Equibles

8-K

PRUDENTIAL FINANCIAL INC (PRU)

8-K 2024-08-01 For: 2024-08-01
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): August 1, 2024

___________________________

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 second quarter 2024 results.

Item 7.01    Regulation FD Disclosure.

A. Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for second quarter 2024.
B. Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Friday, August 2, 2024 at 11:00 A.M. ET, to discuss the Company's second quarter 2024 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. datedAugust 1, 2024, announcingsecondquarter 2024 results (furnished and not filed).
99.2 Quarterly Financial Supplement for Prudential Financial, Inc. forsecondquarter 2024 (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: August 1, 2024

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

Document

Exhibit 99.1

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August 1, 2024

Prudential Financial, Inc. Announces

Second Quarter 2024 Results

•Net income attributable to Prudential Financial, Inc. of $1.198 billion or $3.28 per Common share versus net income of $511 million or $1.38 per share for the year-ago quarter. The current quarter included a net after-tax benefit from our annual assumption update and other refinements of $679 million or $1.86 per Common share versus a charge of $314 million or $0.85 per share in the year-ago quarter.

•After-tax adjusted operating income of $1.234 billion or $3.39 per Common share versus $1.142 billion or $3.09 per share for the year-ago quarter. The current quarter included a net after-tax benefit from our annual assumption update and other refinements of $5 million or $0.01 per Common share versus a benefit of $21 million or $0.06 per share in the year-ago quarter.

•Book value per Common share of $77.51 versus $77.65 per share for the year-ago quarter; adjusted book value per Common share of $98.42 versus $97.38 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $4.4 billion versus $4.5 billion for the year-ago quarter.

•Assets under management(2) of $1.482 trillion versus $1.415 trillion for the year-ago quarter.

•Capital returned to shareholders of $725 million in the second quarter, including $250 million of share repurchases and $475 million of dividends, versus $713 million in the year-ago quarter. Dividends paid in the second quarter were $1.30 per Common share, representing a 5% yield on adjusted book value.

“We are growing our market leading businesses and becoming more capital efficient to deliver long-term value for our stakeholders. In the second quarter, we continued to see positive momentum across our businesses, driven by robust sales in our U.S. and International Businesses, as well as strong investment performance and capital deployment in private alternatives in PGIM,” said Chairman and CEO Charles Lowrey.

“Our fundamentals are strong, supported by our financial strength and our integrated investment, insurance, and retirement capabilities that fuel our growth. Prudential is well positioned to address the growing needs of our customers around the world with solutions and products that help them protect their life’s work and live better lives, longer.”

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported second quarter results. Net income attributable to Prudential Financial, Inc. was $1.198 billion ($3.28 per Common share) for the second quarter of 2024, compared to $511 million ($1.38 per Common share) for the second quarter of 2023. After-tax adjusted operating income was $1.234 billion ($3.39 per Common share) for the second quarter of 2024, compared to $1.142 billion ($3.09 per Common share) for the second quarter of 2023.

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

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Prudential Financial, Inc. Second Quarter 2024 Earnings Release Page 2

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.

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 $206 million for the second quarter of 2024, compared to $179 million in the year-ago quarter. This increase primarily reflects higher asset management fees and higher other related revenues, driven by higher transaction fees and incentive fees, partially offset by higher expenses.

PGIM assets under management of $1.328 trillion were up 5% from the year-ago quarter, primarily resulting from equity market appreciation, investment performance, and affiliated net inflows. Third-party net outflows of $9.5 billion in the current quarter reflect institutional outflows of $8.9 billion, mainly from fixed income, and retail outflows of $0.6 billion, driven by outflows in equity sub-advised strategies and mutual funds, partially offset by positive momentum in fixed income. On a year-to-date basis, net inflows were $17.1 billion reflecting the net benefit from large institutional pension clients.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $1.070 billion for the second quarter of 2024, compared to $956 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $51 million. Excluding this item, current quarter results primarily reflect higher net investment spread results, more favorable underwriting, and lower expenses, partially offset by lower net fee income.

Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $1.036 billion for the second quarter of 2024, compared to $876 million in the year-ago quarter.

Institutional Retirement Strategies:

•Reported adjusted operating income of $550 million in the current quarter, compared to $428 million in the year-ago quarter. This increase includes a more favorable comparable impact from our annual assumption update and other refinements of $126 million. Excluding this item, current quarter results primarily reflect higher expenses and less favorable underwriting, partially offset by higher net investment spread results.

•Account values of $265 billion, increased 3% from the year-ago quarter, reflecting the benefits of business growth and market appreciation, partially offset by the reinsurance of a block of structured settlements. Sales in the current quarter of $4 billion included funded pension risk transfer transactions of $1.4 billion and longevity risk transfer transactions of $1.2 billion. Year-to-date sales of $15.0 billion increased 58% from prior year-to-date.

Individual Retirement Strategies:

•Reported adjusted operating income of $486 million in the current quarter, compared to $448 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $8 million. Excluding this item, current quarter results primarily reflect higher net investment spread results, partially offset by lower fee income, net of distribution expenses and other associated costs.

•Account values of $124 billion increased 8% from the year-ago quarter, driven by market appreciation. Sales of $3.5 billion in the current quarter increased 83% from the year-ago quarter, reflecting continued momentum of our FlexGuard products and increased sales of fixed annuity products.

Group Insurance:

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Prudential Financial, Inc. Second Quarter 2024 Earnings Release Page 3

•Reported adjusted operating income of $121 million in the current quarter, compared to $139 million in the year-ago quarter. This decrease includes an unfavorable comparable impact from our annual assumption update and other refinements of $11 million. Excluding this item, current quarter results primarily reflect higher expenses.

•Year-to-date sales of $424 million increased 13% from prior year-to-date, driven by growth in group life, disability, and supplemental health.

Individual Life:

•Reported a loss, on an adjusted operating basis, of $87 million in the current quarter, compared to a loss of $59 million in the year-ago quarter. This higher loss includes an unfavorable comparable impact from our annual assumption update and other refinements of $72 million. Excluding this item, current quarter results reflect lower expenses and more favorable underwriting results, partially offset by lower net investment spread results.

•Sales of $203 million in the current quarter increased 3% from the year-ago quarter, driven by term and variable life sales, reflecting our pivot to more capital efficient products.

International Businesses

International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of $702 million for the second quarter of 2024, compared to $784 million in the year-ago quarter. This decrease includes an unfavorable comparable impact from our annual assumption update and other refinements of $68 million. Excluding this item, current quarter results primarily reflect less favorable underwriting results and lower net investment spread results, partially offset by higher joint venture earnings.

Life Planner:

•Reported adjusted operating income of $400 million in the current quarter, compared to $487 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $51 million. Excluding this item, current quarter results primarily reflect lower net investment spread results and net unfavorable impact from foreign currency exchange rates.

•Constant dollar basis sales(3) of $257 million in the current quarter increased 9% from the year-ago quarter, driven by growth in both Japan and Brazil.

Gibraltar Life & Other:

•Reported adjusted operating income of $302 million in the current quarter, compared to $297 million in the year-ago quarter. This increase includes an unfavorable comparative impact from our annual assumption update and other refinements of $17 million. Excluding this item, current quarter results primarily reflect higher joint venture earnings and lower expenses, partially offset by less favorable underwriting results.

•Constant dollar basis sales(3) of $275 million in the current quarter increased 13% from the year-ago quarter, primarily driven by higher USD product sales in the Independent Agency and Bank channels.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $371 million for the second quarter of 2024, compared to a loss of $472 million in the year-ago quarter. Current quarter results primarily reflect lower expenses, including a reduction in legal reserves, and higher income from pension and other employee benefit plans.

NET INCOME

Net income in the current quarter included $128 million of pre-tax net realized investment gains and related charges and adjustments, including $77 million of pre-tax net impairment and credit-related losses, $47 million of pre-tax gains related to market experience updates, $297 million of pre-tax losses related to net change in value of market risk benefits, and $22 million of pre-tax losses from divested and run-off businesses.

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Prudential Financial, Inc. Second Quarter 2024 Earnings Release Page 4

Net income for the year-ago quarter included $757 million of pre-tax net realized investment losses and related charges and adjustments, including $51 million of pre-tax net impairment and credit-related losses, $49 million of pre-tax losses from divested and run-off businesses, $3 million of pre-tax losses related to market experience updates, and $16 million of pre-tax gains related to net change in value of market risk benefits.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Friday, August 2, 2024, at 11:00 a.m. ET to discuss with the investment community the Company’s second 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 August 16. To access a replay via phone starting at 3:00 p.m. ET on August 2 through August 16, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13742769.

prurocklogoa04a.jpg

FORWARD-LOOKING STATEMENTS

Certain of the statements included in this release, including those regarding our strategy to become more capital efficient and deliver long-term value for our stakeholders, and other business strategies, 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 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.

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Prudential Financial, Inc. Second Quarter 2024 Earnings Release Page 5

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 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 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)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

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Prudential Financial, Inc. Second Quarter 2024 Earnings Release Page 6

Form 10-Q.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.5 trillion in assets under management as of June 30, 2024, 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 nearly 150 years. For more information, please visit news.prudential.com.

MEDIA CONTACT: YeaJin Kim, Yeajin.Kim@prudential.com

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Financial Highlights
(in millions, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2024 2023 2024 2023
Adjusted operating income (loss) before income taxes (1):
PGIM $ 206 $ 179 $ 375 $ 330
U.S. Businesses 1,070 956 1,909 1,716
International Businesses 702 784 1,598 1,624
Corporate and Other (371) (472) (806) (943)
Total adjusted operating income before income taxes $ 1,607 $ 1,447 $ 3,076 $ 2,727
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments $ 128 $ (757) $ 31 $ (388)
Change in value of market risk benefits, net of related hedging gains (losses) (297) 16 (174) 91
Market experience updates 47 (3) 15 45
Divested and Run-off Businesses:
Closed Block division (60) (48) (63) (52)
Other Divested and Run-off Businesses 38 (1) 3 91
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (43) (26) (70) (31)
Other adjustments (2) (5) (7) (13) (15)
Total reconciling items, before income taxes (192) (826) (271) (259)
Income before income taxes and equity in earnings of joint ventures and other operating entities $ 1,415 $ 621 $ 2,805 $ 2,468
Income Statement Data:
Net income attributable to Prudential Financial, Inc. $ 1,198 $ 511 $ 2,336 $ 1,973
Income (loss) attributable to noncontrolling interests (27) (15) (14) —
Net income 1,171 496 2,322 1,973
Less: Earnings attributable to noncontrolling interests (27) (15) (14) —
Income attributable to Prudential Financial, Inc. 1,198 511 2,336 1,973
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests 47 13 84 10
Income (after-tax) before equity in earnings of joint ventures and other operating entities 1,151 498 2,252 1,963
Less: Total reconciling items, before income taxes (192) (826) (271) (259)
Less: Income taxes, not applicable to adjusted operating income (109) (182) (148) (76)
Total reconciling items, after income taxes (83) (644) (123) (183)
After-tax adjusted operating income (1) 1,234 1,142 2,375 2,146
Income taxes, applicable to adjusted operating income 373 305 701 581
Adjusted operating income before income taxes (1) $ 1,607 $ 1,447 $ 3,076 $ 2,727
See footnotes on last page.

