Equibles

8-K

PRUDENTIAL FINANCIAL INC (PRU)

8-K 2025-02-04 For: 2025-02-04
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): February 4, 2025

___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

___________________________

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

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

___________________________

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

Prudential Financial, Inc. (the "Company") furnishes herewith, as Exhibit 99.1, a news release announcing fourth quarter 2024 results.

Item 7.01    Regulation FD Disclosure.

A. Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for fourth quarter 2024.
B. Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Wednesday, February 5, 2025 at 11:00 A.M. ET, to discuss the Company's fourth quarter 2024 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.
C. Dividend Declaration. Today the Company announced the declaration of a quarterly dividend of $1.35 per share of Common Stock, payable on March 13, 2025, to shareholders of record as of February 18, 2025.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 News release of Prudential Financial, Inc. datedFebruary 4, 2025, announcingfourthquarter 2024 results (furnished and not filed).
99.2 Quarterly Financial Supplement for Prudential Financial, Inc. forfourthquarter 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: February 4, 2025

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

Document

Exhibit 99.1

earningsreleasebanner.jpg

February 4, 2025

Prudential Financial, Inc. Announces

2024 Results

•2024 net income attributable to Prudential Financial, Inc. of $2.727 billion or $7.50 per Common share versus $2.488 billion or $6.74 per share for 2023.

•2024 after-tax adjusted operating income of $4.588 billion or $12.62 per Common share versus $4.380 billion or $11.88 per share for 2023.

•Fourth quarter 2024 net loss attributable to Prudential Financial, Inc. of $57 million or $0.17 per Common share versus net income of $1.317 billion or $3.61 per share for the year-ago quarter.

•Fourth quarter after-tax adjusted operating income of $1.068 billion or $2.96 per Common share versus $926 million or $2.54 per share for the year-ago quarter.

•Book value per Common share of $77.62 versus $76.77 per share for the year-ago quarter; adjusted book value per Common share of $95.82 versus $96.64 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $4.6 billion versus $4.1 billion for the year-ago quarter.

•Assets under management(2) of $1.512 trillion versus $1.450 trillion for the year-ago quarter.

•Capital returned to shareholders of $720 million in the fourth quarter, including $250 million of share repurchases and $470 million of dividends, versus $708 million in the year-ago quarter. Dividends paid in the fourth quarter were $1.30 per Common share, representing a 5% yield on adjusted book value.

•As previously announced, the Company’s Board of Directors has authorized the repurchase of up to $1.0 billion of outstanding Common Stock during the period from January 1, 2025 through December 31, 2025. In addition, the Company declared a quarterly dividend of $1.35 per share of Common Stock, payable on March 13, 2025, to shareholders of record as of February 18, 2025. This represents an increase of 4% over the prior year dividend level, the 17th consecutive year the dividend has been increased.

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

Charles Lowrey, Chairman & CEO, commented on results:

"Our 2024 results reflect strong sales across our retirement and insurance businesses and significant positive net flows in PGIM. We also made substantial progress to become a higher growth, more capital efficient company. We further diversified our product mix and expanded distribution channels to reach more people around the world, while continuing to address the growing global retirement opportunity and increased demand for alternative investments.

We balanced meaningful returns to our shareholders with continued investment in the growth of our businesses, all while maintaining our robust financial strength.

We also announced several executive leadership changes, and as we look ahead to our 150th anniversary this year, Prudential is well positioned to continue to deliver long-term, sustainable growth and remain a global leader in expanding access to investing, insurance, and retirement security.”

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported year-end and fourth quarter 2024 results. Net income attributable to Prudential Financial, Inc. was $2.727 billion ($7.50 per Common share) for 2024, compared to $2.488 billion ($6.74 per Common share) for 2023. After-tax adjusted operating income was $4.588 billion ($12.62 per Common share) for 2024, compared to $4.380 billion ($11.88 per Common share) for 2023.

Net loss attributable to Prudential Financial, Inc. was $57 million ($0.17 per Common share) for the fourth quarter of 2024, compared to net income of $1.317 billion ($3.61 per Common share) for the fourth quarter of 2023. After-tax adjusted operating income was $1.068 billion ($2.96 per Common share) for the fourth quarter of 2024, compared to $926 million ($2.54 per Common share) for the fourth quarter of 2023.

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

RESULTS OF ONGOING OPERATIONS

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

PGIM

PGIM, the Company’s global investment management business, reported adjusted operating income of $259 million for the fourth quarter of 2024, compared to $172 million in the year-ago quarter. This increase primarily reflects higher asset management fees and other related revenues, which were driven by higher incentive fees, partially offset by higher expenses.

PGIM assets under management of $1.375 trillion were up 6% from the year-ago quarter, driven by net inflows, equity market appreciation, and strong investment performance. Total net flows in the quarter of $8.6 billion reflect affiliated net inflows of $8.9 billion, partially offset by $0.3 billion of third-party net outflows. Third-party institutional outflows were $0.5 billion as real estate outflows were partially offset by positive momentum in fixed income. Third-party retail inflows of $0.2 billion were primarily driven by fixed income. Total net flows for 2024 were $37.7 billion, including $24.1 billion of affiliated flows and $13.6 billion of third-party flows.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $860 million for the fourth quarter of 2024, compared to $964 million in the year-ago quarter. This decrease primarily reflects higher expenses, related to one-time transaction impacts associated with closing the Guaranteed Universal Life reinsurance transaction and the consolidation of our captive financing arrangements, lower net fee income, and less favorable underwriting results, partially offset by higher net investment spread results.

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

Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $851 million for the fourth quarter of 2024, compared to $890 million in the year-ago quarter.

Institutional Retirement Strategies:

•Reported adjusted operating income of $427 million in the current quarter, compared to $432 million in the year-ago quarter. This decrease primarily reflects less favorable underwriting results offset by higher net investment spread results.

•Net account values of $279 billion, a record high, increased 8% from the year-ago quarter, reflecting the benefits of business growth and market appreciation. Sales in the current quarter of $10 billion included longevity risk transfer transactions of $6 billion. Full year sales of $36 billion increased 27% from prior year.

Individual Retirement Strategies:

•Reported adjusted operating income of $424 million in the current quarter, compared to $458 million in the year-ago quarter. This decrease primarily reflects lower fee income, net of distribution expenses and other associated costs, and higher expenses, partially offset by higher net investment spread results.

•Net account values of $127 billion increased 8% from the year-ago quarter, driven by market appreciation. Sales of $3.6 billion in the current quarter increased 73% from the year-ago quarter, reflecting continued momentum of our registered index-linked and fixed annuity products.

Group Insurance:

•Reported adjusted operating income of $66 million in the current quarter was consistent with the year-ago quarter as higher net investment spread results and more favorable underwriting results were offset by higher expenses.

•Full year sales of $550 million, increased 4% from prior year, primarily driven by growth in supplemental health.

Individual Life:

•Reported a loss, on an adjusted operating income basis, of $57 million in the current quarter, compared to income of $8 million in the year-ago quarter. This decrease primarily reflects one-time transaction costs associated with the Guaranteed Universal Life reinsurance transaction and the consolidation of our captive financing arrangements.

•Sales of $326 million in the current quarter, a record high, increased 59% from the year-ago quarter, driven by variable life sales.

International Businesses

International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of $742 million for the fourth quarter of 2024, compared to $748 million in the year-ago quarter. This decrease primarily reflects less favorable underwriting results and higher expenses, partially offset by higher net investment spread results.

Life Planner:

•Reported adjusted operating income of $461 million in the current quarter, compared to $464 million in the year-ago quarter. This decrease primarily reflects higher expenses and a net unfavorable impact from foreign currency exchange rates, partially offset by higher net investment spread results.

•Constant dollar basis sales(3) of $272 million in the current quarter decreased 3% from the year-ago quarter, driven by lower U.S. dollar product sales in Japan, partially offset by sales growth in Brazil.

Gibraltar Life & Other:

•Reported adjusted operating income of $281 million in the current quarter, compared to $284 million in the year-ago quarter. This decrease primarily reflects less favorable underwriting results mostly offset by higher net investment spread results.

•Constant dollar basis sales(3) of $247 million in the current quarter decreased 21% from the year-ago quarter, driven by lower U.S. dollar product sales.

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

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $490 million for the fourth quarter of 2024, compared to a loss of $653 million in the year-ago quarter. This lower loss primarily reflects lower expenses, driven by the absence of a restructuring charge in the prior year.

NET INCOME

Net loss in the current quarter included $1.525 billion of pre-tax net realized investment losses and related charges and adjustments, including $202 million of pre-tax net credit-related losses, $77 million of pre-tax losses related to net change in value of market risk benefits, $72 million of pre-tax losses from divested and run-off businesses, and $60 million of pre-tax gains related to market experience updates.

Net income for the year-ago quarter included $338 million of pre-tax net realized investment gains and related charges and adjustments, largely reflecting the impacts of lower interest rates, and includes $21 million of pre-tax net credit-related losses, $216 million of pre-tax gains related to net change in value of market risk benefits, $78 million of pre-tax losses related to market experience updates, and $7 million of pre-tax losses from divested and run-off businesses.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Wednesday, February 5, 2025, at 11:00 a.m. ET to discuss with the investment community the Company’s fourth quarter results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes early in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through February 19. To access a replay via phone starting at 3:00 p.m. ET on February 5 through February 19, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13750181.

prurocklogoa04.jpg

FORWARD-LOOKING STATEMENTS

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

NON-GAAP MEASURES

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

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

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

measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com.

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

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

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

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

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

FOOTNOTES

(1)Highly liquid assets predominantly include cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. For more information about highly liquid assets, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

– Liquidity and Capital Resources” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

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

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

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.5 trillion in assets under management as of December 31, 2024, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.

