Equibles

8-K

PRUDENTIAL FINANCIAL INC (PRU)

8-K 2025-07-30 For: 2025-07-30
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): July 30, 2025

___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

___________________________

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

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

___________________________

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

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

Item 7.01    Regulation FD Disclosure.

A. Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for second quarter 2025.
B. Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Thursday, July 31, 2025 at 11:00 A.M. ET, to discuss the Company's second quarter 2025 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 News release of Prudential Financial, Inc. datedJuly30, 2025, announcingsecondquarter 2025 results (furnished and not filed).
99.2 Quarterly Financial Supplement for Prudential Financial, Inc. forsecondquarter 2025 (furnished and not filed).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

Date: July 30, 2025

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

Document

Exhibit 99.1

earningsreleasebanner.jpg

July 30, 2025

Prudential Financial, Inc. Announces

Second Quarter 2025 Results

•Net income attributable to Prudential Financial, Inc. of $533 million or $1.48 per Common share versus net income of $1.198 billion or $3.28 per share for the year-ago quarter. The current quarter included a net after-tax charge from our annual assumption update and other refinements of $134 million or $0.37 per Common share versus a benefit of $679 million or $1.86 per share in the year-ago quarter.

•After-tax adjusted operating income of $1.284 billion or $3.58 per Common share versus $1.197 billion or $3.28 per share for the year-ago quarter. The current quarter included a net after-tax charge from our annual assumption update and other refinements of $36 million or $0.10 per Common share versus a benefit of $5 million or $0.01 per share in the year-ago quarter.

•Book value per Common share of $85.98 versus $77.51 per share for the year-ago quarter; adjusted book value per Common share of $96.41 versus $98.42 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $3.9 billion versus $4.4 billion for the year-ago quarter.

•Assets under management(2) of $1.580 trillion versus $1.482 trillion for the year-ago quarter.

•Capital returned to shareholders of $735 million, including $250 million of share repurchases and $485 million of dividends, versus $725 million in the year-ago quarter. Dividends paid in the second quarter were $1.35 per Common share, representing a 5.6% yield on adjusted book value.

Andy Sullivan, CEO, commented on results:

“Our second quarter financial performance reflects continued positive momentum with solid sales across our global retirement and insurance businesses as well as strong investment performance in PGIM.

We remain focused on driving sustainable growth by sharpening our strategy, improving our financial performance, and fostering a high-performance culture.

During the second quarter, we made early progress towards achieving these priorities by launching the integration of PGIM's multi-manager model into a single unified asset management business, including a $1 trillion public and private credit platform. Our new structure enables us to better serve clients with differentiated origination and alpha-generating

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

capabilities, including the rapidly growing market for private credit solutions, and to drive operating efficiencies, cross-selling opportunities, and increased revenue over time.

Looking ahead, we are focused on driving growth and long-term value for our shareholders, while continuing to navigate the current macroeconomic environment with discipline and the support of our robust financial strength."

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported second quarter results. Net income attributable to Prudential Financial, Inc. was $533 million ($1.48 per Common share) for the second quarter of 2025, compared to net income of $1.198 billion ($3.28 per Common share) for the second quarter of 2024. After-tax adjusted operating income was $1.284 billion ($3.58 per Common share) for the second quarter of 2025, compared to $1.197 billion ($3.28 per Common share) for the second quarter of 2024.

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

RESULTS OF ONGOING OPERATIONS

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

PGIM

PGIM, the Company’s global investment management business, reported adjusted operating income of $229 million for the second quarter of 2025, compared to $206 million in the year-ago quarter. This increase primarily reflects higher asset management fees, partially offset by higher expenses to support business growth.

PGIM assets under management of $1.441 trillion were up 8% from the year-ago quarter driven by fixed income and equity market appreciation, net inflows, and strong investment performance. Total net flows in the quarter of $0.4 billion reflect affiliated net inflows of $0.6 billion, partially offset by $0.2 billion of third-party net outflows. Third-party institutional inflows of $2.6 billion were positive across fixed income, private alternatives, and equity. Third-party retail outflows were $2.8 billion mainly driven by equity outflows due to market volatility.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $955 million for the second quarter of 2025, compared to $1,023 million in the year-ago quarter. This decrease includes an unfavorable comparable impact from our annual assumption update and other refinements of $111 million. Excluding this item, current quarter results primarily reflect more favorable underwriting results, partially offset by lower fee income, net of distribution expenses and other associated costs.

Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $722 million for the second quarter of 2025, compared to $989 million in the year-ago quarter.

Institutional Retirement Strategies:

•Reported adjusted operating income of $396 million in the current quarter, compared to $550 million in the year-ago quarter. This decrease includes an unfavorable comparable impact from our annual assumption update and other refinements of $164 million. Excluding this item, current quarter results primarily reflect more favorable underwriting results.

•Net account values of $298 billion increased 13% from the year-ago quarter, reflecting the benefits of business growth and market appreciation. Sales in the current quarter of $8.9 billion reflect longevity risk transfer transactions totaling $5.6 billion, including our second transaction in the Netherlands. Year-to-date sales of $15.9 billion increased 6% from prior year-to-date.

Individual Retirement Strategies:

•Reported adjusted operating income of $326 million in the current quarter, compared to $439 million in the year-ago quarter. This decrease includes an unfavorable comparable impact from our annual assumption update and other refinements of $89 million. Excluding this item, current quarter results primarily reflect lower fee income, net of distribution expenses and other associated costs, partially offset by higher net investment spread results.

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

•Net account values of $132 billion increased 6% from the year-ago quarter driven by market appreciation, positive net flows from registered index-linked and fixed annuity products, partially offset by net outflows from the run-off of our legacy traditional variable annuity block. Sales of $3.1 billion in the current quarter decreased 10% from the year-ago quarter, as continued momentum in fixed annuities was more than offset by a decrease in sales of registered index-linked products.

Group Insurance:

•Reported adjusted operating income of $125 million in the current quarter, compared to $121 million in the year-ago quarter. This increase includes an unfavorable comparable impact from our annual assumption update and other refinements of $14 million. Excluding this item, current quarter results primarily reflect more favorable underwriting results.

•Year-to-date sales of $477 million increased 13% from prior year-to-date, driven by growth in both group life and disability.

Individual Life:

•Reported adjusted operating income of $108 million in the current quarter, compared to a loss of $87 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $156 million. Excluding this item, current quarter results primarily reflect more favorable underwriting results, partially offset by lower net investment spread results.

•Sales of $223 million increased 10% from the year-ago quarter, driven by higher variable life and term product sales.

International Businesses

International Businesses reported adjusted operating income of $761 million for the second quarter of 2025, compared to $702 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $53 million. Excluding this item, current quarter results primarily reflect more favorable underwriting results and higher net investment spread results, partially offset by higher expenses to support business growth.

Constant dollar basis sales(4) of $541 million in the current quarter increased 4% from the year-ago quarter, reflecting growth of retirement and savings product sales in Japan.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $280 million for the second quarter of 2025, compared to a loss of $371 million in the year-ago quarter. This lower loss primarily reflects lower expenses and higher net investment income.

NET INCOME

Net income in the current quarter included $516 million of pre-tax net realized investment losses and related charges and adjustments, including $78 million of pre-tax net credit-related losses, $426 million of pre-tax losses related to net change in value of market risk benefits, $6 million of pre-tax losses from divested and run-off businesses, and $42 million of pre-tax gains related to market experience updates.

Net income for the year-ago quarter included $175 million of pre-tax net realized investment gains and related charges and adjustments, including $74 million of pre-tax net 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.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Thursday, July 31, 2025, 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 14. To access a replay via phone starting at

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3:00 p.m. ET on July 31 through August 14, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13754272.

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FORWARD-LOOKING STATEMENTS

Certain of the statements included in this release, including those regarding sustainable growth, earnings performance, the expected impact of organizational changes within PGIM, and long-term value for our shareholders, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.

NON-GAAP MEASURES

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

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

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

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

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rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.

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

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

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

FOOTNOTES

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

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

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

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

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of June 30, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock

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symbol has stood for strength, stability, expertise, and innovation for 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,
2025 2024 2025 2024
Adjusted operating income (loss) before income taxes (1):
PGIM $ 229 $ 206 $ 385 $ 375
U.S. Businesses 955 1,023 1,886 1,828
International Businesses 761 702 1,609 1,598
Corporate and Other (280) (371) (695) (806)
Total adjusted operating income (loss) before income taxes $ 1,665 $ 1,560 $ 3,185 $ 2,995
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments $ (516) $ 175 $ (762) $ 112
Change in value of market risk benefits, net of related hedging gains (losses) (426) (297) (777) (174)
Market experience updates 42 47 81 15
Divested and Run-off Businesses:
Closed Block division (18) (60) (40) (63)
Other Divested and Run-off Businesses 12 38 (39) 3
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (18) (43) (15) (70)
Other adjustments (2) (1) (5) 27 (13)
Total reconciling items, before income taxes (925) (145) (1,525) (190)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 740 $ 1,415 $ 1,660 $ 2,805
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc. $ 533 $ 1,198 $ 1,240 $ 2,336
Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 33 (27) 68 (14)
Net income (loss) 566 1,171 1,308 2,322
Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 33 (27) 68 (14)
Income (loss) attributable to Prudential Financial, Inc. 533 1,198 1,240 2,336
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (12) 47 (18) 84
Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities 545 1,151 1,258 2,252
Less: Total reconciling items, before income taxes (925) (145) (1,525) (190)
Less: Income taxes, not applicable to adjusted operating income (loss) (186) (99) (311) (130)
Total reconciling items, after income taxes (739) (46) (1,214) (60)
After-tax adjusted operating income (loss) (1) 1,284 1,197 2,472 2,312
Income taxes, applicable to adjusted operating income 381 363 713 683
Adjusted operating income (loss) before income taxes (1) $ 1,665 $ 1,560 $ 3,185 $ 2,995
See footnotes on last page.