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Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2024 2023 2024 2023
Earnings per share of Common Stock:
Net income attributable to Prudential Financial, Inc. $ 3.28 $ 1.38 $ 6.40 $ 5.31
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments 0.36 (2.07) 0.09 (1.06)
Change in value of market risk benefits, net of related hedging gains (losses) (0.82) 0.04 (0.48) 0.25
Market experience updates 0.13 (0.01) 0.04 0.12
Divested and Run-off Businesses:
Closed Block division (0.17) (0.13) (0.17) (0.14)
Other Divested and Run-off Businesses 0.11 — 0.01 0.25
Difference in earnings allocated to participating unvested share-based payment awards — 0.02 — —
Other adjustments (2) (0.01) (0.02) (0.04) (0.04)
Total reconciling items, before income taxes (0.40) (2.17) (0.55) (0.62)
Less: Income taxes, not applicable to adjusted operating income (0.29) (0.46) (0.44) (0.15)
Total reconciling items, after income taxes (0.11) (1.71) (0.11) (0.47)
After-tax adjusted operating income $ 3.39 $ 3.09 $ 6.51 $ 5.78
Weighted average number of outstanding common shares - basic 358.8 364.8 358.9 365.7
Weighted average number of outstanding common shares - diluted 360.5 366.1 360.5 366.9
For earnings per share of Common Stock calculation:
Net income attributable to Prudential Financial, Inc. $ 1,198 $ 511 $ 2,336 $ 1,973
Less: Earnings allocated to participating unvested share-based payment awards 14 6 29 24
Net income attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 1,184 $ 505 $ 2,307 $ 1,949
After-tax adjusted operating income (1) $ 1,234 $ 1,142 $ 2,375 $ 2,146
Less: Earnings allocated to participating unvested share-based payment awards 13 12 29 25
After-tax adjusted operating income for earnings per share of Common Stock calculation (1) $ 1,221 $ 1,130 $ 2,346 $ 2,121
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period $ 28,013 $ 28,434
Less: Accumulated other comprehensive income (AOCI) (7,444) (6,649)
GAAP book value excluding AOCI 35,457 35,083
Less: Cumulative change in fair value of funds withheld embedded derivatives 178 —
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (291) (578)
Adjusted book value $ 35,570 $ 35,661
End of period number of common shares - diluted 361.4 366.2
GAAP book value per common share - diluted 77.51 77.65
GAAP book value excluding AOCI per share - diluted 98.11 95.80
Adjusted book value per common share - diluted 98.42 97.38
See footnotes on last page.

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Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2024 2023 2024 2023
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period):
Institutional customers $ 604.4 $ 556.7
Retail customers 349.9 324.1
General account 373.8 385.0
Total PGIM $ 1,328.1 $ 1,265.8
Institutional Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 16.9 $ 18.9 $ 62.1 $ 32.8
Net additions (withdrawals), excluding money market $ (8.9) $ (3.0) $ 17.2 $ (13.2)
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 14.5 $ 12.6 $ 30.2 $ 25.2
Net withdrawals, excluding money market $ (0.6) $ (2.2) $ (0.1) $ (6.0)
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions $ 4,011 $ 5,686 $ 15,001 $ 9,514
Net additions (withdrawals) $ (2,153) $ (179) $ 2,420 $ (1,825)
Total account value at end of period, net $ 264,999 $ 258,533
Individual Retirement Strategies:
Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:
Gross sales (3) $ 3,479 $ 1,892 $ 6,784 $ 3,559
Sales, net of full surrenders and death benefits $ 697 $ 250 $ 1,446 $ 437
Total account value at end of period, net $ 123,899 $ 114,713
Group Insurance:
Annualized New Business Premiums (4):
Group life $ 27 $ 32 $ 216 $ 194
Group disability 19 25 208 182
Total $ 46 $ 57 $ 424 $ 376
Individual Life:
Annualized New Business Premiums (4):
Term life $ 34 $ 31 $ 65 $ 54
Universal life 22 20 42 37
Variable life 147 146 263 255
Total $ 203 $ 197 $ 370 $ 346
International Businesses:
International Businesses:
Annualized New Business Premiums (4)(5):
Actual exchange rate basis $ 519 $ 490 $ 1,036 $ 998
Constant exchange rate basis $ 532 $ 478 $ 1,052 $ 975
See footnotes on last page.

Page 3

Financial Highlights
(in billions, as of end of period, unaudited)
June 30,
2024 2023
Assets and Assets Under Management and Administration:
Total assets $ 715.2 $ 697.3
Assets under management (at fair market value):
PGIM $ 1,328.1 $ 1,265.8
U.S. Businesses 124.6 123.6
International Businesses 17.9 15.7
Corporate and Other 11.4 9.5
Total assets under management 1,482.0 1,414.6
Assets under administration 183.9 166.6
Total assets under management and administration $ 1,665.9 $ 1,581.2

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(1) Adjusted operating income is a non-GAAP measure of performance. See NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional U.S. GAAP measure, is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standard Codification (ASC) 280 – Segment Reporting. When presented by segment, we have prepared the reconciliation of adjusted operating income to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.
(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 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.
(4) 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.
(5) 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 129 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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Document

Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)
Quarterly Financial Supplement
Second Quarter 2024
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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
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
Combined Statements of Operations 24
Statements of Operations - Life Planner 25
Statements of Operations - Gibraltar Life and Other 26
Sales Results and Supplementary Information 27
CORPORATE AND OTHER
Statements of Operations 29
INVESTMENT PORTFOLIO
Investment Portfolio Composition 30
Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations 31
Investment Results 32
Investment Results - Japanese Insurance Operations 33
Investment Results - Excluding Japanese Insurance Operations 34
ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS 35
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES 36
KEY DEFINITIONS AND FORMULAS 40
RATINGS AND INVESTOR INFORMATION 43