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

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Financial Highlights
(in millions, unaudited)
Three Months Ended Year Ended
December 31, December 31,
2024 2023 2024 2023
Adjusted operating income (loss) before income taxes (1):
PGIM $ 259 $ 172 $ 875 $ 713
U.S. Businesses 860 964 3,728 3,737
International Businesses 742 748 3,106 3,183
Corporate and Other (490) (653) (1,783) (2,034)
Total adjusted operating income (loss) before income taxes $ 1,371 $ 1,231 $ 5,926 $ 5,599
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments $ (1,525) $ 338 $ (2,150) $ (2,510)
Change in value of market risk benefits, net of related hedging gains (losses) (77) 216 (397) 56
Market experience updates 60 (78) (52) 110
Divested and Run-off Businesses:
Closed Block division (52) (50) (113) (100)
Other Divested and Run-off Businesses (20) 43 30 21
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 97 (26) (16) (68)
Other adjustments (2) (3) (12) (19) (36)
Total reconciling items, before income taxes (1,520) 431 (2,717) (2,527)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ (149) $ 1,662 $ 3,209 $ 3,072
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc. $ (57) $ 1,317 $ 2,727 $ 2,488
Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 130 9 119 20
Net income (loss) 73 1,326 2,846 2,508
Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 130 9 119 20
Income (loss) attributable to Prudential Financial, Inc. (57) 1,317 2,727 2,488
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (94) 14 25 29
Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities 37 1,303 2,702 2,459
Less: Total reconciling items, before income taxes (1,520) 431 (2,717) (2,527)
Less: Income taxes, not applicable to adjusted operating income (loss) (489) 54 (831) (606)
Total reconciling items, after income taxes (1,031) 377 (1,886) (1,921)
After-tax adjusted operating income (loss) (1) 1,068 926 4,588 4,380
Income taxes, applicable to adjusted operating income 303 305 1,338 1,219
Adjusted operating income (loss) before income taxes (1) $ 1,371 $ 1,231 $ 5,926 $ 5,599
See footnotes on last page.

Page 1

Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended Year Ended
December 31, December 31,
2024 2023 2024 2023
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc. $ (0.17) $ 3.61 $ 7.50 $ 6.74
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments (4.27) 0.94 (5.98) (6.88)
Change in value of market risk benefits, net of related hedging gains (losses) (0.22) 0.60 (1.10) 0.15
Market experience updates 0.17 (0.22) (0.14) 0.30
Divested and Run-off Businesses:
Closed Block division (0.15) (0.14) (0.31) (0.27)
Other Divested and Run-off Businesses (0.06) 0.12 0.08 0.06
Difference in earnings allocated to participating unvested share-based payment awards 0.02 (0.01) 0.06 0.06
Other adjustments (2) (0.01) (0.03) (0.05) (0.10)
Total reconciling items, before income taxes (4.52) 1.26 (7.44) (6.68)
Less: Income taxes, not applicable to adjusted operating income (loss) (1.39) 0.19 (2.32) (1.54)
Total reconciling items, after income taxes (3.13) 1.07 (5.12) (5.14)
After-tax adjusted operating income (loss) $ 2.96 $ 2.54 $ 12.62 $ 11.88
Weighted average number of outstanding common shares - basic 355.4 360.3 357.5 363.5
Weighted average number of outstanding common shares - diluted 357.3 361.0 359.3 364.6
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. $ (57) $ 1,317 $ 2,727 $ 2,488
Less: Earnings allocated to participating unvested share-based payment awards 5 14 32 29
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ (62) $ 1,303 $ 2,695 $ 2,459
After-tax adjusted operating income (loss) (1) $ 1,068 $ 926 $ 4,588 $ 4,380
Less: Earnings allocated to participating unvested share-based payment awards 12 10 53 50
After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,056 $ 916 $ 4,535 $ 4,330
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period $ 27,872 $ 27,820
Less: Accumulated other comprehensive income (AOCI) (6,711) (6,504)
GAAP book value excluding AOCI 34,583 34,324
Less: Cumulative change in fair value of funds withheld embedded derivatives 141 (181)
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 34 (518)
Adjusted book value $ 34,408 $ 35,023
End of period number of common shares - diluted 359.1 362.4
GAAP book value per common share - diluted 77.62 76.77
GAAP book value excluding AOCI per share - diluted 96.30 94.71
Adjusted book value per common share - diluted 95.82 96.64
See footnotes on last page.

Page 2

Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended Year Ended
December 31, December 31,
2024 2023 2024 2023
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period):
Institutional customers $ 620.2 $ 582.6
Retail customers 370.9 330.3
General account 384.1 385.2
Total PGIM $ 1,375.2 $ 1,298.1
Institutional Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 23.6 $ 20.5 $ 101.4 $ 67.7
Net additions (withdrawals), excluding money market $ (0.5) $ (6.3) $ 12.2 $ (23.3)
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 19.0 $ 14.8 $ 65.6 $ 51.9
Net additions (withdrawals), excluding money market $ 0.2 $ (7.2) $ 1.4 $ (15.1)
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions $ 10,249 $ 14,287 $ 36,331 $ 28,498
Net additions (withdrawals) $ 4,122 $ 8,124 $ 11,004 $ 3,215
Total account value at end of period, net $ 279,191 $ 258,417
Individual Retirement Strategies:
Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:
Gross sales (3) $ 3,636 $ 2,102 $ 14,038 $ 7,604
Sales, net of full surrenders and death benefits $ 765 $ 234 $ 2,974 $ 869
Total account value at end of period, net $ 127,120 $ 117,911
Group Insurance:
Annualized New Business Premiums (4):
Group life $ 38 $ 41 $ 289 $ 296
Group disability 25 19 261 235
Total $ 63 $ 60 $ 550 $ 531
Individual Life:
Annualized New Business Premiums (4):
Term life $ 35 $ 33 $ 134 $ 120
Universal life 24 27 85 81
Variable life 267 145 687 536
Total $ 326 $ 205 $ 906 $ 737
International Businesses:
International Businesses:
Annualized New Business Premiums (4)(5):
Actual exchange rate basis $ 498 $ 598 $ 2,122 $ 2,087
Constant exchange rate basis $ 519 $ 595 $ 2,171 $ 2,049
See footnotes on last page.

Page 3

Financial Highlights
(in billions, as of end of period, unaudited)
December 31,
2024 2023
Assets and Assets Under Management and Administration:
Total assets $ 735.6 $ 721.2
Assets under management (at fair market value):
PGIM $ 1,375.2 $ 1,298.1
U.S. Businesses 112.6 123.9
International Businesses 18.4 17.9
Corporate and Other 6.2 9.7
Total assets under management 1,512.4 1,449.6
Assets under administration 173.5 181.5
Total assets under management and administration $ 1,685.9 $ 1,631.1

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(1) Adjusted operating income is a non-GAAP measure of performance. See NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional U.S. GAAP measure, is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standard Codification (ASC) 280 – Segment Reporting. When presented by segment, we have prepared the reconciliation of adjusted operating income to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.
(4) Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company’s domestic individual life and international operations are included in annualized new business premiums based on a 10% credit.
(5) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Document

Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)
Quarterly Financial Supplement
Fourth 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
Fourth 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
Fourth Quarter 2024
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM 172 169 206 241 259 713 875 23%
U.S. Businesses 964 805 1,023 1,040 860 3,737 3,728 —%
International Businesses 748 896 702 766 742 3,183 3,106 -2%
Corporate and Other (653) (435) (371) (487) (490) (2,034) (1,783) 12%
Total adjusted operating income (loss) before income taxes 1,231 1,435 1,560 1,560 1,371 5,599 5,926 6%
Income taxes, applicable to adjusted operating income 305 320 363 352 303 1,219 1,338 10%
After-tax adjusted operating income (loss) 926 1,115 1,197 1,208 1,068 4,380 4,588 5%
Income (loss) attributable to Prudential Financial, Inc. 1,317 1,138 1,198 448 (57) 2,488 2,727 10%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1) 10.7 % 12.7 % 13.5 % 13.6 % 12.2 % 12.4 % 13.1 %
Return on Average Equity (based on net income (loss)) 19.6 % 16.5 % 17.4 % 6.1 % -0.8 % 8.6 % 9.6 %
Distributions to Shareholders
Dividends paid 458 476 475 471 470 1,850 1,892 2%
Share repurchases 250 250 250 250 250 1,000 1,000 —%
Total capital returned 708 726 725 721 720 2,850 2,892 1%
Per Share Data
Net income (loss) - diluted (2) 3.61 3.12 3.28 1.24 (0.17) 6.74 7.50 11%
Adjusted Operating Income - diluted 2.54 3.05 3.28 3.33 2.96 11.88 12.62 6%
Shareholder dividends 1.25 1.30 1.30 1.30 1.30 5.00 5.20 4%
GAAP book value - diluted 76.77 75.00 77.51 84.47 77.62
Adjusted book value - diluted (3) 96.64 97.03 98.42 98.71 95.82
Shares Outstanding
Weighted average number of common shares - basic 360.3 359.0 358.8 356.9 355.4 363.5 357.5 -2%
Weighted average number of common shares - diluted 361.0 360.5 360.5 358.7 357.3 364.6 359.3 -1%
End of period common shares - basic 359.2 359.1 357.7 355.9 354.6
End of period common shares - diluted 362.4 362.8 361.4 360.1 359.1
__________
(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 December 31, 2024 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended December 31, 2024 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income (loss) 2.54 3.05 3.28 3.33 2.96 11.88 12.62
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments 0.94 (0.17) 0.49 (2.05) (4.27) (6.88) (5.98)
Change in value of market risk benefits, net of related hedging gains (losses) 0.60 0.34 (0.82) (0.41) (0.22) 0.15 (1.10)
Market experience updates (0.22) (0.09) 0.13 (0.35) 0.17 0.30 (0.14)
Divested and Run-off Businesses:
Closed Block division (0.14) (0.01) (0.17) 0.01 (0.15) (0.27) (0.31)
Other Divested and Run-off Businesses 0.12 (0.10) 0.11 0.13 (0.06) 0.06 0.08
Difference in earnings allocated to participating unvested share-based payment awards (0.01) — — 0.02 0.02 0.06 0.06
Other adjustments (1) (0.03) (0.02) (0.01) (0.01) (0.01) (0.10) (0.05)
Total reconciling items, before income taxes 1.26 (0.05) (0.27) (2.66) (4.52) (6.68) (7.44)
Income taxes, not applicable to adjusted operating income 0.19 (0.12) (0.27) (0.57) (1.39) (1.54) (2.32)
Total reconciling items, after income taxes 1.07 0.07 — (2.09) (3.13) (5.14) (5.12)
Net income (loss) attributable to Prudential Financial, Inc. 3.61 3.12 3.28 1.24 (0.17) 6.74 7.50
Weighted average number of outstanding common shares - basic 360.3 359.0 358.8 356.9 355.4 363.5 357.5
Weighted average number of outstanding common shares - diluted 361.0 360.5 360.5 358.7 357.3 364.6 359.3
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. 1,317 1,138 1,198 448 (57) 2,488 2,727
Less: Earnings allocated to participating unvested share-based payment awards 14 15 14 5 5 29 32
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 1,303 1,123 1,184 443 (62) 2,459 2,695
After-tax adjusted operating income (loss) 926 1,115 1,197 1,208 1,068 4,380 4,588
Less: Earnings allocated to participating unvested share-based payment awards 10 15 13 13 12 50 53
After-tax adjusted operating income for earnings per share of Common Stock calculation 916 1,100 1,184 1,195 1,056 4,330 4,535
___________
(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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024
4Q 1Q 2Q 3Q 4Q
Capitalization Data (1):
Senior debt:
Short-term debt 618 585 588 950 953
Long-term debt 10,788 10,786 10,771 10,487 10,600
Junior subordinated long-term debt 8,094 8,582 8,582 8,589 8,587
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period 27,820 27,209 28,013 30,416 27,872
Less: Accumulated other comprehensive income (AOCI) (6,504) (7,661) (7,444) (4,844) (6,711)
GAAP book value excluding AOCI (2) 34,324 34,870 35,457 35,260 34,583
Less: Cumulative change in fair value of funds withheld embedded derivatives (3) (181) 14 178 (238) 141
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) (518) (345) (291) (49) 34
Adjusted book value 35,023 35,201 35,570 35,547 34,408
Book Value per Share of Common Stock:
GAAP book value per common share - diluted 76.77 75.00 77.51 84.47 77.62
GAAP book value excluding AOCI per share - diluted (2) 94.71 96.11 98.11 97.92 96.30
Adjusted book value per common share - diluted 96.64 97.03 98.42 98.71 95.82
End of period number of common shares - diluted 362.4 362.8 361.4 360.1 359.1
Common Stock Price Range (based on closing price):
High 105.21 117.40 121.31 127.32 129.52
Low 88.61 101.84 107.35 105.53 114.59
Close 103.71 117.40 117.19 121.10 118.53
Common Stock market capitalization (1) 37,253 42,158 41,919 43,099 42,031
__________
(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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
OPERATIONS HIGHLIGHTS
2023 2024
4Q 1Q 2Q 3Q 4Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers 582.6 616.6 604.4 630.4 620.2
Retail customers 330.3 345.4 349.9 361.9 370.9
General account 385.2 379.4 373.8 407.6 384.1
Total PGIM 1,298.1 1,341.4 1,328.1 1,399.9 1,375.2
U.S. Businesses 123.9 126.3 124.6 128.6 112.6
International Businesses 17.9 18.2 17.9 18.1 18.4
Corporate and Other 9.7 10.4 11.4 11.3 6.2
Total assets under management 1,449.6 1,496.3 1,482.0 1,557.9 1,512.4
Assets under administration 181.5 182.6 183.9 189.8 173.5
Total assets under management and administration 1,631.1 1,678.9 1,665.9 1,747.7 1,685.9
Distribution Representatives (1):
Prudential Advisors 2,660 2,752 2,821 2,877 2,794
International Life Planners 5,856 5,855 5,836 5,900 6,035
Gibraltar Life Consultants 6,808 6,792 6,724 6,861 6,844
__________
(1) As of end of period.
(2) At fair market value.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
COMBINED STATEMENTS OF OPERATIONS
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 6,364 15,006 7,277 12,527 5,935 25,224 40,745 62%
Policy charges and fee income 1,059 1,056 1,061 1,098 1,062 4,224 4,277 1%
Net investment income 3,918 4,120 4,218 4,436 4,601 15,293 17,375 14%
Asset management fees, commissions and other income 1,532 1,524 1,293 1,428 1,411 5,749 5,656 -2%
Total revenues 12,873 21,706 13,849 19,489 13,009 50,490 68,053 35%
Benefits and expenses (1):
Insurance and annuity benefits 7,130 15,774 8,137 13,321 6,843 27,997 44,075 57%
Change in estimates of liability for future policy benefits 20 15 (29) 66 56 250 108 -57%
Interest credited to policyholders' account balances 867 902 952 1,038 1,057 3,246 3,949 22%
Interest expense 439 529 480 485 525 1,754 2,019 15%
Deferral of acquisition costs (637) (647) (614) (636) (704) (2,328) (2,601) -12%
Amortization of acquisition costs 356 362 363 356 364 1,417 1,445 2%
General and administrative expenses 3,467 3,336 3,000 3,299 3,497 12,555 13,132 5%
Total benefits and expenses 11,642 20,271 12,289 17,929 11,638 44,891 62,127 38%
Adjusted operating income (loss) before income taxes 1,231 1,435 1,560 1,560 1,371 5,599 5,926 6%
Income taxes, applicable to adjusted operating income 305 320 363 352 303 1,219 1,338 10%
After-tax adjusted operating income 926 1,115 1,197 1,208 1,068 4,380 4,588 5%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments 338 (63) 175 (737) (1,525) (2,510) (2,150) 14%
Change in value of market risk benefits, net of related hedging gains (losses) 216 123 (297) (146) (77) 56 (397) -809%
Market experience updates (78) (32) 47 (127) 60 110 (52) -147%
Divested and Run-off Businesses:
Closed Block division (50) (3) (60) 2 (52) (100) (113) -13%
Other Divested and Run-off Businesses 43 (35) 38 47 (20) 21 30 43%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (26) (27) (43) (43) 97 (68) (16) 76%
Other adjustments (2) (12) (8) (5) (3) (3) (36) (19) 47%
Total reconciling items, before income taxes 431 (45) (145) (1,007) (1,520) (2,527) (2,717) -8%
Income taxes, not applicable to adjusted operating income 54 (31) (99) (212) (489) (606) (831) -37%
Total reconciling items, after income taxes 377 (14) (46) (795) (1,031) (1,921) (1,886) 2%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 1,662 1,390 1,415 553 (149) 3,072 3,209 4%
Income tax expense (benefit) 359 289 264 140 (186) 613 507 -17%
Income (loss) before equity in earnings of joint ventures and other operating entities 1,303 1,101 1,151 413 37 2,459 2,702 10%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 14 37 47 35 (94) 29 25 -14%
Income (loss) attributable to Prudential Financial, Inc. 1,317 1,138 1,198 448 (57) 2,488 2,727 10%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 9 13 (27) 3 130 20 119 495%
Net income (loss) 1,326 1,151 1,171 451 73 2,508 2,846 13%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 9 13 (27) 3 130 20 119 495%
Net income (loss) attributable to Prudential Financial, Inc. 1,317 1,138 1,198 448 (57) 2,488 2,727 10%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 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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Table of Contents

Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
CONSOLIDATED BALANCE SHEETS
(in millions)
03/31/2024 06/30/2024 09/30/2024 12/31/2024
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value 318,510 311,092 340,730 311,570
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses — — — —
Fixed maturities, trading, at fair value 10,288 10,250 12,065 12,530
Assets supporting experience-rated contractholder liabilities, at fair value 3,359 3,351 3,654 3,707
Equity securities, at fair value 7,224 7,098 6,771 9,417
Commercial mortgage and other loans 58,781 60,243 62,573 62,341
Policy loans 9,907 9,739 9,947 9,795
Other invested assets 24,227 24,634 25,367 26,351
Short-term investments 5,953 6,241 8,010 9,069
Total investments 438,249 432,648 469,117 444,780
Cash and cash equivalents 18,735 17,111 20,198 18,497
Accrued investment income 3,361 3,434 3,566 3,441
Deferred policy acquisition costs 20,613 20,564 21,182 20,448
Value of business acquired 484 446 488 435
Market risk benefit assets 2,225 2,233 2,134 2,331
Reinsurance recoverables and deposit receivables 27,929 27,746 29,633 37,680
Income tax assets 958 856 479 866
Other assets 13,295 13,299 12,947 13,737
Separate account assets 200,064 196,859 200,550 193,372
Total assets 725,913 715,196 760,294 735,587
Liabilities:
Future policy benefits 272,790 262,330 285,474 268,912
Policyholders' account balances 151,810 154,991 164,088 166,254
Market risk benefit liabilities 4,624 4,592 5,178 4,455
Reinsurance and funds withheld payables 15,746 15,604 17,443 17,084
Securities sold under agreements to repurchase 6,563 6,929 7,455 6,796
Cash collateral for loaned securities 6,978 7,050 8,471 9,621
Income tax liabilities — — — —
Short-term debt 585 588 950 953
Long-term debt 19,368 19,353 19,076 19,187
Other liabilities 16,749 15,621 17,578 17,397
Notes issued by consolidated variable interest entities 1,132 1,174 1,456 1,430
Separate account liabilities 200,064 196,859 200,550 193,372
Total liabilities 696,409 685,091 727,719 705,461
Mezzanine Equity:
Redeemable noncontrolling interests 1,786 545 560 1,939
Total mezzanine equity 1,786 545 560 1,939
Equity:
Accumulated other comprehensive income (loss) (7,661) (7,444) (4,844) (6,711)
Other equity (1) 34,870 35,457 35,260 34,583
Total Prudential Financial, Inc. equity 27,209 28,013 30,416 27,872
Noncontrolling interests 508 1,547 1,599 315
Total equity 27,717 29,560 32,015 28,187
Total liabilities, mezzanine equity and equity 725,912 715,196 760,294 735,587
____________
(1) Includes 141 million, (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 December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth 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 47,466 397,314 2,624 204,091 159,678 30,921
Deferred policy acquisition costs 156 20,292 — 11,551 9,304 (563)
Other assets 1,193 75,794 4,775 54,982 11,056 4,981
Separate account assets — 193,372 28,645 168,299 — (3,572)
Total assets 48,815 686,772 36,044 438,923 180,038 31,767
Liabilities:
Future policy benefits 42,464 226,448 — 118,110 99,699 8,639
Policyholders' account balances 4,359 161,895 — 102,940 54,855 4,100
Debt — 20,140 1,593 4,805 129 13,613
Other liabilities 3,632 53,151 2,393 28,793 7,570 14,395
Separate account liabilities — 193,372 28,645 168,299 — (3,572)
Total liabilities 50,455 655,006 32,631 422,947 162,253 37,175
Mezzanine Equity:
Redeemable noncontrolling interests — 1,939 543 — — 1,396
Total mezzanine equity — 1,939 543 — — 1,396
Equity:
Accumulated other comprehensive income (loss) (188) (6,523) (154) (1,569) (2,302) (2,498)
Other equity (1) (1,463) 36,046 2,883 17,465 20,057 (4,359)
Total Prudential Financial, Inc. equity (1,651) 29,523 2,729 15,896 17,755 (6,857)
Noncontrolling interests 11 304 141 80 30 53
Total equity (1,640) 29,827 2,870 15,976 17,785 (6,804)
Total liabilities, mezzanine equity and equity 48,815 686,772 36,044 438,923 180,038 31,767
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 65,151 4,600 41,498 12,342 6,711
Separate account assets — 198,888 32,647 169,386 — (3,145)
Total assets 51,088 670,124 42,153 406,905 191,224 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 — 1,766 1,410 — — 356
Total mezzanine equity — 1,766 1,410 — — 356
Equity:
Accumulated other comprehensive income (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 11 279 742 82 30 (575)
Total equity (1,538) 29,648 3,424 15,501 17,443 (6,720)
Total liabilities, mezzanine equity and equity 51,088 670,124 42,153 406,905 191,224 29,842
____________
(1) Corporate and Other includes 141 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 December 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth 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 5,890 7,588 13,825 — 4,869 8,094 12,963
Operating Debt 4,355 999 5,875 535 5,589 — 6,124
Limited recourse and non-recourse borrowing 355 — 440 83 330 — 413
Total Debt 10,600 8,587 20,140 618 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 40 13,825 12,573 346 44 12,963
Operating Debt 495 — 5,875 5,614 510 — 6,124
Limited recourse and non-recourse borrowing 85 355 440 — 130 283 413
Total Debt 927 395 20,140 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 December 31, 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
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - PGIM
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums — — — — — — — —
Policy charges and fee income — — — — — — — —
Net investment income 79 (43) 14 16 28 268 15 -94%
Asset management fees, commissions and other income 836 1,033 949 1,005 1,090 3,370 4,077 21%
Total revenues 915 990 963 1,021 1,118 3,638 4,092 12%
Benefits and expenses (1):
Insurance and annuity benefits — — — — — — — —
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances — — — — — — — —
Interest expense 29 24 26 30 25 113 105 -7%
Deferral of acquisition costs — (1) — — — (2) (1) 50%
Amortization of acquisition costs 1 1 — 1 — 2 2 —%
General and administrative expenses 713 797 731 749 834 2,812 3,111 11%
Total benefits and expenses 743 821 757 780 859 2,925 3,217 10%
Adjusted operating income (loss) before income taxes 172 169 206 241 259 713 875 23%
Total revenues 915 990 963 1,021 1,118 3,638 4,092 12%
Less: Passthrough distribution revenue 19 21 22 23 22 78 88 13%
Less: Revenue associated with consolidations 16 23 10 24 84 85 141 66%
Total adjusted revenues (2) 880 946 931 974 1,012 3,475 3,863 11%
Adjusted operating margin (2)(3) 19.5 % 17.9 % 22.1 % 24.7 % 25.6 % 20.5 % 22.7 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 23.2%, 23.6%, 21.4%, 17.1%, and 18.8% for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and 21.4% and 19.6% for the years ended December 31, 2024 and December 31, 2023, respectively.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2024 Year-to-date
1Q 2Q 3Q 4Q 2023 2024 % change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees 774 777 803 825 2,919 3,179 9%
Other related revenues (1) 93 71 90 176 247 430 74%
Service, distribution and other revenues 123 115 128 117 472 483 2%
Total PGIM revenues 990 963 1,021 1,118 3,638 4,092 12%
Analysis of asset management fees by source:
Institutional customers 378 377 385 390 1,448 1,530 6%
Retail customers 276 281 293 303 1,014 1,153 14%
General account 120 119 125 132 457 496 9%
Total asset management fees 774 777 803 825 2,919 3,179 9%
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 441.6 66.8 33.1 2.1 620.2
Retail customers 154.3 0.2 0.4 79.9 370.9
General account 236.3 60.2 84.5 0.1 384.1
Total 832.2 127.2 118.0 82.1 1,375.2
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers 415.3 69.0 34.9 2.0 582.6
Retail customers 137.4 2.2 0.9 71.4 330.3
General account 247.1 58.0 76.3 — 385.2
Total 799.8 129.2 112.1 73.4 1,298.1
__________
(1) Other related revenues, net of related expenses are 66 million, 45 million, 39 million, 56 million, and 36 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and 203 million and 132 million for the years ended December 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
2024 Year-to-date
1Q 2Q 3Q 4Q 2023 2024
Institutional Customers - Assets Under Management (at fair market value):
Beginning assets under management 562.7 596.9 585.2 610.3 528.9 562.7
Additions 45.2 16.9 15.7 23.6 67.7 101.4
Withdrawals (19.1) (25.8) (20.2) (24.1) (91.0) (89.2)
Net institutional additions (withdrawals), excluding money market activity 26.1 (8.9) (4.5) (0.5) (23.3) 12.2
Change in market value 3.2 0.9 30.6 (14.6) 43.6 20.1
Net money market flows 0.2 (0.1) (2.8) (0.9) (1.5) (3.6)
Other (1) 4.7 (3.6) 1.8 6.8 15.0 9.7
Ending assets under management 596.9 585.2 610.3 601.1 562.7 601.1
Affiliated institutional assets under management 19.7 19.2 20.1 19.1 19.9 19.1
Total assets managed for institutional customers at end of period 616.6 604.4 630.4 620.2 582.6 620.2
Retail Customers - Assets Under Management (at fair market value):
Beginning assets under management 215.5 228.1 234.5 245.1 191.7 215.5
Additions 15.7 14.5 16.4 19.0 51.9 65.6
Withdrawals (15.2) (15.1) (15.1) (18.8) (67.0) (64.2)
Net retail additions (withdrawals), excluding money market activity 0.5 (0.6) 1.3 0.2 (15.1) 1.4
Change in market value 12.2 6.7 9.4 1.4 38.7 29.7
Net money market flows 0.3 0.5 0.2 0.7 1.6 1.7
Other (0.4) (0.2) (0.3) (2.5) (1.4) (3.4)
Ending assets under management 228.1 234.5 245.1 244.9 215.5 244.9
Affiliated retail assets under management 117.3 115.4 116.8 126.0 114.8 126.0
Total assets managed for retail customers at end of period 345.4 349.9 361.9 370.9 330.3 370.9
__________
(1) 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. Fourth quarter 2024 includes 7 billion related to the reinsurance of certain guaranteed universal life policies to Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited, which were previously included in General Account assets under management