Page 1

Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc. $ 1.48 $ 3.28 $ 3.44 $ 6.40
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments (1.45) 0.49 (2.14) 0.31
Change in value of market risk benefits, net of related hedging gains (losses) (1.20) (0.82) (2.19) (0.48)
Market experience updates 0.12 0.13 0.23 0.04
Divested and Run-off Businesses:
Closed Block division (0.05) (0.17) (0.11) (0.17)
Other Divested and Run-off Businesses 0.03 0.11 (0.11) 0.01
Difference in earnings allocated to participating unvested share-based payment awards 0.02 — 0.04 —
Other adjustments (2) — (0.01) 0.08 (0.04)
Total reconciling items, before income taxes (2.53) (0.27) (4.20) (0.33)
Less: Income taxes, not applicable to adjusted operating income (loss) (0.43) (0.27) (0.77) (0.39)
Total reconciling items, after income taxes (2.10) — (3.43) 0.06
After-tax adjusted operating income (loss) $ 3.58 $ 3.28 $ 6.87 $ 6.34
Weighted average number of outstanding common shares - basic 353.1 358.8 353.7 358.9
Weighted average number of outstanding common shares - diluted 354.9 360.5 355.5 360.5
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. $ 533 $ 1,198 $ 1,240 $ 2,336
Less: Earnings allocated to participating unvested share-based payment awards 6 14 16 29
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 527 $ 1,184 $ 1,224 $ 2,307
After-tax adjusted operating income (loss) (1) $ 1,284 $ 1,197 $ 2,472 $ 2,312
Less: Earnings allocated to participating unvested share-based payment awards 13 13 29 28
After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,271 $ 1,184 $ 2,443 $ 2,284
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period $ 30,582 $ 28,013
Less: Accumulated other comprehensive income (AOCI) (3,921) (7,444)
GAAP book value excluding AOCI 34,503 35,457
Less: Cumulative change in fair value of funds withheld embedded derivatives 67 178
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 144 (291)
Adjusted book value $ 34,292 $ 35,570
End of period number of common shares - diluted 355.7 361.4
GAAP book value per common share - diluted $ 85.98 $ 77.51
GAAP book value excluding AOCI per share - diluted $ 97.00 $ 98.11
Adjusted book value per common share - diluted $ 96.41 $ 98.42
See footnotes on last page.

Page 2

Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period) (3):
Institutional customers - Third Party $ 647.6 $ 585.2
Retail customers - Third Party 256.7 234.5
Affiliated 536.4 508.4
Total PGIM $ 1,440.7 $ 1,328.1
Institutional Customers - Assets Under Management (in billions) (3):
Gross additions, excluding money market $ 22.1 $ 16.9 $ 45.9 $ 62.1
Net additions (withdrawals), excluding realizations, distributions and money market $ 2.6 $ (6.4) $ 10.2 $ 21.7
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 16.0 $ 14.5 $ 33.7 $ 30.2
Net additions (withdrawals), excluding money market $ (2.8) $ (0.6) $ (3.0) $ (0.1)
Affiliated - Assets Under Management (in billions) (3):
Gross additions, excluding money market $ 19.8 $ 19.1 $ 40.4 $ 46.0
Net additions (withdrawals), excluding realizations, distributions and money market $ 0.6 $ 1.9 $ 0.5 $ 9.1
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions $ 8,854 $ 4,011 $ 15,905 $ 15,001
Net additions (withdrawals) $ 3,329 $ (2,153) $ 3,738 $ 2,420
Total account value at end of period, net $ 298,407 $ 264,999
Individual Retirement Strategies:
Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:
Gross sales (4) $ 3,135 $ 3,479 $ 6,608 $ 6,784
Sales, net of full surrenders and death benefits $ 534 $ 697 $ 1,121 $ 1,446
Total account value at end of period, net $ 131,519 $ 123,899
Group Insurance:
Annualized New Business Premiums (5):
Group life $ 35 $ 27 $ 260 $ 216
Group disability 42 19 217 208
Total $ 77 $ 46 $ 477 $ 424
Individual Life:
Annualized New Business Premiums (5):
Term life $ 39 $ 34 $ 71 $ 65
Universal life 24 22 48 42
Variable life 160 147 314 263
Total $ 223 $ 203 $ 433 $ 370
International Businesses:
International Businesses:
Annualized New Business Premiums (5)(6):
Actual exchange rate basis $ 541 $ 519 $ 1,117 $ 1,036
Constant exchange rate basis $ 541 $ 521 $ 1,127 $ 1,029
See footnotes on last page.

Page 3

Financial Highlights
(in billions, as of end of period, unaudited)
June 30,
2025 2024
Assets and Assets Under Management and Administration:
Total assets (3) $ 759.0 $ 715.3
Assets under management (at fair market value):
PGIM $ 1,440.7 $ 1,328.1
U.S. Businesses 113.8 124.6
International Businesses 19.4 17.9
Corporate and Other 6.4 11.4
Total assets under management 1,580.3 1,482.0
Assets under administration 193.2 183.9
Total assets under management and administration $ 1,773.5 $ 1,665.9

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

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Document

Table of Contents

Exhibit 99.2

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

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
TABLE OF CONTENTS
Page
HIGHLIGHTS
Financial Metrics Summary 1
Financial Highlights 2
Other Financial Highlights 3
Operations Highlights 4
Combined Statements of Operations 5
Consolidated Balance Sheets 6
Combining Balance Sheets 7
Short-Term and Long-Term Debt - Unaffiliated 8
PGIM
Statements of Operations 9
Supplementary Revenue and Assets Under Management Information 10
Supplementary Assets Under Management Information 11
U.S.BUSINESSES
Combined Statements of Operations 12
Combined Statements of Operations - Retirement Strategies 13
Statements of Operations - Institutional Retirement Strategies 14
Institutional Retirement Strategies Sales Results and Account Values 15
Statements of Operations - Individual Retirement Strategies 16
Individual Retirement Strategies Sales Results and Account Values 17
Individual Retirement Strategies Account Value Activity 18
Individual Retirement Strategies Market Risk Benefit Features 19
Statements of Operations - Group Insurance 20
Group Insurance Supplementary Information 21
Statements of Operations - Individual Life 22
Individual Life Supplementary Information 23
INTERNATIONAL BUSINESSES
Statements of Operations - International Businesses 24
Sales Results and Supplementary Information 25
CORPORATE AND OTHER
Statements of Operations 27
INVESTMENT PORTFOLIO
Investment Portfolio Composition 28
Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations 29
Investment Results 30
Investment Results - Japanese Insurance Operations 31
Investment Results - Excluding Japanese Insurance Operations 32
ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS 33
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES 34
KEY DEFINITIONS AND FORMULAS 38
RATINGS AND INVESTOR INFORMATION 41

