Equibles

8-K

PRUDENTIAL FINANCIAL INC (PRU)

8-K 2025-01-15 For: 2025-01-15
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): January 15, 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.

The information contained in Item 7.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.02.

Item 7.01    Regulation FD Disclosure.

Prudential Financial, Inc. (the “Company”) is furnishing this Current Report to (1) disclose certain preliminary financial information regarding the quarter ended December 31, 2024, prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the period, scheduled for release on February 4, 2025; and (2) revise certain financial information included in the quarterly financial supplement for the quarter ended September 30, 2024.

Assets Under Management of the PGIM Segment

As of December 31, 2024, assets under management of the PGIM segment were $1.38 trillion.

Other Related Revenues, Net of Related Expenses, of the PGIM Segment

For the quarter ended December 31, 2024, PGIM’s other related revenues, net of related expenses, were approximately $65 million. “Other related revenues” includes incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations.

Alternative Investment Income of the General Account

For the quarter ended December 31, 2024, the alternative investment income of the Company’s General Account, excluding the Closed Block Division and Funds Withheld portfolios, (the “GA Portfolio”) is estimated to be approximately $10 - $30 million above the Company’s near-term expectations. “Alternative investment income” includes the adjusted operating income of the GA Portfolio’s interests in private equity, hedge fund and real estate-related investments, as well as real estate investments held through direct ownership, and excludes the results from those interests held by Divested Businesses and third parties that have been consolidated on the Company’s balance sheet.

The preliminary financial information presented above is estimated and unaudited and has been prepared in good faith on a basis consistent with prior periods based on information available to management as of the date hereof; however, we have not completed our financial closing procedures for the quarter ended December 31, 2024, and our actual results could be materially different from these preliminary financial results.

Revision of Quarterly Financial Supplement for the Third Quarter of 2024

During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment, in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has decided to voluntarily revise its historical adjusted operating income for the relevant periods, resulting in a decrease in after-tax adjusted operating income of $115 million or $0.31 per Common share for the nine months ended September 30, 2024, and $24 million or $0.07 per Common share for the nine months ended September 30, 2023, compared to previously reported amounts(1). These revisions had no impact to GAAP net income, book value, statutory results, or the historical or expected future cash flows of these products.

The Company furnishes herewith, as Exhibit 99.1, a revised Quarterly Financial Supplement (unaudited) for the quarter ended September 30, 2024 to provide additional information regarding these revisions. The updates made for these revisions are highlighted in yellow throughout. Except as expressly described above, there have been no other changes to the previously issued supplement for the quarter ended September 30, 2024. In addition, except as specifically described above, the revised supplement does not reflect events occurring after the original filing thereof, nor does it modify or update disclosures therein in any way other than as required to reflect the revisions described above. The unaudited supplemental financial information included in Exhibit 99.1 has been prepared by, and is the responsibility of, the Company's management. This information should be read together with the consolidated financial statements and the related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Quarterly Report on Form 10-Q, filed on October 31, 2024, and the Company's other filings with the SEC.

Certain of the statements included in this report, including those regarding our estimated financial results for the fourth quarter of 2024 and expected future cash flows, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects”, “believes”, “anticipates”, “includes”, “plans”, “assumes”, “estimates”, “projects”, “intends”, “should”, “will”, “shall”, or variations of such words are generally part of

forward-looking statements. 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 estimated financial results for the fourth quarter of 2024 presented herein could differ from our actual results because we have not completed our financial closing procedures for the period. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation.

(1)Adjusted operating income is a non-GAAP financial measure. See Exhibit 99.1 for more information about adjusted operating income.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 Revised Quarterly Financial Supplement (unaudited) for Prudential Financial, Inc. for third quarter 2024 (furnished and not filed).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

Date: January 15, 2025

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

Document

Table of Contents

Exhibit 99.1

Prudential Financial, Inc. (PRU)
Adjusted as of January 15, 2025
Quarterly Financial Supplement
Third Quarter 2024
Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
TABLE OF CONTENTS
Page
HIGHLIGHTS
Financial Metrics Summary 1
Financial Highlights 2
Other Financial Highlights 3
Operations Highlights 4
Combined Statements of Operations 5
Consolidated Balance Sheets 6
Combining Balance Sheets 7
Short-Term and Long-Term Debt - Unaffiliated 8
PGIM
Statements of Operations 9
Supplementary Revenue and Assets Under Management Information 10
Supplementary Assets Under Management Information 11
U.S.BUSINESSES
Combined Statements of Operations 12
Combined Statements of Operations - Retirement Strategies 13
Statements of Operations - Institutional Retirement Strategies 14
Institutional Retirement Strategies Sales Results and Account Values 15
Statements of Operations - Individual Retirement Strategies 16
Individual Retirement Strategies Sales Results and Account Values 17
Individual Retirement Strategies Account Value Activity 18
Individual Retirement Strategies Market Risk Benefit Features 19
Statements of Operations - Group Insurance 20
Group Insurance Supplementary Information 21
Statements of Operations - Individual Life 22
Individual Life Supplementary Information 23
INTERNATIONAL BUSINESSES
Combined Statements of Operations 24
Statements of Operations - Life Planner 25
Statements of Operations - Gibraltar Life and Other 26
Sales Results and Supplementary Information 27
CORPORATE AND OTHER
Statements of Operations 29
INVESTMENT PORTFOLIO
Investment Portfolio Composition 30
Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations 31
Investment Results 32
Investment Results - Japanese Insurance Operations 33
Investment Results - Excluding Japanese Insurance Operations 34
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES 35
KEY DEFINITIONS AND FORMULAS 39
RATINGS AND INVESTOR INFORMATION 42