All values are in US Dollars.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 3,505 11,869 4,282 9,686 3,272 12,421 29,109 134%
Policy charges and fee income 990 990 995 1,029 996 3,969 4,010 1%
Net investment income 2,281 2,478 2,528 2,666 2,731 9,006 10,403 16%
Asset management fees, commissions and other income 705 636 605 599 580 2,725 2,420 -11%
Total revenues 7,481 15,973 8,410 13,980 7,579 28,121 45,942 63%
Benefits and expenses (1):
Insurance and annuity benefits 4,607 13,007 5,692 10,743 4,384 16,926 33,826 100%
Change in estimates of liability for future policy benefits (29) (9) (381) 64 53 (114) (273) -139%
Interest credited to policyholders' account balances 581 601 643 703 708 2,190 2,655 21%
Interest expense 253 333 282 294 330 979 1,239 27%
Deferral of acquisition costs (349) (370) (402) (416) (462) (1,225) (1,650) -35%
Amortization of acquisition costs 209 212 212 213 216 830 853 3%
General and administrative expenses 1,245 1,394 1,341 1,339 1,490 4,798 5,564 16%
Total benefits and expenses 6,517 15,168 7,387 12,940 6,719 24,384 42,214 73%
Adjusted operating income (loss) before income taxes 964 805 1,023 1,040 860 3,737 3,728 —%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 2,041 10,325 2,769 8,153 1,776 6,428 23,023 258%
Policy charges and fee income 310 312 320 320 315 1,280 1,267 -1%
Net investment income 1,405 1,536 1,638 1,764 1,846 5,634 6,784 20%
Asset management fees, commissions and other income 584 586 568 554 538 2,220 2,246 1%
Total revenues 4,340 12,759 5,295 10,791 4,475 15,562 33,320 114%
Benefits and expenses (1):
Insurance and annuity benefits 2,615 10,898 3,757 8,768 2,470 8,893 25,893 191%
Change in estimates of liability for future policy benefits (25) 11 (468) 47 42 (193) (368) -91%
Interest credited to policyholders' account balances 308 355 398 467 483 1,112 1,703 53%
Interest expense 20 31 28 36 20 73 115 58%
Deferral of acquisition costs (131) (169) (179) (186) (187) (454) (721) -59%
Amortization of acquisition costs 90 95 100 102 108 365 405 11%
General and administrative expenses 573 657 670 659 688 2,253 2,674 19%
Total benefits and expenses 3,450 11,878 4,306 9,893 3,624 12,049 29,701 147%
Adjusted operating income (loss) before income taxes 890 881 989 898 851 3,513 3,619 3%
__________
(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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 2,027 10,297 2,758 8,134 1,758 6,342 22,947 262%
Policy charges and fee income 7 6 8 10 9 33 33 —%
Net investment income 1,006 1,092 1,142 1,199 1,241 4,180 4,674 12%
Asset management fees, commissions and other income 143 143 133 130 135 475 541 14%
Total revenues 3,183 11,538 4,041 9,473 3,143 11,030 28,195 156%
Benefits and expenses (1):
Insurance and annuity benefits 2,584 10,858 3,718 8,742 2,434 8,759 25,752 194%
Change in estimates of liability for future policy benefits (25) (3) (456) 41 42 (201) (376) -87%
Interest credited to policyholders' account balances 137 154 153 177 180 552 664 20%
Interest expense 1 17 9 12 (7) 1 31 3000%
Deferral of acquisition costs (24) (19) (15) (23) (23) (75) (80) -7%
Amortization of acquisition costs 3 2 2 4 3 16 11 -31%
General and administrative expenses 75 88 80 82 87 283 337 19%
Total benefits and expenses 2,751 11,097 3,491 9,035 2,716 9,335 26,339 182%
Adjusted operating income (loss) before income taxes 432 441 550 438 427 1,695 1,856 9%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024
Beginning total account value 254,933 267,654 274,630 274,128 287,829 251,818 267,654
Additions 14,287 10,990 4,011 11,081 10,249 28,498 36,331
Withdrawals and benefits (6,163) (6,417) (6,164) (6,619) (6,127) (25,283) (25,327)
Net flows 8,124 4,573 (2,153) 4,462 4,122 3,215 11,004
Change in market value, interest credited and interest income 2,565 2,655 1,919 4,476 1,540 7,722 10,590
Other (1) 2,032 (252) (268) 4,763 (5,289) 4,899 (1,046)
Ending total account value, gross 267,654 274,630 274,128 287,829 288,202 267,654 288,202
Reinsurance ceded (9,237) (9,179) (9,129) (9,062) (9,011) (9,237) (9,011)
Ending total account value, net 258,417 265,451 264,999 278,767 279,191 258,417 279,191
Amounts included in ending total account value, net above:
Investment-only stable value wraps 64,098 62,842 61,455 62,189 61,286
International reinsurance (2) 102,544 102,049 102,465 108,927 108,882
Group annuities and other products 91,775 100,560 101,079 107,651 109,023
Ending total account value, net 258,417 265,451 264,999 278,767 279,191
__________
(1) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.
(2) Represents notional amounts based on present value of future benefits under international reinsurance contracts.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 14 28 11 19 18 86 76 -12%
Policy charges and fee income 303 306 312 310 306 1,247 1,234 -1%
Net investment income 399 444 496 565 605 1,454 2,110 45%
Asset management fees, commissions and other income 441 443 435 424 403 1,745 1,705 -2%
Total revenues 1,157 1,221 1,254 1,318 1,332 4,532 5,125 13%
Benefits and expenses (1):
Insurance and annuity benefits 31 40 39 26 36 134 141 5%
Change in estimates of liability for future policy benefits — 14 (12) 6 — 8 8 —%
Interest credited to policyholders' account balances 171 201 245 290 303 560 1,039 86%
Interest expense 19 14 19 24 27 72 84 17%
Deferral of acquisition costs (107) (150) (164) (163) (164) (379) (641) -69%
Amortization of acquisition costs 87 93 98 98 105 349 394 13%
General and administrative expenses 498 569 590 577 601 1,970 2,337 19%
Total benefits and expenses 699 781 815 858 908 2,714 3,362 24%
Adjusted operating income (loss) before income taxes 458 440 439 460 424 1,818 1,763 -3%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite 1,263 1,727 2,219 2,244 2,513 4,870 8,703
Investment Only VA (2) 35 28 39 28 67 151 162
Fixed 804 1,550 1,221 1,346 1,056 2,583 5,173
Total 2,102 3,305 3,479 3,618 3,636 7,604 14,038
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value 27,069 30,655 35,257 39,108 43,729 21,208 30,655
Sales 2,102 3,305 3,479 3,618 3,636 7,604 14,038
Full surrenders and death benefits (239) (281) (322) (351) (394) (861) (1,348)
Sales, net of full surrenders and death benefits 1,863 3,024 3,157 3,267 3,242 6,743 12,690
Partial withdrawals and other benefit payments (170) (181) (184) (184) (243) (571) (792)
Net flows 1,693 2,843 2,973 3,083 2,999 6,172 11,898
Change in market value, interest credited, and other 1,901 1,770 891 1,554 494 3,303 4,709
Policy charges (8) (11) (13) (16) (18) (28) (58)
Ending total account value, gross 30,655 35,257 39,108 43,729 47,204 30,655 47,204
Reinsurance ceded (1,694) (1,986) (2,205) (2,494) (2,755) (1,694) (2,755)
Ending total account value, net 28,961 33,271 36,903 41,235 44,449 28,961 44,449
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value 94,021 99,053 99,443 96,267 97,116 98,814 99,053
Sales 7 9 7 6 7 31 29
Full surrenders and death benefits (1,636) (2,284) (2,467) (2,510) (2,484) (5,905) (9,745)
Sales, net of full surrenders and death benefits (1,629) (2,275) (2,460) (2,504) (2,477) (5,874) (9,716)
Partial withdrawals and other benefit payments (1,122) (1,109) (1,037) (1,037) (1,205) (3,960) (4,388)
Net flows (2,751) (3,384) (3,497) (3,541) (3,682) (9,834) (14,104)
Change in market value and other 8,321 4,311 857 4,924 (1,493) 12,321 8,599
Policy charges (538) (537) (536) (534) (506) (2,248) (2,113)
Ending total account value, gross 99,053 99,443 96,267 97,116 91,435 99,053 91,435
Reinsurance ceded (10,103) (9,702) (9,271) (9,526) (8,764) (10,103) (8,764)
Ending total account value, net 88,950 89,741 86,996 87,590 82,671 88,950 82,671
__________
(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
Fourth Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024
Account Values in General Account (1):
Beginning balance 27,613 30,844 35,140 38,942 43,350 22,063 30,844
Premiums and deposits 2,030 3,226 3,373 3,522 3,494 7,308 13,615
Full surrenders and death benefits (155) (237) (266) (296) (239) (513) (1,038)
Premiums and deposits net of full surrenders and death benefits 1,875 2,989 3,107 3,226 3,255 6,795 12,577
Partial withdrawals and other benefit payments (191) (218) (221) (224) (282) (636) (945)
Net flows 1,684 2,771 2,886 3,002 2,973 6,159 11,632
Change in market value, interest credited and other 1,189 1,513 905 960 839 2,667 4,217
Net transfers (to) from separate account 360 15 14 451 (254) (39) 226
Policy charges (2) (3) (3) (5) (8) (6) (19)
Ending balance, gross 30,844 35,140 38,942 43,350 46,900 30,844 46,900
Reinsurance ceded (1,694) (1,986) (2,205) (2,494) (2,755) (1,694) (2,755)
Ending balance, net 29,150 33,154 36,737 40,856 44,145 29,150 44,145
Account Values in Separate Account (1):
Beginning balance 93,477 98,864 99,560 96,433 97,495 97,959 98,864
Premiums and deposits 79 88 113 102 149 327 452
Full surrenders and death benefits (1,720) (2,328) (2,523) (2,565) (2,639) (6,253) (10,055)
Premiums and deposits net of full surrenders and death benefits (1,641) (2,240) (2,410) (2,463) (2,490) (5,926) (9,603)
Partial withdrawals and other benefit payments (1,101) (1,072) (1,000) (997) (1,166) (3,895) (4,235)
Net flows (2,742) (3,312) (3,410) (3,460) (3,656) (9,821) (13,838)
Change in market value, interest credited and other 9,033 4,568 843 5,518 (1,838) 12,957 9,091
Net transfers (to) from general account (360) (15) (14) (451) 254 39 (226)
Policy charges (544) (545) (546) (545) (516) (2,270) (2,152)
Ending balance, gross 98,864 99,560 96,433 97,495 91,739 98,864 91,739
Reinsurance ceded (10,103) (9,702) (9,271) (9,526) (8,764) (10,103) (8,764)
Ending balance, net 88,761 89,858 87,162 87,969 82,975 88,761 82,975
__________
(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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
2023 2024
4Q 1Q 2Q 3Q 4Q
MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1):