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM 206 241 259 156 229 375 385 3%
U.S. Businesses 1,023 1,040 860 931 955 1,828 1,886 3%
International Businesses 702 766 742 848 761 1,598 1,609 1%
Corporate and Other (371) (487) (490) (415) (280) (806) (695) 14%
Total adjusted operating income (loss) before income taxes 1,560 1,560 1,371 1,520 1,665 2,995 3,185 6%
Income taxes, applicable to adjusted operating income 363 352 303 332 381 683 713 4%
After-tax adjusted operating income (loss) 1,197 1,208 1,068 1,188 1,284 2,312 2,472 7%
Income (loss) attributable to Prudential Financial, Inc. 1,198 448 (57) 707 533 2,336 1,240 -47%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1) 13.5 % 13.6 % 12.2 % 13.8 % 14.9 % 13.1 % 14.4 %
Return on Average Equity (based on net income (loss)) 17.4 % 6.1 % -0.8 % 9.8 % 7.1 % 16.9 % 8.4 %
Distributions to Shareholders
Dividends paid 475 471 470 486 485 951 971 2%
Share repurchases 250 250 250 250 250 500 500 —%
Total capital returned 725 721 720 736 735 1,451 1,471 1%
Per Share Data
Net income (loss) - diluted (2) 3.28 1.24 (0.17) 1.96 1.48 6.40 3.44 -46%
Adjusted Operating Income - diluted 3.28 3.33 2.96 3.29 3.58 6.34 6.87 8%
Shareholder dividends 1.30 1.30 1.30 1.35 1.35 2.60 2.70 4%
GAAP book value - diluted 77.51 84.47 77.62 83.59 85.98
Adjusted book value - diluted (3) 98.42 98.71 95.82 96.37 96.41
Shares Outstanding
Weighted average number of common shares - basic 358.8 356.9 355.4 354.3 353.1 358.9 353.7 -1%
Weighted average number of common shares - diluted 360.5 358.7 357.3 356.1 354.9 360.5 355.5 -1%
End of period common shares - basic 357.7 355.9 354.6 354.0 351.9
End of period common shares - diluted 361.4 360.1 359.1 357.5 355.7
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.
(2) For the three months ended December 31, 2024 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended December 31, 2024 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income (loss) 3.28 3.33 2.96 3.29 3.58 6.34 6.87
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments 0.49 (2.05) (4.27) (0.69) (1.45) 0.31 (2.14)
Change in value of market risk benefits, net of related hedging gains (losses) (0.82) (0.41) (0.22) (0.99) (1.20) (0.48) (2.19)
Market experience updates 0.13 (0.35) 0.17 0.11 0.12 0.04 0.23
Divested and Run-off Businesses:
Closed Block division (0.17) 0.01 (0.15) (0.06) (0.05) (0.17) (0.11)
Other Divested and Run-off Businesses 0.11 0.13 (0.06) (0.14) 0.03 0.01 (0.11)
Difference in earnings allocated to participating unvested share-based payment awards — 0.02 0.02 0.02 0.02 — 0.04
Other adjustments (1) (0.01) (0.01) (0.01) 0.08 — (0.04) 0.08
Total reconciling items, before income taxes (0.27) (2.66) (4.52) (1.67) (2.53) (0.33) (4.20)
Income taxes, not applicable to adjusted operating income (0.27) (0.57) (1.39) (0.34) (0.43) (0.39) (0.77)
Total reconciling items, after income taxes — (2.09) (3.13) (1.33) (2.10) 0.06 (3.43)
Net income (loss) attributable to Prudential Financial, Inc. 3.28 1.24 (0.17) 1.96 1.48 6.40 3.44
Weighted average number of outstanding common shares - basic 358.8 356.9 355.4 354.3 353.1 358.9 353.7
Weighted average number of outstanding common shares - diluted 360.5 358.7 357.3 356.1 354.9 360.5 355.5
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. 1,198 448 (57) 707 533 2,336 1,240
Less: Earnings allocated to participating unvested share-based payment awards 14 5 5 10 6 29 16
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 1,184 443 (62) 697 527 2,307 1,224
After-tax adjusted operating income (loss) 1,197 1,208 1,068 1,188 1,284 2,312 2,472
Less: Earnings allocated to participating unvested share-based payment awards 13 13 12 16 13 28 29
After-tax adjusted operating income for earnings per share of Common Stock calculation 1,184 1,195 1,056 1,172 1,271 2,284 2,443
___________
(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 2025
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2024 2025
2Q 3Q 4Q 1Q 2Q
Capitalization Data (1):
Senior debt:
Short-term debt 588 950 953 1,406 1,373
Long-term debt 10,771 10,487 10,600 10,949 11,056
Junior subordinated long-term debt 8,582 8,589 8,587 8,591 7,595
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period 28,013 30,416 27,872 29,883 30,582
Less: Accumulated other comprehensive income (AOCI) (7,444) (4,844) (6,711) (4,741) (3,921)
GAAP book value excluding AOCI (2) 35,457 35,260 34,583 34,624 34,503
Less: Cumulative change in fair value of funds withheld embedded derivatives (3) 178 (238) 141 62 67
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) (291) (49) 34 108 144
Adjusted book value 35,570 35,547 34,408 34,454 34,292
Book Value per Share of Common Stock:
GAAP book value per common share - diluted 77.51 84.47 77.62 83.59 85.98
GAAP book value excluding AOCI per share - diluted (2) 98.11 97.92 96.30 96.85 97.00
Adjusted book value per common share - diluted 98.42 98.71 95.82 96.37 96.41
End of period number of common shares - diluted 361.4 360.1 359.1 357.5 355.7
Common Stock Price Range (based on closing price):
High 121.31 127.32 129.52 122.33 112.71
Low 107.35 105.53 114.59 105.04 95.12
Close 117.19 121.10 118.53 111.68 107.44
Common Stock market capitalization (1) 41,919 43,099 42,031 39,535 37,808
__________
(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. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
OPERATIONS HIGHLIGHTS
2024 2025
2Q 3Q 4Q 1Q 2Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers - Third Party 585.2 610.3 601.1 620.2 647.6
Retail customers - Third Party 234.5 245.1 244.9 240.6 256.7
Affiliated 508.4 544.5 529.2 524.5 536.4
Total PGIM 1,328.1 1,399.9 1,375.2 1,385.3 1,440.7
U.S. Businesses 124.6 128.6 112.6 111.3 113.8
International Businesses 17.9 18.1 18.4 19.3 19.4
Corporate and Other 11.4 11.3 6.2 6.2 6.4
Total assets under management 1,482.0 1,557.9 1,512.4 1,522.1 1,580.3
Assets under administration 183.9 189.8 173.5 180.4 193.2
Total assets under management and administration 1,665.9 1,747.7 1,685.9 1,702.5 1,773.5
Distribution Representatives (1):
Prudential Advisors 2,821 2,877 2,794 2,906 2,985
Life Planners 5,836 5,900 6,035 6,175 6,161
Life Consultants 6,724 6,861 6,844 6,840 6,822
__________
(1) As of end of period.
(2) At fair market value.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
COMBINED STATEMENTS OF OPERATIONS
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums 7,277 12,527 5,935 6,446 6,426 22,283 12,872 -42%
Policy charges and fee income 1,061 1,098 1,062 1,108 1,070 2,117 2,178 3%
Net investment income 4,218 4,436 4,601 4,519 4,600 8,338 9,119 9%
Asset management fees, commissions and other income 1,293 1,428 1,411 1,339 1,410 2,817 2,749 -2%
Total revenues 13,849 19,489 13,009 13,412 13,506 35,555 26,918 -24%
Benefits and expenses (1):
Insurance and annuity benefits 8,137 13,321 6,843 7,344 7,195 23,911 14,539 -39%
Change in estimates of liability for future policy benefits (29) 66 56 (14) 100 (14) 86 714%
Interest credited to policyholders' account balances 952 1,038 1,057 1,083 1,135 1,854 2,218 20%
Interest expense 480 485 525 522 526 1,009 1,048 4%
Deferral of acquisition costs (614) (636) (704) (684) (689) (1,261) (1,373) -9%
Amortization of acquisition costs 363 356 364 376 392 725 768 6%
Operating expenses 1,511 1,717 1,810 1,624 1,634 3,343 3,258 -3%
Variable expenses 1,489 1,582 1,687 1,641 1,548 2,993 3,189 7%
Total benefits and expenses 12,289 17,929 11,638 11,892 11,841 32,560 23,733 -27%
Adjusted operating income (loss) before income taxes 1,560 1,560 1,371 1,520 1,665 2,995 3,185 6%
Income taxes, applicable to adjusted operating income 363 352 303 332 381 683 713 4%
After-tax adjusted operating income 1,197 1,208 1,068 1,188 1,284 2,312 2,472 7%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments 175 (737) (1,525) (246) (516) 112 (762) -780%
Change in value of market risk benefits, net of related hedging gains (losses) (297) (146) (77) (351) (426) (174) (777) -347%
Market experience updates 47 (127) 60 39 42 15 81 440%
Divested and Run-off Businesses:
Closed Block division (60) 2 (52) (22) (18) (63) (40) 37%
Other Divested and Run-off Businesses 38 47 (20) (51) 12 3 (39) -1400%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (43) (43) 97 3 (18) (70) (15) 79%
Other adjustments (2) (5) (3) (3) 28 (1) (13) 27 308%
Total reconciling items, before income taxes (145) (1,007) (1,520) (600) (925) (190) (1,525) -703%
Income taxes, not applicable to adjusted operating income (99) (212) (489) (125) (186) (130) (311) -139%
Total reconciling items, after income taxes (46) (795) (1,031) (475) (739) (60) (1,214) -1923%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 1,415 553 (149) 920 740 2,805 1,660 -41%
Income tax expense (benefit) 264 140 (186) 207 195 553 402 -27%
Income (loss) before equity in earnings of joint ventures and other operating entities 1,151 413 37 713 545 2,252 1,258 -44%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 47 35 (94) (6) (12) 84 (18) -121%
Income (loss) attributable to Prudential Financial, Inc. 1,198 448 (57) 707 533 2,336 1,240 -47%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests (27) 3 130 35 33 (14) 68 586%
Net income (loss) 1,171 451 73 742 566 2,322 1,308 -44%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests (27) 3 130 35 33 (14) 68 586%
Net income (loss) attributable to Prudential Financial, Inc. 1,198 448 (57) 707 533 2,336 1,240 -47%
____________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 34-37 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. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
CONSOLIDATED BALANCE SHEETS
(in millions)
09/30/2024 12/31/2024 03/31/2025 06/30/2025
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value 340,730 311,570 315,914 328,302
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses — — — —
Fixed maturities, trading, at fair value 12,065 12,530 13,278 14,020
Assets supporting experience-rated contractholder liabilities, at fair value 3,654 3,707 3,769 4,282
Equity securities, at fair value 6,771 9,417 8,720 7,434
Commercial mortgage and other loans 62,573 62,341 62,694 62,966
Policy loans 9,947 9,795 9,876 9,946
Other invested assets 25,367 26,351 26,739 27,256
Short-term investments 8,010 9,069 8,716 6,375
Total investments 469,117 444,780 449,706 460,581
Cash and cash equivalents 20,198 18,497 16,063 16,638
Accrued investment income 3,566 3,441 3,383 3,560
Deferred policy acquisition costs 21,182 20,448 20,790 21,222
Value of business acquired 488 435 446 450
Market risk benefit assets 2,134 2,331 2,139 2,188
Reinsurance recoverables and deposit receivables 29,633 37,680 43,982 44,152
Income tax assets 479 866 300 839
Other assets 13,090 13,737 14,262 14,561
Separate account assets 200,550 193,372 188,191 194,761
Total assets 760,437 735,587 739,262 758,952
Liabilities:
Future policy benefits 285,474 268,912 269,969 270,133
Policyholders' account balances 164,088 166,254 170,278 180,931
Market risk benefit liabilities 5,178 4,455 5,021 4,859
Reinsurance and funds withheld payables 17,443 17,084 17,347 17,126
Securities sold under agreements to repurchase 7,455 6,796 7,549 8,205
Cash collateral for loaned securities 8,471 9,621 9,507 9,167
Income tax liabilities — — — —
Short-term debt 950 953 1,406 1,373
Long-term debt 19,076 19,187 19,540 18,651
Other liabilities 17,578 17,397 16,789 18,872
Notes issued by consolidated variable interest entities 1,456 1,430 1,443 1,758
Separate account liabilities 200,550 193,372 188,191 194,761
Total liabilities 727,719 705,461 707,040 725,836
Mezzanine Equity:
Redeemable noncontrolling interests 2,027 1,939 2,019 2,213
Total mezzanine equity 2,027 1,939 2,019 2,213
Equity:
Accumulated other comprehensive income (loss) (4,844) (6,711) (4,741) (3,921)
Other equity (1) 35,260 34,583 34,624 34,503
Total Prudential Financial, Inc. equity 30,416 27,872 29,883 30,582
Noncontrolling interests 275 315 320 321
Total equity 30,691 28,187 30,203 30,903
Total liabilities, mezzanine equity and equity 760,437 735,587 739,262 758,952
____________
(1) Includes 67 million, 62 million, 141 million, (238) million and 178 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
COMBINING BALANCE SHEETS
(in millions)
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 47,212 413,369 3,149 216,033 162,716 31,471
Deferred policy acquisition costs 150 21,072 — 11,999 9,679 (606)
Other assets 1,096 81,292 5,021 52,881 18,863 4,527
Separate account assets — 194,761 29,284 169,250 — (3,773)
Total assets 48,458 710,494 37,454 450,163 191,258 31,619
Liabilities:
Future policy benefits 41,927 228,206 — 118,203 101,221 8,782
Policyholders' account balances 4,293 176,638 — 111,930 60,075 4,633
Debt — 20,024 1,716 4,664 187 13,457
Other liabilities 3,853 56,134 2,631 29,735 9,182 14,586
Separate account liabilities — 194,761 29,284 169,250 — (3,773)
Total liabilities 50,073 675,763 33,631 433,782 170,665 37,685
Mezzanine Equity:
Redeemable noncontrolling interests — 2,213 725 — — 1,488
Total mezzanine equity — 2,213 725 — — 1,488
Equity:
Accumulated other comprehensive income (loss) (146) (3,775) (39) (977) (559) (2,200)
Other equity (1) (1,480) 35,983 2,981 17,278 21,123 (5,399)
Total Prudential Financial, Inc. equity (1,626) 32,208 2,942 16,301 20,564 (7,599)
Noncontrolling interests 11 310 156 80 29 45
Total equity (1,615) 32,518 3,098 16,381 20,593 (7,554)
Total liabilities, mezzanine equity and equity 48,458 710,494 37,454 450,163 191,258 31,619
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 47,466 397,314 2,624 204,091 159,678 30,921
Deferred policy acquisition costs 156 20,292 — 11,551 9,304 (563)
Other assets 1,193 75,794 4,775 54,982 11,056 4,981
Separate account assets — 193,372 28,645 168,299 — (3,572)
Total assets 48,815 686,772 36,044 438,923 180,038 31,767
Liabilities:
Future policy benefits 42,464 226,448 — 118,110 99,699 8,639
Policyholders' account balances 4,359 161,895 — 102,940 54,855 4,100
Debt — 20,140 1,593 4,805 129 13,613
Other liabilities 3,632 53,151 2,393 28,793 7,570 14,395
Separate account liabilities — 193,372 28,645 168,299 — (3,572)
Total liabilities 50,455 655,006 32,631 422,947 162,253 37,175
Mezzanine Equity:
Redeemable noncontrolling interest — 1,939 543 — — 1,396
Total mezzanine equity — 1,939 543 — — 1,396
Equity:
Accumulated other comprehensive income (loss) (188) (6,523) (154) (1,569) (2,302) (2,498)
Other equity (1) (1,463) 36,046 2,883 17,465 20,057 (4,359)
Total Prudential Financial, Inc. equity (1,651) 29,523 2,729 15,896 17,755 (6,857)
Noncontrolling interests 11 304 141 80 30 53
Total equity (1,640) 29,827 2,870 15,976 17,785 (6,804)
Total liabilities, mezzanine equity and equity 48,815 686,772 36,044 438,923 180,038 31,767
____________
(1) Corporate and Other includes 67 million and 141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2025 and December 31, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
As of December 31, 2024
