value — 0.0 % — 0.0 %
Equity securities, at fair value 4,799 2.0 % 5,409 2.5 %
Commercial mortgage and other loans, at book value, net of allowance 40,927 17.1 % 37,850 17.4 %
Policy loans, at outstanding balance 3,939 1.6 % 3,839 1.8 %
Other invested assets, net of allowance (3) 11,078 4.5 % 10,193 4.7 %
Short-term investments, net of allowance 3,819 1.6 % 6,169 2.8 %
Total 240,001 100.0 % 217,397 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended September 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
General Account (3)
Fixed maturities (4) 4.34 % 3,465 (110) 4.30 % 3,298 (527)
Equity securities 2.31 % 35 — 2.55 % 28 —
Commercial mortgage and other loans 4.53 % 622 (61) 4.31 % 564 (41)
Policy loans 4.47 % 74 — 4.66 % 75 —
Short-term investments and cash equivalents 5.46 % 208 1 5.92 % 252 —
Gross investment income before investment expenses 4.38 % 4,404 (170) 4.35 % 4,217 (568)
Investment expenses -0.15 % (298) — -0.15 % (273) —
Subtotal 4.23 % 4,106 (170) 4.20 % 3,944 (568)
Other investments (4)(5) 463 (272) 243 133
Investment results of other entities and operations (6) 67 6 27 (5)
Investment results of Funds Withheld (5)(7) 364 (593) 337 (1,171)
Less: investment income related to adjusted operating income reconciling items (128) — (115) —
Total 4,872 (1,029) 4,436 (1,611)
Nine Months Ended September 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
General Account (3)
Fixed maturities (4) 4.41 % 10,184 (148) 4.25 % 9,548 (806)
Equity securities 2.30 % 113 — 3.04 % 109 —
Commercial mortgage and other loans 4.51 % 1,819 (175) 4.31 % 1,646 (136)
Policy loans 4.56 % 221 — 4.57 % 219 —
Short-term investments and cash equivalents 5.18 % 640 1 6.40 % 743 —
Gross investment income before investment expenses 4.42 % 12,977 (322) 4.33 % 12,265 (942)
Investment expenses -0.16 % (874) — -0.15 % (806) —
Subtotal 4.26 % 12,103 (322) 4.18 % 11,459 (942)
Other investments (4)(5) 1,009 (1,701) 731 239
Investment results of other entities and operations (6) 171 4 19 1
Investment results of Funds Withheld (5)(7) 1,069 (1,184) 932 (1,084)
Less: investment income related to adjusted operating income reconciling items (361) — (367) —
Total 13,991 (3,203) 12,774 (1,786)
________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. Prior periods have been updated to reflect the correction of an error.
(3) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties, assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(5) Prior period amounts for "Realized Gains (Losses)" have been updated to conform to current period presentation.
(6) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(7) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

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Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended September 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.17 % 1,141 (2) 3.18 % 1,115 (82)
Equity securities 2.12 % 10 — 1.90 % 6 —
Commercial mortgage and other loans 3.79 % 144 (12) 3.71 % 153 (1)
Policy loans 3.77 % 25 — 3.71 % 24 —
Short-term investments and cash equivalents 4.27 % 42 — 5.25 % 35 —
Gross investment income before investment expenses 3.25 % 1,362 (14) 3.25 % 1,333 (83)
Investment expenses -0.12 % (89) — -0.14 % (90) —
Subtotal 3.13 % 1,273 (14) 3.11 % 1,243 (83)
Other investments (2) 198 (35) 121 343
Total 1,471 (49) 1,364 260
Nine Months Ended September 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.19 % 3,343 82 3.10 % 3,235 88
Equity securities 2.97 % 40 — 3.06 % 33 —
Commercial mortgage and other loans 3.82 % 440 (26) 3.78 % 478 (15)
Policy loans 3.81 % 76 — 3.76 % 73 —
Short-term investments and cash equivalents 4.42 % 123 — 5.88 % 92 —
Gross investment income before investment expenses 3.28 % 4,022 56 3.21 % 3,911 73
Investment expenses -0.13 % (260) — -0.13 % (246) —
Subtotal 3.15 % 3,762 56 3.08 % 3,665 73
Other investments (2) 459 (173) 347 (214)
Total 4,221 (117) 4,012 (141)
__________
(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(2) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments". Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains / (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended September 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4) 5.32 % 2,324 (108) 5.26 % 2,183 (445)
Equity securities 2.40 % 25 — 2.81 % 22 —