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM 179 211 172 169 206 330 375 14%
U.S. Businesses 956 1,088 988 839 1,070 1,716 1,909 11%
International Businesses 784 811 748 896 702 1,624 1,598 -2%
Corporate and Other (472) (438) (653) (435) (371) (943) (806) 15%
Total adjusted operating income before income taxes 1,447 1,672 1,255 1,469 1,607 2,727 3,076 13%
Income taxes, applicable to adjusted operating income 305 340 309 328 373 581 701 21%
After-tax adjusted operating income 1,142 1,332 946 1,141 1,234 2,146 2,375 11%
Income (loss) attributable to Prudential Financial, Inc. 511 (802) 1,317 1,138 1,198 1,973 2,336 18%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1) 12.8 % 15.2 % 10.9 % 13.0 % 13.9 % 12.1 % 13.5 %
Return on Average Equity (based on net income (loss)) 6.8 % -11.8 % 19.6 % 16.5 % 17.4 % 13.1 % 16.9 %
Distributions to Shareholders
Dividends paid 463 461 458 476 475 931 951 2%
Share repurchases 250 250 250 250 250 500 500 —%
Total capital returned 713 711 708 726 725 1,431 1,451 1%
Per Share Data
Net income (loss) - diluted (2) 1.38 (2.23) 3.61 3.12 3.28 5.31 6.40 21%
Adjusted Operating Income - diluted 3.09 3.62 2.59 3.12 3.39 5.78 6.51 13%
Shareholder dividends 1.25 1.25 1.25 1.30 1.30 2.50 2.60 4%
GAAP book value - diluted 77.65 70.82 76.77 75.00 77.51
Adjusted book value - diluted (3) 97.38 94.19 96.64 97.03 98.42
Shares Outstanding
Weighted average number of common shares - basic 364.8 362.6 360.3 359.0 358.8 365.7 358.9 -2%
Weighted average number of common shares - diluted 366.1 363.8 361.0 360.5 360.5 366.9 360.5 -2%
End of period common shares - basic 363.4 361.3 359.2 359.1 357.7
End of period common shares - diluted 366.2 364.5 362.4 362.8 361.4
__________
(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 September 30, 2023 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 September 30, 2023 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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income 3.09 3.62 2.59 3.12 3.39 5.78 6.51
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (2.07) (6.85) 0.87 (0.27) 0.36 (1.06) 0.09
Change in value of market risk benefits, net of related hedging gains (losses) 0.04 (0.69) 0.60 0.34 (0.82) 0.25 (0.48)
Market experience updates (0.01) 0.39 (0.22) (0.09) 0.13 0.12 0.04
Divested and Run-off Businesses:
Closed Block division (0.13) 0.01 (0.14) (0.01) (0.17) (0.14) (0.17)
Other Divested and Run-off Businesses — (0.31) 0.12 (0.10) 0.11 0.25 0.01
Difference in earnings allocated to participating unvested share-based payment awards 0.02 0.03 (0.01) — — — —
Other adjustments (1) (0.02) (0.02) (0.03) (0.02) (0.01) (0.04) (0.04)
Total reconciling items, before income taxes (2.17) (7.44) 1.19 (0.15) (0.40) (0.62) (0.55)
Income taxes, not applicable to adjusted operating income (0.46) (1.59) 0.17 (0.15) (0.29) (0.15) (0.44)
Total reconciling items, after income taxes (1.71) (5.85) 1.02 — (0.11) (0.47) (0.11)
Net income (loss) attributable to Prudential Financial, Inc. 1.38 (2.23) 3.61 3.12 3.28 5.31 6.40
Weighted average number of outstanding common shares - basic 364.8 362.6 360.3 359.0 358.8 365.7 358.9
Weighted average number of outstanding common shares - diluted 366.1 363.8 361.0 360.5 360.5 366.9 360.5
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. 511 (802) 1,317 1,138 1,198 1,973 2,336
Less: Earnings allocated to participating unvested share-based payment awards 6 5 14 15 14 24 29
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 505 (807) 1,303 1,123 1,184 1,949 2,307
After-tax adjusted operating income 1,142 1,332 946 1,141 1,234 2,146 2,375
Less: Earnings allocated to participating unvested share-based payment awards 12 15 11 16 13 25 29
After-tax adjusted operating income for earnings per share of Common Stock calculation 1,130 1,317 935 1,125 1,221 2,121 2,346
___________
(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
Second Quarter 2024
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024
2Q 3Q 4Q 1Q 2Q
Capitalization Data (1):
Senior debt:
Short-term debt 763 615 618 585 588
Long-term debt 10,787 10,787 10,788 10,786 10,771
Junior subordinated long-term debt 8,089 8,090 8,094 8,582 8,582
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period 28,434 25,814 27,820 27,209 28,013
Less: Accumulated other comprehensive income (AOCI) (6,649) (7,831) (6,504) (7,661) (7,444)
GAAP book value excluding AOCI (2) 35,083 33,645 34,324 34,870 35,457
Less: Cumulative change in fair value of funds withheld embedded derivatives (3) — — (181) 14 178
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) (578) (687) (518) (345) (291)
Adjusted book value 35,661 34,332 35,023 35,201 35,570
Book Value per Share of Common Stock:
GAAP book value per common share - diluted 77.65 70.82 76.77 75.00 77.51
GAAP book value excluding AOCI per share - diluted (2) 95.80 92.30 94.71 96.11 98.11
Adjusted book value per common share - diluted 97.38 94.19 96.64 97.03 98.42
End of period number of common shares - diluted 366.2 364.5 362.4 362.8 361.4
Common Stock Price Range (based on closing price):
High 88.22 99.14 105.21 117.40 121.31
Low 78.04 88.66 88.61 101.84 107.35
Close 88.22 94.89 103.71 117.40 117.19
Common Stock market capitalization (1) 32,059 34,284 37,253 42,158 41,919
__________
(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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
OPERATIONS HIGHLIGHTS
2023 2024
2Q 3Q 4Q 1Q 2Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers 556.7 547.6 582.6 616.6 604.4
Retail customers 324.1 312.5 330.3 345.4 349.9
General account 385.0 358.5 385.2 379.4 373.8
Total PGIM 1,265.8 1,218.6 1,298.1 1,341.4 1,328.1
U.S. Businesses 123.6 116.5 123.9 126.3 124.6
International Businesses 15.7 16.4 17.9 18.2 17.9
Corporate and Other 9.5 9.8 9.7 10.4 11.4
Total assets under management 1,414.6 1,361.3 1,449.6 1,496.3 1,482.0
Assets under administration 166.6 164.7 181.5 182.6 183.9
Total assets under management and administration 1,581.2 1,526.0 1,631.1 1,678.9 1,665.9
Distribution Representatives (1):
Prudential Advisors 2,638 2,681 2,660 2,752 2,821
International Life Planners 5,806 5,917 5,856 5,855 5,836
Gibraltar Life Consultants 6,648 6,736 6,808 6,792 6,724
__________
(1) As of end of period.
(2) At fair market value.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
COMBINED STATEMENTS OF OPERATIONS
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 6,368 3,659 6,364 15,006 7,277 15,201 22,283 47%
Policy charges and fee income 1,032 1,060 1,059 1,056 1,061 2,105 2,117 1%
Net investment income 3,813 3,892 3,918 4,120 4,218 7,483 8,338 11%
Asset management fees, commissions and other income 1,370 1,433 1,525 1,517 1,285 2,776 2,802 1%
Total revenues 12,583 10,044 12,866 21,699 13,841 27,565 35,540 29%
Benefits and expenses (1):
Insurance and annuity benefits 6,931 4,348 7,130 15,774 8,137 16,519 23,911 45%
Change in estimates of liability for future policy benefits 159 49 20 15 (29) 181 (14) -108%
Interest credited to policyholders' account balances 780 804 836 861 897 1,536 1,758 14%
Interest expense 457 419 439 529 480 896 1,009 13%
Deferral of acquisition costs (546) (576) (637) (647) (614) (1,115) (1,261) -13%
Amortization of acquisition costs 355 351 356 362 363 710 725 2%
General and administrative expenses 3,000 2,977 3,467 3,336 3,000 6,111 6,336 4%
Total benefits and expenses 11,136 8,372 11,611 20,230 12,234 24,838 32,464 31%
Adjusted operating income before income taxes 1,447 1,672 1,255 1,469 1,607 2,727 3,076 13%
Income taxes, applicable to adjusted operating income 305 340 309 328 373 581 701 21%
After-tax adjusted operating income 1,142 1,332 946 1,141 1,234 2,146 2,375 11%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (757) (2,491) 314 (97) 128 (388) 31 108%
Change in value of market risk benefits, net of related hedging gains (losses) 16 (251) 216 123 (297) 91 (174) -291%
Market experience updates (3) 143 (78) (32) 47 45 15 -67%
Divested and Run-off Businesses:
Closed Block division (48) 2 (50) (3) (60) (52) (63) -21%
Other Divested and Run-off Businesses (1) (113) 43 (35) 38 91 3 -97%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests (26) (11) (26) (27) (43) (31) (70) -126%
Other adjustments (2) (7) (9) (12) (8) (5) (15) (13) 13%
Total reconciling items, before income taxes (826) (2,730) 407 (79) (192) (259) (271) -5%
Income taxes, not applicable to adjusted operating income (182) (591) 50 (39) (109) (76) (148) -95%
Total reconciling items, after income taxes (644) (2,139) 357 (40) (83) (183) (123) 33%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 621 (1,058) 1,662 1,390 1,415 2,468 2,805 14%
Income tax expense (benefit) 123 (251) 359 289 264 505 553 10%
Income (loss) before equity in earnings of joint ventures and other operating entities 498 (807) 1,303 1,101 1,151 1,963 2,252 15%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests 13 5 14 37 47 10 84 740%
Income (loss) attributable to Prudential Financial, Inc. 511 (802) 1,317 1,138 1,198 1,973 2,336 18%
Earnings attributable to noncontrolling interests (15) 11 9 13 (27) — (14) —%
Net income (loss) 496 (791) 1,326 1,151 1,171 1,973 2,322 18%
Less: Income (loss) attributable to noncontrolling interests (15) 11 9 13 (27) — (14) —%
Net income (loss) attributable to Prudential Financial, Inc. 511 (802) 1,317 1,138 1,198 1,973 2,336 18%
__________
(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 acquisitions, including the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 36, 37, 38 and 39 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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
CONSOLIDATED BALANCE SHEETS
(in millions)
09/30/2023 12/31/2023 03/31/2024 06/30/2024
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value 295,318 316,321 318,510 311,092
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses — — — —
Fixed maturities, trading, at fair value 7,129 9,790 10,288 10,250
Assets supporting experience-rated contractholder liabilities, at fair value 2,943 3,168 3,359 3,351
Equity securities, at fair value 7,039 8,242 7,224 7,098
Commercial mortgage and other loans 57,908 59,305 58,781 60,243
Policy loans 9,959 10,047 9,907 9,739
Other invested assets 21,868 22,855 24,227 24,634
Short-term investments 5,072 5,005 5,953 6,241
Total investments 407,236 434,733 438,249 432,648
Cash and cash equivalents 16,892 19,419 18,735 17,111
Accrued investment income 3,191 3,287 3,361 3,434
Deferred policy acquisition costs 20,394 20,856 20,613 20,564
Value of business acquired 514 530 484 446
Market risk benefit assets 2,200 1,981 2,225 2,233
Reinsurance recoverables and deposit receivables 25,941 27,311 27,929 27,746
Income tax assets 1,108 939 958 856
Other assets 13,136 13,179 13,205 13,299
Separate account assets 190,642 198,888 200,064 196,859
Total assets 681,254 721,123 725,823 715,196
Liabilities:
Future policy benefits 253,551 273,281 272,790 262,330
Policyholders' account balances 140,788 147,018 151,810 154,991
Market risk benefit liabilities 4,660 5,467 4,624 4,592
Reinsurance and funds withheld payables 14,199 15,729 15,746 15,604
Securities sold under agreements to repurchase 5,547 6,056 6,563 6,929
Cash collateral for loaned securities 6,067 6,477 6,978 7,050
Income tax liabilities — — — —
Short-term debt 615 618 585 588
Long-term debt 18,877 18,882 19,368 19,353
Other liabilities 18,155 17,546 16,749 15,621
Notes issued by consolidated variable interest entities 791 1,374 1,132 1,174
Separate account liabilities 190,642 198,888 200,064 196,859
Total liabilities 653,892 691,336 696,409 685,091
Mezzanine Equity:
Redeemable noncontrolling interests 414 524 544 545
Total mezzanine equity 414 524 544 545
Equity:
Accumulated other comprehensive loss (7,831) (6,504) (7,661) (7,444)
Other equity (1) 33,645 34,324 34,870 35,457
Total Prudential Financial, Inc. equity 25,814 27,820 27,209 28,013
Noncontrolling interests 1,133 1,443 1,661 1,547
Total equity 26,947 29,263 28,870 29,560
Total liabilities, mezzanine equity and equity 681,253 721,123 725,823 715,196
____________
(1) Includes 178 million, (14) million and 181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
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 48,550 384,098 3,566 194,354 155,609 30,569
Deferred policy acquisition costs 162 20,402 — 11,820 9,066 (484)
Other assets 1,112 64,013 4,288 42,668 11,540 5,517
Separate account assets — 196,859 30,416 169,780 — (3,337)
Total assets 49,824 665,372 38,270 418,622 176,215 32,265
Liabilities:
Future policy benefits 42,965 219,365 — 112,375 98,437 8,553
Policyholders' account balances 4,424 150,567 — 94,209 51,979 4,379
Debt — 19,941 1,678 7,206 99 10,958
Other liabilities 4,015 46,955 2,843 22,951 7,435 13,726
Separate account liabilities — 196,859 30,416 169,780 — (3,337)
Total liabilities 51,404 633,687 34,937 406,521 157,950 34,279
Mezzanine Equity:
Redeemable noncontrolling interests — 545 385 — — 160
Total mezzanine equity — 545 385 — — 160
Equity:
Accumulated other comprehensive loss (155) (7,289) (145) (2,533) (2,155) (2,456)
Other equity (1) (1,436) 36,893 2,844 14,553 20,390 (894)
Total Prudential Financial, Inc. equity (1,591) 29,604 2,699 12,020 18,235 (3,350)
Noncontrolling interests 11 1,536 249 81 30 1,176
Total equity (1,580) 31,140 2,948 12,101 18,265 (2,174)
Total liabilities, mezzanine equity and equity 49,824 665,372 38,270 418,622 176,215 32,265
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 49,336 385,397 4,906 184,264 169,531 26,696
Deferred policy acquisition costs 168 20,688 — 11,757 9,351 (420)
Other assets 1,584 65,062 4,511 41,498 12,342 6,711
Separate account assets — 198,888 32,647 169,386 — (3,145)
Total assets 51,088 670,035 42,064 406,905 191,224 29,842
Liabilities:
Future policy benefits 43,587 229,694 — 107,007 113,501 9,186
Policyholders' account balances 4,500 142,518 — 85,983 51,941 4,594
Debt — 19,500 1,577 7,360 72 10,491
Other liabilities 4,539 48,110 3,095 21,668 8,267 15,080
Separate account liabilities — 198,888 32,647 169,386 — (3,145)
Total liabilities 52,626 638,710 37,319 391,404 173,781 36,206
Mezzanine Equity:
Redeemable noncontrolling interest — 524 524 — — —
Total mezzanine equity — 524 524 — — —
Equity:
Accumulated other comprehensive loss (144) (6,360) (86) (1,862) (1,922) (2,490)
Other equity (1) (1,405) 35,729 2,768 17,281 19,335 (3,655)
Total Prudential Financial, Inc. equity (1,549) 29,369 2,682 15,419 17,413 (6,145)
Noncontrolling interests 11 1,432 1,539 82 30 (219)
Total equity (1,538) 30,801 4,221 15,501 17,443 (6,364)
Total liabilities, mezzanine equity and equity 51,088 670,035 42,064 406,905 191,224 29,842
____________
(1) Corporate and Other includes 178 million and 181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
As of December 31, 2023
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 4,865 8,582 13,447 — 4,869 8,094 12,963
Operating Debt 5,592 — 6,095 535 5,589 — 6,124
Limited recourse and non-recourse borrowing 314 — 399 83 330 — 413
Total Debt 10,771 8,582 19,941 618 10,788 8,094 19,500
As of December 31, 2023
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 347 39 13,447 12,573 346 44 12,963
Operating Debt 478 — 6,095 5,614 510 — 6,124
Limited recourse and non-recourse borrowing 85 314 399 — 130 283 413
Total Debt 910 353 19,941 18,187 986 327 19,500
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes 347 million of surplus notes as of June 30, 2024 and 346 million as of December 31, 2023.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - PGIM
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums — — — — — — — —
Policy charges and fee income — — — — — — — —
Net investment income 67 42 79 (43) 14 147 (29) -120%
Asset management fees, commissions and other income 782 934 836 1,033 949 1,600 1,982 24%
Total revenues 849 976 915 990 963 1,747 1,953 12%
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 29 28 29 24 26 56 50 -11%
Deferral of acquisition costs — (1) — (1) — (1) (1) —%
Amortization of acquisition costs — — 1 1 — 1 1 —%
General and administrative expenses 641 738 713 797 731 1,361 1,528 12%
Total benefits and expenses 670 765 743 821 757 1,417 1,578 11%
Adjusted operating income before income taxes 179 211 172 169 206 330 375 14%
Total revenues 849 976 915 990 963 1,747 1,953 12%
Less: Passthrough distribution revenue 20 20 19 21 22 39 43 10%
Less: Revenue associated with consolidations (25) 62 16 23 10 7 33 371%
Total adjusted revenues (2) 854 894 880 946 931 1,701 1,877 10%
Adjusted operating margin (2)(3) 21.0 % 23.6 % 19.5 % 17.9 % 22.1 % 19.4 % 20.0 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to 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 21.4%, 17.1%, 18.8%, 21.6%, and 21.1% for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and 19.2% and 18.9% for six months ended June 30, 2024 and June 30, 2023, respectively.