Senior Debt
Long-term Debt Junior Subordinated Long-term Debt Total Debt Short-term Debt Long-term Debt Junior Subordinated Long-term Debt Total Debt
Borrowings by use of proceeds:
Capital Debt 6,255 7,595 14,198 347 5,890 7,588 13,825
Operating Debt 4,355 — 5,379 521 4,355 999 5,875
Limited recourse and non-recourse borrowing 446 — 447 85 355 — 440
Total Debt 11,056 7,595 20,024 953 10,600 8,587 20,140
As of December 31, 2024
The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt Prudential Financial, Inc. The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt
Borrowings by sources:
Capital Debt 348 43 14,198 13,438 347 40 13,825
Operating Debt 500 — 5,379 5,380 495 — 5,875
Limited recourse and non-recourse borrowing 33 414 447 — 85 355 440
Total Debt 881 457 20,024 18,818 927 395 20,140
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes 348 million and 347 million of surplus notes as of June 30, 2025 and December 31, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - PGIM
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums — — — — — — — —
Policy charges and fee income — — — — — — — —
Net investment income 14 16 28 20 59 (29) 79 372%
Asset management fees, commissions and other income 949 1,005 1,090 965 984 1,982 1,949 -2%
Total revenues 963 1,021 1,118 985 1,043 1,953 2,028 4%
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 26 30 25 21 24 50 45 -10%
Deferral of acquisition costs — — — — — (1) — 100%
Amortization of acquisition costs — 1 — — — 1 — -100%
Operating expenses 445 442 460 504 477 939 981 4%
Variable expenses 286 307 374 304 313 589 617 5%
Total benefits and expenses 757 780 859 829 814 1,578 1,643 4%
Adjusted operating income (loss) before income taxes 206 241 259 156 229 375 385 3%
Total revenues 963 1,021 1,118 985 1,043 1,953 2,028 4%
Less: Passthrough distribution revenue 22 23 22 21 20 43 41 -5%
Less: Revenue associated with consolidations 10 24 84 18 50 33 68 106%
Total adjusted revenues (2) 931 974 1,012 946 973 1,877 1,919 2%
Adjusted operating margin (2)(3) 22.1 % 24.7 % 25.6 % 16.5 % 23.5 % 20.0 % 20.1 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 22.0%, 15.8%, 23.2%, 23.6%, and 21.4% for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and 19.0% and 19.2% for the six months ended June 30, 2025 and June 30, 2024, respectively.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2025 Year-to-date
3Q 4Q 1Q 2Q 2024 2025 % change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees 803 825 828 825 1,551 1,653 7%
Other related revenues (1) 90 176 38 82 164 120 -27%
Service, distribution and other revenues 128 117 119 136 238 255 7%
Total PGIM revenues 1,021 1,118 985 1,043 1,953 2,028 4%
Analysis of asset management fees by source:
Institutional customers - Third Party 373 378 387 387 733 774 6%
Retail customers - Third Party 221 231 225 219 416 444 7%
Affiliated 209 216 216 219 402 435 8%
Total asset management fees 803 825 828 825 1,551 1,653 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 - Third Party 461.5 69.2 34.3 1.4 647.6
Retail customers - Third Party 145.8 0.2 0.3 2.4 256.7
Affiliated 270.4 62.9 89.0 76.5 536.4
Total 877.7 132.3 123.6 80.3 1,440.7
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers - Third Party 415.7 66.9 32.7 1.5 585.2
Retail customers - Third Party 124.4 2.3 0.9 2.4 234.5
Affiliated 267.3 57.8 79.7 67.9 508.4
Total 807.4 127.0 113.3 71.8 1,328.1
__________
(1) Other related revenues, net of related expenses are 49 million, 19 million, 66 million, 45 million, and 39 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and 68 million and 95 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
2025 Year-to-date
3Q 4Q 1Q 2Q 2024 2025
Institutional Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management 585.2 610.3 601.1 620.2 562.7 601.1
Additions 15.7 23.6 23.8 22.1 62.1 45.9
Withdrawals (1) (17.9) (21.4) (16.2) (19.5) (40.4) (35.7)
Net institutional additions (withdrawals), excluding realizations, distributions and money market activity (2.2) 2.2 7.6 2.6 21.7 10.2
Realizations and distributions (1)(2) (2.3) (2.7) (4.2) (2.3) (4.5) (6.5)
Change in market value 30.6 (14.6) 6.6 24.0 4.1 30.6
Net money market flows (2.8) (0.9) 1.7 0.8 0.1 2.5
Other (3)(4) 1.8 6.8 7.4 2.3 1.1 9.7
Ending assets under management 610.3 601.1 620.2 647.6 585.2 647.6
Retail Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management 234.5 245.1 244.9 240.6 215.5 244.9
Additions 16.4 19.0 17.7 16.0 30.2 33.7
Withdrawals (15.1) (18.8) (17.9) (18.8) (30.3) (36.7)
Net retail additions (withdrawals), excluding money market activity 1.3 0.2 (0.2) (2.8) (0.1) (3.0)
Change in market value 9.4 1.4 (5.5) 18.6 18.9 13.1
Net money market flows 0.2 0.7 1.8 0.5 0.8 2.3
Other (0.3) (2.5) (0.4) (0.2) (0.6) (0.6)
Ending assets under management 245.1 244.9 240.6 256.7 234.5 256.7
Affiliated - Assets Under Management (at fair market value):
Beginning assets under management 508.4 544.5 529.2 524.5 519.9 529.2
Additions 23.7 55.7 20.6 19.8 46.0 40.4
Withdrawals (1) (17.2) (46.7) (20.7) (19.2) (36.9) (39.9)
Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity 6.5 9.0 (0.1) 0.6 9.1 0.5
Realizations and distributions (1)(2) (0.1) (0.1) (0.1) — (0.2) (0.1)
Change in market value 24.8 (14.4) 3.9 10.9 0.4 14.8
Net money market flows (2.2) 3.5 (5.3) (2.1) (5.9) (7.4)
Other (3) 7.1 (13.3) (3.1) 2.5 (14.9) (0.6)
Ending assets under management 544.5 529.2 524.5 536.4 508.4 536.4
__________
(1) Prior period amounts have been updated to conform to current period presentation.
(2) Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations.
(3) Fourth quarter 2024 includes 7.0 billion related to the reinsurance of certain guaranteed universal life policies to Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited, and first quarter 2025 includes 6.1 billion related to the reinsurance of certain Japanese whole life policies to Prismic Life Reinsurance, Ltd, which were transferred from affiliated to institutional assets under management.
(4) 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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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums 4,282 9,686 3,272 3,398 3,724 16,151 7,122 -56%
Policy charges and fee income 995 1,029 996 1,035 993 1,985 2,028 2%
Net investment income 2,528 2,666 2,731 2,700 2,760 5,006 5,460 9%
Asset management fees, commissions and other income 605 599 580 573 531 1,241 1,104 -11%
Total revenues 8,410 13,980 7,579 7,706 8,008 24,383 15,714 -36%
Benefits and expenses (1):
Insurance and annuity benefits 5,692 10,743 4,384 4,563 4,750 18,699 9,313 -50%
Change in estimates of liability for future policy benefits (381) 64 53 (11) 68 (390) 57 115%
Interest credited to policyholders' account balances 643 703 708 724 754 1,244 1,478 19%
Interest expense 282 294 330 295 286 615 581 -6%
Deferral of acquisition costs (402) (416) (462) (411) (431) (772) (842) -9%
Amortization of acquisition costs 212 213 216 227 233 424 460 8%
Operating expenses 505 480 572 529 583 1,082 1,112 3%
Variable expenses 836 859 918 859 810 1,653 1,669 1%
Total benefits and expenses 7,387 12,940 6,719 6,775 7,053 22,555 13,828 -39%
Adjusted operating income (loss) before income taxes 1,023 1,040 860 931 955 1,828 1,886 3%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums 2,769 8,153 1,776 1,765 2,143 13,094 3,908 -70%
Policy charges and fee income 320 320 315 297 278 632 575 -9%
Net investment income 1,638 1,764 1,846 1,872 1,930 3,174 3,802 20%
Asset management fees, commissions and other income 568 554 538 509 477 1,154 986 -15%
Total revenues 5,295 10,791 4,475 4,443 4,828 18,054 9,271 -49%
Benefits and expenses (1):
Insurance and annuity benefits 3,757 8,768 2,470 2,467 2,834 14,655 5,301 -64%
Change in estimates of liability for future policy benefits (468) 47 42 (19) 125 (457) 106 123%
Interest credited to policyholders' account balances 398 467 483 507 543 753 1,050 39%
Interest expense 28 36 20 30 27 59 57 -3%
Deferral of acquisition costs (179) (186) (187) (209) (207) (348) (416) -20%
Amortization of acquisition costs 100 102 108 115 122 195 237 22%
Operating expenses 202 186 213 215 228 410 443 8%
Variable expenses 468 473 475 461 434 917 895 -2%
Total benefits and expenses 4,306 9,893 3,624 3,567 4,106 16,184 7,673 -53%
Adjusted operating income (loss) before income taxes 989 898 851 876 722 1,870 1,598 -15%
__________
(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. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
2025 Year-to-date
3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums (2) 8,134 1,758 1,745 2,126 13,055 3,871 -70%
Policy charges and fee income 10 9 7 5 14 12 -14%
Net investment income 1,199 1,241 1,243 1,248 2,234 2,491 12%
Asset management fees, commissions and other income 130 135 110 128 276 238 -14%
Total revenues 9,473 3,143 3,105 3,507 15,579 6,612 -58%
Benefits and expenses (1):
Insurance and annuity benefits 8,742 2,434 2,437 2,707 14,576 5,144 -65%
Change in estimates of liability for future policy benefits 41 42 (25) 124 (459) 99 122%
Interest credited to policyholders' account balances 177 180 182 188 307 370 21%
Interest expense 12 (7) 17 15 26 32 23%
Deferral of acquisition costs (23) (23) (27) (34) (34) (61) -79%
Amortization of acquisition costs 4 3 6 4 4 10 150%
Operating expenses 51 57 71 68 123 139 13%
Variable expenses 31 30 32 39 45 71 58%
Total benefits and expenses 9,035 2,716 2,693 3,111 14,588 5,804 -60%
Adjusted operating income (loss) before income taxes 438 427 412 396 991 808 -18%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Includes pension risk transfer premiums of 0.2 billion, 0.0 billion, 0.1 billion, 6.4 billion and 1.1 billion for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and 0.2 billion and 9.9 billion for the six months ended June 30, 2025 and June 30, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025
Beginning total account value 274,630 274,128 287,829 288,202 293,930 267,654 288,202
Additions 4,011 11,081 10,249 7,051 8,854 15,001 15,905
Withdrawals and benefits (6,164) (6,619) (6,127) (6,642) (5,525) (12,581) (12,167)
Net flows (2,153) 4,462 4,122 409 3,329 2,420 3,738
Change in market value, interest credited and interest income 1,919 4,476 1,540 2,804 2,355 4,574 5,159
Other (1) (268) 4,763 (5,289) 2,515 7,692 (520) 10,207
Ending total account value, gross 274,128 287,829 288,202 293,930 307,306 274,128 307,306
Reinsurance ceded (9,129) (9,062) (9,011) (8,952) (8,899) (9,129) (8,899)
Ending total account value, net 264,999 278,767 279,191 284,978 298,407 264,999 298,407
Amounts included in ending total account value, net above:
Investment-only stable value wraps 61,455 62,189 61,286 61,302 61,566
International reinsurance (2) 102,465 108,927 108,882 115,533 127,701
Group annuities and other products 101,079 107,651 109,023 108,143 109,140
Ending total account value, net 264,999 278,767 279,191 284,978 298,407
__________
(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. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums 11 19 18 20 17 39 37 -5%
Policy charges and fee income 312 310 306 290 273 618 563 -9%
Net investment income 496 565 605 629 682 940 1,311 39%
Asset management fees, commissions and other income 435 424 403 399 349 878 748 -15%
Total revenues 1,254 1,318 1,332 1,338 1,321 2,475 2,659 7%
Benefits and expenses (1):
Insurance and annuity benefits 39 26 36 30 127 79 157 99%
Change in estimates of liability for future policy benefits (12) 6 — 6 1 2 7 250%
Interest credited to policyholders' account balances 245 290 303 325 355 446 680 52%
Interest expense 19 24 27 13 12 33 25 -24%
Deferral of acquisition costs (164) (163) (164) (182) (173) (314) (355) -13%
Amortization of acquisition costs 98 98 105 109 118 191 227 19%
Operating expenses 142 135 156 144 160 287 304 6%
Variable expenses 448 442 445 429 395 872 824 -6%
Total benefits and expenses 815 858 908 874 995 1,596 1,869 17%
Adjusted operating income (loss) before income taxes 439 460 424 464 326 879 790 -10%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite 2,219 2,244 2,513 2,334 1,718 3,946 4,052
Investment Only VA (2) 39 28 67 34 33 67 67
Fixed 1,221 1,346 1,056 1,105 1,384 2,771 2,489
Total 3,479 3,618 3,636 3,473 3,135 6,784 6,608
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value 35,257 39,108 43,729 47,204 48,817 30,655 47,204
Sales 3,479 3,618 3,636 3,473 3,135 6,784 6,608
Full surrenders and death benefits (322) (351) (394) (437) (458) (603) (895)
Sales, net of full surrenders and death benefits 3,157 3,267 3,242 3,036 2,677 6,181 5,713
Partial withdrawals and other benefit payments (184) (184) (243) (283) (269) (365) (552)
Net flows 2,973 3,083 2,999 2,753 2,408 5,816 5,161
Change in market value, interest credited, and other 891 1,554 494 (1,116) 3,232 2,661 2,116
Policy charges (13) (16) (18) (24) (28) (24) (52)
Ending total account value, gross 39,108 43,729 47,204 48,817 54,429 39,108 54,429
Reinsurance ceded (2,205) (2,494) (2,755) (3,144) (2,680) (2,205) (2,680)
Ending total account value, net 36,903 41,235 44,449 45,673 51,749 36,903 51,749
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value 99,443 96,267 97,116 91,435 87,009 99,053 91,435
Sales 7 6 7 6 8 16 14
Full surrenders and death benefits (2,467) (2,510) (2,484) (2,455) (2,151) (4,751) (4,606)
Sales, net of full surrenders and death benefits (2,460) (2,504) (2,477) (2,449) (2,143) (4,735) (4,592)
Partial withdrawals and other benefit payments (1,037) (1,037) (1,205) (1,133) (991) (2,146) (2,124)
Net flows (3,497) (3,541) (3,682) (3,582) (3,134) (6,881) (6,716)
Change in market value and other 857 4,924 (1,493) (365) 4,773 5,168 4,408
Policy charges (536) (534) (506) (479) (485) (1,073) (964)
Ending total account value, gross 96,267 97,116 91,435 87,009 88,163 96,267 88,163
Reinsurance ceded (9,271) (9,526) (8,764) (8,608) (8,393) (9,271) (8,393)
Ending total account value, net 86,996 87,590 82,671 78,401 79,770 86,996 79,770
__________
(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 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025
Account Values in General Account (1):
Beginning balance 35,140 38,942 43,350 46,900 48,660 30,844 46,900
Premiums and deposits 3,373 3,522 3,494 3,369 3,051 6,599 6,420
Full surrenders and death benefits (266) (296) (239) (306) (330) (503) (636)
Premiums and deposits net of full surrenders and death benefits 3,107 3,226 3,255 3,063 2,721 6,096 5,784
Partial withdrawals and other benefit payments (221) (224) (282) (293) (275) (439) (568)
Net flows 2,886 3,002 2,973 2,770 2,446 5,657 5,216
Change in market value, interest credited and other 905 960 839 (1,253) 2,846 2,418 1,593
Net transfers (to) from separate account 14 451 (254) 253 124 29 377
Policy charges (3) (5) (8) (10) (12) (6) (22)
Ending balance, gross 38,942 43,350 46,900 48,660 54,064 38,942 54,064
Reinsurance ceded (2,205) (2,494) (2,755) (3,144) (2,680) (2,205) (2,680)