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment, in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has decided to voluntarily revise its historical adjusted operating income for the relevant periods, resulting in a decrease in after-tax adjusted operating income of $115 million or $0.31 per Common share for the nine months ended September 30, 2024, and $24 million or $0.07 per Common share for the nine months ended September 30, 2023, compared to previously reported amounts. These revisions had no impact to GAAP net income, book value, statutory results, or the historical or expected future cash flows of these products.<br><br>The Company furnishes herewith, as Exhibit 99.1, a revised Quarterly Financial Supplement (unaudited) for the quarter ended September 30, 2024 to provide additional information regarding these revisions. The updates made for these revisions are highlighted in yellow throughout. Except as expressly described above, there have been no other changes to the previously issued supplement for the quarter ended September 30, 2024. In addition, except as specifically described above, the revised supplement does not reflect events occurring after the original filing thereof, nor does it modify or update disclosures therein in any way other than as required to reflect the revisions described above. The unaudited supplemental financial information included in Exhibit 99.1 has been prepared by, and is the responsibility of, the Company's management. This information should be read together with the consolidated financial statements and the related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Quarterly Report on Form 10-Q, filed on October 31, 2024, and the Company's other filings with the SEC.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM 211 172 169 206 241 541 616 14%
U.S. Businesses 1,069 964 805 1,023 1,040 2,773 2,868 3%
International Businesses 811 748 896 702 766 2,435 2,364 -3%
Corporate and Other (438) (653) (435) (371) (487) (1,381) (1,293) 6%
Total adjusted operating income before income taxes 1,653 1,231 1,435 1,560 1,560 4,368 4,555 4%
Income taxes, applicable to adjusted operating income 335 305 320 363 352 914 1,035 13%
After-tax adjusted operating income 1,318 926 1,115 1,197 1,208 3,454 3,520 2%
Income (loss) attributable to Prudential Financial, Inc. (802) 1,317 1,138 1,198 448 1,171 2,784 138%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1) 15.1 % 10.7 % 12.7 % 13.5 % 13.6 % 13.1 % 13.3 %
Return on Average Equity (based on net income (loss)) -11.8 % 19.6 % 16.5 % 17.4 % 6.1 % 5.4 % 13.1 %
Distributions to Shareholders
Dividends paid 461 458 476 475 471 1,392 1,422 2%
Share repurchases 250 250 250 250 250 750 750 —%
Total capital returned 711 708 726 725 721 2,142 2,172 1%
Per Share Data
Net income (loss) - diluted (2) (2.23) 3.61 3.12 3.28 1.24 3.15 7.64 143%
Adjusted Operating Income - diluted 3.58 2.54 3.05 3.28 3.33 9.33 9.67 4%
Shareholder dividends 1.25 1.25 1.30 1.30 1.30 3.75 3.90 4%
GAAP book value - diluted 70.82 76.77 75.00 77.51 84.47
Adjusted book value - diluted (3) 94.19 96.64 97.03 98.42 98.71
Shares Outstanding
Weighted average number of common shares - basic 362.6 360.3 359.0 358.8 356.9 364.6 358.3 -2%
Weighted average number of common shares - diluted 363.8 361.0 360.5 360.5 358.7 365.8 359.9 -2%
End of period common shares - basic 361.3 359.2 359.1 357.7 355.9
End of period common shares - diluted 364.5 362.4 362.8 361.4 360.1
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.
(2) For the three months ended September 30, 2023 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income 3.58 2.54 3.05 3.28 3.33 9.33 9.67
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (6.79) 0.94 (0.17) 0.49 (2.05) (7.79) (1.74)
Change in value of market risk benefits, net of related hedging gains (losses) (0.69) 0.60 0.34 (0.82) (0.41) (0.44) (0.89)
Market experience updates 0.39 (0.22) (0.09) 0.13 (0.35) 0.51 (0.31)
Divested and Run-off Businesses:
Closed Block division 0.01 (0.14) (0.01) (0.17) 0.01 (0.14) (0.17)
Other Divested and Run-off Businesses (0.31) 0.12 (0.10) 0.11 0.13 (0.06) 0.14
Difference in earnings allocated to participating unvested share-based payment awards 0.03 (0.01) — — 0.02 0.06 0.02
Other adjustments (1) (0.02) (0.03) (0.02) (0.01) (0.01) (0.07) (0.04)
Total reconciling items, before income taxes (7.38) 1.26 (0.05) (0.27) (2.66) (7.93) (2.99)
Income taxes, not applicable to adjusted operating income (1.57) 0.19 (0.12) (0.27) (0.57) (1.75) (0.96)
Total reconciling items, after income taxes (5.81) 1.07 0.07 — (2.09) (6.18) (2.03)
Net income (loss) attributable to Prudential Financial, Inc. (2.23) 3.61 3.12 3.28 1.24 3.15 7.64
Weighted average number of outstanding common shares - basic 362.6 360.3 359.0 358.8 356.9 364.6 358.3
Weighted average number of outstanding common shares - diluted 363.8 361.0 360.5 360.5 358.7 365.8 359.9
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. (802) 1,317 1,138 1,198 448 1,171 2,784
Less: Earnings allocated to participating unvested share-based payment awards 5 14 15 14 5 17 33
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation (807) 1,303 1,123 1,184 443 1,154 2,751
After-tax adjusted operating income 1,318 926 1,115 1,197 1,208 3,454 3,520
Less: Earnings allocated to participating unvested share-based payment awards 15 10 15 13 13 40 41
After-tax adjusted operating income for earnings per share of Common Stock calculation 1,303 916 1,100 1,184 1,195 3,414 3,479
___________
(1) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024
3Q 4Q 1Q 2Q 3Q
Capitalization Data (1):
Senior debt:
Short-term debt 615 618 585 588 950
Long-term debt 10,787 10,788 10,786 10,771 10,487
Junior subordinated long-term debt 8,090 8,094 8,582 8,582 8,589
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period 25,814 27,820 27,209 28,013 30,416
Less: Accumulated other comprehensive income (AOCI) (7,831) (6,504) (7,661) (7,444) (4,844)
GAAP book value excluding AOCI (2) 33,645 34,324 34,870 35,457 35,260
Less: Cumulative change in fair value of funds withheld embedded derivatives (3) — (181) 14 178 (238)
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) (687) (518) (345) (291) (49)
Adjusted book value 34,332 35,023 35,201 35,570 35,547
Book Value per Share of Common Stock:
GAAP book value per common share - diluted 70.82 76.77 75.00 77.51 84.47
GAAP book value excluding AOCI per share - diluted (2) 92.30 94.71 96.11 98.11 97.92
Adjusted book value per common share - diluted 94.19 96.64 97.03 98.42 98.71
End of period number of common shares - diluted 364.5 362.4 362.8 361.4 360.1
Common Stock Price Range (based on closing price):
High 99.14 105.21 117.40 121.31 127.32
Low 88.66 88.61 101.84 107.35 105.53
Close 94.89 103.71 117.40 117.19 121.10
Common Stock market capitalization (1) 34,284 37,253 42,158 41,919 43,099
__________
(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. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
OPERATIONS HIGHLIGHTS
2023 2024
3Q 4Q 1Q 2Q 3Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers 547.6 582.6 616.6 604.4 630.4
Retail customers 312.5 330.3 345.4 349.9 361.9
General account 358.5 385.2 379.4 373.8 407.6
Total PGIM 1,218.6 1,298.1 1,341.4 1,328.1 1,399.9
U.S. Businesses 116.5 123.9 126.3 124.6 128.6
International Businesses 16.4 17.9 18.2 17.9 18.1
Corporate and Other 9.8 9.7 10.4 11.4 11.3
Total assets under management 1,361.3 1,449.6 1,496.3 1,482.0 1,557.9
Assets under administration 164.7 181.5 182.6 183.9 189.8
Total assets under management and administration 1,526.0 1,631.1 1,678.9 1,665.9 1,747.7
Distribution Representatives (1):
Prudential Advisors 2,681 2,660 2,752 2,821 2,877
International Life Planners 5,917 5,856 5,855 5,836 5,900
Gibraltar Life Consultants 6,736 6,808 6,792 6,724 6,861
__________
(1) As of end of period.
(2) At fair market value.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 3,659 6,364 15,006 7,277 12,527 18,860 34,810 85%
Policy charges and fee income 1,060 1,059 1,056 1,061 1,098 3,165 3,215 2%
Net investment income 3,892 3,918 4,120 4,218 4,436 11,375 12,774 12%
Asset management fees, commissions and other income 1,437 1,532 1,524 1,293 1,428 4,217 4,245 1%
Total revenues 10,048 12,873 21,706 13,849 19,489 37,617 55,044 46%
Benefits and expenses (1):
Insurance and annuity benefits 4,348 7,130 15,774 8,137 13,321 20,867 37,232 78%
Change in estimates of liability for future policy benefits 49 20 15 (29) 66 230 52 -77%
Interest credited to policyholders' account balances 827 867 902 952 1,038 2,379 2,892 22%
Interest expense 419 439 529 480 485 1,315 1,494 14%
Deferral of acquisition costs (576) (637) (647) (614) (636) (1,691) (1,897) -12%
Amortization of acquisition costs 351 356 362 363 356 1,061 1,081 2%
General and administrative expenses 2,977 3,467 3,336 3,000 3,299 9,088 9,635 6%
Total benefits and expenses 8,395 11,642 20,271 12,289 17,929 33,249 50,489 52%
Adjusted operating income before income taxes 1,653 1,231 1,435 1,560 1,560 4,368 4,555 4%
Income taxes, applicable to adjusted operating income 335 305 320 363 352 914 1,035 13%
After-tax adjusted operating income 1,318 926 1,115 1,197 1,208 3,454 3,520 2%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (2,472) 338 (63) 175 (737) (2,848) (625) 78%
Change in value of market risk benefits, net of related hedging gains (losses) (251) 216 123 (297) (146) (160) (320) -100%
Market experience updates 143 (78) (32) 47 (127) 188 (112) -160%
Divested and Run-off Businesses:
Closed Block division 2 (50) (3) (60) 2 (50) (61) -22%
Other Divested and Run-off Businesses (113) 43 (35) 38 47 (22) 50 327%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests (11) (26) (27) (43) (43) (42) (113) -169%
Other adjustments (2) (9) (12) (8) (5) (3) (24) (16) 33%
Total reconciling items, before income taxes (2,711) 431 (45) (145) (1,007) (2,958) (1,197) 60%
Income taxes, not applicable to adjusted operating income (586) 54 (31) (99) (212) (660) (342) 48%
Total reconciling items, after income taxes (2,125) 377 (14) (46) (795) (2,298) (855) 63%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities (1,058) 1,662 1,390 1,415 553 1,410 3,358 138%
Income tax expense (benefit) (251) 359 289 264 140 254 693 173%
Income (loss) before equity in earnings of joint ventures and other operating entities (807) 1,303 1,101 1,151 413 1,156 2,665 131%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests 5 14 37 47 35 15 119 693%
Income (loss) attributable to Prudential Financial, Inc. (802) 1,317 1,138 1,198 448 1,171 2,784 138%
Earnings attributable to noncontrolling interests 11 9 13 (27) 3 11 (11) -200%
Net income (loss) (791) 1,326 1,151 1,171 451 1,182 2,773 135%
Less: Income (loss) attributable to noncontrolling interests 11 9 13 (27) 3 11 (11) -200%
Net income (loss) attributable to Prudential Financial, Inc. (802) 1,317 1,138 1,198 448 1,171 2,784 138%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of acquisitions, including the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 35-38 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. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