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Quarterly Financial Supplement
Second Quarter 2024
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2024 Year-to-date
3Q 4Q 1Q 2Q 2023 2024 % change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees 738 735 774 777 1,446 1,551 7%
Other related revenues (1) 71 66 93 71 110 164 49%
Service, distribution and other revenues 167 114 123 115 191 238 25%
Total PGIM revenues 976 915 990 963 1,747 1,953 12%
Analysis of asset management fees by source:
Institutional customers 363 366 378 377 719 755 5%
Retail customers 261 257 276 281 496 557 12%
General account 114 112 120 119 231 239 3%
Total asset management fees 738 735 774 777 1,446 1,551 7%
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 431.2 67.1 32.7 2.2 604.4
Retail customers 143.4 2.3 0.9 69.5 349.9
General account 232.8 57.6 79.7 0.1 373.8
Total 807.4 127.0 113.3 71.8 1,328.1
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers 395.0 71.6 30.1 1.4 556.7
Retail customers 133.3 2.1 0.9 72.8 324.1
General account 251.8 55.0 74.3 — 385.0
Total 780.1 128.7 105.3 74.2 1,265.8
__________
(1) Other related revenues, net of related expenses are 39 million, 56 million, 36 million, 37 million, and 31 million for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and 95 million and 59 million for the six months ended June 30, 2024 and June 30, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
2024 Year-to-date
3Q 4Q 1Q 2Q 2023 2024
Institutional Customers - Assets Under Management (at fair market value):
Beginning assets under management 536.7 528.6 562.7 596.9 528.9 562.7
Additions 14.4 20.5 45.2 16.9 32.8 62.1
Withdrawals (18.2) (26.8) (19.1) (25.8) (46.0) (44.9)
Net institutional additions (withdrawals), excluding money market activity (3.8) (6.3) 26.1 (8.9) (13.2) 17.2
Change in market value (13.8) 36.7 3.2 0.9 20.7 4.1
Net money market flows 0.1 (1.1) 0.2 (0.1) (0.5) 0.1
Other (1) 9.4 4.8 4.7 (3.6) 0.8 1.1
Ending assets under management 528.6 562.7 596.9 585.2 536.7 585.2
Affiliated institutional assets under management 19.0 19.9 19.7 19.2 20.0 19.2
Total assets managed for institutional customers at end of period 547.6 582.6 616.6 604.4 556.7 604.4
Retail Customers - Assets Under Management (at fair market value):
Beginning assets under management 209.4 203.1 215.5 228.1 191.7 215.5
Additions 11.9 14.8 15.7 14.5 25.2 30.2
Withdrawals (13.8) (22.0) (15.2) (15.1) (31.2) (30.3)
Net retail additions (withdrawals), excluding money market activity (1.9) (7.2) 0.5 (0.6) (6.0) (0.1)
Change in market value (4.7) 19.5 12.2 6.7 23.9 18.9
Net money market flows 0.7 0.3 0.3 0.5 0.6 0.8
Other (0.4) (0.2) (0.4) (0.2) (0.8) (0.6)
Ending assets under management 203.1 215.5 228.1 234.5 209.4 234.5
Affiliated retail assets under management 109.4 114.8 117.3 115.4 114.7 115.4
Total assets managed for retail customers at end of period 312.5 330.3 345.4 349.9 324.1 349.9
__________
(1) Third quarter 2023 includes 9.5 billion related to the reinsurance of in-force structured settlement annuities business to Prismic Life Reinsurance, Ltd., which were previously included in General Account assets under management. First quarter 2024 includes 5.8 billion related to the reinsurance of certain guaranteed universal life policies to Somerset Reinsurance Ltd., which were previously included in General Account assets under management. Second quarter 2024 includes a decrease of assets associated with PGIM Wadhwani LLP, a business now reflected in Divested and Run-off Businesses and included in Corporate and Other assets under management.

All values are in US Dollars.