Ending balance, net 36,737 40,856 44,145 45,516 51,384 36,737 51,384
Account Values in Separate Account (1):
Beginning balance 99,560 96,433 97,495 91,739 87,166 98,864 91,739
Premiums and deposits 113 102 149 110 92 201 202
Full surrenders and death benefits (2,523) (2,565) (2,639) (2,586) (2,279) (4,851) (4,865)
Premiums and deposits net of full surrenders and death benefits (2,410) (2,463) (2,490) (2,476) (2,187) (4,650) (4,663)
Partial withdrawals and other benefit payments (1,000) (997) (1,166) (1,123) (985) (2,072) (2,108)
Net flows (3,410) (3,460) (3,656) (3,599) (3,172) (6,722) (6,771)
Change in market value, interest credited and other 843 5,518 (1,838) (228) 5,159 5,411 4,931
Net transfers (to) from general account (14) (451) 254 (253) (124) (29) (377)
Policy charges (546) (545) (516) (493) (501) (1,091) (994)
Ending balance, gross 96,433 97,495 91,739 87,166 88,528 96,433 88,528
Reinsurance ceded (9,271) (9,526) (8,764) (8,608) (8,393) (9,271) (8,393)
Ending balance, net 87,162 87,969 82,975 78,558 80,135 87,162 80,135
__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
2024 2025
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 68,512 68,960 64,932 61,716 62,634
Account Values with Auto-Rebalancing Feature - externally reinsured 2,115 2,115 1,902 1,763 1,758
Account Values without Auto-Rebalancing Feature 24,178 24,561 23,100 22,098 24,322
Total 94,805 95,636 89,934 85,577 88,714
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature 6,541 5,638 6,510 6,937 6,104
Net Amount at Risk without Auto-Rebalancing Feature 2,817 2,240 2,775 2,778 3,033
Total 9,358 7,878 9,285 9,715 9,137
__________
(1) At end of period.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums 1,272 1,299 1,260 1,396 1,349 2,570 2,745 7%
Policy charges and fee income 165 189 149 197 184 340 381 12%
Net investment income 128 134 132 134 133 264 267 1%
Asset management fees, commissions and other income 21 21 23 21 21 46 42 -9%
Total revenues 1,586 1,643 1,564 1,748 1,687 3,220 3,435 7%
Benefits and expenses (1):
Insurance and annuity benefits 1,140 1,241 1,171 1,296 1,230 2,389 2,526 6%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 36 35 38 35 32 76 67 -12%
Interest expense 4 2 3 5 5 6 10 67%
Deferral of acquisition costs (4) (5) (13) — (4) (10) (4) 60%
Amortization of acquisition costs 2 1 2 2 4 3 6 100%
Operating expenses 185 179 184 194 186 371 380 2%
Variable expenses 102 108 113 127 109 219 236 8%
Total benefits and expenses 1,465 1,561 1,498 1,659 1,562 3,054 3,221 5%
Adjusted operating income (loss) before income taxes 121 82 66 89 125 166 214 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.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025
Annualized New Business Premiums:
Group life 27 35 38 225 35 216 260
Group disability 19 28 25 175 42 208 217
Total 46 63 63 400 77 424 477
Future Policy Benefits (1):
Group life 2,328 2,266 2,415 2,422 2,396
Group disability 3,222 3,253 3,256 3,283 3,316
Total 5,550 5,519 5,671 5,705 5,712
Policyholders' Account Balances (1):
Group life 4,782 4,878 4,915 4,519 4,460
Group disability 111 110 117 117 104
Total 4,893 4,988 5,032 4,636 4,564
Separate Account Liabilities (1):
Group life 24,546 26,021 25,126 25,547 26,364
Group Life Insurance:
Gross premiums, policy charges and fee income (2) 1,123 1,137 1,168 1,196 1,195 2,221 2,391
Earned premiums 897 924 891 996 935 1,800 1,931
Earned policy charges and fee income 139 164 124 171 156 289 327
Benefits ratio (3) 85.3 % 85.0 % 87.1 % 87.1 % 83.1 % 87.7 % 85.2 %
Administrative expense ratio 11.4 % 10.5 % 11.9 % 10.8 % 11.5 % 11.4 % 11.1 %
Persistency ratio 95.0 % 94.6 % 94.6 % 97.0 % 96.8 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2) 410 403 400 429 447 836 876
Earned premiums 375 375 369 400 414 770 814
Earned policy charges and fee income 26 25 25 26 28 51 54
Benefits ratio (3) 70.4 % 78.9 % 72.8 % 65.6 % 75.3 % 70.9 % 70.6 %
Administrative expense ratio 25.0 % 24.7 % 26.1 % 25.8 % 24.8 % 24.6 % 25.3 %
Persistency ratio 93.2 % 92.9 % 92.6 % 95.3 % 94.1 %
Total Group Insurance:
Benefits ratio (3) 81.1 % 83.4 % 83.1 % 81.3 % 80.9 % 82.9 % 81.1 %
Administrative expense ratio 15.1 % 14.2 % 15.8 % 14.8 % 15.2 % 15.1 % 15.0 %
Net face amount of policies in force (in billions) (4) 2,092 2,102 2,120 2,127 2,118
__________
(1) As of end of period.
(2) Before returns of premiums to participating policyholders for favorable claims experience.
(3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively, and 85.3%, 64.1% and 79.4% for the three months ended June 30, 2024, respectively.
(4) At end of period; net of reinsurance.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums 241 234 236 237 232 487 469 -4%
Policy charges and fee income 510 520 532 541 531 1,013 1,072 6%
Net investment income 762 768 753 694 697 1,568 1,391 -11%
Asset management fees, commissions and other income 16 24 19 43 33 41 76 85%
Total revenues 1,529 1,546 1,540 1,515 1,493 3,109 3,008 -3%
Benefits and expenses (1):
Insurance and annuity benefits 795 734 743 800 686 1,655 1,486 -10%
Change in estimates of liability for future policy benefits 87 17 11 8 (57) 67 (49) -173%
Interest credited to policyholders' account balances 209 201 187 182 179 415 361 -13%
Interest expense 250 256 307 260 254 550 514 -7%
Deferral of acquisition costs (219) (225) (262) (202) (220) (414) (422) -2%
Amortization of acquisition costs 110 110 106 110 107 226 217 -4%
Operating expenses 118 115 175 120 169 301 289 -4%
Variable expenses 266 278 330 271 267 517 538 4%
Total benefits and expenses 1,616 1,486 1,597 1,549 1,385 3,317 2,934 -12%
Adjusted operating income (loss) before income taxes (87) 60 (57) (34) 108 (208) 74 136%
__________
(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 2025
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life 34 34 35 32 39 65 71
Universal life 22 19 24 24 24 42 48
Variable life 147 157 267 154 160 263 314
Total 203 210 326 210 223 370 433
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors 44 43 45 38 43 79 81
Third party distribution 159 167 281 172 180 291 352
Total 203 210 326 210 223 370 433
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance 33,176 33,365 33,581 33,773 33,936 33,026 33,773
Premiums and deposits 604 619 675 709 676 1,238 1,385
Surrenders and withdrawals (414) (445) (410) (463) (488) (850) (951)
Net sales (redemptions) 190 174 265 246 188 388 434
Benefit payments (43) (30) (43) (68) (64) (91) (132)
Net flows 147 144 222 178 124 297 302
Interest credited and other 388 440 308 375 637 789 1,012
Net transfers (to) from separate account 148 158 171 145 168 286 313
Policy charges (494) (526) (509) (535) (503) (1,033) (1,038)
Ending balance, gross 33,365 33,581 33,773 33,936 34,362 33,365 34,362
Reinsurance ceded (4,512) (4,520) (8,995) (9,029) (9,043) (4,512) (9,043)
Ending balance, net 28,853 29,061 24,778 24,907 25,319 28,853 25,319
Separate Account Liabilities:
Beginning balance 50,128 51,385 53,953 54,803 53,323 46,453 54,803
Premiums and deposits 904 1,018 1,179 963 1,084 1,698 2,047
Surrenders and withdrawals (334) (316) (295) (326) (315) (627) (641)
Net sales (redemptions) 570 702 884 637 769 1,071 1,406
Benefit payments (165) (183) (165) (184) (165) (303) (349)
Net flows 405 519 719 453 604 768 1,057
Change in market value, interest credited and other 1,352 2,569 673 (1,414) 4,608 5,148 3,194
Net transfers (to) from general account (148) (158) (171) (145) (168) (286) (313)
Policy charges (352) (362) (371) (374) (372) (698) (746)
Ending balance 51,385 53,953 54,803 53,323 57,995 51,385 57,995
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life 283 280 278 274 284
Universal life 79 79 62 62 62
Variable life 160 162 167 165 170
Total 522 521 507 501 516
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums 3,002 2,850 2,665 3,057 2,709 6,141 5,766 -6%
Policy charges and fee income 80 83 81 88 92 160 180 13%
Net investment income 1,390 1,428 1,493 1,469 1,451 2,802 2,920 4%
Asset management fees, commissions and other income 40 56 44 124 147 122 271 122%
Total revenues 4,512 4,417 4,283 4,738 4,399 9,225 9,137 -1%
Benefits and expenses (1):
Insurance and annuity benefits 2,452 2,581 2,463 2,789 2,446 5,224 5,235 —%
Change in estimates of liability for future policy benefits 352 2 3 (3) 32 376 29 -92%
Interest credited to policyholders' account balances 288 315 328 347 369 567 716 26%
Interest expense (2) 5 (4) (1) 1 (3) — 100%
Deferral of acquisition costs (268) (308) (269) (306) (297) (561) (603) -7%
Amortization of acquisition costs 161 164 162 165 174 320 339 6%
Operating expenses 428 455 454 436 467 884 903 2%
Variable expenses 399 437 404 463 446 820 909 11%
Total benefits and expenses 3,810 3,651 3,541 3,890 3,638 7,627 7,528 -1%
Adjusted operating income (loss) before income taxes 702 766 742 848 761 1,598 1,609 1%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan 2,753 2,649 2,464 2,860 2,462 5,686 5,322
Emerging Markets 329 284 282 285 339 615 624
Total 3,082 2,933 2,746 3,145 2,801 6,301 5,946
Annualized new business premiums:
Japan 424 486 402 478 453 844 931
Emerging Markets 95 102 96 98 88 192 186
Total 519 588 498 576 541 1,036 1,117
Annualized new business premiums by distribution channel:
Life Planners 194 207 205 258 216 430 474
Life Consultants 120 136 119 130 150 225 280
Banks 114 147 98 95 93 214 188
Independent Agency and Other 91 98 76 93 82 167 175
Total 519 588 498 576 541 1,036 1,117
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan 2,846 2,711 2,530 2,950 2,475 5,831 5,425
Emerging Markets 298 273 286 289 333 544 622
Total 3,144 2,984 2,816 3,239 2,808 6,375 6,047
Annualized new business premiums:
Japan 435 491 410 487 454 860 941
Emerging Markets 86 97 97 99 87 169 186
Total 521 588 507 586 541 1,029 1,127
Annualized new business premiums by distribution channel:
Life Planners 198 208 210 265 214 432 479
Life Consultants 122 137 121 132 151 228 283
Banks 110 145 99 95 93 204 188
Independent Agency and Other 91 98 77 94 83 165 177
Total 521 588 507 586 541 1,029 1,127
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
2024 2025
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 542 537 533 530 526
Emerging Markets 45 47 49 50 52
Total 587 584 582 580 578
Policyholder Account Balances at end of period (in millions) (1)(2):
(Constant exchange rate basis)
International Businesses 52,390 54,084 55,548 49,858 51,945
Number of individual policies in force at end of period (in thousands) (3):
Japan 11,054 11,075 11,078 11,102 11,116
Emerging Markets 783 820 842 855 869
Total 11,837 11,895 11,920 11,957 11,985
International Businesses life insurance individual policy persistency:
13 months 91.9 % 91.3 % 91.4 % 92.0 % 92.8 %
25 months 84.5 % 84.0 % 83.4 % 83.2 % 83.0 %
Number of Life Planners at end of period:
Japan 4,257 4,264 4,309 4,356 4,285
Emerging Markets 1,579 1,636 1,726 1,819 1,876
Total Life Planners 5,836 5,900 6,035 6,175 6,161
Life Consultants 6,724 6,861 6,844 6,840 6,822
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
2024 2025 Year-to-date
2Q 3Q 4Q 1Q 2Q 2024 2025 % change
Revenues (1):
Premiums (7) (9) (2) (9) (7) (9) (16) -78%
Policy charges and fee income (14) (14) (15) (15) (15) (28) (30) -7%
Net investment income 286 326 349 330 330 559 660 18%
Asset management fees, commissions and other income (301) (232) (303) (323) (252) (528) (575) -9%
Total revenues (36) 71 29 (17) 56 (6) 39 750%
Benefits and expenses (1):
Insurance and annuity benefits (7) (3) (4) (8) (1) (12) (9) 25%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 21 20 21 12 12 43 24 -44%
Interest expense 174 156 174 207 215 347 422 22%
Deferral of acquisition costs 56 88 27 33 39 73 72 -1%
Amortization of acquisition costs (10) (22) (14) (16) (15) (20) (31) -55%
Operating expenses 133 340 324 155 107 438 262 -40%
Variable expenses (32) (21) (9) 15 (21) (69) (6) 91%
Total benefits and expenses 335 558 519 398 336 800 734 -8%
Adjusted operating income (loss) before income taxes (371) (487) (490) (415) (280) (806) (695) 14%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
June 30, 2025 December 31, 2024
Closed PFI Excluding Closed PFI Excluding
Total Block Funds Closed Block Division and Funds Withheld Total Block Funds Closed Block Division and Funds Withheld
Portfolio Division Withheld (1) Amount % of Total Portfolio Division Withheld (1) Amount % of Total
238,001 19,065 4,371 214,565 54.9 % 230,018 19,103 4,837 206,078 54.9 %
89,685 10,250 2,770 76,665 19.6 % 81,179 9,625 2,795 68,759 18.3 %
13,883 647 8,363 4,873 1.3 % 12,447 647 7,732 4,068 1.1 %
4,282 — — 4,282 1.1 % 3,707 — — 3,707 1.0 %
7,028 1,475 — 5,553 1.4 % 8,896 1,642 — 7,254 1.9 %
62,503 7,628 263 54,612 14.0 % 61,872 7,652 233 53,987 14.4 %
9,946 3,280 — 6,666 1.7 % 9,795 3,348 — 6,447 1.7 %
24,065 4,521 1,800 17,744 4.5 % 23,577 4,929 1,867 16,781 4.4 %
6,355 346 8 6,001 1.5 % 9,056 520 43 8,493 2.3 %
455,748 47,212 17,575 390,961 100.0 % 440,547 47,466 17,507 375,574 100.0 %
4,833 — — 4,833 4,233 — — 4,233
460,581 47,212 17,575 395,794 444,780 47,466 17,507 379,807
Fixed Maturities by Credit Quality (3)(5): June 30, 2025 December 31, 2024
PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld
Gross Gross Gross Gross
Amortized Unrealized Unrealized Allowance for Fair Amortized Unrealized Unrealized Allowance for Fair
Cost Gains Losses Credit Losses Value % of Total Cost Gains Losses Credit Losses Value % of Total
184,972 3,051 22,769 1 165,253 77.0 % 176,693 3,412 20,161 — 159,944 77.6 %
44,691 670 3,308 1 42,052 19.6 % 43,221 522 3,744 — 39,999 19.4 %
229,663 3,721 26,077 2 207,305 96.6 % 219,914 3,934 23,905 — 199,943 97.0 %
5,855 73 618 — 5,310 2.5 % 4,807 60 574 — 4,293 2.1 %
1,311 52 20 — 1,343 0.6 % 1,264 48 30 — 1,282 0.6 %
517 14 23 5 503 0.2 % 439 16 12 7 436 0.2 %
114 7 6 11 104 0.1 % 196 7 9 70 124 0.1 %
7,797 146 667 16 7,260 3.4 % 6,706 131 625 77 6,135 3.0 %
237,460 3,867 26,744 18 214,565 100.0 % 226,620 4,065 24,530 77 206,078 100.0 %
21,021 305 1,504 — 19,822 25.9 % 18,756 257 1,920 — 17,093 24.9 %
45,934 1,461 2,234 — 45,161 58.9 % 44,179 765 3,453 — 41,491 60.3 %
66,955 1,766 3,738 — 64,983 84.8 % 62,935 1,022 5,373 — 58,584 85.2 %
7,510 311 154 — 7,667 10.0 % 6,483 114 282 — 6,315 9.2 %
2,848 46 58 1 2,835 3.7 % 2,646 15 101 28 2,532 3.7 %
923 19 30 36 876 1.1 % 1,051 30 34 29 1,018 1.5 %
398 28 3 119 304 0.4 % 437 24 11 140 310 0.4 %
11,679 404 245 156 11,682 15.2 % 10,617 183 428 197 10,175 14.8 %
78,634 2,170 3,983 156 76,665 100.0 % 73,552 1,205 5,801 197 68,759 100.0 %
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(5) Excludes fixed maturity securities classified as trading.
(6) Reflects equivalent ratings for investments of the international operations. Includes, as of June 30, 2025 and December 31, 2024, 1,089 securities with amortized cost of 6,146 million (fair value 6,246 million) and 803 securities with amortized cost of 4,147 million (fair value 3,840 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