CONSOLIDATED BALANCE SHEETS
(in millions)
12/31/2023 03/31/2024 06/30/2024 09/30/2024
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value 316,321 318,510 311,092 340,730
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses — — — —
Fixed maturities, trading, at fair value 9,790 10,288 10,250 12,065
Assets supporting experience-rated contractholder liabilities, at fair value 3,168 3,359 3,351 3,654
Equity securities, at fair value 8,242 7,224 7,098 6,771
Commercial mortgage and other loans 59,305 58,781 60,243 62,573
Policy loans 10,047 9,907 9,739 9,947
Other invested assets 22,855 24,227 24,634 25,367
Short-term investments 5,005 5,953 6,241 8,010
Total investments 434,733 438,249 432,648 469,117
Cash and cash equivalents 19,419 18,735 17,111 20,198
Accrued investment income 3,287 3,361 3,434 3,566
Deferred policy acquisition costs 20,856 20,613 20,564 21,182
Value of business acquired 530 484 446 488
Market risk benefit assets 1,981 2,225 2,233 2,134
Reinsurance recoverables and deposit receivables 27,311 27,929 27,746 29,633
Income tax assets 939 958 856 479
Other assets 13,179 13,205 13,299 12,947
Separate account assets 198,888 200,064 196,859 200,550
Total assets 721,123 725,823 715,196 760,294
Liabilities:
Future policy benefits 273,281 272,790 262,330 285,474
Policyholders' account balances 147,018 151,810 154,991 164,088
Market risk benefit liabilities 5,467 4,624 4,592 5,178
Reinsurance and funds withheld payables 15,729 15,746 15,604 17,443
Securities sold under agreements to repurchase 6,056 6,563 6,929 7,455
Cash collateral for loaned securities 6,477 6,978 7,050 8,471
Income tax liabilities — — — —
Short-term debt 618 585 588 950
Long-term debt 18,882 19,368 19,353 19,076
Other liabilities 17,546 16,749 15,621 17,578
Notes issued by consolidated variable interest entities 1,374 1,132 1,174 1,456
Separate account liabilities 198,888 200,064 196,859 200,550
Total liabilities 691,336 696,409 685,091 727,719
Mezzanine Equity:
Redeemable noncontrolling interests 524 544 545 560
Total mezzanine equity 524 544 545 560
Equity:
Accumulated other comprehensive loss (6,504) (7,661) (7,444) (4,844)
Other equity (1) 34,324 34,870 35,457 35,260
Total Prudential Financial, Inc. equity 27,820 27,209 28,013 30,416
Noncontrolling interests 1,443 1,661 1,547 1,599
Total equity 29,263 28,870 29,560 32,015
Total liabilities, mezzanine equity and equity 721,123 725,823 715,196 760,294
____________
(1) Includes (238) million, 178 million, (14) million and 181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINING BALANCE SHEETS
(in millions)
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 49,519 419,598 3,833 213,476 171,025 31,264
Deferred policy acquisition costs 159 21,023 — 12,016 9,558 (551)
Other assets 1,246 68,199 4,714 46,213 12,713 4,559
Separate account assets — 200,550 29,331 174,779 — (3,560)
Total assets 50,924 709,370 37,878 446,484 193,296 31,712
Liabilities:
Future policy benefits 42,683 242,791 — 123,199 110,175 9,417
Policyholders' account balances 4,391 159,697 — 99,599 55,841 4,257
Debt — 20,026 1,565 7,206 106 11,149
Other liabilities 5,412 52,169 3,565 26,182 8,494 13,928
Separate account liabilities — 200,550 29,331 174,779 — (3,560)
Total liabilities 52,486 675,233 34,461 430,965 174,616 35,191
Mezzanine Equity:
Redeemable noncontrolling interests — 560 393 — — 167
Total mezzanine equity — 560 393 — — 167
Equity:
Accumulated other comprehensive loss (143) (4,701) (77) (410) (1,989) (2,225)
Other equity (1) (1,430) 36,690 2,844 15,849 20,639 (2,642)
Total Prudential Financial, Inc. equity (1,573) 31,989 2,767 15,439 18,650 (4,867)
Noncontrolling interests 11 1,588 257 80 30 1,221
Total equity (1,562) 33,577 3,024 15,519 18,680 (3,646)
Total liabilities, mezzanine equity and equity 50,924 709,370 37,878 446,484 193,296 31,712
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 49,336 385,397 4,906 184,264 169,531 26,696
Deferred policy acquisition costs 168 20,688 — 11,757 9,351 (420)
Other assets 1,584 65,062 4,511 41,498 12,342 6,711
Separate account assets — 198,888 32,647 169,386 — (3,145)
Total assets 51,088 670,035 42,064 406,905 191,224 29,842
Liabilities:
Future policy benefits 43,587 229,694 — 107,007 113,501 9,186
Policyholders' account balances 4,500 142,518 — 85,983 51,941 4,594
Debt — 19,500 1,577 7,360 72 10,491
Other liabilities 4,539 48,110 3,095 21,668 8,267 15,080
Separate account liabilities — 198,888 32,647 169,386 — (3,145)
Total liabilities 52,626 638,710 37,319 391,404 173,781 36,206
Mezzanine Equity:
Redeemable noncontrolling interest — 524 524 — — —
Total mezzanine equity — 524 524 — — —
Equity:
Accumulated other comprehensive loss (144) (6,360) (86) (1,862) (1,922) (2,490)
Other equity (1) (1,405) 35,729 2,768 17,281 19,335 (3,655)
Total Prudential Financial, Inc. equity (1,549) 29,369 2,682 15,419 17,413 (6,145)
Noncontrolling interests 11 1,432 1,539 82 30 (219)
Total equity (1,538) 30,801 4,221 15,501 17,443 (6,364)
Total liabilities, mezzanine equity and equity 51,088 670,035 42,064 406,905 191,224 29,842
____________
(1) Corporate and Other includes (238) million and 181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
As of December 31, 2023
Senior Debt
Long-term Debt Junior Subordinated Long-term Debt Total Debt Short-term Debt Long-term Debt Junior Subordinated Long-term Debt Total Debt
Borrowings by use of proceeds:
Capital Debt 4,571 8,589 13,507 — 4,869 8,094 12,963
Operating Debt 5,594 — 6,113 535 5,589 — 6,124
Limited recourse and non-recourse borrowing 322 — 406 83 330 — 413
Total Debt 10,487 8,589 20,026 618 10,788 8,094 19,500
As of December 31, 2023
The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt Prudential Financial, Inc. The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt
Borrowings by sources:
Capital Debt 347 43 13,507 12,573 346 44 12,963
Operating Debt 494 — 6,113 5,614 510 — 6,124
Limited recourse and non-recourse borrowing 84 322 406 — 130 283 413
Total Debt 925 365 20,026 18,187 986 327 19,500
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes 347 million of surplus notes as of September 30, 2024 and 346 million as of December 31, 2023.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - PGIM
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums — — — — — — — —
Policy charges and fee income — — — — — — — —
Net investment income 42 79 (43) 14 16 189 (13) -107%
Asset management fees, commissions and other income 934 836 1,033 949 1,005 2,534 2,987 18%
Total revenues 976 915 990 963 1,021 2,723 2,974 9%
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 28 29 24 26 30 84 80 -5%
Deferral of acquisition costs (1) — (1) — — (2) (1) 50%
Amortization of acquisition costs — 1 1 — 1 1 2 100%
General and administrative expenses 738 713 797 731 749 2,099 2,277 8%
Total benefits and expenses 765 743 821 757 780 2,182 2,358 8%
Adjusted operating income before income taxes 211 172 169 206 241 541 616 14%
Total revenues 976 915 990 963 1,021 2,723 2,974 9%
Less: Passthrough distribution revenue 20 19 21 22 23 59 66 12%
Less: Revenue associated with consolidations 62 16 23 10 24 69 57 -17%
Total adjusted revenues (2) 894 880 946 931 974 2,595 2,851 10%
Adjusted operating margin (2)(3) 23.6 % 19.5 % 17.9 % 22.1 % 24.7 % 20.8 % 21.6 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 23.6%, 21.4%, 17.1%, 18.8%, and 21.6% for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and 20.7% and 19.9% for nine months ended September 30, 2024 and September 30, 2023, respectively.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2024 Year-to-date
4Q 1Q 2Q 3Q 2023 2024 % change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees 735 774 777 803 2,184 2,354 8%
Other related revenues (1) 66 93 71 90 181 254 40%
Service, distribution and other revenues 114 123 115 128 358 366 2%
Total PGIM revenues 915 990 963 1,021 2,723 2,974 9%
Analysis of asset management fees by source:
Institutional customers 366 378 377 385 1,082 1,140 5%
Retail customers 257 276 281 293 757 850 12%
General account 112 120 119 125 345 364 6%
Total asset management fees 735 774 777 803 2,184 2,354 8%
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 452.5 68.2 33.6 2.2 630.4
Retail customers 153.1 2.3 0.5 69.5 361.9
General account 257.8 61.3 85.1 0.1 407.6
Total 863.4 131.8 119.2 71.8 1,399.9
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers 387.2 70.5 32.4 1.3 547.6
Retail customers 131.6 2.2 0.9 69.7 312.5
General account 228.6 54.4 71.9 — 358.5
Total 747.4 127.1 105.2 71.0 1,218.6
__________
(1) Other related revenues, net of related expenses are 45 million, 39 million, 56 million, 36 million, and 37 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and 140 million and 96 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
2024 Year-to-date
4Q 1Q 2Q 3Q 2023 2024
Institutional Customers - Assets Under Management (at fair market value):
Beginning assets under management 528.6 562.7 596.9 585.2 528.9 562.7
Additions 20.5 45.2 16.9 15.7 47.2 77.8
Withdrawals (26.8) (19.1) (25.8) (20.2) (64.2) (65.1)
Net institutional additions (withdrawals), excluding money market activity (6.3) 26.1 (8.9) (4.5) (17.0) 12.7
Change in market value 36.7 3.2 0.9 30.6 6.9 34.7
Net money market flows (1.1) 0.2 (0.1) (2.8) (0.4) (2.7)
Other (1) 4.8 4.7 (3.6) 1.8 10.2 2.9
Ending assets under management 562.7 596.9 585.2 610.3 528.6 610.3
Affiliated institutional assets under management 19.9 19.7 19.2 20.1 19.0 20.1
Total assets managed for institutional customers at end of period 582.6 616.6 604.4 630.4 547.6 630.4
Retail Customers - Assets Under Management (at fair market value):
Beginning assets under management 203.1 215.5 228.1 234.5 191.7 215.5
Additions 14.8 15.7 14.5 16.4 37.1 46.6
Withdrawals (22.0) (15.2) (15.1) (15.1) (45.0) (45.4)
Net retail additions (withdrawals), excluding money market activity (7.2) 0.5 (0.6) 1.3 (7.9) 1.2
Change in market value 19.5 12.2 6.7 9.4 19.2 28.3
Net money market flows 0.3 0.3 0.5 0.2 1.3 1.0
Other (0.2) (0.4) (0.2) (0.3) (1.2) (0.9)
Ending assets under management 215.5 228.1 234.5 245.1 203.1 245.1
Affiliated retail assets under management 114.8 117.3 115.4 116.8 109.4 116.8
Total assets managed for retail customers at end of period 330.3 345.4 349.9 361.9 312.5 361.9
__________
(1) Third quarter 2023 includes 9.5 billion related to the reinsurance of in-force structured settlement annuities business to Prismic Life Reinsurance, Ltd., which were previously included in General Account assets under management. First quarter 2024 includes 5.8 billion related to the reinsurance of certain guaranteed universal life policies to Somerset Reinsurance Ltd., which were previously included in General Account assets under management. Second quarter 2024 includes a decrease of assets associated with PGIM Wadhwani LLP, a business now reflected in Divested and Run-off Businesses and included in Corporate and Other assets under management.