Market Risk Benefits Account Values by Risk Management Design:
Account Values with Auto-Rebalancing Feature - risk retained by Prudential 70,093 70,679 68,512 68,960 64,932
Account Values with Auto-Rebalancing Feature - externally reinsured 2,315 2,254 2,115 2,115 1,902
Account Values without Auto-Rebalancing Feature 25,244 25,056 24,178 24,561 23,100
Total 97,652 97,989 94,805 95,636 89,934
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature 7,177 6,373 6,541 5,638 6,510
Net Amount at Risk without Auto-Rebalancing Feature 2,576 2,597 2,817 2,240 2,775
Total 9,753 8,970 9,358 7,878 9,285
__________
(1) At end of period.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 1,231 1,298 1,272 1,299 1,260 5,024 5,129 2%
Policy charges and fee income 169 175 165 189 149 674 678 1%
Net investment income 128 136 128 134 132 512 530 4%
Asset management fees, commissions and other income 19 25 21 21 23 75 90 20%
Total revenues 1,547 1,634 1,586 1,643 1,564 6,285 6,427 2%
Benefits and expenses (1):
Insurance and annuity benefits 1,166 1,249 1,140 1,241 1,171 4,703 4,801 2%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 42 40 36 35 38 166 149 -10%
Interest expense 1 2 4 2 3 8 11 38%
Deferral of acquisition costs (2) (6) (4) (5) (13) (3) (28) -833%
Amortization of acquisition costs 5 1 2 1 2 9 6 -33%
General and administrative expenses 269 303 287 287 297 1,083 1,174 8%
Total benefits and expenses 1,481 1,589 1,465 1,561 1,498 5,966 6,113 2%
Adjusted operating income (loss) before income taxes 66 45 121 82 66 319 314 -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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024
Annualized New Business Premiums:
Group life 41 189 27 35 38 296 289
Group disability 19 189 19 28 25 235 261
Total 60 378 46 63 63 531 550
Future Policy Benefits (1):
Group life 2,421 2,350 2,328 2,266 2,415
Group disability 3,178 3,240 3,222 3,253 3,256
Total 5,599 5,590 5,550 5,519 5,671
Policyholders' Account Balances (1):
Group life 5,229 4,889 4,782 4,878 4,915
Group disability 113 119 111 110 117
Total 5,342 5,008 4,893 4,988 5,032
Separate Account Liabilities (1):
Group life 25,021 25,265 24,546 26,021 25,126
Group Life Insurance:
Gross premiums, policy charges and fee income (2) 1,149 1,098 1,123 1,137 1,168 4,469 4,526
Earned premiums 873 903 897 924 891 3,602 3,615
Earned policy charges and fee income 144 150 139 164 124 577 577
Benefits ratio (3) 87.5 % 90.1 % 85.3 % 85.0 % 87.1 % 87.6 % 86.9 %
Administrative operating expense ratio 11.2 % 12.1 % 11.8 % 11.0 % 11.7 % 11.7 % 11.6 %
Persistency ratio 93.6 % 95.1 % 95.0 % 94.6 % 94.6 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2) 385 426 410 403 400 1,529 1,639
Earned premiums 358 395 375 375 369 1,422 1,514
Earned policy charges and fee income 25 25 26 25 25 97 101
Benefits ratio (3) 72.2 % 71.3 % 70.4 % 78.9 % 72.8 % 71.1 % 73.3 %
Administrative operating expense ratio 25.9 % 25.9 % 26.5 % 26.5 % 27.6 % 25.2 % 26.6 %
Persistency ratio 91.1 % 93.8 % 93.2 % 92.9 % 92.6 %
Total Group Insurance:
Benefits ratio (3) 83.3 % 84.7 % 81.1 % 83.4 % 83.1 % 83.2 % 83.1 %
Administrative operating expense ratio 14.9 % 16.0 % 15.8 % 15.1 % 15.9 % 15.2 % 15.7 %
Net face amount of policies in force (in billions) (4) 2,155 2,065 2,092 2,102 2,120
__________
(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 86.9%, 71.8%, 82.7% and 87.0%, 70.2%, 82.5% for the years ended December 31, 2024 and December 31, 2023, respectively.
(4) At end of period; net of reinsurance.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 233 246 241 234 236 969 957 -1%
Policy charges and fee income 511 503 510 520 532 2,015 2,065 2%
Net investment income 748 806 762 768 753 2,860 3,089 8%
Asset management fees, commissions and other income 102 25 16 24 19 430 84 -80%
Total revenues 1,594 1,580 1,529 1,546 1,540 6,274 6,195 -1%
Benefits and expenses (1):
Insurance and annuity benefits 826 860 795 734 743 3,330 3,132 -6%
Change in estimates of liability for future policy benefits (4) (20) 87 17 11 79 95 20%
Interest credited to policyholders' account balances 231 206 209 201 187 912 803 -12%
Interest expense 232 300 250 256 307 898 1,113 24%
Deferral of acquisition costs (216) (195) (219) (225) (262) (768) (901) -17%
Amortization of acquisition costs 114 116 110 110 106 456 442 -3%
General and administrative expenses 403 434 384 393 505 1,462 1,716 17%
Total benefits and expenses 1,586 1,701 1,616 1,486 1,597 6,369 6,400 —%
Adjusted operating income (loss) before income taxes 8 (121) (87) 60 (57) (95) (205) -116%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life 33 31 34 34 35 120 134
Universal life 27 20 22 19 24 81 85
Variable life 145 116 147 157 267 536 687
Total 205 167 203 210 326 737 906
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors 38 35 44 43 45 144 167
Third party distribution 167 132 159 167 281 593 739
Total 205 167 203 210 326 737 906
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance 32,730 33,026 33,176 33,365 33,581 31,522 33,026
Premiums and deposits 675 634 604 619 675 2,475 2,532
Surrenders and withdrawals (557) (436) (414) (445) (410) (1,858) (1,705)
Net sales (redemptions) 118 198 190 174 265 617 827
Benefit payments (43) (48) (43) (30) (43) (188) (164)
Net flows 75 150 147 144 222 429 663
Interest credited and other 624 401 388 440 308 1,765 1,537
Net transfers (to) from separate account 113 138 148 158 171 1,398 615
Policy charges (516) (539) (494) (526) (509) (2,088) (2,068)
Ending balance, gross 33,026 33,176 33,365 33,581 33,773 33,026 33,773
Reinsurance ceded — (4,506) (4,512) (4,520) (8,995) — (8,995)
Ending balance, net 33,026 28,670 28,853 29,061 24,778 33,026 24,778
Separate Account Liabilities:
Beginning balance 42,171 46,453 50,128 51,385 53,953 39,419 46,453
Premiums and deposits 836 794 904 1,018 1,179 3,149 3,895
Surrenders and withdrawals (235) (293) (334) (316) (295) (949) (1,238)
Net sales (redemptions) 601 501 570 702 884 2,200 2,657
Benefit payments (126) (138) (165) (183) (165) (466) (651)
Net flows 475 363 405 519 719 1,734 2,006
Change in market value, interest credited and other 4,262 3,796 1,352 2,569 673 8,034 8,390
Net transfers (to) from general account (113) (138) (148) (158) (171) (1,398) (615)
Policy charges (342) (346) (352) (362) (371) (1,336) (1,431)
Ending balance 46,453 50,128 51,385 53,953 54,803 46,453 54,803
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life 290 286 283 280 278
Universal life 97 80 79 79 62
Variable life 154 158 160 162 167
Total 541 524 522 521 507
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 2,864 3,139 3,002 2,850 2,665 12,819 11,656 -9%
Policy charges and fee income 82 80 80 83 81 308 324 5%
Net investment income 1,367 1,412 1,390 1,428 1,493 5,289 5,723 8%
Asset management fees, commissions and other income 65 82 40 56 44 266 222 -17%
Total revenues 4,378 4,713 4,512 4,417 4,283 18,682 17,925 -4%
Benefits and expenses (1):
Insurance and annuity benefits 2,525 2,772 2,452 2,581 2,463 11,082 10,268 -7%
Change in estimates of liability for future policy benefits 49 24 352 2 3 364 381 5%
Interest credited to policyholders' account balances 263 279 288 315 328 943 1,210 28%
Interest expense 5 (1) (2) 5 (4) 23 (2) -109%
Deferral of acquisition costs (312) (293) (268) (308) (269) (1,198) (1,138) 5%
Amortization of acquisition costs 156 159 161 164 162 622 646 4%
General and administrative expenses 944 877 827 892 858 3,663 3,454 -6%
Total benefits and expenses 3,630 3,817 3,810 3,651 3,541 15,499 14,819 -4%
Adjusted operating income (loss) before income taxes 748 896 702 766 742 3,183 3,106 -2%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 1,511 1,818 1,663 1,527 1,438 6,803 6,446 -5%
Policy charges and fee income 52 47 48 56 53 196 204 4%
Net investment income 608 629 602 619 658 2,351 2,508 7%
Asset management fees, commissions and other income 61 56 54 45 39 246 194 -21%
Total revenues 2,232 2,550 2,367 2,247 2,188 9,596 9,352 -3%
Benefits and expenses (1):
Insurance and annuity benefits 1,311 1,589 1,343 1,365 1,308 5,841 5,605 -4%
Change in estimates of liability for future policy benefits 23 13 217 5 (1) 105 234 123%
Interest credited to policyholders' account balances 68 69 68 76 75 243 288 19%
Interest expense (4) (7) (3) 2 (1) (3) (9) -200%
Deferral of acquisition costs (144) (155) (132) (141) (135) (587) (563) 4%
Amortization of acquisition costs 76 78 81 82 79 306 320 5%
General and administrative expenses 438 418 393 394 402 1,691 1,607 -5%
Total benefits and expenses 1,768 2,005 1,967 1,783 1,727 7,596 7,482 -2%
Adjusted operating income (loss) before income taxes 464 545 400 464 461 2,000 1,870 -7%
__________
(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 and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums 1,353 1,321 1,339 1,323 1,227 6,016 5,210 -13%
Policy charges and fee income 30 33 32 27 28 112 120 7%
Net investment income 759 783 788 809 835 2,938 3,215 9%
Asset management fees, commissions and other income 4 26 (14) 11 5 20 28 40%
Total revenues 2,146 2,163 2,145 2,170 2,095 9,086 8,573 -6%
Benefits and expenses (1):
Insurance and annuity benefits 1,214 1,183 1,109 1,216 1,155 5,241 4,663 -11%
Change in estimates of liability for future policy benefits 26 11 135 (3) 4 259 147 -43%
Interest credited to policyholders' account balances 195 210 220 239 253 700 922 32%
Interest expense 9 6 1 3 (3) 26 7 -73%
Deferral of acquisition costs (168) (138) (136) (167) (134) (611) (575) 6%
Amortization of acquisition costs 80 81 80 82 83 316 326 3%
General and administrative expenses 506 459 434 498 456 1,972 1,847 -6%
Total benefits and expenses 1,862 1,812 1,843 1,868 1,814 7,903 7,337 -7%
Adjusted operating income (loss) before income taxes 284 351 302 302 281 1,183 1,236 4%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,266 1,584 1,386 1,311 1,216 5,886 5,497
Japan - Gibraltar Life 1,383 1,354 1,371 1,350 1,255 6,128 5,330