All values are in US Dollars.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
June 30, 2025 December 31, 2024
Amount % of Total Amount % of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value 104,492 65.3 % 102,904 65.1 %
Private, available-for-sale, at fair value 22,152 13.8 % 21,603 13.6 %
Fixed maturities, trading, at fair value 488 0.3 % 461 0.3 %
Assets supporting experience-rated contractholder liabilities, at fair value 4,282 2.7 % 3,707 2.3 %
Equity securities, at fair value 1,843 1.2 % 1,845 1.2 %
Commercial mortgage and other loans, at book value, net of allowance 15,589 9.7 % 16,137 10.2 %
Policy loans, at outstanding balance 2,760 1.7 % 2,608 1.6 %
Other invested assets (3) 6,302 3.9 % 6,588 4.2 %
Short-term investments, net of allowance 2,191 1.4 % 2,324 1.5 %
Total 160,099 100.0 % 158,177 100.0 %
June 30, 2025 December 31, 2024
Amount % of Total Amount % of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value 110,073 47.7 % 103,174 47.4 %
Private, available-for-sale, at fair value 54,513 23.6 % 47,156 21.7 %
Fixed maturities, trading, at fair value 4,385 1.9 % 3,607 1.7 %
Assets supporting experience-rated contractholder liabilities, at fair value — 0.0 % — 0.0 %
Equity securities, at fair value 3,710 1.6 % 5,409 2.5 %
Commercial mortgage and other loans, at book value, net of allowance 39,023 16.9 % 37,850 17.4 %
Policy loans, at outstanding balance 3,906 1.7 % 3,839 1.8 %
Other invested assets, net of allowance (3) 11,442 4.9 % 10,193 4.7 %
Short-term investments, net of allowance 3,810 1.7 % 6,169 2.8 %
Total 230,862 100.0 % 217,397 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended June 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
General Account (3)
Fixed maturities (4) 4.39 % 3,406 (78) 4.25 % 3,182 (458)
Equity securities 2.63 % 41 — 4.38 % 51 —
Commercial mortgage and other loans 4.42 % 597 (64) 4.35 % 555 (53)
Policy loans 4.52 % 74 — 4.48 % 72 —
Short-term investments and cash equivalents 4.82 % 202 — 6.97 % 242 2
Gross investment income before investment expenses 4.39 % 4,320 (142) 4.36 % 4,102 (509)
Investment expenses -0.16 % (293) — -0.15 % (271) —
Subtotal 4.23 % 4,027 (142) 4.21 % 3,831 (509)
Other investments (4)(5) 261 (1,133) 177 529
Investment results of other entities and operations (6) 72 (25) 23 13
Investment results of Funds Withheld (5)(7) 355 (201) 309 (25)
Less: investment income related to adjusted operating income reconciling items (115) — (122) —
Total 4,600 (1,501) 4,218 8
Six Months Ended June 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
General Account (3)
Fixed maturities (4) 4.40 % 6,719 (38) 4.20 % 6,250 (279)
Equity securities 2.38 % 78 — 3.28 % 81 —
Commercial mortgage and other loans 4.46 % 1,197 (114) 4.27 % 1,082 (95)
Policy loans 4.54 % 147 — 4.50 % 144 —
Short-term investments and cash equivalents 4.45 % 432 — 6.25 % 491 —
Gross investment income before investment expenses 4.40 % 8,573 (152) 4.30 % 8,048 (374)
Investment expenses -0.16 % (576) — -0.16 % (533) —
Subtotal 4.24 % 7,997 (152) 4.14 % 7,515 (374)
Other investments (4)(5) 546 (1,429) 488 153
Investment results of other entities and operations (6) 104 (2) (8) 6
Investment results of Funds Withheld (5)(7) 705 (591) 595 40
Less: investment income related to adjusted operating income reconciling items (233) — (252) —
Total 9,119 (2,174) 8,338 (175)
________
(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) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties, assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(5) Prior period amounts for "Realized Gains (Losses)" have been updated to conform to current period presentation.
(6) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(7) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended June 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.16 % 1,108 (27) 3.12 % 1,069 (106)
Equity securities 4.78 % 21 — 6.02 % 22 —
Commercial mortgage and other loans 3.72 % 145 (8) 3.82 % 161 5
Policy loans 3.70 % 26 — 3.74 % 24 —
Short-term investments and cash equivalents 4.31 % 44 — 9.32 % 32 1
Gross investment income before investment expenses 3.26 % 1,344 (35) 3.28 % 1,308 (100)
Investment expenses -0.13 % (89) — -0.11 % (76) —
Subtotal 3.13 % 1,255 (35) 3.17 % 1,232 (100)
Other investments (2) 119 (194) 82 (250)
Total 1,374 (229) 1,314 (350)
Six Months Ended June 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.17 % 2,202 84 3.07 % 2,120 170
Equity securities 3.42 % 30 — 3.53 % 27 —
Commercial mortgage and other loans 3.78 % 296 (14) 3.80 % 325 (14)
Policy loans 3.79 % 51 — 3.80 % 49 —
Short-term investments and cash equivalents 4.14 % 81 — 7.54 % 57 —
Gross investment income before investment expenses 3.26 % 2,660 70 3.20 % 2,578 156
Investment expenses -0.13 % (171) — -0.12 % (156) —
Subtotal 3.13 % 2,489 70 3.08 % 2,422 156
Other investments (2) 261 (138) 226 (557)
Total 2,750 (68) 2,648 (401)
__________
(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." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended June 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4) 5.43 % 2,298 (51) 5.22 % 2,113 (352)
Equity securities 1.78 % 20 — 3.62 % 29 —
Commercial mortgage and other loans 4.70 % 452 (56) 4.61 % 394 (58)
Policy loans 5.09 % 48 — 4.99 % 48 —
Short-term investments and cash equivalents 4.99 % 158 — 6.75 % 210 1
Gross investment income before investment expenses 5.20 % 2,976 (107) 5.17 % 2,794 (409)
Investment expenses (0.18) % (204) — (0.18) % (195) —
Subtotal 5.02 % 2,772 (107) 4.99 % 2,599 (409)
Other investments (4)(5) 142 (939) 95 779
Total 2,914 (1,046) 2,694 370
Six Months Ended June 30,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4) 5.46 % 4,517 (122) 5.20 % 4,130 (449)
Equity securities 2.00 % 48 — 3.16 % 54 —
Commercial mortgage and other loans 4.74 % 901 (100) 4.51 % 757 (81)
Policy loans 5.06 % 96 — 4.98 % 95 —
Short-term investments and cash equivalents 4.54 % 351 — 6.12 % 434 —
Gross investment income before investment expenses 5.23 % 5,913 (222) 5.15 % 5,470 (530)
Investment expenses -0.18 % (405) — -0.19 % (377) —
Subtotal 5.05 % 5,508 (222) 4.96 % 5,093 (530)
Other investments (4)(5) 285 (1,291) 262 710
Total 5,793 (1,513) 5,355 180
__________
(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) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(5) Prior period amounts for "Realized Gains (Losses)" have been updated to conform to current period presentation.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS
(in millions)
Three Months Ended June 30, 2025
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 Deferral of Acquisition Costs Amortization of Acquisition Costs Operating Expenses Adjusted Operating Income (Loss) Before Income Taxes
Retirement Strategies - Institutional Retirement Strategies 54 — — (54) 140 — — — (32)
Retirement Strategies - Individual Retirement Strategies — — — 78 — — (17) 20 (81)
Group Insurance — — — (11) — — — — 11
Individual Life — 9 — (28) (67) (2) — 48 58
International Businesses 56 — 3 (1) 61 — 1 — (2)
Corporate and Other — — — — — — — — —
Total 110 9 3 (16) 134 (2) (16) 68 (46)
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 Deferral of Acquisition Costs Amortization of Acquisition Costs Operating 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 266 — — (1) 322 — — — (55)
Corporate and Other — — — — — 6 — — (6)
Total (76) (22) — 18 (122) — — — 6