All values are in US Dollars.

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Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 550 3,505 11,869 4,282 9,686 8,916 25,837 190%
Policy charges and fee income 997 990 990 995 1,029 2,979 3,014 1%
Net investment income 2,355 2,281 2,478 2,528 2,666 6,725 7,672 14%
Asset management fees, commissions and other income 641 705 636 605 599 2,020 1,840 -9%
Total revenues 4,543 7,481 15,973 8,410 13,980 20,640 38,363 86%
Benefits and expenses (1):
Insurance and annuity benefits 1,601 4,607 13,007 5,692 10,743 12,319 29,442 139%
Change in estimates of liability for future policy benefits 33 (29) (9) (381) 64 (85) (326) -284%
Interest credited to policyholders' account balances 563 581 601 643 703 1,609 1,947 21%
Interest expense 226 253 333 282 294 726 909 25%
Deferral of acquisition costs (307) (349) (370) (402) (416) (876) (1,188) -36%
Amortization of acquisition costs 204 209 212 212 213 621 637 3%
General and administrative expenses 1,154 1,245 1,394 1,341 1,339 3,553 4,074 15%
Total benefits and expenses 3,474 6,517 15,168 7,387 12,940 17,867 35,495 99%
Adjusted operating income before income taxes 1,069 964 805 1,023 1,040 2,773 2,868 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. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums (959) 2,041 10,325 2,769 8,153 4,387 21,247 384%
Policy charges and fee income 318 310 312 320 320 970 952 -2%
Net investment income 1,491 1,405 1,536 1,638 1,764 4,229 4,938 17%
Asset management fees, commissions and other income 528 584 586 568 554 1,636 1,708 4%
Total revenues 1,378 4,340 12,759 5,295 10,791 11,222 28,845 157%
Benefits and expenses (1):
Insurance and annuity benefits (417) 2,615 10,898 3,757 8,768 6,278 23,423 273%
Change in estimates of liability for future policy benefits 31 (25) 11 (468) 47 (168) (410) -144%
Interest credited to policyholders' account balances 293 308 355 398 467 804 1,220 52%
Interest expense 14 20 31 28 36 53 95 79%
Deferral of acquisition costs (117) (131) (169) (179) (186) (323) (534) -65%
Amortization of acquisition costs 89 90 95 100 102 275 297 8%
General and administrative expenses 563 573 657 670 659 1,680 1,986 18%
Total benefits and expenses 456 3,450 11,878 4,306 9,893 8,599 26,077 203%
Adjusted operating income before income taxes 922 890 881 989 898 2,623 2,768 6%
__________
(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. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums (979) 2,027 10,297 2,758 8,134 4,315 21,189 391%
Policy charges and fee income 10 7 6 8 10 26 24 -8%
Net investment income 1,098 1,006 1,092 1,142 1,199 3,174 3,433 8%
Asset management fees, commissions and other income 92 143 143 133 130 332 406 22%
Total revenues 221 3,183 11,538 4,041 9,473 7,847 25,052 219%
Benefits and expenses (1):
Insurance and annuity benefits (438) 2,584 10,858 3,718 8,742 6,175 23,318 278%
Change in estimates of liability for future policy benefits 24 (25) (3) (456) 41 (176) (418) -138%
Interest credited to policyholders' account balances 146 137 154 153 177 415 484 17%
Interest expense (6) 1 17 9 12 — 38 —%
Deferral of acquisition costs (18) (24) (19) (15) (23) (51) (57) -12%
Amortization of acquisition costs 3 3 2 2 4 13 8 -38%
General and administrative expenses 71 75 88 80 82 208 250 20%
Total benefits and expenses (218) 2,751 11,097 3,491 9,035 6,584 23,623 259%
Adjusted operating income before income taxes 439 432 441 550 438 1,263 1,429 13%
__________
(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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024
Beginning total account value 258,533 254,933 267,654 274,630 274,128 251,818 267,654
Additions 4,697 14,287 10,990 4,011 11,081 14,211 26,082
Withdrawals and benefits (7,781) (6,163) (6,417) (6,164) (6,619) (19,120) (19,200)
Net flows (3,084) 8,124 4,573 (2,153) 4,462 (4,909) 6,882
Change in market value, interest credited and interest income 878 2,565 2,655 1,919 4,476 5,157 9,050
Other (1) (1,394) 2,032 (252) (268) 4,763 2,867 4,243
Ending total account value, gross 254,933 267,654 274,630 274,128 287,829 254,933 287,829
Reinsurance ceded (9,273) (9,237) (9,179) (9,129) (9,062) (9,273) (9,062)
Ending total account value, net 245,660 258,417 265,451 264,999 278,767 245,660 278,767
Amounts included in ending total account value, net above:
Investment-only stable value wraps 65,497 64,098 62,842 61,455 62,189
International reinsurance (2) 88,253 102,544 102,049 102,465 108,927
Group annuities and other products 91,910 91,775 100,560 101,079 107,651
Ending total account value, net 245,660 258,417 265,451 264,999 278,767
__________
(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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Table of Contents

Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 20 14 28 11 19 72 58 -19%
Policy charges and fee income 308 303 306 312 310 944 928 -2%
Net investment income 393 399 444 496 565 1,055 1,505 43%
Asset management fees, commissions and other income 436 441 443 435 424 1,304 1,302 —%
Total revenues 1,157 1,157 1,221 1,254 1,318 3,375 3,793 12%
Benefits and expenses (1):
Insurance and annuity benefits 21 31 40 39 26 103 105 2%
Change in estimates of liability for future policy benefits 7 — 14 (12) 6 8 8 —%
Interest credited to policyholders' account balances 147 171 201 245 290 389 736 89%
Interest expense 20 19 14 19 24 53 57 8%
Deferral of acquisition costs (99) (107) (150) (164) (163) (272) (477) -75%
Amortization of acquisition costs 86 87 93 98 98 262 289 10%
General and administrative expenses 492 498 569 590 577 1,472 1,736 18%
Total benefits and expenses 674 699 781 815 858 2,015 2,454 22%
Adjusted operating income before income taxes 483 458 440 439 460 1,360 1,339 -2%
__________
(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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite 1,279 1,263 1,727 2,219 2,244 3,607 6,190
Investment Only VA (2) 48 35 28 39 28 116 95
Fixed 616 804 1,550 1,221 1,346 1,779 4,117
Total 1,943 2,102 3,305 3,479 3,618 5,502 10,402
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value 25,970 27,069 30,655 35,257 39,108 21,208 30,655
Sales 1,943 2,102 3,305 3,479 3,618 5,502 10,402
Full surrenders and death benefits (208) (239) (281) (322) (351) (622) (954)
Sales, net of full surrenders and death benefits 1,735 1,863 3,024 3,157 3,267 4,880 9,448
Partial withdrawals and other benefit payments (135) (170) (181) (184) (184) (401) (549)
Net flows 1,600 1,693 2,843 2,973 3,083 4,479 8,899
Change in market value, interest credited, and other (494) 1,901 1,770 891 1,554 1,402 4,215
Policy charges (7) (8) (11) (13) (16) (20) (40)
Ending total account value, gross 27,069 30,655 35,257 39,108 43,729 27,069 43,729
Reinsurance ceded (1,552) (1,694) (1,986) (2,205) (2,494) (1,552) (2,494)
Ending total account value, net 25,517 28,961 33,271 36,903 41,235 25,517 41,235
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value 100,327 94,021 99,053 99,443 96,267 98,814 99,053
Sales 7 7 9 7 6 24 22
Full surrenders and death benefits (1,544) (1,636) (2,284) (2,467) (2,510) (4,269) (7,261)
Sales, net of full surrenders and death benefits (1,537) (1,629) (2,275) (2,460) (2,504) (4,245) (7,239)
Partial withdrawals and other benefit payments (927) (1,122) (1,109) (1,037) (1,037) (2,838) (3,183)
Net flows (2,464) (2,751) (3,384) (3,497) (3,541) (7,083) (10,422)
Change in market value and other (3,298) 8,321 4,311 857 4,924 4,000 10,092
Policy charges (544) (538) (537) (536) (534) (1,710) (1,607)
Ending total account value, gross 94,021 99,053 99,443 96,267 97,116 94,021 97,116
Reinsurance ceded (9,432) (10,103) (9,702) (9,271) (9,526) (9,432) (9,526)
Ending total account value, net 84,589 88,950 89,741 86,996 87,590 84,589 87,590
__________
(1) Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.
(2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity.
(3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024
Account Values in General Account (1):
Beginning balance 26,455 27,613 30,844 35,140 38,942 22,063 30,844
Premiums and deposits 1,856 2,030 3,226 3,373 3,522 5,278 10,121
Full surrenders and death benefits (121) (155) (237) (266) (296) (358) (799)
Premiums and deposits net of full surrenders and death benefits 1,735 1,875 2,989 3,107 3,226 4,920 9,322
Partial withdrawals and other benefit payments (148) (191) (218) (221) (224) (445) (663)
Net flows 1,587 1,684 2,771 2,886 3,002 4,475 8,659
Change in market value, interest credited and other (285) 1,189 1,513 905 960 1,478 3,378
Net transfers (to) from separate account (142) 360 15 14 451 (399) 480
Policy charges (2) (2) (3) (3) (5) (4) (11)
Ending balance, gross 27,613 30,844 35,140 38,942 43,350 27,613 43,350
Reinsurance ceded (1,552) (1,694) (1,986) (2,205) (2,494) (1,552) (2,494)
Ending balance, net 26,061 29,150 33,154 36,737 40,856 26,061 40,856
Account Values in Separate Account (1):
Beginning balance 99,842 93,477 98,864 99,560 96,433 97,959 98,864
Premiums and deposits 94 79 88 113 102 248 303
Full surrenders and death benefits (1,631) (1,720) (2,328) (2,523) (2,565) (4,533) (7,416)
Premiums and deposits net of full surrenders and death benefits (1,537) (1,641) (2,240) (2,410) (2,463) (4,285) (7,113)
Partial withdrawals and other benefit payments (914) (1,101) (1,072) (1,000) (997) (2,794) (3,069)
Net flows (2,451) (2,742) (3,312) (3,410) (3,460) (7,079) (10,182)
Change in market value, interest credited and other (3,507) 9,033 4,568 843 5,518 3,924 10,929
Net transfers (to) from general account 142 (360) (15) (14) (451) 399 (480)
Policy charges (549) (544) (545) (546) (545) (1,726) (1,636)
Ending balance, gross 93,477 98,864 99,560 96,433 97,495 93,477 97,495
Reinsurance ceded (9,432) (10,103) (9,702) (9,271) (9,526) (9,432) (9,526)
Ending balance, net 84,045 88,761 89,858 87,162 87,969 84,045 87,969
__________
(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. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
2023 2024
3Q 4Q 1Q 2Q 3Q
MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1):
Market Risk Benefits Account Values by Risk Management Design:
Account Values with Auto-Rebalancing Feature - risk retained by Prudential 66,563 70,093 70,679 68,512 68,960
Account Values with Auto-Rebalancing Feature - externally reinsured 2,269 2,315 2,254 2,115 2,115
Account Values without Auto-Rebalancing Feature 23,869 25,244 25,056 24,178 24,561
Total 92,701 97,652 97,989 94,805 95,636
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature 9,508 7,177 6,373 6,541 5,638
Net Amount at Risk without Auto-Rebalancing Feature 3,909 2,576 2,597 2,817 2,240
Total 13,417 9,753 8,970 9,358 7,878
__________
(1) At end of period.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 1,268 1,231 1,298 1,272 1,299 3,793 3,869 2%
Policy charges and fee income 163 169 175 165 189 505 529 5%
Net investment income 130 128 136 128 134 384 398 4%
Asset management fees, commissions and other income 15 19 25 21 21 56 67 20%
Total revenues 1,576 1,547 1,634 1,586 1,643 4,738 4,863 3%
Benefits and expenses (1):
Insurance and annuity benefits 1,179 1,166 1,249 1,140 1,241 3,537 3,630 3%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 39 42 40 36 35 124 111 -10%
Interest expense 1 1 2 4 2 7 8 14%
Deferral of acquisition costs (1) (2) (6) (4) (5) (1) (15) -1400%
Amortization of acquisition costs 1 5 1 2 1 4 4 —%
General and administrative expenses 268 269 303 287 287 814 877 8%
Total benefits and expenses 1,487 1,481 1,589 1,465 1,561 4,485 4,615 3%
Adjusted operating income before income taxes 89 66 45 121 82 253 248 -2%
__________
(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
Third Quarter 2024
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024
Annualized New Business Premiums:
Group life 61 41 189 27 35 255 251
Group disability 34 19 189 19 28 216 236
Total 95 60 378 46 63 471 487
Future Policy Benefits (1):
Group life 2,242 2,421 2,350 2,328 2,266
Group disability 3,175 3,178 3,240 3,222 3,253
Total 5,417 5,599 5,590 5,550 5,519
Policyholders' Account Balances (1):
Group life 5,250 5,229 4,889 4,782 4,878
Group disability 112 113 119 111 110
Total 5,362 5,342 5,008 4,893 4,988
Separate Account Liabilities (1):
Group life 22,864 25,021 25,265 24,546 26,021
Group Life Insurance:
Gross premiums, policy charges and fee income (2) 1,100 1,149 1,098 1,123 1,137 3,320 3,358
Earned premiums 900 873 903 897 924 2,729 2,724
Earned policy charges and fee income 138 144 150 139 164 433 453
Benefits ratio (3) 84.8 % 87.5 % 90.1 % 85.3 % 85.0 % 87.6 % 86.8 %
Administrative operating expense ratio 11.8 % 11.2 % 12.1 % 11.8 % 11.0 % 11.8 % 11.6 %
Persistency ratio 93.7 % 93.6 % 95.1 % 95.0 % 94.6 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2) 393 385 426 410 403 1,144 1,239
Earned premiums 368 358 395 375 375 1,064 1,145
Earned policy charges and fee income 25 25 25 26 25 72 76
Benefits ratio (3) 76.2 % 72.2 % 71.3 % 70.4 % 78.9 % 70.7 % 73.5 %
Administrative operating expense ratio 24.1 % 25.9 % 25.9 % 26.5 % 26.5 % 24.9 % 26.3 %
Persistency ratio 91.2 % 91.1 % 93.8 % 93.2 % 92.9 %
Total Group Insurance:
Benefits ratio (3) 82.4 % 83.3 % 84.7 % 81.1 % 83.4 % 83.1 % 83.1 %
Administrative operating expense ratio 15.1 % 14.9 % 16.0 % 15.8 % 15.1 % 15.2 % 15.6 %
Net face amount of policies in force (in billions) (4) 2,143 2,155 2,065 2,092 2,102
__________
(1) As of end of period.
(2) Before returns of premiums to participating policyholders for favorable claims experience.
(3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 85.3%, 64.1% and 79.4% for the three months ended June 30, 2024, respectively. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 86.8%, 71.4%, 82.5% and 86.9%, 69.6%, 82.3% for the nine months ended September 30, 2024 and September 30, 2023, respectively.
(4) At end of period; net of reinsurance.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 241 233 246 241 234 736 721 -2%
Policy charges and fee income 516 511 503 510 520 1,504 1,533 2%
Net investment income 734 748 806 762 768 2,112 2,336 11%
Asset management fees, commissions and other income 98 102 25 16 24 328 65 -80%
Total revenues 1,589 1,594 1,580 1,529 1,546 4,680 4,655 -1%
Benefits and expenses (1):
Insurance and annuity benefits 839 826 860 795 734 2,504 2,389 -5%
Change in estimates of liability for future policy benefits 2 (4) (20) 87 17 83 84 1%
Interest credited to policyholders' account balances 231 231 206 209 201 681 616 -10%
Interest expense 211 232 300 250 256 666 806 21%
Deferral of acquisition costs (189) (216) (195) (219) (225) (552) (639) -16%
Amortization of acquisition costs 114 114 116 110 110 342 336 -2%
General and administrative expenses 323 403 434 384 393 1,059 1,211 14%
Total benefits and expenses 1,531 1,586 1,701 1,616 1,486 4,783 4,803 —%
Adjusted operating income (loss) before income taxes 58 8 (121) (87) 60 (103) (148) -44%
__________
(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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life 33 33 31 34 34 87 99
Universal life 17 27 20 22 19 54 61
Variable life 136 145 116 147 157 391 420
Total 186 205 167 203 210 532 580
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors 35 38 35 44 43 106 122
Third party distribution 151 167 132 159 167 426 458
Total 186 205 167 203 210 532 580
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance 32,713 32,730 33,026 33,176 33,365 31,522 33,026
Premiums and deposits 587 675 634 604 619 1,800 1,857
Surrenders and withdrawals (417) (557) (436) (414) (445) (1,301) (1,295)
Net sales 170 118 198 190 174 499 562
Benefit payments (41) (43) (48) (43) (30) (145) (121)
Net flows 129 75 150 147 144 354 441
Interest credited and other 274 624 401 388 440 1,141 1,229
Net transfers from separate account 128 113 138 148 158 1,285 444
Policy charges (514) (516) (539) (494) (526) (1,572) (1,559)
Ending balance, gross 32,730 33,026 33,176 33,365 33,581 32,730 33,581
Reinsurance ceded — — (4,506) (4,512) (4,520) — (4,520)
Ending balance, net 32,730 33,026 28,670 28,853 29,061 32,730 29,061
Separate Account Liabilities:
Beginning balance 43,230 42,171 46,453 50,128 51,385 39,419 46,453
Premiums and deposits 739 836 794 904 1,018 2,313 2,716
Surrenders and withdrawals (212) (235) (293) (334) (316) (714) (943)
Net sales 527 601 501 570 702 1,599 1,773
Benefit payments (119) (126) (138) (165) (183) (340) (486)
Net flows 408 475 363 405 519 1,259 1,287
Change in market value, interest credited and other (1,003) 4,262 3,796 1,352 2,569 3,772 7,717
Net transfers to general account (128) (113) (138) (148) (158) (1,285) (444)
Policy charges (336) (342) (346) (352) (362) (994) (1,060)
Ending balance 42,171 46,453 50,128 51,385 53,953 42,171 53,953
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life 293 290 286 283 280
Universal life 97 97 80 79 79
Variable life 150 154 158 160 162
Total 540 541 524 522 521
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 3,112 2,864 3,139 3,002 2,850 9,955 8,991 -10%
Policy charges and fee income 77 82 80 80 83 226 243 8%
Net investment income 1,316 1,367 1,412 1,390 1,428 3,922 4,230 8%
Asset management fees, commissions and other income 61 65 82 40 56 201 178 -11%
Total revenues 4,566 4,378 4,713 4,512 4,417 14,304 13,642 -5%
Benefits and expenses (1):
Insurance and annuity benefits 2,751 2,525 2,772 2,452 2,581 8,557 7,805 -9%
Change in estimates of liability for future policy benefits 16 49 24 352 2 315 378 20%
Interest credited to policyholders' account balances 239 263 279 288 315 680 882 30%
Interest expense 3 5 (1) (2) 5 18 2 -89%
Deferral of acquisition costs (292) (312) (293) (268) (308) (886) (869) 2%
Amortization of acquisition costs 156 156 159 161 164 466 484 4%
General and administrative expenses 882 944 877 827 892 2,719 2,596 -5%
Total benefits and expenses 3,755 3,630 3,817 3,810 3,651 11,869 11,278 -5%
Adjusted operating income before income taxes 811 748 896 702 766 2,435 2,364 -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, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 1,665 1,511 1,818 1,663 1,527 5,292 5,008 -5%
Policy charges and fee income 48 52 47 48 56 144 151 5%
Net investment income 584 608 629 602 619 1,743 1,850 6%
Asset management fees, commissions and other income 62 61 56 54 45 185 155 -16%
Total revenues 2,359 2,232 2,550 2,367 2,247 7,364 7,164 -3%
Benefits and expenses (1):
Insurance and annuity benefits 1,421 1,311 1,589 1,343 1,365 4,530 4,297 -5%
Change in estimates of liability for future policy benefits 11 23 13 217 5 82 235 187%
Interest credited to policyholders' account balances 61 68 69 68 76 175 213 22%
Interest expense (1) (4) (7) (3) 2 1 (8) -900%
Deferral of acquisition costs (143) (144) (155) (132) (141) (443) (428) 3%
Amortization of acquisition costs 76 76 78 81 82 230 241 5%
General and administrative expenses 407 438 418 393 394 1,253 1,205 -4%
Total benefits and expenses 1,832 1,768 2,005 1,967 1,783 5,828 5,755 -1%
Adjusted operating income before income taxes 527 464 545 400 464 1,536 1,409 -8%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums 1,447 1,353 1,321 1,339 1,323 4,663 3,983 -15%
Policy charges and fee income 29 30 33 32 27 82 92 12%
Net investment income 732 759 783 788 809 2,179 2,380 9%
Asset management fees, commissions and other income (1) 4 26 (14) 11 16 23 44%
Total revenues 2,207 2,146 2,163 2,145 2,170 6,940 6,478 -7%
Benefits and expenses (1):
Insurance and annuity benefits 1,330 1,214 1,183 1,109 1,216 4,027 3,508 -13%
Change in estimates of liability for future policy benefits 5 26 11 135 (3) 233 143 -39%
Interest credited to policyholders' account balances 178 195 210 220 239 505 669 32%
Interest expense 4 9 6 1 3 17 10 -41%
Deferral of acquisition costs (149) (168) (138) (136) (167) (443) (441) —%
Amortization of acquisition costs 80 80 81 80 82 236 243 3%
General and administrative expenses 475 506 459 434 498 1,466 1,391 -5%
Total benefits and expenses 1,923 1,862 1,812 1,843 1,868 6,041 5,523 -9%
Adjusted operating income before income taxes 284 284 351 302 302 899 955 6%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,422 1,266 1,584 1,386 1,311 4,620 4,281
Japan - Gibraltar Life 1,476 1,383 1,354 1,371 1,350 4,745 4,075
Emerging Markets 291 297 281 325 272 816 878
Total 3,189 2,946 3,219 3,082 2,933 10,181 9,234
Annualized new business premiums:
Japan - Prudential of Japan 143 182 196 156 162 497 514
Japan - Gibraltar Life 236 310 224 268 324 708 816
Emerging Markets 112 106 97 95 102 284 294
Total 491 598 517 519 588 1,489 1,624
Annualized new business premiums by distribution channel:
Life Planners 255 288 293 251 264 781 808
Gibraltar Life Consultants 131 139 105 120 136 403 361
Banks 68 82 59 74 110 174 243
Independent Agency 37 89 60 74 78 131 212
Total 491 598 517 519 588 1,489 1,624
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,486 1,362 1,690 1,499 1,412 4,732 4,601
Japan - Gibraltar Life 1,548 1,464 1,454 1,482 1,436 4,879 4,372
Emerging Markets 243 252 235 286 253 698 774
Total 3,277 3,078 3,379 3,267 3,101 10,309 9,747
Annualized new business premiums:
Japan - Prudential of Japan 150 195 211 172 175 510 558
Japan - Gibraltar Life 241 314 229 275 331 716 835
Emerging Markets 88 86 80 85 94 228 259
Total 479 595 520 532 600 1,454 1,652
Annualized new business premiums by distribution channel:
Life Planners 238 281 291 257 269 738 817
Gibraltar Life Consultants 132 142 108 124 140 406 372
Banks 68 82 59 75 110 174 244
Independent Agency 41 90 62 76 81 136 219
Total 479 595 520 532 600 1,454 1,652
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Table of Contents

Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
2023 2024
3Q 4Q 1Q 2Q 3Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan - Prudential of Japan 320 312 307 301 297
Japan - Gibraltar Life 288 285 281 279 277
Emerging Markets 43 44 42 43 46
Total 651 641 630 623 620
Number of individual policies in force at end of period (in thousands) (3):
Japan - Prudential of Japan 4,501 4,511 4,531 4,535 4,555
Japan - Gibraltar Life 6,626 6,594 6,552 6,519 6,520
Emerging Markets 769 789 765 783 820
Total 11,896 11,894 11,848 11,837 11,895
International life insurance individual policy persistency:
Life Planner:
13 months 92.2 % 92.0 % 91.4 % 90.6 % 89.5 %
25 months 83.2 % 83.1 % 82.6 % 82.0 % 81.3 %
Gibraltar Life (4):
13 months 94.8 % 94.3 % 94.8 % 94.8 % 94.7 %
25 months 88.7 % 88.0 % 88.3 % 88.6 % 88.4 %
Number of Life Planners at end of period:
Japan 4,337 4,310 4,339 4,257 4,264
All other countries 1,580 1,546 1,516 1,579 1,636
Total Life Planners 5,917 5,856 5,855 5,836 5,900
Gibraltar Life Consultants 6,736 6,808 6,792 6,724 6,861
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.
(4) Reflects business sold by Life Consultants and Independent Agents.