Emerging Markets 297 281 325 272 275 1,113 1,153
Total 2,946 3,219 3,082 2,933 2,746 13,127 11,980
Annualized new business premiums:
Japan - Prudential of Japan 182 196 156 162 163 679 677
Japan - Gibraltar Life 310 224 268 324 239 1,018 1,055
Emerging Markets 106 97 95 102 96 390 390
Total 598 517 519 588 498 2,087 2,122
Annualized new business premiums by distribution channel:
Life Planners 288 293 251 264 259 1,069 1,067
Gibraltar Life Consultants 139 105 120 136 119 542 480
Banks 82 59 74 110 63 256 306
Independent Agency 89 60 74 78 57 220 269
Total 598 517 519 588 498 2,087 2,122
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,362 1,690 1,499 1,412 1,311 6,094 5,912
Japan - Gibraltar Life 1,464 1,454 1,482 1,436 1,348 6,343 5,720
Emerging Markets 252 235 286 253 272 950 1,046
Total 3,078 3,379 3,267 3,101 2,931 13,387 12,678
Annualized new business premiums:
Japan - Prudential of Japan 195 211 172 175 178 705 736
Japan - Gibraltar Life 314 229 275 331 247 1,030 1,082
Emerging Markets 86 80 85 94 94 314 353
Total 595 520 532 600 519 2,049 2,171
Annualized new business premiums by distribution channel:
Life Planners 281 291 257 269 272 1,019 1,089
Gibraltar Life Consultants 142 108 124 140 124 548 496
Banks 82 59 75 110 65 256 309
Independent Agency 90 62 76 81 58 226 277
Total 595 520 532 600 519 2,049 2,171
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
2023 2024
4Q 1Q 2Q 3Q 4Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan - Prudential of Japan 312 307 301 297 294
Japan - Gibraltar Life 285 281 279 277 277
Emerging Markets 44 42 43 46 47
Total 641 630 623 620 618
Number of individual policies in force at end of period (in thousands) (3):
Japan - Prudential of Japan 4,511 4,531 4,535 4,555 4,572
Japan - Gibraltar Life 6,594 6,552 6,519 6,520 6,506
Emerging Markets 789 765 783 820 842
Total 11,894 11,848 11,837 11,895 11,920
International life insurance individual policy persistency:
Life Planner:
13 months 92.0 % 91.4 % 90.6 % 89.5 % 89.8 %
25 months 83.1 % 82.6 % 82.0 % 81.3 % 80.6 %
Gibraltar Life (4):
13 months 94.3 % 94.8 % 94.8 % 94.7 % 94.9 %
25 months 88.0 % 88.3 % 88.6 % 88.4 % 88.3 %
Number of Life Planners at end of period:
Japan 4,310 4,339 4,257 4,264 4,309
All other countries 1,546 1,516 1,579 1,636 1,726
Total Life Planners 5,856 5,855 5,836 5,900 6,035
Gibraltar Life Consultants 6,808 6,792 6,724 6,861 6,844
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.
(4) Reflects business sold by Life Consultants and Independent Agents.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
2023 2024 Year-to-date
4Q 1Q 2Q 3Q 4Q 2023 2024 % change
Revenues (1):
Premiums (5) (2) (7) (9) (2) (16) (20) -25%
Policy charges and fee income (13) (14) (14) (14) (15) (53) (57) -8%
Net investment income 191 273 286 326 349 730 1,234 69%
Asset management fees, commissions and other income (74) (227) (301) (232) (303) (612) (1,063) -74%
Total revenues 99 30 (36) 71 29 49 94 92%
Benefits and expenses (1):
Insurance and annuity benefits (2) (5) (7) (3) (4) (11) (19) -73%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 23 22 21 20 21 113 84 -26%
Interest expense 152 173 174 156 174 639 677 6%
Deferral of acquisition costs 24 17 56 88 27 97 188 94%
Amortization of acquisition costs (10) (10) (10) (22) (14) (37) (56) -51%
General and administrative expenses 565 268 101 319 315 1,282 1,003 -22%
Total benefits and expenses 752 465 335 558 519 2,083 1,877 -10%
Adjusted operating income (loss) before income taxes (653) (435) (371) (487) (490) (2,034) (1,783) 12%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
December 31, 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
230,018 19,103 4,837 206,078 54.9 % 241,222 20,483 3,270 217,469 58.9 %
81,179 9,625 2,795 68,759 18.3 % 74,542 10,003 2,678 61,861 16.7 %
12,447 647 7,732 4,068 1.1 % 8,785 887 2,944 4,954 1.3 %
3,707 — — 3,707 1.0 % 3,168 — — 3,168 0.9 %
8,896 1,642 — 7,254 1.9 % 7,634 1,970 — 5,664 1.5 %
61,872 7,652 233 53,987 14.4 % 58,786 7,769 23 50,994 13.8 %
9,795 3,348 — 6,447 1.7 % 10,047 3,479 — 6,568 1.8 %
23,577 4,929 1,867 16,781 4.4 % 19,454 4,513 1,007 13,934 3.8 %
9,056 520 43 8,493 2.3 % 4,992 232 51 4,709 1.3 %
440,547 47,466 17,507 375,574 100.0 % 428,630 49,336 9,973 369,321 100.0 %
4,233 — — 4,233 6,103 — — 6,103
444,780 47,466 17,507 379,807 434,733 49,336 9,973 375,424
Fixed Maturities by Credit Quality (4)(6): December 31, 2024 December 31, 2023
PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld (2)
Gross Gross Gross Gross
Amortized Unrealized Unrealized Allowance for Fair Amortized Unrealized Unrealized Allowance for Fair
Cost Gains Losses Credit Losses Value % of Total Cost Gains Losses Credit Losses Value % of Total
176,693 3,412 20,161 — 159,944 77.6 % 182,105 6,683 15,644 1 173,143 79.6 %
43,221 522 3,744 — 39,999 19.4 % 39,358 1,020 3,395 — 36,983 17.0 %
219,914 3,934 23,905 — 199,943 97.0 % 221,463 7,703 19,039 1 210,126 96.6 %
4,807 60 574 — 4,293 2.1 % 5,216 143 238 — 5,121 2.3 %
1,264 48 30 — 1,282 0.6 % 1,765 50 99 53 1,663 0.8 %
439 16 12 7 436 0.2 % 479 13 63 7 422 0.2 %
196 7 9 70 124 0.1 % 224 4 16 75 137 0.1 %
6,706 131 625 77 6,135 3.0 % 7,684 210 416 135 7,343 3.4 %
226,620 4,065 24,530 77 206,078 100.0 % 229,147 7,913 19,455 136 217,469 100.0 %
18,756 257 1,920 — 17,093 24.9 % 17,121 240 1,588 — 15,773 25.5 %
44,179 765 3,453 — 41,491 60.3 % 38,561 880 2,795 — 36,646 59.2 %
62,935 1,022 5,373 — 58,584 85.2 % 55,682 1,120 4,383 — 52,419 84.7 %
6,483 114 282 — 6,315 9.2 % 5,130 118 246 5 4,997 8.1 %
2,646 15 101 28 2,532 3.7 % 3,112 28 89 2 3,049 4.9 %
1,051 30 34 29 1,018 1.5 % 1,283 21 69 3 1,232 2.0 %
437 24 11 140 310 0.4 % 158 17 5 6 164 0.3 %
10,617 183 428 197 10,175 14.8 % 9,683 184 409 16 9,442 15.3 %
73,552 1,205 5,801 197 68,759 100.0 % 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 December 31, 2024 and December 31, 2023, 803 securities with amortized cost of 4,147 million (fair value 3,840 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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
December 31, 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 102,904 65.1 % 113,737 68.2 %
Private, available-for-sale, at fair value 21,603 13.6 % 20,891 12.5 %
Fixed maturities, trading, at fair value 461 0.3 % 669 0.4 %
Assets supporting experience-rated contractholder liabilities, at fair value 3,707 2.3 % 3,168 1.9 %
Equity securities, at fair value 1,845 1.2 % 1,614 1.0 %
Commercial mortgage and other loans, at book value, net of allowance 16,137 10.2 % 17,980 10.8 %
Policy loans, at outstanding balance 2,608 1.6 % 2,670 1.6 %
Other invested assets (3) 6,588 4.2 % 5,617 3.4 %
Short-term investments, net of allowance 2,324 1.5 % 421 0.2 %
Total 158,177 100.0 % 166,767 100.0 %
December 31, 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 103,174 47.4 % 103,732 51.3 %
Private, available-for-sale, at fair value 47,156 21.7 % 40,970 20.2 %
Fixed maturities, trading, at fair value 3,607 1.7 % 4,285 2.1 %
Assets supporting experience-rated contractholder liabilities, at fair value — 0.0 % — 0.0 %
Equity securities, at fair value 5,409 2.5 % 4,050 2.0 %
Commercial mortgage and other loans, at book value, net of allowance 37,850 17.4 % 33,014 16.3 %
Policy loans, at outstanding balance 3,839 1.8 % 3,898 1.9 %
Other invested assets, net of allowance (3) 10,193 4.7 % 8,317 4.1 %
Short-term investments, net of allowance 6,169 2.8 % 4,288 2.1 %
Total 217,397 100.0 % 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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended December 31,
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) 4.51 % 3,348 (1,270) 4.09 % 3,002 (255)
Equity securities 4.19 % 61 — 3.71 % 47 2
Commercial mortgage and other loans 4.67 % 591 (87) 4.10 % 513 (123)
Policy loans 4.57 % 73 — 4.56 % 74 —
Short-term investments and cash equivalents 5.30 % 253 (12) 4.84 % 199 1
Gross investment income before investment expenses 4.57 % 4,326 (1,369) 4.25 % 3,835 (375)
Investment expenses -0.18 % (310) — -0.12 % (216) —
Subtotal 4.39 % 4,016 (1,369) 4.13 % 3,619 (375)
Other investments (5) 304 72 217 734
Investment results of other entities and operations (6) 40 47 82 (27)
Investment results of Funds Withheld (7) 360 376 112 (805)
Less: investment income related to adjusted operating income reconciling items (119) — (112) —
Total 4,601 (874) 3,918 (473)
Twelve Months Ended December 31,
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) 4.40 % 12,896 (2,076) 4.12 % 12,118 (751)
Equity securities 3.25 % 170 — 3.09 % 156 2
Commercial mortgage and other loans 4.48 % 2,237 (223) 4.01 % 1,948 (228)
Policy loans 4.62 % 292 — 4.59 % 290 —
Short-term investments and cash equivalents 6.35 % 996 (12) 5.41 % 842 3
Gross investment income before investment expenses 4.47 % 16,591 (2,311) 4.27 % 15,354 (974)
Investment expenses -0.17 % (1,116) — -0.13 % (869) —
Subtotal 4.30 % 15,475 (2,311) 4.14 % 14,485 (974)
Other investments (5) 1,035 267 960 (1,623)
Investment results of other entities and operations (6) 59 48 279 —
Investment results of Funds Withheld (7) 1,292 (664) 182 (638)
Less: investment income related to adjusted operating income reconciling items (486) — (613) —
Total 17,375 (2,660) 15,293 (3,235)
________
(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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended December 31,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.16 % 1,123 (893) 2.96 % 1,023 52
Equity securities 4.39 % 16 — 5.97 % 24 —
Commercial mortgage and other loans 3.75 % 154 (27) 3.74 % 166 (56)
Policy loans 3.79 % 25 — 3.86 % 25 —
Short-term investments and cash equivalents 3.98 % 34 (1) 4.28 % 23 —
Gross investment income before investment expenses 3.26 % 1,352 (921) 3.10 % 1,261 (4)
Investment expenses -0.12 % (83) — -0.12 % (77) —
Subtotal 3.14 % 1,269 (921) 2.98 % 1,184 (4)