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Six Months Ended June 30, 2024
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 862 249 — — 13,982 22,283 — — (1) 842 233 — — 23,357
Policy charges and fee income 220 — 8 — — — — 2,406 2,117 72 — (57) — 9 — — 2,141
Net investment income (6) — — 1,004 239 — — 10,356 8,338 (9) — — 1,023 261 — — 9,613
Realized investment gains (losses), net (3) (1,791) — — (255) (78) — — (2,429) (258) 113 — — (299) (30) — — (474)
Asset management fees, commissions and other income 419 — — 156 112 (83) — 3,658 3,075 351 — — 207 352 (56) — 3,929
Change in value of market risk benefits, net of related hedging gains (losses) — (777) — — — — — (777) — — (174) — — — — — (174)
Total revenues (1,158) (777) 7 1,767 522 (83) — 27,196 35,555 527 (174) (58) 1,773 825 (56) — 38,392
Benefits and expenses:
Insurance and annuity benefits 202 — (3) 1,593 394 — — 16,725 23,911 3 — (3) 1,625 388 — — 25,924
Change in estimates of liability for future policy benefits (251) — (71) — 11 — — (225) (14) 12 — (70) — (121) — — (193)
Interest credited to policyholders' account balances (389) — — 57 77 — — 1,963 1,854 384 — — 59 88 — — 2,385
Interest expense — — — (3) 3 — — 1,048 1,009 — — — — 6 — — 1,015
Deferral of acquisition costs (98) — — — — — — (1,471) (1,261) — — — — (1) — — (1,262)
Amortization of acquisition costs 40 — — 6 — — — 814 725 16 — — 6 3 — — 750
Operating expenses — — — 134 57 — (28) 3,421 3,343 — — — 144 337 — 12 3,836
Variable expenses 100 — — 20 19 (68) 1 3,261 2,993 — — — 2 122 14 1 3,132
Total benefits and expenses (396) — (74) 1,807 561 (68) (27) 25,536 32,560 415 — (73) 1,836 822 14 13 35,587
__________
(1) See page 38 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 (82) million and (157) million for six months ended June 30, 2025 and June 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (151) million and 474 million and certain derivatives of 60 million and (20) million for six months ended June 30, 2025 and June 30, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2024
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 445 112 — — 6,982 7,277 — — — 433 110 — — 7,820
Policy charges and fee income 174 — 5 — — — — 1,249 1,061 22 — — — 2 — — 1,085
Net investment income (3) — — 511 118 — — 5,226 4,218 (5) — — 509 127 — — 4,849
Realized investment gains (losses), net (3) (1,302) — — (198) (51) — — (1,699) (156) 198 — — (174) (34) — — (166)
Asset management fees, commissions and other income 609 — — 189 89 (51) — 2,394 1,449 11 — — 43 106 (17) — 1,592
Change in value of market risk benefits, net of related hedging gains (losses) — (426) — — — — — (426) — — (297) — — — — — (297)
Total revenues (522) (426) 4 947 268 (51) — 13,726 13,849 226 (297) — 811 311 (17) — 14,883
Benefits and expenses:
Insurance and annuity benefits 200 — (5) 864 186 — — 8,440 8,137 (47) — (2) 766 186 — — 9,040
Change in estimates of liability for future policy benefits (254) — (33) — 12 — — (175) (29) 10 — (45) — (112) — — (176)
Interest credited to policyholders' account balances (64) — — 29 38 — — 1,138 952 80 — — 29 41 — — 1,102
Interest expense — — — (1) 1 — — 526 480 — — — 1 4 — — 485
Deferral of acquisition costs — — — — — — — (689) (614) — — — — — — — (614)
Amortization of acquisition costs 12 — — 3 — — — 407 363 8 — — 3 1 — — 375
Operating expenses — — — 69 14 — — 1,717 1,511 — — — 72 114 — 4 1,701
Variable expenses 100 — — 1 5 (33) 1 1,622 1,489 — — — — 39 26 1 1,555
Total benefits and expenses (6) — (38) 965 256 (33) 1 12,986 12,289 51 — (47) 871 273 26 5 13,468
__________
(1) See page 38 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (27) million and (94) million for three months ended June 30, 2025 and June 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (47) million and 212 million and certain derivatives of 55 million and (4) million for three months ended June 30, 2025 and June 30, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended December 31, 2024
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — 1 393 124 — — 13,045 5,935 — — (1) 455 106 — — 6,495
Policy charges and fee income 48 — (35) — — — — 1,111 1,062 (21) — 5 — — — — 1,046
Net investment income (3) — — 504 118 — — 5,055 4,601 (5) — — 521 124 — — 5,241
Realized investment gains (losses), net (3) (1,428) — — (233) 8 — — (1,844) (136) (664) — — (237) (74) — — (1,111)
Asset management fees, commissions and other income 408 — — 153 134 (45) — 2,269 1,547 (603) — — (42) 61 (34) — 929
Change in value of market risk benefits, net of related hedging gains (losses) — (146) — — — — — (146) — — (77) — — — — — (77)
Total revenues (975) (146) (34) 817 384 (45) — 19,490 13,009 (1,293) (77) 4 697 217 (34) — 12,523
Benefits and expenses:
Insurance and annuity benefits (13) — (2) 714 196 — — 14,216 6,843 7 — 2 644 181 — — 7,677
Change in estimates of liability for future policy benefits 10 — 95 — 9 — — 180 56 11 — (58) — (33) — — (24)
Interest credited to policyholders' account balances (243) — — 28 40 — — 863 1,057 206 — — 30 41 — — 1,334
Interest expense — — — — 4 — — 489 525 — — — (2) 3 — — 526
Deferral of acquisition costs — — — — — — — (636) (704) — — — — — — — (704)
Amortization of acquisition costs 8 — — 3 — — — 367 364 8 — — 3 — — — 375
Operating expenses — — — 68 80 — 3 1,868 1,810 — — — 71 40 — 2 1,923
Variable expenses — — — 2 8 (2) — 1,590 1,687 — — — 3 5 (131) 1 1,565
Total benefits and expenses (238) — 93 815 337 (2) 3 18,937 11,638 232 — (56) 749 237 (131) 3 12,672
__________
(1) See page 38 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 (92) million and (178) million for three months ended September 30, 2024 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (547) million and 509 million and certain derivatives of 21 million and (30) million for three months ended September 30, 2024 and December 31, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — — 417 137 — — 7,000
Policy charges and fee income 46 — 3 — — — — 1,157
Net investment income (3) — — 493 121 — — 5,130
Realized investment gains (losses), net (3) (489) — — (57) (27) — — (730)
Asset management fees, commissions and other income (190) — — (33) 23 (32) — 1,264
Change in value of market risk benefits, net of related hedging gains (losses) — (351) — — — — — (351)
Total revenues (636) (351) 3 820 254 (32) — 13,470
Benefits and expenses:
Insurance and annuity benefits 2 — 2 729 208 — — 8,285
Change in estimates of liability for future policy benefits 3 — (38) — (1) — — (50)
Interest credited to policyholders' account balances (325) — — 28 39 — — 825
Interest expense — — — (2) 2 — — 522
Deferral of acquisition costs (98) — — — — — — (782)
Amortization of acquisition costs 28 — — 3 — — — 407
Operating expenses — — — 65 43 — (28) 1,704
Variable expenses — — — 19 14 (35) — 1,639
Total benefits and expenses (390) — (36) 842 305 (35) (28) 12,550
__________
(1) See page 38 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 (55) million for three months ended March 31, 2025. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (104) million and certain derivatives of 5 million for three months ended March 31, 2025.