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Quarterly Financial Supplement
Second Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 3,098 550 3,505 11,869 4,282 8,366 16,151 93%
Policy charges and fee income 968 997 990 990 995 1,982 1,985 —%
Net investment income 2,253 2,355 2,281 2,478 2,528 4,370 5,006 15%
Asset management fees, commissions and other income 699 637 698 629 597 1,375 1,226 -11%
Total revenues 7,018 4,539 7,474 15,966 8,402 16,093 24,368 51%
Benefits and expenses (1):
Insurance and annuity benefits 4,284 1,601 4,607 13,007 5,692 10,718 18,699 74%
Change in estimates of liability for future policy benefits (134) 33 (29) (9) (381) (118) (390) -231%
Interest credited to policyholders' account balances 523 540 550 560 588 1,030 1,148 11%
Interest expense 249 226 253 333 282 500 615 23%
Deferral of acquisition costs (295) (307) (349) (370) (402) (569) (772) -36%
Amortization of acquisition costs 205 204 209 212 212 417 424 2%
General and administrative expenses 1,230 1,154 1,245 1,394 1,341 2,399 2,735 14%
Total benefits and expenses 6,062 3,451 6,486 15,127 7,332 14,377 22,459 56%
Adjusted operating income before income taxes 956 1,088 988 839 1,070 1,716 1,909 11%
__________
(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. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 1,561 (959) 2,041 10,325 2,769 5,346 13,094 145%
Policy charges and fee income 320 318 310 312 320 652 632 -3%
Net investment income 1,416 1,491 1,405 1,536 1,638 2,738 3,174 16%
Asset management fees, commissions and other income 559 524 577 579 560 1,104 1,139 3%
Total revenues 3,856 1,374 4,333 12,752 5,287 9,840 18,039 83%
Benefits and expenses (1):
Insurance and annuity benefits 2,312 (417) 2,615 10,898 3,757 6,695 14,655 119%
Change in estimates of liability for future policy benefits (157) 31 (25) 11 (468) (199) (457) -130%
Interest credited to policyholders' account balances 255 270 277 314 343 495 657 33%
Interest expense 15 14 20 31 28 39 59 51%
Deferral of acquisition costs (107) (117) (131) (169) (179) (206) (348) -69%
Amortization of acquisition costs 89 89 90 95 100 186 195 5%
General and administrative expenses 573 563 573 657 670 1,117 1,327 19%
Total benefits and expenses 2,980 433 3,419 11,837 4,251 8,127 16,088 98%
Adjusted operating income before income taxes 876 941 914 915 1,036 1,713 1,951 14%
__________
(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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 1,531 (979) 2,027 10,297 2,758 5,294 13,055 147%
Policy charges and fee income 8 10 7 6 8 16 14 -13%
Net investment income 1,072 1,098 1,006 1,092 1,142 2,076 2,234 8%
Asset management fees, commissions and other income 126 92 143 143 133 240 276 15%
Total revenues 2,737 221 3,183 11,538 4,041 7,626 15,579 104%
Benefits and expenses (1):
Insurance and annuity benefits 2,263 (438) 2,584 10,858 3,718 6,613 14,576 120%
Change in estimates of liability for future policy benefits (156) 24 (25) (3) (456) (200) (459) -130%
Interest credited to policyholders' account balances 144 146 137 154 153 269 307 14%
Interest expense (4) (6) 1 17 9 6 26 333%
Deferral of acquisition costs (16) (18) (24) (19) (15) (33) (34) -3%
Amortization of acquisition costs 6 3 3 2 2 10 4 -60%
General and administrative expenses 72 71 75 88 80 137 168 23%
Total benefits and expenses 2,309 (218) 2,751 11,097 3,491 6,802 14,588 114%
Adjusted operating income before income taxes 428 439 432 441 550 824 991 20%
__________
(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
Second Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024
Beginning total account value 252,952 258,533 254,933 267,654 274,630 251,818 267,654
Additions 5,686 4,697 14,287 10,990 4,011 9,514 15,001
Withdrawals and benefits (5,865) (7,781) (6,163) (6,417) (6,164) (11,339) (12,581)
Net flows (179) (3,084) 8,124 4,573 (2,153) (1,825) 2,420
Change in market value, interest credited and interest income 2,456 878 2,565 2,655 1,919 4,279 4,574
Other (1) 3,304 (1,394) 2,032 (252) (268) 4,261 (520)
Ending total account value, gross 258,533 254,933 267,654 274,630 274,128 258,533 274,128
Reinsurance ceded — (9,273) (9,237) (9,179) (9,129) — (9,129)
Ending total account value, net 258,533 245,660 258,417 265,451 264,999 258,533 264,999
Amounts included in ending total account value, net above:
Investment-only stable value wraps 67,335 65,497 64,098 62,842 61,455
International reinsurance (2) 90,612 88,253 102,544 102,049 102,465
Group annuities and other products 100,586 91,910 91,775 100,560 101,079
Ending total account value, net 258,533 245,660 258,417 265,451 264,999
__________
(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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 30 20 14 28 11 52 39 -25%
Policy charges and fee income 312 308 303 306 312 636 618 -3%
Net investment income 344 393 399 444 496 662 940 42%
Asset management fees, commissions and other income 433 432 434 436 427 864 863 —%
Total revenues 1,119 1,153 1,150 1,214 1,246 2,214 2,460 11%
Benefits and expenses (1):
Insurance and annuity benefits 49 21 31 40 39 82 79 -4%
Change in estimates of liability for future policy benefits (1) 7 — 14 (12) 1 2 100%
Interest credited to policyholders' account balances 111 124 140 160 190 226 350 55%
Interest expense 19 20 19 14 19 33 33 —%
Deferral of acquisition costs (91) (99) (107) (150) (164) (173) (314) -82%
Amortization of acquisition costs 83 86 87 93 98 176 191 9%
General and administrative expenses 501 492 498 569 590 980 1,159 18%
Total benefits and expenses 671 651 668 740 760 1,325 1,500 13%
Adjusted operating income before income taxes 448 502 482 474 486 889 960 8%
__________
(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
Second Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite 1,240 1,279 1,263 1,727 2,219 2,328 3,946
Investment Only VA (2) 36 48 35 28 39 68 67
Fixed 616 616 804 1,550 1,221 1,163 2,771
Total 1,892 1,943 2,102 3,305 3,479 3,559 6,784
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value 23,268 25,970 27,069 30,655 35,257 21,208 30,655
Sales 1,892 1,943 2,102 3,305 3,479 3,559 6,784
Full surrenders and death benefits (223) (208) (239) (281) (322) (414) (603)
Sales, net of full surrenders and death benefits 1,669 1,735 1,863 3,024 3,157 3,145 6,181
Partial withdrawals and other benefit payments (131) (135) (170) (181) (184) (266) (365)
Net flows 1,538 1,600 1,693 2,843 2,973 2,879 5,816
Change in market value, interest credited, and other 1,171 (494) 1,901 1,770 891 1,896 2,661
Policy charges (7) (7) (8) (11) (13) (13) (24)
Ending total account value, gross 25,970 27,069 30,655 35,257 39,108 25,970 39,108
Reinsurance ceded (1,357) (1,552) (1,694) (1,986) (2,205) (1,357) (2,205)
Ending total account value, net 24,613 25,517 28,961 33,271 36,903 24,613 36,903
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value 100,536 100,327 94,021 99,053 99,443 98,814 99,053
Sales 9 7 7 9 7 17 16
Full surrenders and death benefits (1,428) (1,544) (1,636) (2,284) (2,467) (2,725) (4,751)
Sales, net of full surrenders and death benefits (1,419) (1,537) (1,629) (2,275) (2,460) (2,708) (4,735)
Partial withdrawals and other benefit payments (926) (927) (1,122) (1,109) (1,037) (1,911) (2,146)
Net flows (2,345) (2,464) (2,751) (3,384) (3,497) (4,619) (6,881)
Change in market value and other 2,693 (3,298) 8,321 4,311 857 7,298 5,168
Policy charges (557) (544) (538) (537) (536) (1,166) (1,073)
Ending total account value, gross 100,327 94,021 99,053 99,443 96,267 100,327 96,267
Reinsurance ceded (10,227) (9,432) (10,103) (9,702) (9,271) (10,227) (9,271)
Ending total account value, net 90,100 84,589 88,950 89,741 86,996 90,100 86,996
__________
(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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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024
Account Values in General Account (1):
Beginning balance 23,948 26,455 27,613 30,844 35,140 22,063 30,844
Premiums and deposits 1,821 1,856 2,030 3,226 3,373 3,422 6,599
Full surrenders and death benefits (118) (121) (155) (237) (266) (237) (503)
Premiums and deposits net of full surrenders and death benefits 1,703 1,735 1,875 2,989 3,107 3,185 6,096
Partial withdrawals and other benefit payments (149) (148) (191) (218) (221) (297) (439)
Net flows 1,554 1,587 1,684 2,771 2,886 2,888 5,657
Change in market value, interest credited and other 1,181 (285) 1,189 1,513 905 1,763 2,418
Net transfers (to) from separate account (227) (142) 360 15 14 (257) 29
Policy charges (1) (2) (2) (3) (3) (2) (6)
Ending balance, gross 26,455 27,613 30,844 35,140 38,942 26,455 38,942
Reinsurance ceded (1,357) (1,552) (1,694) (1,986) (2,205) (1,357) (2,205)
Ending balance, net 25,098 26,061 29,150 33,154 36,737 25,098 36,737
Account Values in Separate Account (1):
Beginning balance 99,856 99,842 93,477 98,864 99,560 97,959 98,864
Premiums and deposits 80 94 79 88 113 154 201
Full surrenders and death benefits (1,533) (1,631) (1,720) (2,328) (2,523) (2,902) (4,851)
Premiums and deposits net of full surrenders and death benefits (1,453) (1,537) (1,641) (2,240) (2,410) (2,748) (4,650)
Partial withdrawals and other benefit payments (908) (914) (1,101) (1,072) (1,000) (1,880) (2,072)
Net flows (2,361) (2,451) (2,742) (3,312) (3,410) (4,628) (6,722)
Change in market value, interest credited and other 2,683 (3,507) 9,033 4,568 843 7,431 5,411
Net transfers (to) from general account 227 142 (360) (15) (14) 257 (29)
Policy charges (563) (549) (544) (545) (546) (1,177) (1,091)
Ending balance, gross 99,842 93,477 98,864 99,560 96,433 99,842 96,433
Reinsurance ceded (10,227) (9,432) (10,103) (9,702) (9,271) (10,227) (9,271)
Ending balance, net 89,615 84,045 88,761 89,858 87,162 89,615 87,162
__________
(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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Quarterly Financial Supplement
Second Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
2023 2024
2Q 3Q 4Q 1Q 2Q
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 70,816 66,563 70,093 70,679 68,512
Account Values with Auto-Rebalancing Feature - externally reinsured 2,468 2,269 2,315 2,254 2,115
Account Values without Auto-Rebalancing Feature 25,667 23,869 25,244 25,056 24,178
Total 98,951 92,701 97,652 97,989 94,805
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature 7,803 9,508 7,177 6,373 6,541
Net Amount at Risk without Auto-Rebalancing Feature 3,082 3,909 2,576 2,597 2,817
Total 10,885 13,417 9,753 8,970 9,358
__________
(1) At end of period.