Commercial mortgage and other loans 4.81 % 478 (49) 4.59 % 411 (40)
Policy loans 4.97 % 49 — 5.31 % 51 —
Short-term investments and cash equivalents 5.87 % 166 1 6.02 % 217 —
Gross investment income before investment expenses 5.19 % 3,042 (156) 5.15 % 2,884 (485)
Investment expenses -0.17 % (209) — -0.15 % (183) —
Subtotal 5.02 % 2,833 (156) 5.00 % 2,701 (485)
Other investments (4)(5) 265 (237) 122 (210)
Total 3,098 (393) 2,823 (695)
Nine Months Ended September 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4) 5.45 % 6,841 (230) 5.27 % 6,313 (894)
Equity securities 2.05 % 73 — 3.04 % 76 —
Commercial mortgage and other loans 4.79 % 1,379 (149) 4.57 % 1,168 (121)
Policy loans 5.08 % 145 — 5.12 % 146 —
Short-term investments and cash equivalents 5.40 % 517 1 6.47 % 651 —
Gross investment income before investment expenses 5.25 % 8,955 (378) 5.18 % 8,354 (1,015)
Investment expenses -0.18 % (614) — -0.18 % (560) —
Subtotal 5.07 % 8,341 (378) 5.00 % 7,794 (1,015)
Other investments (4)(5) 550 (1,528) 384 453
Total 8,891 (1,906) 8,178 (562)
__________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. Prior periods have been updated to reflect the correction of an error.
(3) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(5) Prior period amounts for "Realized Gains (Losses)" have been updated to conform to current period presentation.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Nine Months Ended September 30, 2024
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — — 1,256 376 — — 23,195 34,810 — — — 1,235 357 — — 36,402
Policy charges and fee income 245 — (10) — — — — 3,539 3,215 120 — (92) — 9 — — 3,252
Net investment income (9) — — 1,532 370 — — 15,884 12,774 (12) — — 1,527 379 — — 14,668
Realized investment gains (losses), net (3) (2,691) — — (252) (88) — — (3,455) (449) (1,315) — — (532) (22) — — (2,318)
Asset management fees, commissions and other income 1,248 — — 289 263 (149) — 6,374 4,694 759 — — 360 486 (101) — 6,198
Change in value of market risk benefits, net of related hedging gains (losses) — (453) — — — — — (453) — — (320) — — — — — (320)
Total revenues (1,207) (453) (10) 2,825 921 (149) — 45,084 55,044 (448) (320) (92) 2,590 1,209 (101) — 57,882
Benefits and expenses:
Insurance and annuity benefits 117 — (4) 2,542 594 — — 27,273 37,232 (10) — (5) 2,339 584 — — 40,140
Change in estimates of liability for future policy benefits (83) — (51) — 23 — — 71 52 22 — 25 — (112) — — (13)
Interest credited to policyholders' account balances (89) — — 84 117 — — 3,545 2,892 141 — — 87 128 — — 3,248
Interest expense — — — (6) 5 — — 1,578 1,494 — — — — 10 — — 1,504
Deferral of acquisition costs (98) — — — — — — (2,170) (1,897) — — — — (1) — — (1,898)
Amortization of acquisition costs 44 — — 10 — — — 1,217 1,081 24 — — 9 3 — — 1,117
Operating expenses — — — 203 76 — (27) 5,149 5,060 — — — 212 417 — 15 5,704
Variable expenses 238 — — 22 22 (123) 1 4,979 4,575 — — — 4 130 12 1 4,722
Total benefits and expenses 129 — (55) 2,855 837 (123) (26) 41,642 50,489 177 — 20 2,651 1,159 12 16 54,524
__________
(1) See page 37 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (173) million and (249) million for nine months ended September 30, 2025 and September 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (280) million and (73) million and certain derivatives of 45 million and 1 million for nine months ended September 30, 2025 and September 30, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended September 30, 2024
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — 1 394 127 — — 9,213 12,527 — — 1 393 124 — — 13,045
Policy charges and fee income 25 — (18) — — — — 1,133 1,098 48 — (35) — — — — 1,111
Net investment income (3) — — 528 131 — — 5,528 4,436 (3) — — 504 118 — — 5,055
Realized investment gains (losses), net (3) (900) — — 3 (10) — — (1,026) (191) (1,428) — — (233) 8 — — (1,844)
Asset management fees, commissions and other income 829 — — 133 151 (66) — 2,716 1,619 408 — — 153 134 (45) — 2,269
Change in value of market risk benefits, net of related hedging gains (losses) — 324 — — — — — 324 — — (146) — — — — — (146)
Total revenues (49) 324 (17) 1,058 399 (66) — 17,888 19,489 (975) (146) (34) 817 384 (45) — 19,490
Benefits and expenses:
Insurance and annuity benefits (85) — (1) 949 200 — — 10,548 13,321 (13) — (2) 714 196 — — 14,216