All values are in US Dollars.

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Table of Contents

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

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Table of Contents

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

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Table of Contents

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

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Prudential Financial, Inc. image10.jpg
Quarterly Financial Supplement
Second Quarter 2025
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of July 30, 2025
Standard & Fitch
A.M. Best* Poor's Moody's* Ratings*
The Prudential Insurance Company of America A+ AA- Aa3 AA-
PRUCO Life Insurance Company A+ AA- Aa3 AA-
PRUCO Life Insurance Company of New Jersey A+ AA- NR AA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NR A+ NR NR
Gibraltar Life Insurance Company, Ltd. NR A+ NR NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NR A+ NR NR
CREDIT RATINGS:
as of July 30, 2025
Prudential Financial, Inc.:
Short-Term Borrowings AMB-1 A-1 P-2 F1
Long-Term Senior Debt a- A A3 A-
Junior Subordinated Long-Term Debt bbb BBB+ Baa1 BBB
The Prudential Insurance Company of America:
Capital and surplus notes a A A2 A
Prudential Funding, LLC:
Short-Term Debt AMB-1 A-1+ P-1 F1+
Long-Term Senior Debt a+ AA- (P)A1 NR
PRICOA Global Funding I:
Long-Term Senior Debt aa- AA- Aa3 AA-
* NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.
For more information, please visit our website at investor.prudential.com.

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