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Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 1,288 1,268 1,231 1,298 1,272 2,525 2,570 2%
Policy charges and fee income 161 163 169 175 165 342 340 -1%
Net investment income 128 130 128 136 128 254 264 4%
Asset management fees, commissions and other income 21 15 19 25 21 41 46 12%
Total revenues 1,598 1,576 1,547 1,634 1,586 3,162 3,220 2%
Benefits and expenses (1):
Insurance and annuity benefits 1,140 1,179 1,166 1,249 1,140 2,358 2,389 1%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 41 39 42 40 36 85 76 -11%
Interest expense 2 1 1 2 4 6 6 —%
Deferral of acquisition costs — (1) (2) (6) (4) — (10) —%
Amortization of acquisition costs 2 1 5 1 2 3 3 —%
General and administrative expenses 274 268 269 303 287 546 590 8%
Total benefits and expenses 1,459 1,487 1,481 1,589 1,465 2,998 3,054 2%
Adjusted operating income before income taxes 139 89 66 45 121 164 166 1%
__________
(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
Second Quarter 2024
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024
Annualized New Business Premiums:
Group life 32 61 41 189 27 194 216
Group disability 25 34 19 189 19 182 208
Total 57 95 60 378 46 376 424
Future Policy Benefits (1):
Group life 2,309 2,242 2,421 2,350 2,328
Group disability 3,144 3,175 3,178 3,240 3,222
Total 5,453 5,417 5,599 5,590 5,550
Policyholders' Account Balances (1):
Group life 5,385 5,250 5,229 4,889 4,782
Group disability 121 112 113 119 111
Total 5,506 5,362 5,342 5,008 4,893
Separate Account Liabilities (1):
Group life 23,747 22,864 25,021 25,265 24,546
Group Life Insurance:
Gross premiums, policy charges and fee income (2) 1,135 1,100 1,149 1,098 1,123 2,220 2,221
Earned premiums 937 900 873 903 897 1,829 1,800
Earned policy charges and fee income 137 138 144 150 139 295 289
Benefits ratio (3) 85.1 % 84.8 % 87.5 % 90.1 % 85.3 % 89.0 % 87.7 %
Administrative operating expense ratio 11.9 % 11.8 % 11.2 % 12.1 % 11.8 % 11.8 % 12.0 %
Persistency ratio 94.0 % 93.7 % 93.6 % 95.1 % 95.0 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2) 380 393 385 426 410 751 836
Earned premiums 351 368 358 395 375 696 770
Earned policy charges and fee income 24 25 25 25 26 47 51
Benefits ratio (3) 69.8 % 76.2 % 72.2 % 71.3 % 70.4 % 67.8 % 70.9 %
Administrative operating expense ratio 25.6 % 24.1 % 25.9 % 25.9 % 26.5 % 25.4 % 26.2 %
Persistency ratio 91.9 % 91.2 % 91.1 % 93.8 % 93.2 %
Total Group Insurance:
Benefits ratio (3) 81.1 % 82.4 % 83.3 % 84.7 % 81.1 % 83.5 % 82.9 %
Administrative operating expense ratio 15.4 % 15.1 % 14.9 % 16.0 % 15.8 % 15.3 % 15.9 %
Net face amount of policies in force (in billions) (4) 2,153 2,143 2,155 2,065 2,092
__________
(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 85.3%, 64.1% and 79.4% for the three months ended June 30, 2024, respectively, and 83.0%, 66.4%, and 78.7% for the three months ended June 30, 2023, respectively.
(4) At end of period; net of reinsurance.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 249 241 233 246 241 495 487 -2%
Policy charges and fee income 487 516 511 503 510 988 1,013 3%
Net investment income 709 734 748 806 762 1,378 1,568 14%
Asset management fees, commissions and other income 119 98 102 25 16 230 41 -82%
Total revenues 1,564 1,589 1,594 1,580 1,529 3,091 3,109 1%
Benefits and expenses (1):
Insurance and annuity benefits 832 839 826 860 795 1,665 1,655 -1%
Change in estimates of liability for future policy benefits 23 2 (4) (20) 87 81 67 -17%
Interest credited to policyholders' account balances 227 231 231 206 209 450 415 -8%
Interest expense 232 211 232 300 250 455 550 21%
Deferral of acquisition costs (188) (189) (216) (195) (219) (363) (414) -14%
Amortization of acquisition costs 114 114 114 116 110 228 226 -1%
General and administrative expenses 383 323 403 434 384 736 818 11%
Total benefits and expenses 1,623 1,531 1,586 1,701 1,616 3,252 3,317 2%
Adjusted operating income (loss) before income taxes (59) 58 8 (121) (87) (161) (208) -29%
__________
(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
Second Quarter 2024
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life 31 33 33 31 34 54 65
Universal life 20 17 27 20 22 37 42
Variable life 146 136 145 116 147 255 263
Total 197 186 205 167 203 346 370
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors 38 35 38 35 44 71 79
Third party distribution 159 151 167 132 159 275 291
Total 197 186 205 167 203 346 370
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance 31,644 32,713 32,730 33,026 33,176 31,522 33,026
Premiums and deposits 577 587 675 634 604 1,213 1,238
Surrenders and withdrawals (429) (417) (557) (436) (414) (884) (850)
Net sales 148 170 118 198 190 329 388
Benefit payments (45) (41) (43) (48) (43) (104) (91)
Net flows 103 129 75 150 147 225 297
Interest credited and other 406 274 624 401 388 867 789
Net transfers from separate account 1,079 128 113 138 148 1,157 286
Policy charges (519) (514) (516) (539) (494) (1,058) (1,033)
Ending balance, gross 32,713 32,730 33,026 33,176 33,365 32,713 33,365
Reinsurance ceded — — — (4,506) (4,512) — (4,512)
Ending balance, net 32,713 32,730 33,026 28,670 28,853 32,713 28,853
Separate Account Liabilities:
Beginning balance 41,650 43,230 42,171 46,453 50,128 39,419 46,453
Premiums and deposits 865 739 836 794 904 1,574 1,698
Surrenders and withdrawals (278) (212) (235) (293) (334) (502) (627)
Net sales 587 527 601 501 570 1,072 1,071
Benefit payments (91) (119) (126) (138) (165) (221) (303)
Net flows 496 408 475 363 405 851 768
Change in market value, interest credited and other 2,489 (1,003) 4,262 3,796 1,352 4,775 5,148
Net transfers to general account (1,079) (128) (113) (138) (148) (1,157) (286)
Policy charges (326) (336) (342) (346) (352) (658) (698)
Ending balance 43,230 42,171 46,453 50,128 51,385 43,230 51,385
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life 294 293 290 286 283
Universal life 98 97 97 80 79
Variable life 150 150 154 158 160
Total 542 540 541 524 522
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable 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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 3,274 3,112 2,864 3,139 3,002 6,843 6,141 -10%
Policy charges and fee income 77 77 82 80 80 149 160 7%
Net investment income 1,321 1,316 1,367 1,412 1,390 2,606 2,802 8%
Asset management fees, commissions and other income 51 61 65 82 40 140 122 -13%
Total revenues 4,723 4,566 4,378 4,713 4,512 9,738 9,225 -5%
Benefits and expenses (1):
Insurance and annuity benefits 2,647 2,751 2,525 2,772 2,452 5,806 5,224 -10%
Change in estimates of liability for future policy benefits 293 16 49 24 352 299 376 26%
Interest credited to policyholders' account balances 226 239 263 279 288 441 567 29%
Interest expense 4 3 5 (1) (2) 15 (3) -120%
Deferral of acquisition costs (281) (292) (312) (293) (268) (594) (561) 6%
Amortization of acquisition costs 159 156 156 159 161 310 320 3%
General and administrative expenses 891 882 944 877 827 1,837 1,704 -7%
Total benefits and expenses 3,939 3,755 3,630 3,817 3,810 8,114 7,627 -6%
Adjusted operating income before income taxes 784 811 748 896 702 1,624 1,598 -2%
__________
(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. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 1,693 1,665 1,511 1,818 1,663 3,627 3,481 -4%
Policy charges and fee income 48 48 52 47 48 96 95 -1%
Net investment income 586 584 608 629 602 1,159 1,231 6%
Asset management fees, commissions and other income 54 62 61 56 54 123 110 -11%
Total revenues 2,381 2,359 2,232 2,550 2,367 5,005 4,917 -2%
Benefits and expenses (1):
Insurance and annuity benefits 1,417 1,421 1,311 1,589 1,343 3,109 2,932 -6%
Change in estimates of liability for future policy benefits 69 11 23 13 217 71 230 224%
Interest credited to policyholders' account balances 57 61 68 69 68 114 137 20%
Interest expense (1) (1) (4) (7) (3) 2 (10) -600%
Deferral of acquisition costs (142) (143) (144) (155) (132) (300) (287) 4%
Amortization of acquisition costs 78 76 76 78 81 154 159 3%
General and administrative expenses 416 407 438 418 393 846 811 -4%
Total benefits and expenses 1,894 1,832 1,768 2,005 1,967 3,996 3,972 -1%
Adjusted operating income before income taxes 487 527 464 545 400 1,009 945 -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 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. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums 1,581 1,447 1,353 1,321 1,339 3,216 2,660 -17%
Policy charges and fee income 29 29 30 33 32 53 65 23%
Net investment income 735 732 759 783 788 1,447 1,571 9%
Asset management fees, commissions and other income (3) (1) 4 26 (14) 17 12 -29%
Total revenues 2,342 2,207 2,146 2,163 2,145 4,733 4,308 -9%
Benefits and expenses (1):
Insurance and annuity benefits 1,230 1,330 1,214 1,183 1,109 2,697 2,292 -15%
Change in estimates of liability for future policy benefits 224 5 26 11 135 228 146 -36%
Interest credited to policyholders' account balances 169 178 195 210 220 327 430 31%
Interest expense 5 4 9 6 1 13 7 -46%
Deferral of acquisition costs (139) (149) (168) (138) (136) (294) (274) 7%
Amortization of acquisition costs 81 80 80 81 80 156 161 3%
General and administrative expenses 475 475 506 459 434 991 893 -10%
Total benefits and expenses 2,045 1,923 1,862 1,812 1,843 4,118 3,655 -11%
Adjusted operating income before income taxes 297 284 284 351 302 615 653 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, 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. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,463 1,422 1,266 1,584 1,386 3,198 2,970
Japan - Gibraltar Life 1,610 1,476 1,383 1,354 1,371 3,269 2,725
Emerging Markets 278 291 297 281 325 525 606
Total 3,351 3,189 2,946 3,219 3,082 6,992 6,301
Annualized new business premiums:
Japan - Prudential of Japan 158 143 182 196 156 354 352
Japan - Gibraltar Life 241 236 310 224 268 472 492
Emerging Markets 91 112 106 97 95 172 192
Total 490 491 598 517 519 998 1,036
Annualized new business premiums by distribution channel:
Life Planners 249 255 288 293 251 526 544
Gibraltar Life Consultants 144 131 139 105 120 272 225
Banks 51 68 82 59 74 106 133
Independent Agency 46 37 89 60 74 94 134
Total 490 491 598 517 519 998 1,036
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,491 1,486 1,362 1,690 1,499 3,246 3,189
Japan - Gibraltar Life 1,650 1,548 1,464 1,454 1,482 3,331 2,936
Emerging Markets 236 243 252 235 286 455 521
Total 3,377 3,277 3,078 3,379 3,267 7,032 6,646
Annualized new business premiums:
Japan - Prudential of Japan 162 150 195 211 172 360 383
Japan - Gibraltar Life 243 241 314 229 275 475 504
Emerging Markets 73 88 86 80 85 140 165
Total 478 479 595 520 532 975 1,052
Annualized new business premiums by distribution channel:
Life Planners 235 238 281 291 257 500 548
Gibraltar Life Consultants 146 132 142 108 124 274 232
Banks 51 68 82 59 75 106 134
Independent Agency 46 41 90 62 76 95 138
Total 478 479 595 520 532 975 1,052
__________
(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 129 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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
2023 2024
2Q 3Q 4Q 1Q 2Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan - Prudential of Japan 322 320 312 307 301
Japan - Gibraltar Life 291 288 285 281 279
Emerging Markets 41 43 44 42 43
Total 654 651 641 630 623
Number of individual policies in force at end of period (in thousands) (3):
Japan - Prudential of Japan 4,496 4,501 4,511 4,531 4,535
Japan - Gibraltar Life 6,650 6,626 6,594 6,552 6,519
Emerging Markets 754 769 789 765 783
Total 11,900 11,896 11,894 11,848 11,837
International life insurance individual policy persistency:
Life Planner:
13 months 92.2 % 92.2 % 92.0 % 91.4 % 90.6 %
25 months 84.0 % 83.2 % 83.1 % 82.6 % 82.0 %
Gibraltar Life (4):
13 months 95.0 % 94.8 % 94.3 % 94.8 % 94.8 %
25 months 89.2 % 88.7 % 88.0 % 88.3 % 88.6 %
Number of Life Planners at end of period:
Japan 4,317 4,337 4,310 4,339 4,257
All other countries 1,489 1,580 1,546 1,516 1,579
Total Life Planners 5,806 5,917 5,856 5,855 5,836
Gibraltar Life Consultants 6,648 6,736 6,808 6,792 6,724
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 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.
(4) Reflects business sold by Life Consultants and Independent Agents.