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Table of Contents

Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
2023 2024 Year-to-date
3Q 4Q 1Q 2Q 3Q 2023 2024 % change
Revenues (1):
Premiums (3) (5) (2) (7) (9) (11) (18) -64%
Policy charges and fee income (14) (13) (14) (14) (14) (40) (42) -5%
Net investment income 179 191 273 286 326 539 885 64%
Asset management fees, commissions and other income (199) (74) (227) (301) (232) (538) (760) -41%
Total revenues (37) 99 30 (36) 71 (50) 65 230%
Benefits and expenses (1):
Insurance and annuity benefits (4) (2) (5) (7) (3) (9) (15) -67%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 25 23 22 21 20 90 63 -30%
Interest expense 162 152 173 174 156 487 503 3%
Deferral of acquisition costs 24 24 17 56 88 73 161 121%
Amortization of acquisition costs (9) (10) (10) (10) (22) (27) (42) -56%
General and administrative expenses 203 565 268 101 319 717 688 -4%
Total benefits and expenses 401 752 465 335 558 1,331 1,358 2%
Adjusted operating loss before income taxes (438) (653) (435) (371) (487) (1,381) (1,293) 6%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
September 30, 2024 December 31, 2023
Closed PFI Excluding Closed PFI Excluding
Total Block Funds Closed Block Division and Funds Withheld Total Block Funds Closed Block Division and Funds Withheld (2)
Portfolio Division Withheld (1) Amount % of Total Portfolio (2) Division Withheld (1)(2) Amount % of Total
257,380 20,206 6,466 230,708 58.1 % 241,222 20,483 3,270 217,469 58.9 %
82,897 10,288 2,718 69,891 17.6 % 74,542 10,003 2,678 61,861 16.7 %
11,588 726 6,831 4,031 1.0 % 8,785 887 2,944 4,954 1.3 %
3,654 — — 3,654 0.9 % 3,168 — — 3,168 0.9 %
6,223 1,824 5 4,394 1.1 % 7,634 1,970 — 5,664 1.5 %
61,475 7,819 156 53,500 13.5 % 58,786 7,769 23 50,994 13.8 %
9,947 3,388 — 6,559 1.7 % 10,047 3,479 — 6,568 1.8 %
22,958 4,710 1,445 16,803 4.2 % 19,454 4,513 1,007 13,934 3.8 %
8,003 558 67 7,378 1.9 % 4,992 232 51 4,709 1.3 %
464,125 49,519 17,688 396,918 100.0 % 428,630 49,336 9,973 369,321 100.0 %
4,992 — — 4,992 6,103 — — 6,103
469,117 49,519 17,688 401,910 434,733 49,336 9,973 375,424
Fixed Maturities by Credit Quality (4)(6): September 30, 2024 December 31, 2023
PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld (2)
Gross Gross Gross Gross
Amortized Unrealized Unrealized Allowance for Fair Amortized Unrealized Unrealized Allowance for Fair
Cost Gains Losses Credit Losses Value % of Total Cost Gains Losses Credit Losses Value % of Total
189,192 5,712 16,148 — 178,756 77.5 % 182,105 6,683 15,644 1 173,143 79.6 %
46,121 1,340 2,607 — 44,854 19.4 % 39,358 1,020 3,395 — 36,983 17.0 %
235,313 7,052 18,755 — 223,610 96.9 % 221,463 7,703 19,039 1 210,126 96.6 %
5,394 85 402 — 5,077 2.3 % 5,216 143 238 — 5,121 2.3 %
1,390 58 45 — 1,403 0.6 % 1,765 50 99 53 1,663 0.8 %
546 18 39 18 507 0.2 % 479 13 63 7 422 0.2 %
191 8 8 80 111 0.0 % 224 4 16 75 137 0.1 %
7,521 169 494 98 7,098 3.1 % 7,684 210 416 135 7,343 3.4 %
242,834 7,221 19,249 98 230,708 100.0 % 229,147 7,913 19,455 136 217,469 100.0 %
18,847 356 1,330 — 17,873 25.6 % 17,121 240 1,588 — 15,773 25.5 %
43,067 1,329 2,252 — 42,144 60.3 % 38,561 880 2,795 — 36,646 59.2 %
61,914 1,685 3,582 — 60,017 85.9 % 55,682 1,120 4,383 — 52,419 84.7 %
5,822 189 167 — 5,844 8.3 % 5,130 118 246 5 4,997 8.1 %
3,020 36 87 28 2,941 4.2 % 3,112 28 89 2 3,049 4.9 %
905 32 59 3 875 1.3 % 1,283 21 69 3 1,232 2.0 %
274 18 14 64 214 0.3 % 158 17 5 6 164 0.3 %
10,021 275 327 95 9,874 14.1 % 9,683 184 409 16 9,442 15.3 %
71,935 1,960 3,909 95 69,891 100.0 % 65,365 1,304 4,792 16 61,861 100.0 %
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Prior period amounts have been restated to conform to current period presentation.
(3) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(4) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(5) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(6) Excludes fixed maturity securities classified as trading.
(7) Reflects equivalent ratings for investments of the international operations. Includes, as of September 30, 2024 and December 31, 2023, 875 securities with amortized cost of 8,545 million (fair value 8,531 million) and 639 securities with amortized cost of 7,242 million (fair value 7,227 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

All values are in US Dollars.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
September 30, 2024 December 31, 2023
Amount % of Total Amount % of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value 113,574 67.3 % 113,737 68.2 %
Private, available-for-sale, at fair value 22,963 13.6 % 20,891 12.5 %
Fixed maturities, trading, at fair value 515 0.3 % 669 0.4 %
Assets supporting experience-rated contractholder liabilities, at fair value 3,654 2.2 % 3,168 1.9 %
Equity securities, at fair value 1,179 0.7 % 1,614 1.0 %
Commercial mortgage and other loans, at book value, net of allowance 16,717 9.9 % 17,980 10.8 %
Policy loans, at outstanding balance 2,702 1.6 % 2,670 1.6 %
Other invested assets (3) 5,840 3.4 % 5,617 3.4 %
Short-term investments, net of allowance 1,638 1.0 % 421 0.2 %
Total 168,782 100.0 % 166,767 100.0 %
September 30, 2024 December 31, 2023 (4)
Amount % of Total Amount % of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value 117,134 51.3 % 103,732 51.3 %
Private, available-for-sale, at fair value 46,928 20.6 % 40,970 20.2 %
Fixed maturities, trading, at fair value 3,516 1.5 % 4,285 2.1 %
Assets supporting experience-rated contractholder liabilities, at fair value — 0.0 % — 0.0 %
Equity securities, at fair value 3,215 1.4 % 4,050 2.0 %
Commercial mortgage and other loans, at book value, net of allowance 36,783 16.1 % 33,014 16.3 %
Policy loans, at outstanding balance 3,857 1.7 % 3,898 1.9 %
Other invested assets, net of allowance (3) 10,963 4.9 % 8,317 4.1 %
Short-term investments, net of allowance 5,740 2.5 % 4,288 2.1 %
Total 228,136 100.0 % 202,554 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(4) Prior period amounts have been restated to conform to current period presentation.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended September 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
General Account (4)
Fixed maturities (5) 4.48 % 3,298 (527) 4.15 % 3,075 (277)
Equity securities 2.55 % 28 — 2.32 % 30 —
Commercial mortgage and other loans 4.31 % 564 (41) 4.01 % 495 (68)
Policy loans 4.66 % 75 — 4.50 % 72 —
Short-term investments and cash equivalents 5.92 % 252 — 6.48 % 232 2
Gross investment income before investment expenses 4.49 % 4,217 (568) 4.31 % 3,904 (343)
Investment expenses -0.15 % (273) — -0.13 % (217) —
Subtotal 4.34 % 3,944 (568) 4.18 % 3,687 (343)
Other investments (5) 243 54 281 (2,033)
Investment results of other entities and operations (6) 27 (5) 44 38
Investment results of Funds Withheld (7) 337 (1,092) 48 167
Less: investment income related to adjusted operating income reconciling items (115) — (168) —
Total 4,436 (1,611) 3,892 (2,171)
Nine Months Ended September 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
General Account (4)
Fixed maturities (5) 4.34 % 9,548 (806) 4.09 % 9,116 (496)
Equity securities 3.04 % 109 — 2.93 % 109 —
Commercial mortgage and other loans 4.31 % 1,646 (136) 3.95 % 1,435 (105)
Policy loans 4.57 % 219 — 4.56 % 216 —
Short-term investments and cash equivalents 6.40 % 743 — 5.84 % 643 2
Gross investment income before investment expenses 4.40 % 12,265 (942) 4.24 % 11,519 (599)
Investment expenses -0.16 % (806) — -0.13 % (653) —
Subtotal 4.24 % 11,459 (942) 4.11 % 10,866 (599)
Other investments (5) 731 195 743 (2,357)
Investment results of other entities and operations (6) 19 1 197 27
Investment results of Funds Withheld (7) 932 (1,040) 70 167
Less: investment income related to adjusted operating income reconciling items (367) — (501) —
Total 12,774 (1,786) 11,375 (2,762)
________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties. assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(5) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(6) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(7) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended September 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.18 % 1,115 (82) 2.96 % 1,009 (15)
Equity securities 1.90 % 6 — 1.12 % 5 —
Commercial mortgage and other loans 3.71 % 153 (1) 3.67 % 162 (33)
Policy loans 3.71 % 24 — 3.89 % 25 —
Short-term investments and cash equivalents 5.25 % 35 — 5.20 % 27 —
Gross investment income before investment expenses 3.25 % 1,333 (83) 3.05 % 1,228 (48)
Investment expenses -0.14 % (90) — -0.12 % (79) —
Subtotal 3.11 % 1,243 (83) 2.93 % 1,149 (48)
Other investments (2) 121 343 84 (807)
Total 1,364 260 1,233 (855)
Nine Months Ended September 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.10 % 3,235 88 2.88 % 2,981 189
Equity securities 3.06 % 33 — 2.84 % 37 —
Commercial mortgage and other loans 3.78 % 478 (15) 3.66 % 484 (48)
Policy loans 3.76 % 73 — 3.88 % 74 —
Short-term investments and cash equivalents 5.88 % 92 — 4.76 % 71 —
Gross investment income before investment expenses 3.21 % 3,911 73 3.00 % 3,647 141
Investment expenses -0.13 % (246) — -0.13 % (241) —
Subtotal 3.08 % 3,665 73 2.87 % 3,406 141
Other investments (2) 347 (214) 238 (926)
Total 4,012 (141) 3,644 (785)
__________
(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(2) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended September 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
Excluding Funds Withheld and Japanese Insurance Operations (4):
Fixed maturities (5) 5.68 % 2,183 (445) 5.17 % 2,066 (262)
Equity securities 2.81 % 22 — 2.92 % 25 —
Commercial mortgage and other loans 4.59 % 411 (40) 4.19 % 333 (35)
Policy loans 5.31 % 51 — 4.90 % 47 —
Short-term investments and cash equivalents 6.02 % 217 — 6.66 % 205 2
Gross investment income before investment expenses 5.46 % 2,884 (485) 5.21 % 2,676 (295)
Investment expenses -0.16 % (183) — -0.13 % (138) —
Subtotal 5.30 % 2,701 (485) 5.08 % 2,538 (295)
Other investments (5) 122 (289) 197 (1,226)
Total 2,823 (774) 2,735 (1,521)
Nine Months Ended September 30,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
Excluding Funds Withheld and Japanese Insurance Operations (4):
Fixed maturities (5) 5.48 % 6,313 (894) 5.13 % 6,135 (685)
Equity securities 3.04 % 76 — 2.98 % 72 —
Commercial mortgage and other loans 4.57 % 1,168 (121) 4.11 % 951 (57)
Policy loans 5.12 % 146 — 5.02 % 142 —
Short-term investments and cash equivalents 6.47 % 651 — 5.97 % 572 2
Gross investment income before investment expenses 5.33 % 8,354 (1,015) 5.15 % 7,872 (740)
Investment expenses -0.18 % (560) — -0.13 % (412) —
Subtotal 5.15 % 7,794 (1,015) 5.02 % 7,460 (740)
Other investments (5) 384 409 505 (1,431)
Total 8,178 (606) 7,965 (2,171)
__________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(5) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Nine Months Ended September 30, 2023
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — — 1,235 357 — — 36,402 18,860 — — (1) 1,228 358 — — 20,445
Policy charges and fee income 120 — (92) — 9 — — 3,252 3,165 95 — 59 — — — — 3,319
Net investment income (12) — — 1,527 379 — — 14,668 11,375 (14) — — 1,491 515 — — 13,367
Realized investment gains (losses), net (3) (1,315) — — (532) (22) — — (2,318) 293 (2,932) — — (361) (123) — — (3,123)
Asset management fees, commissions and other income 759 — — 360 486 (101) — 6,198 3,924 464 — — 183 527 (51) — 5,047
Change in value of market risk benefits, net of related hedging gains (losses) — (320) — — — — — (320) — — (160) — — — — — (160)
Total revenues (448) (320) (92) 2,590 1,209 (101) — 57,882 37,617 (2,387) (160) 58 2,541 1,277 (51) — 38,895
Benefits and expenses:
Insurance and annuity benefits (10) — (5) 2,339 584 — — 40,140 20,867 17 — 7 2,290 566 — — 23,747
Change in estimates of liability for future policy benefits 22 — 25 — (112) — — (13) 230 34 — (137) — 104 — — 231
Interest credited to policyholders' account balances 141 — — 87 128 — — 3,248 2,379 389 — — 89 145 — — 3,002
Interest expense — — — — 10 — — 1,504 1,315 — — — — 6 — — 1,321
Deferral of acquisition costs — — — — (1) — — (1,898) (1,691) — — — — — — — (1,691)
Amortization of acquisition costs 24 — — 9 3 — — 1,117 1,061 21 — — 10 — — — 1,092
General and administrative expenses — — — 216 547 12 16 10,426 9,088 — — — 202 478 (9) 24 9,783
Total benefits and expenses 177 — 20 2,651 1,159 12 16 54,524 33,249 461 — (130) 2,591 1,299 (9) 24 37,485
__________
(1) See page 40 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (249) million for nine months ended September 30, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (73) million and certain derivatives of 1 million for nine months ended September 30, 2024.