Other investments (2) 142 (251) 93 530
Total 1,411 (1,172) 1,277 526
Twelve Months Ended December 31,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.15 % 4,358 (805) 2.92 % 4,004 240
Equity securities 3.29 % 49 — 3.61 % 61 —
Commercial mortgage and other loans 3.81 % 632 (42) 3.70 % 649 (103)
Policy loans 3.81 % 98 — 3.88 % 99 —
Short-term investments and cash equivalents 5.57 % 126 (1) 3.72 % 94 —
Gross investment income before investment expenses 3.26 % 5,263 (848) 3.03 % 4,907 137
Investment expenses -0.13 % (329) — -0.13 % (318) —
Subtotal 3.13 % 4,934 (848) 2.90 % 4,589 137
Other investments (2) 489 (465) 331 (396)
Total 5,423 (1,313) 4,920 (259)
__________
(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
Fourth Quarter 2024
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended December 31,
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) 8.85 % 2,225 (377) 7.83 % 1,979 (307)
Equity securities 4.13 % 45 — 2.65 % 23 2
Commercial mortgage and other loans 5.11 % 437 (60) 4.29 % 347 (67)
Policy loans 5.12 % 48 — 5.03 % 49 —
Short-term investments and cash equivalents 5.57 % 219 (11) 4.89 % 176 1
Gross investment income before investment expenses 5.60 % 2,974 (448) 5.09 % 2,574 (371)
Investment expenses -0.23 % (227) — -0.12 % (139) —
Subtotal 5.37 % 2,747 (448) 4.97 % 2,435 (371)
Other investments (5) 162 323 124 204
Total 2,909 (125) 2,559 (167)
Twelve Months Ended December 31,
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) 5.53 % 8,538 (1,271) 5.18 % 8,114 (991)
Equity securities 3.23 % 121 — 2.82 % 95 2
Commercial mortgage and other loans 4.81 % 1,605 (181) 4.19 % 1,299 (125)
Policy loans 5.18 % 194 — 5.07 % 191 —
Short-term investments and cash equivalents 6.46 % 870 (11) 5.62 % 748 3
Gross investment income before investment expenses 5.42 % 11,328 (1,463) 5.17 % 10,447 (1,111)
Investment expenses -0.20 % (787) — -0.13 % (551) —
Subtotal 5.22 % 10,541 (1,463) 5.04 % 9,896 (1,111)
Other investments (5) 546 732 629 (1,227)
Total 11,087 (731) 10,525 (2,338)
__________
(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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Twelve Months Ended December 31, 2023
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 1,690 463 — — 42,897 25,224 — — 1 1,675 464 — — 27,364
Policy charges and fee income 99 — (87) — 9 — — 4,298 4,224 237 — 66 — — — — 4,527
Net investment income (17) — — 2,048 503 — — 19,909 15,293 (18) — — 1,959 631 — — 17,865
Realized investment gains (losses), net (3) (1,979) — — (769) (96) — — (3,429) 289 (3,442) — — (380) (82) — — (3,615)
Asset management fees, commissions and other income 156 — — 318 547 (135) — 7,127 5,460 1,120 — — 412 875 (85) — 7,782
Change in value of market risk benefits, net of related hedging gains (losses) — (397) — — — — — (397) — — 56 — — — — — 56
Total revenues (1,741) (397) (88) 3,287 1,426 (135) — 70,405 50,490 (2,103) 56 67 3,666 1,888 (85) — 53,979
Benefits and expenses:
Insurance and annuity benefits (3) — (3) 2,983 765 — — 47,817 27,997 (105) — (2) 3,362 748 — — 32,000
Change in estimates of liability for future policy benefits 33 — (33) — (145) — — (37) 250 52 — (41) — 76 — — 337
Interest credited to policyholders' account balances 347 — — 117 169 — — 4,582 3,246 431 — — 118 188 — — 3,983
Interest expense — — — (2) 13 — — 2,030 1,754 — — — — 9 — — 1,763
Deferral of acquisition costs — — — — (1) — — (2,602) (2,328) — — — — — — — (2,328)
Amortization of acquisition costs 32 — — 12 3 — — 1,492 1,417 29 — — 13 — — — 1,459
Goodwill impairment — — — — — — — — — — — — — 177 — — 177
General and administrative expenses — — — 290 592 (119) 19 13,914 12,555 — — — 273 669 (17) 36 13,516
Total benefits and expenses 409 — (36) 3,400 1,396 (119) 19 67,196 44,891 407 — (43) 3,766 1,867 (17) 36 50,907
__________
(1) See page 39 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 (427) million and (146) million for years ended December 31, 2024 and December 31, 2023, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 436 million and (254) million and certain derivatives of (29) million and 25 million for years ended December 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended December 31, 2023
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 455 106 — — 6,495 6,364 — — 2 447 106 — — 6,919
Policy charges and fee income (21) — 5 — — — — 1,046 1,059 142 — 7 — — — — 1,208
Net investment income (5) — — 521 124 — — 5,241 3,918 (4) — — 468 116 — — 4,498
Realized investment gains (losses), net (3) (664) — — (237) (74) — — (1,111) (4) (510) — — (19) 41 — — (492)
Asset management fees, commissions and other income (603) — — (42) 61 (34) — 929 1,536 656 — — 229 348 (34) — 2,735
Change in value of market risk benefits, net of related hedging gains (losses) — (77) — — — — — (77) — — 216 — — — — — 216
Total revenues (1,293) (77) 4 697 217 (34) — 12,523 12,873 284 216 9 1,125 611 (34) — 15,084
Benefits and expenses:
Insurance and annuity benefits 7 — 2 644 181 — — 7,677 7,130 (122) — (9) 1,072 182 — — 8,253
Change in estimates of liability for future policy benefits 11 — (58) — (33) — — (24) 20 18 — 96 — (28) — — 106
Interest credited to policyholders' account balances 206 — — 30 41 — — 1,334 867 42 — — 29 43 — — 981
Interest expense — — — (2) 3 — — 526 439 — — — — 3 — — 442
Deferral of acquisition costs — — — — — — — (704) (637) — — — — — — — (637)
Amortization of acquisition costs 8 — — 3 — — — 375 356 8 — — 3 — — — 367
Goodwill impairment — — — — — — — — — — — — — 177 — — 177
General and administrative expenses — — — 74 45 (131) 3 3,488 3,467 — — — 71 191 (8) 12 3,733
Total benefits and expenses 232 — (56) 749 237 (131) 3 12,672 11,642 (54) — 87 1,175 568 (8) 12 13,422
__________
(1) See page 39 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (178) million and (77) million for three months ended December 31, 2024 and December 31, 2023, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 509 million and (503) million and certain derivatives of (30) million and 35 million for three months ended December 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2024
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 409 123 — — 15,537 7,277 — — — 433 110 — — 7,820
Policy charges and fee income 50 — (57) — 7 — — 1,056 1,061 22 — — — 2 — — 1,085
Net investment income (4) — — 514 134 — — 4,764 4,218 (5) — — 509 127 — — 4,849
Realized investment gains (losses), net (3) (85) — — (125) 4 — — (308) (156) 198 — — (174) (34) — — (166)
Asset management fees, commissions and other income 340 — — 164 246 (39) — 2,337 1,449 11 — — 43 106 (17) — 1,592
Change in value of market risk benefits, net of related hedging gains (losses) — 123 — — — — — 123 — — (297) — — — — — (297)
Total revenues 301 123 (58) 962 514 (39) — 23,509 13,849 226 (297) — 811 311 (17) — 14,883
Benefits and expenses:
Insurance and annuity benefits 50 — (1) 859 202 — — 16,884 8,137 (47) — (2) 766 186 — — 9,040
Change in estimates of liability for future policy benefits 2 — (25) — (9) — — (17) (29) 10 — (45) — (112) — — (176)
Interest credited to policyholders' account balances 304 — — 30 47 — — 1,283 952 80 — — 29 41 — — 1,102
Interest expense — — — (1) 2 — — 530 480 — — — 1 4 — — 485
Deferral of acquisition costs — — — — (1) — — (648) (614) — — — — — — — (614)
Amortization of acquisition costs 8 — — 3 2 — — 375 363 8 — — 3 1 — — 375
General and administrative expenses — — — 74 306 (12) 8 3,712 3,000 — — — 72 153 26 5 3,256
Total benefits and expenses 364 — (26) 965 549 (12) 8 22,119 12,289 51 — (47) 871 273 26 5 13,468
__________
(1) See page 39 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (63) million and (94) million for three months ended March 31, 2024 and June 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 262 million and 212 million and certain derivatives of (16) million and (4) million for three months ended March 31, 2024 and June 30, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image40.jpg
Quarterly Financial Supplement
Fourth 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 and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — 1 393 124 — — 13,045
Policy charges and fee income 48 — (35) — — — — 1,111
Net investment income (3) — — 504 118 — — 5,055
Realized investment gains (losses), net (3) (1,428) — — (233) 8 — — (1,844)
Asset management fees, commissions and other income 408 — — 153 134 (45) — 2,269
Change in value of market risk benefits, net of related hedging gains (losses) — (146) — — — — — (146)
Total revenues (975) (146) (34) 817 384 (45) — 19,490
Benefits and expenses:
Insurance and annuity benefits (13) — (2) 714 196 — — 14,216
Change in estimates of liability for future policy benefits 10 — 95 — 9 — — 180
Interest credited to policyholders' account balances (243) — — 28 40 — — 863
Interest expense — — — — 4 — — 489
Deferral of acquisition costs — — — — — — — (636)
Amortization of acquisition costs 8 — — 3 — — — 367
General and administrative expenses — — — 70 88 (2) 3 3,458
Total benefits and expenses (238) — 93 815 337 (2) 3 18,937
__________
(1) See page 39 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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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth 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 and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.
Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to 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
Fourth 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
Fourth 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 and redeemable 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. image40.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of February 4, 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 February 4, 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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