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Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
2023 2024 Year-to-date
2Q 3Q 4Q 1Q 2Q 2023 2024 % change
Revenues (1):
Premiums (4) (3) (5) (2) (7) (8) (9) -13%
Policy charges and fee income (13) (14) (13) (14) (14) (26) (28) -8%
Net investment income 172 179 191 273 286 360 559 55%
Asset management fees, commissions and other income (162) (199) (74) (227) (301) (339) (528) -56%
Total revenues (7) (37) 99 30 (36) (13) (6) 54%
Benefits and expenses (1):
Insurance and annuity benefits — (4) (2) (5) (7) (5) (12) -140%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 31 25 23 22 21 65 43 -34%
Interest expense 175 162 152 173 174 325 347 7%
Deferral of acquisition costs 30 24 24 17 56 49 73 49%
Amortization of acquisition costs (9) (9) (10) (10) (10) (18) (20) -11%
General and administrative expenses 238 203 565 268 101 514 369 -28%
Total benefits and expenses 465 401 752 465 335 930 800 -14%
Adjusted operating loss before income taxes (472) (438) (653) (435) (371) (943) (806) 15%
__________
(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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
June 30, 2024 December 31, 2023
Closed PFI Excluding Closed PFI Excluding
Total Block Funds Closed Block Division and Funds Withheld Total Block Funds Closed Block Division and Funds Withheld (2)
Portfolio Division Withheld (1) Amount % of Total Portfolio (2) Division Withheld (1)(2) Amount % of Total
233,469 19,655 6,993 206,821 57.0 % 241,222 20,483 3,270 217,469 58.9 %
76,946 9,824 2,454 64,668 17.8 % 74,542 10,003 2,678 61,861 16.7 %
9,772 725 5,246 3,801 1.1 % 8,785 887 2,944 4,954 1.3 %
3,351 — — 3,351 0.9 % 3,168 — — 3,168 0.9 %
6,347 1,861 5 4,481 1.2 % 7,634 1,970 — 5,664 1.5 %
59,608 7,679 132 51,797 14.3 % 58,786 7,769 23 50,994 13.8 %
9,739 3,407 — 6,332 1.7 % 10,047 3,479 — 6,568 1.8 %
22,323 4,816 1,354 16,153 4.4 % 19,454 4,513 1,007 13,934 3.8 %
6,234 583 26 5,625 1.6 % 4,992 232 51 4,709 1.3 %
427,789 48,550 16,210 363,029 100.0 % 428,630 49,336 9,973 369,321 100.0 %
4,859 — — 4,859 6,103 — — 6,103
432,648 48,550 16,210 367,888 434,733 49,336 9,973 375,424
Fixed Maturities by Credit Quality (4)(6): June 30, 2024 December 31, 2023
PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld (2)
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
176,941 3,836 20,079 — 160,698 77.7 % 182,105 6,683 15,644 1 173,143 79.6 %
42,928 645 4,109 — 39,464 19.1 % 39,358 1,020 3,395 — 36,983 17.0 %
219,869 4,481 24,188 — 200,162 96.8 % 221,463 7,703 19,039 1 210,126 96.6 %
5,101 62 451 — 4,712 2.3 % 5,216 143 238 — 5,121 2.3 %
1,457 48 71 — 1,434 0.7 % 1,765 50 99 53 1,663 0.8 %
474 11 55 21 409 0.2 % 479 13 63 7 422 0.2 %
197 3 16 80 104 0.0 % 224 4 16 75 137 0.1 %
7,229 124 593 101 6,659 3.2 % 7,684 210 416 135 7,343 3.4 %
227,098 4,605 24,781 101 206,821 100.0 % 229,147 7,913 19,455 136 217,469 100.0 %
18,320 211 1,995 — 16,536 25.6 % 17,121 240 1,588 — 15,773 25.5 %
41,577 861 3,533 — 38,905 60.2 % 38,561 880 2,795 — 36,646 59.2 %
59,897 1,072 5,528 — 55,441 85.8 % 55,682 1,120 4,383 — 52,419 84.7 %
5,718 112 322 — 5,508 8.4 % 5,130 118 246 5 4,997 8.1 %
2,882 21 111 1 2,791 4.3 % 3,112 28 89 2 3,049 4.9 %
865 27 55 21 816 1.3 % 1,283 21 69 3 1,232 2.0 %
123 16 11 16 112 0.2 % 158 17 5 6 164 0.3 %
9,588 176 499 38 9,227 14.2 % 9,683 184 409 16 9,442 15.3 %
69,485 1,248 6,027 38 64,668 100.0 % 65,365 1,304 4,792 16 61,861 100.0 %
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Prior period amounts have been restated to conform to current period presentation.
(3) 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.
(4) 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.
(5) 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.
(6) Excludes fixed maturity securities classified as trading.
(7) Reflects equivalent ratings for investments of the international operations. Includes, as of June 30, 2024 and December 31, 2023, 797 securities with amortized cost of 8,629 million (fair value 8,529 million) and 639 securities with amortized cost of 7,242 million (fair value 7,227 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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
June 30, 2024 December 31, 2023
Amount % of Total Amount % of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value 100,930 65.8 % 113,737 68.2 %
Private, available-for-sale, at fair value 21,366 13.9 % 20,891 12.5 %
Fixed maturities, trading, at fair value 494 0.3 % 669 0.4 %
Assets supporting experience-rated contractholder liabilities, at fair value 3,351 2.2 % 3,168 1.9 %
Equity securities, at fair value 1,331 0.9 % 1,614 1.0 %
Commercial mortgage and other loans, at book value, net of allowance 16,617 10.8 % 17,980 10.8 %
Policy loans, at outstanding balance 2,529 1.6 % 2,670 1.6 %
Other invested assets (3) 6,141 4.0 % 5,617 3.4 %
Short-term investments, net of allowance 757 0.5 % 421 0.2 %
Total 153,516 100.0 % 166,767 100.0 %
June 30, 2024 December 31, 2023 (4)
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 105,891 50.5 % 103,732 51.3 %
Private, available-for-sale, at fair value 43,302 20.7 % 40,970 20.2 %
Fixed maturities, trading, at fair value 3,307 1.6 % 4,285 2.1 %
Assets supporting experience-rated contractholder liabilities, at fair value — 0.0 % — 0.0 %
Equity securities, at fair value 3,150 1.5 % 4,050 2.0 %
Commercial mortgage and other loans, at book value, net of allowance 35,180 16.8 % 33,014 16.3 %
Policy loans, at outstanding balance 3,803 1.8 % 3,898 1.9 %
Other invested assets, net of allowance (3) 10,012 4.8 % 8,317 4.1 %
Short-term investments, net of allowance 4,868 2.3 % 4,288 2.1 %
Total 209,513 100.0 % 202,554 100.0 %
__________
(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.
(4) Prior period amounts have been restated to conform to current period presentation.

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Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended June 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
General Account (4)
Fixed maturities (5) 4.25 % 3,182 (458) 3.99 % 3,049 (174)
Equity securities 4.38 % 51 — 3.94 % 53 —
Commercial mortgage and other loans 4.35 % 555 (53) 3.90 % 477 (21)
Policy loans 4.48 % 72 — 4.50 % 72 —
Short-term investments and cash equivalents 6.97 % 242 2 5.49 % 199 —
Gross investment income before investment expenses 4.36 % 4,102 (509) 4.16 % 3,850 (195)
Investment expenses -0.15 % (271) — -0.12 % (227) —
Subtotal 4.21 % 3,831 (509) 4.04 % 3,623 (195)
Other investments (5) 177 517 273 (631)
Investment results of other entities and operations (6) 23 13 68 1
Investment results of Funds Withheld (7) 309 (13) 13 —
Less: investment income related to adjusted operating income reconciling items (122) — (164) —
Total 4,218 8 3,813 (825)
Six Months Ended June 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
General Account (4)
Fixed maturities (5) 4.20 % 6,250 (279) 3.99 % 6,041 (219)
Equity securities 3.28 % 81 — 3.06 % 79 —
Commercial mortgage and other loans 4.27 % 1,082 (95) 3.87 % 940 (37)
Policy loans 4.50 % 144 — 4.53 % 144 —
Short-term investments and cash equivalents 6.25 % 491 — 5.91 % 411 —
Gross investment income before investment expenses 4.30 % 8,048 (374) 4.16 % 7,615 (256)
Investment expenses -0.16 % (533) — -0.13 % (436) —
Subtotal 4.14 % 7,515 (374) 4.03 % 7,179 (256)
Other investments (5) 488 141 462 (324)
Investment results of other entities and operations (6) (8) 6 153 (11)
Investment results of Funds Withheld (7) 595 52 22 —
Less: investment income related to adjusted operating income reconciling items (252) — (333) —
Total 8,338 (175) 7,483 (591)
________
(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.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) 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.
(5) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended June 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.12 % 1,069 (106) 2.84 % 989 (5)
Equity securities 6.02 % 22 — 5.98 % 26 —
Commercial mortgage and other loans 3.82 % 161 5 3.63 % 161 (8)
Policy loans 3.74 % 24 — 3.75 % 24 —
Short-term investments and cash equivalents 9.32 % 32 1 4.13 % 26 —
Gross investment income before investment expenses 3.28 % 1,308 (100) 2.99 % 1,226 (13)
Investment expenses -0.11 % (76) — -0.12 % (79) —
Subtotal 3.17 % 1,232 (100) 2.87 % 1,147 (13)
Other investments (2) 82 (250) 99 (380)
Total 1,314 (350) 1,246 (393)
Six Months Ended June 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.07 % 2,120 170 2.83 % 1,972 204
Equity securities 3.53 % 27 — 3.63 % 32 —
Commercial mortgage and other loans 3.80 % 325 (14) 3.63 % 322 (15)
Policy loans 3.80 % 49 — 3.84 % 49 —
Short-term investments and cash equivalents 7.54 % 57 — 4.20 % 44 —
Gross investment income before investment expenses 3.20 % 2,578 156 2.96 % 2,419 189
Investment expenses -0.12 % (156) — -0.13 % (162) —
Subtotal 3.08 % 2,422 156 2.83 % 2,257 189
Other investments (2) 226 (557) 154 (119)
Total 2,648 (401) 2,411 70
__________
(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 held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other 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
Second Quarter 2024
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended June 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
Excluding Funds Withheld and Japanese Insurance Operations (4):
Fixed maturities (5) 5.22 % 2,113 (352) 4.96 % 2,060 (169)
Equity securities 3.62 % 29 — 3.02 % 27 —
Commercial mortgage and other loans 4.61 % 394 (58) 4.05 % 316 (13)
Policy loans 4.99 % 48 — 5.01 % 48 —
Short-term investments and cash equivalents 6.75 % 210 1 5.72 % 173 —
Gross investment income before investment expenses 5.17 % 2,794 (409) 4.99 % 2,624 (182)
Investment expenses -0.18 % (195) — -0.12 % (148) —
Subtotal 4.99 % 2,599 (409) 4.87 % 2,476 (182)
Other investments (5) 95 767 174 (251)
Total 2,694 358 2,650 (433)
Six Months Ended June 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
Excluding Funds Withheld and Japanese Insurance Operations (4):
Fixed maturities (5) 5.20 % 4,130 (449) 4.98 % 4,069 (423)
Equity securities 3.16 % 54 — 2.80 % 47 —
Commercial mortgage and other loans 4.51 % 757 (81) 4.01 % 618 (22)
Policy loans 4.98 % 95 — 5.01 % 95 —
Short-term investments and cash equivalents 6.12 % 434 — 6.13 % 367 —
Gross investment income before investment expenses 5.15 % 5,470 (530) 5.02 % 5,196 (445)
Investment expenses -0.19 % (377) — -0.12 % (274) —
Subtotal 4.96 % 5,093 (530) 4.90 % 4,922 (445)
Other investments (5) 262 698 308 (205)
Total 5,355 168 5,230 (650)
__________
(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.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) 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.
(5) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other 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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS
(in millions)
Three Months Ended June 30, 2024
Premiums Policy Charges and Fee Income Asset Management Fees, Commissions and Other Income Insurance and Annuity Benefits Change in estimates of liability for future policy benefits Interest Credited to Policyholders' Account Balances Amortization of Acquisition Costs General and Administrative Expenses Adjusted Operating Income (Loss) Before Income Taxes
Retirement Strategies - Institutional Retirement Strategies (334) — — 44 (510) — — — 132
Retirement Strategies - Individual Retirement Strategies (8) — — — (16) — — — 8
Group Insurance — — — (25) — — — — 25
Individual Life — (22) — — 82 — — (6) (98)
International Businesses - Life Planner 122 — — — 178 — — — (56)
International Businesses - Gibraltar Life and Other 144 — — (1) 144 — — — 1
Corporate and Other — — — — — — — 6 (6)
Total (76) (22) — 18 (122) — — — 6
Three Months Ended June 30, 2023
Premiums Policy Charges and Fee Income Asset Management Fees, Commissions and Other Income Insurance and Annuity Benefits Change in estimates of liability for future policy benefits Interest Credited to Policyholders' Account Balances Amortization of Acquisition Costs General and Administrative Expenses Adjusted Operating Income (Loss) Before Income Taxes
Retirement Strategies - Institutional Retirement Strategies (34) — — 131 (171) — — — 6
Retirement Strategies - Individual Retirement Strategies — — — — — — — — —
Group Insurance 3 — — (33) — — — — 36
Individual Life — (21) — — 5 — — — (26)
International Businesses - Life Planner 48 — — — 53 — — — (5)
International Businesses - Gibraltar Life and Other 226 — — (1) 206 — 3 — 18
Corporate and Other — — — 2 — — — — (2)
Total 243 (21) — 99 93 — 3 — 27