All values are in US Dollars.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended September 30, 2023
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — 1 393 124 — — 13,045 3,659 — — (1) 392 123 — — 4,173
Policy charges and fee income 48 — (35) — — — — 1,111 1,060 12 — 40 — — — — 1,112
Net investment income (3) — — 504 118 — — 5,055 3,892 (5) — — 511 173 — — 4,571
Realized investment gains (losses), net (3) (1,428) — — (233) 8 — — (1,844) 47 (2,126) — — (231) (92) — — (2,402)
Asset management fees, commissions and other income 408 — — 153 134 (45) — 2,269 1,390 (281) — — (57) 119 (22) — 1,149
Change in value of market risk benefits, net of related hedging gains (losses) — (146) — — — — — (146) — — (251) — — — — — (251)
Total revenues (975) (146) (34) 817 384 (45) — 19,490 10,048 (2,400) (251) 39 615 323 (22) — 8,352
Benefits and expenses:
Insurance and annuity benefits (13) — (2) 714 196 — — 14,216 4,348 91 — 4 515 202 — — 5,160
Change in estimates of liability for future policy benefits 10 — 95 — 9 — — 180 49 2 — (108) — 8 — — (49)
Interest credited to policyholders' account balances (243) — — 28 40 — — 863 827 (28) — — 30 43 — — 872
Interest expense — — — — 4 — — 489 419 — — — (1) 3 — — 421
Deferral of acquisition costs — — — — — — — (636) (576) — — — — — — — (576)
Amortization of acquisition costs 8 — — 3 — — — 367 351 7 — — 3 — — — 361
General and administrative expenses — — — 70 88 (2) 3 3,458 2,977 — — — 66 180 (11) 9 3,221
Total benefits and expenses (238) — 93 815 337 (2) 3 18,937 8,395 72 — (104) 613 436 (11) 9 9,410
__________
(1) See page 40 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (92) million for three months ended September 30, 2024. 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 certain derivatives of 21 million for three months ended September 30, 2024.

All values are in US Dollars.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended March 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 Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — 2 447 106 — — 6,919 15,006 — — (1) 409 123 — — 15,537
Policy charges and fee income 142 — 7 — — — — 1,208 1,056 50 — (57) — 7 — — 1,056
Net investment income (4) — — 468 116 — — 4,498 4,120 (4) — — 514 134 — — 4,764
Realized investment gains (losses), net (3) (510) — — (19) 41 — — (492) (102) (85) — — (125) 4 — — (308)
Asset management fees, commissions and other income 656 — — 229 348 (34) — 2,735 1,626 340 — — 164 246 (39) — 2,337
Change in value of market risk benefits, net of related hedging gains (losses) — 216 — — — — — 216 — — 123 — — — — — 123
Total revenues 284 216 9 1,125 611 (34) — 15,084 21,706 301 123 (58) 962 514 (39) — 23,509
Benefits and expenses:
Insurance and annuity benefits (122) — (9) 1,072 182 — — 8,253 15,774 50 — (1) 859 202 — — 16,884
Change in estimates of liability for future policy benefits 18 — 96 — (28) — — 106 15 2 — (25) — (9) — — (17)
Interest credited to policyholders' account balances 42 — — 29 43 — — 981 902 304 — — 30 47 — — 1,283
Interest expense — — — — 3 — — 442 529 — — — (1) 2 — — 530
Deferral of acquisition costs — — — — — — — (637) (647) — — — — (1) — — (648)
Amortization of acquisition costs 8 — — 3 — — — 367 362 8 — — 3 2 — — 375
Goodwill impairment — — — — 177 — — 177 — — — — — — — — —
General and administrative expenses — — — 71 191 (8) 12 3,733 3,336 — — — 74 306 (12) 8 3,712
Total benefits and expenses (54) — 87 1,175 568 (8) 12 13,422 20,271 364 — (26) 965 549 (12) 8 22,119
__________
(1) See page 40 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (77) million and (63) million for three months ended December 31, 2023 and March 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 (503) million and 262 million and certain derivatives of 35 million and (16) million for three months ended December 31, 2023 and March 31, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — — 433 109 — — 7,819
Policy charges and fee income 22 — — — 2 — — 1,085
Net investment income (5) — — 509 128 — — 4,850
Realized investment gains (losses), net (3) 197 — — (174) (34) — — (167)
Asset management fees, commissions and other income 11 — — 43 105 (17) — 1,591
Change in value of market risk benefits, net of related hedging gains (losses) — (297) — — — — — (297)
Total revenues 225 (297) — 811 310 (17) — 14,881
Benefits and expenses:
Insurance and annuity benefits (47) — (2) 766 186 — — 9,040
Change in estimates of liability for future policy benefits 10 — (45) — (113) — — (177)
Interest credited to policyholders' account balances 79 — — 29 41 — — 1,101
Interest expense — — — 1 4 — — 485
Deferral of acquisition costs — — — — — — — (614)
Amortization of acquisition costs 8 — — 3 — — — 374
General and administrative expenses — — — 72 154 26 5 3,257
Total benefits and expenses 50 — (47) 871 272 26 5 13,466
__________
(1) See page 40 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (94) million for three months ended June 30, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 212 million and certain derivatives of (4) million for three months ended June 30, 2024.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments." A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.
Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. 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.
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 Gibraltar Life Consultants include production by captive agents associated with the Japan operation.
4. Assets Under Administration:
Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.
5. Assets Under Management:
Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.
6. Book value per share of Common Stock:
GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
KEY DEFINITIONS AND FORMULAS
7. Borrowings - Capital Debt:
Debt utilized to meet the capital requirements of our business.
8. Borrowings - Operating Debt:
Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences.
9. Divested and Run-off Businesses:
Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.
10. Earned Premiums:
The portion of 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. Gibraltar Life:
Includes results from the Japan operation.
13. Gibraltar Life Consultants:
Captive insurance agents for Gibraltar Life.
14. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
15. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:
Ratio of administrative operating expenses (excluding commissions) to gross premiums, and net policy charges and fee income.
16. Individual Retirement Strategies Account Values in General Account and Separate Account:
Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.
17. Individual Retirement Strategies - Net Amounts at Risk:
Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.
Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
18. Insurance and Annuity Benefits:
Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.
19. International Life Planners:
Captive insurance Advisors in our Life Planner operations.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2024
KEY DEFINITIONS AND FORMULAS
20. Non-recourse and Limited-recourse Debt:
Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets.
21. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.
22. PGIM Asset Under Management Classifications:
Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.
Public Fixed Income - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages).
Real Estate - Includes direct real estate equity and real estate mortgages.
Private Credit and Other Alternatives - Includes private credit, private equity, hedge funds and other alternative strategies.
Multi-Asset - Includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds.
23. Policy Persistency - Group Insurance:
Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan).
24. Policy Persistency - International Businesses:
13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month.
25. Prudential Advisors:
Captive financial professionals in our insurance operations in the United States.
26. Prudential Financial, Inc. Equity:
Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests.
27. Separate Accounts:
Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.
28. Wrap-Fee Products:
Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

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Table of Contents

Prudential Financial, Inc. image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of January 15, 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 January 15, 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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