Change in estimates of liability for future policy benefits 168 — 20 — 12 — — 296 66 10 — 95 — 9 — — 180
Interest credited to policyholders' account balances 300 — — 27 40 — — 1,582 1,038 (243) — — 28 40 — — 863
Interest expense — — — (3) 2 — — 530 485 — — — — 4 — — 489
Deferral of acquisition costs — — — — — — — (699) (636) — — — — — — — (636)
Amortization of acquisition costs 4 — — 4 — — — 403 356 8 — — 3 — — — 367
Operating expenses — — — 69 19 — 1 1,728 1,717 — — — 68 80 — 3 1,868
Variable expenses 138 — — 2 3 (55) — 1,718 1,582 — — — 2 8 (2) — 1,590
Total benefits and expenses 525 — 19 1,048 276 (55) 1 16,106 17,929 (238) — 93 815 337 (2) 3 18,937
__________
(1) See page 37 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (91) million and (92) million for three months ended September 30, 2025 and September 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (129) million and (547) million and certain derivatives of (15) million and 21 million for three months ended September 30, 2025 and September 30, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended March 31, 2025
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 455 106 — — 6,495 6,446 — — — 417 137 — — 7,000
Policy charges and fee income (21) — 5 — — — — 1,046 1,108 46 — 3 — — — — 1,157
Net investment income (5) — — 521 124 — — 5,241 4,519 (3) — — 493 121 — — 5,130
Realized investment gains (losses), net (3) (664) — — (237) (74) — — (1,111) (157) (489) — — (57) (27) — — (730)
Asset management fees, commissions and other income (603) — — (42) 61 (34) — 929 1,496 (190) — — (33) 23 (32) — 1,264
Change in value of market risk benefits, net of related hedging gains (losses) — (77) — — — — — (77) — — (351) — — — — — (351)
Total revenues (1,293) (77) 4 697 217 (34) — 12,523 13,412 (636) (351) 3 820 254 (32) — 13,470
Benefits and expenses:
Insurance and annuity benefits 7 — 2 644 181 — — 7,677 7,344 2 — 2 729 208 — — 8,285
Change in estimates of liability for future policy benefits 11 — (58) — (33) — — (24) (14) 3 — (38) — (1) — — (50)
Interest credited to policyholders' account balances 206 — — 30 41 — — 1,334 1,083 (325) — — 28 39 — — 825
Interest expense — — — (2) 3 — — 526 522 — — — (2) 2 — — 522
Deferral of acquisition costs — — — — — — — (704) (684) (98) — — — — — — (782)
Amortization of acquisition costs 8 — — 3 — — — 375 376 28 — — 3 — — — 407
Operating expenses — — — 71 40 — 2 1,923 1,624 — — — 65 43 — (28) 1,704
Variable expenses — — — 3 5 (131) 1 1,565 1,641 — — — 19 14 (35) — 1,639
Total benefits and expenses 232 — (56) 749 237 (131) 3 12,672 11,892 (390) — (36) 842 305 (35) (28) 12,550
__________
(1) See page 37 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (178) million and (55) million for three months ended December 31, 2024 and March 31, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 509 million and (104) million and certain derivatives of (30) million and 5 million for three months ended December 31, 2024 and March 31, 2025, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 445 112 — — 6,982
Policy charges and fee income 174 — 5 — — — — 1,249
Net investment income (3) — — 511 118 — — 5,226
Realized investment gains (losses), net (3) (1,302) — — (198) (51) — — (1,699)
Asset management fees, commissions and other income 609 — — 189 89 (51) — 2,394
Change in value of market risk benefits, net of related hedging gains (losses) — (426) — — — — — (426)
Total revenues (522) (426) 4 947 268 (51) — 13,726
Benefits and expenses:
Insurance and annuity benefits 200 — (5) 864 186 — — 8,440
Change in estimates of liability for future policy benefits (254) — (33) — 12 — — (175)
Interest credited to policyholders' account balances (64) — — 29 38 — — 1,138
Interest expense — — — (1) 1 — — 526
Deferral of acquisition costs — — — — — — — (689)
Amortization of acquisition costs 12 — — 3 — — — 407
Operating expenses — — — 69 14 — — 1,717
Variable expenses 100 — — 1 5 (33) 1 1,622
Total benefits and expenses (6) — (38) 965 256 (33) 1 12,986
__________
(1) See page 37 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (27) million for three months ended June 30, 2025. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (47) million and certain derivatives of 55 million for three months ended June 30, 2025.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments." A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.
Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.
Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.
Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Life Consultants include production by captive agents associated with the Japan operation.
4. Assets Under Administration:
Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.
5. Assets Under Management:
Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.
6. Book value per share of Common Stock:
GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
KEY DEFINITIONS AND FORMULAS
7. Borrowings - Capital Debt:
Debt utilized to meet the capital requirements of our business.
8. Borrowings - Operating Debt:
Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences.
9. Divested and Run-off Businesses:
Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.
10. Earned Premiums:
The portion of premium, net of returns to participating policyholders and amounts ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.
11. General Account:
Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting "Future Policy Benefits" and "Policyholders' Account Balances". General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account.
12. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
13. Group Life Insurance and Group Disability Insurance Administrative Expense Ratios:
Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third party administrators passthrough fees and expenses.
14. Individual Retirement Strategies Account Values in General Account and Separate Account:
Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.
15. Individual Retirement Strategies - Net Amounts at Risk:
Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.
Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
16. Insurance and Annuity Benefits:
Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.
17. International Life Planners:
Captive insurance Advisors from Prudential of Japan and Brazil.
18. Life Consultants:
Captive insurance agents for Gibraltar Life.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
KEY DEFINITIONS AND FORMULAS
19. Non-recourse and Limited-recourse Debt:
Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets.
20. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.
21. PGIM Asset Under Management:
Institutional Customers - Third Party - Consists of third-party institutional assets.
Retail Customers - Third Party - Consists of individual mutual funds and third-party sub-advisory relationships.
Affiliated - Includes the Company's general account assets, as well as certain separate account assets of the Company's insurance and retirement businesses managed by PGIM.
Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.
Public Fixed Income - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages).
Real Estate - Includes direct real estate equity and real estate mortgages.
Private Credit and Other Alternatives - Includes private credit, private equity, hedge funds and other alternative strategies.
Multi-Asset - Includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds.
22. Policy Persistency - Group Insurance:
Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan).
23. Policy Persistency - International Businesses:
13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month.
24. Prudential Advisors:
Captive financial professionals selling across all products in the United States.
25. Prudential Financial, Inc. Equity:
Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests and redeemable noncontrolling interests.
26. Separate Accounts:
Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.
27. Wrap-Fee Products:
Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

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Table of Contents

Prudential Financial, Inc. image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of October 29, 2025
Standard & Fitch
A.M. Best* Poor's Moody's* Ratings*
The Prudential Insurance Company of America A+ AA- Aa3 AA-
PRUCO Life Insurance Company A+ AA- Aa3 AA-
PRUCO Life Insurance Company of New Jersey A+ AA- NR AA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NR A+ NR NR
Gibraltar Life Insurance Company, Ltd. NR A+ NR NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NR A+ NR NR
CREDIT RATINGS:
as of October 29, 2025
Prudential Financial, Inc.:
Short-Term Borrowings AMB-1 A-1 P-2 F1
Long-Term Senior Debt a- A A3 A-
Junior Subordinated Long-Term Debt bbb BBB+ Baa1 BBB
The Prudential Insurance Company of America:
Capital and surplus notes a A A2 A
Prudential Funding, LLC:
Short-Term Debt AMB-1 A-1+ P-1 F1+
Long-Term Senior Debt a+ AA- (P)A1 NR
PRICOA Global Funding I:
Long-Term Senior Debt aa- AA- Aa3 AA-
* NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.
For more information, please visit our website at investor.prudential.com.

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