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Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Six Months Ended June 30, 2023
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 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 Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 842 233 — — 23,357 15,201 — — — 836 235 — — 16,272
Policy charges and fee income 72 — (57) — 9 — — 2,141 2,105 83 — 19 — — — — 2,207
Net investment income (9) — — 1,023 261 — — 9,613 7,483 (9) — — 980 342 — — 8,796
Realized investment gains (losses), net (3) 113 — — (299) (30) — — (474) 246 (806) — — (130) (31) — — (721)
Asset management fees, commissions and other income 366 — — 207 352 (56) — 3,929 2,530 749 — — 240 408 (29) — 3,898
Change in value of market risk benefits, net of related hedging gains (losses) — (174) — — — — — (174) — — 91 — — — — — 91
Total revenues 542 (174) (58) 1,773 825 (56) — 38,392 27,565 17 91 19 1,926 954 (29) — 30,543
Benefits and expenses:
Insurance and annuity benefits 3 — (3) 1,625 388 — — 25,924 16,519 (74) — 3 1,775 364 — — 18,587
Change in estimates of liability for future policy benefits 12 — (70) — (121) — — (193) 181 32 — (29) — 96 — — 280
Interest credited to policyholders' account balances 480 — — 59 88 — — 2,385 1,536 433 — — 59 102 — — 2,130
Interest expense — — — — 6 — — 1,015 896 — — — 1 3 — — 900
Deferral of acquisition costs — — — — (1) — — (1,262) (1,115) — — — — — — — (1,115)
Amortization of acquisition costs 16 — — 6 3 — — 750 710 14 — — 7 — — — 731
General and administrative expenses — — — 146 459 14 13 6,968 6,111 — — — 136 298 2 15 6,562
Total benefits and expenses 511 — (73) 1,836 822 14 13 35,587 24,838 405 — (26) 1,978 863 2 15 28,075
__________
(1) See page 40 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 (157) million for six months ended June 30, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 474 million and certain derivatives of (20) million for six months ended June 30, 2024.

All values are in US Dollars.

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Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2023
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 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 Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — — 433 110 — — 7,820 6,368 — — — 430 111 — — 6,909
Policy charges and fee income 22 — — — 2 — — 1,085 1,032 46 — (5) — — — — 1,073
Net investment income (5) — — 509 127 — — 4,849 3,813 (4) — — 499 168 — — 4,476
Realized investment gains (losses), net (3) 198 — — (174) (34) — — (166) 109 (911) — — (113) (23) — — (938)
Asset management fees, commissions and other income 19 — — 43 106 (17) — 1,592 1,261 374 — — 139 198 (10) — 1,962
Change in value of market risk benefits, net of related hedging gains (losses) — (297) — — — — — (297) — — 16 — — — — — 16
Total revenues 234 (297) — 811 311 (17) — 14,883 12,583 (495) 16 (5) 955 454 (10) — 13,498
Benefits and expenses:
Insurance and annuity benefits (47) — (2) 766 186 — — 9,040 6,931 (42) — (1) 900 176 — — 7,964
Change in estimates of liability for future policy benefits 10 — (45) — (112) — — (176) 159 8 — (1) — 89 — — 255
Interest credited to policyholders' account balances 135 — — 29 41 — — 1,102 780 289 — — 29 51 — — 1,149
Interest expense — — — 1 4 — — 485 457 — — — — 2 — — 459
Deferral of acquisition costs — — — — — — — (614) (546) — — — — — — — (546)
Amortization of acquisition costs 8 — — 3 1 — — 375 355 7 — — 4 — — — 366
General and administrative expenses — — — 72 153 26 5 3,256 3,000 — — — 70 137 16 7 3,230
Total benefits and expenses 106 — (47) 871 273 26 5 13,468 11,136 262 — (2) 1,003 455 16 7 12,877
__________
(1) See page 40 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 (94) million for three months ended June 30, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 212 million and certain derivatives of (4) million for three months ended June 30, 2024.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended December 31, 2023
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 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 Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 392 123 — — 4,173 6,364 — — 2 447 106 — — 6,919
Policy charges and fee income 12 — 40 — — — — 1,112 1,059 142 — 7 — — — — 1,208
Net investment income (5) — — 511 173 — — 4,571 3,918 (4) — — 468 116 — — 4,498
Realized investment gains (losses), net (3) (2,126) — — (231) (92) — — (2,402) (4) (510) — — (19) 41 — — (492)
Asset management fees, commissions and other income (277) — — (57) 119 (22) — 1,149 1,529 663 — — 229 348 (34) — 2,735
Change in value of market risk benefits, net of related hedging gains (losses) — (251) — — — — — (251) — — 216 — — — — — 216
Total revenues (2,396) (251) 39 615 323 (22) — 8,352 12,866 291 216 9 1,125 611 (34) — 15,084
Benefits and expenses:
Insurance and annuity benefits 91 — 4 515 202 — — 5,160 7,130 (122) — (9) 1,072 182 — — 8,253
Change in estimates of liability for future policy benefits 2 — (108) — 8 — — (49) 20 18 — 96 — (28) — — 106
Interest credited to policyholders' account balances (5) — — 30 43 — — 872 836 73 — — 29 43 — — 981
Interest expense — — — (1) 3 — — 421 439 — — — — 3 — — 442
Deferral of acquisition costs — — — — — — — (576) (637) — — — — — — — (637)
Amortization of acquisition costs 7 — — 3 — — — 361 356 8 — — 3 — — — 367
Goodwill impairment — — — — — — — — — — — — — 177 — — 177
General and administrative expenses — — — 66 180 (11) 9 3,221 3,467 — — — 71 191 (8) 12 3,733
Total benefits and expenses 95 — (104) 613 436 (11) 9 9,410 11,611 (23) — 87 1,175 568 (8) 12 13,422
__________
(1) See page 40 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 assets not passed back to reinsurers of (77) million for three months ended December 31, 2023. Also includes changes in the value of the funds withheld embedded derivatives associated with available-for-sale securities of (503) million and certain derivatives of 35 million for three months ended December 31, 2023.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
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 Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 409 123 — — 15,537
Policy charges and fee income 50 — (57) — 7 — — 1,056
Net investment income (4) — — 514 134 — — 4,764
Realized investment gains (losses), net (3) (85) — — (125) 4 — — (308)
Asset management fees, commissions and other income 347 — — 164 246 (39) — 2,337
Change in value of market risk benefits, net of related hedging gains (losses) — 123 — — — — — 123
Total revenues 308 123 (58) 962 514 (39) — 23,509
Benefits and expenses:
Insurance and annuity benefits 50 — (1) 859 202 — — 16,884
Change in estimates of liability for future policy benefits 2 — (25) — (9) — — (17)
Interest credited to policyholders' account balances 345 — — 30 47 — — 1,283
Interest expense — — — (1) 2 — — 530
Deferral of acquisition costs — — — — (1) — — (648)
Amortization of acquisition costs 8 — — 3 2 — — 375
General and administrative expenses — — — 74 306 (12) 8 3,712
Total benefits and expenses 405 — (26) 965 549 (12) 8 22,119
__________
(1) See page 40 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 (63) million for three months ended March 31, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 262 million and certain derivatives of (16) million for three months ended March 31, 2024.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
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. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income.
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.
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 IRS 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 Gibraltar 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
Second Quarter 2024
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 a premium, net of any amount 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. Gibraltar Life:
Includes results from the Japan operation.
13. Gibraltar Life Consultants:
Captive insurance agents for Gibraltar Life.
14. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
15. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:
Ratio of administrative operating expenses (excluding commissions) to gross premiums, and net policy charges and fee income.
16. 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.
17. 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.
18. 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.
19. International Life Planners:
Captive insurance Advisors in our Life Planner operations.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2024
KEY DEFINITIONS AND FORMULAS
20. 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.
21. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.
22. PGIM Asset Under Management Classifications:
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.
23. 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).
24. 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.
25. Prudential Advisors:
Captive financial professionals in our insurance operations in the United States.
26. 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.
27. 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.
28. 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. image14.jpg
Quarterly Financial Supplement
Second Quarter 2024
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of August 1, 2024
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 August 1, 2024
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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