Equibles

8-K

PRUDENTIAL FINANCIAL INC (PRU)

8-K 2025-04-30 For: 2025-04-30
View Original
Added on April 03, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 8-K

___________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2025

___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

___________________________

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

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

___________________________

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

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

Item 7.01    Regulation FD Disclosure.

A. Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for first quarter 2025.
B. Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Thursday, May 1, 2025 at 11:00 A.M. ET, to discuss the Company's first quarter 2025 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 News release of Prudential Financial, Inc. datedApril 30, 2025, announcingfirstquarter 2025results (furnished and not filed).
99.2 Quarterly Financial Supplement for Prudential Financial, Inc. forfirstquarter 2025(furnished and not filed).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

Date: April 30, 2025

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

Document

Exhibit 99.1

earningsreleasebanner.jpg

April 30, 2025

Prudential Financial, Inc. Announces

First Quarter 2025 Results

•Net income attributable to Prudential Financial, Inc. of $707 million or $1.96 per Common share versus net income of $1.138 billion or $3.12 per share for the year-ago quarter.

•After-tax adjusted operating income of $1.188 billion or $3.29 per Common share versus $1.115 billion or $3.05 per share for the year-ago quarter.

•Book value per Common share of $83.59 versus $75.00 per share for the year-ago quarter; adjusted book value per Common share of $96.37 versus $97.03 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $4.9 billion versus $4.2 billion for the year-ago quarter.

•Assets under management(2) of $1.522 trillion versus $1.496 trillion for the year-ago quarter.

•Capital returned to shareholders of $736 million, including $250 million of share repurchases and $486 million of dividends, versus $726 million in the year-ago quarter. Dividends paid in the first quarter were $1.35 per Common share, representing a 5.6% yield on adjusted book value.

Andy Sullivan, CEO, commented on results:

“Prudential reported strong sales across our global retirement and insurance businesses, as well as strong investment performance and net inflows in PGIM for the first quarter of 2025. Adjusted operating income was higher than the first quarter of last year, despite lower than expected alternative investment results due to weaker private equity and real estate returns.

To continue to position the company for success, I will focus on evolving and delivering on our strategy, improving our execution, and fostering a high-performance culture that helps us achieve our growth ambitions. We will also continue to balance investments in the growth of our businesses with meaningful dividends and share repurchases, which exceeded $700 million in the first quarter.

Looking ahead, the leadership team and I are committed to executing on our strategy to improve our financial performance, and we believe our robust financial strength and business capabilities put us in a strong position to support our customers in the current macroeconomic environment and be a global leader in investment, insurance, and retirement security."

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

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported first quarter results. Net income attributable to Prudential Financial, Inc. was $707 million ($1.96 per Common share) for the first quarter of 2025, compared to net income of $1.138 billion ($3.12 per Common share) for the first quarter of 2024. After-tax adjusted operating income was $1.188 billion ($3.29 per Common share) for the first quarter of 2025, compared to $1.115 billion ($3.05 per Common share) for the first quarter of 2024.

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

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 $156 million for the first quarter of 2025, compared to $169 million in the year-ago quarter. This decrease primarily reflects lower other related revenues, driven by lower seed and co-investment income and lower incentive fees, partially offset by higher asset management fees, net of related expenses.

PGIM assets under management of $1.385 trillion were up 3% from the year-ago quarter driven by fixed income and equity market appreciation, net inflows, and strong investment performance. Total net flows in the quarter of $4.3 billion reflect $4.4 billion of third-party net inflows, partially offset by affiliated net outflows of $0.1 billion. Third-party institutional inflows of $4.6 billion were positive across fixed income, private alternatives, and equity. Third-party retail outflows were $0.2 billion as equity outflows were mostly offset by fixed income inflows.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $931 million for the first quarter of 2025, compared to $805 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results and lower expenses, partially offset by lower fee income, net of distribution expenses and other associated costs from the run-off of our legacy traditional variable annuity block, and lower net investment spread results, driven by lower alternative investment returns.

Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $876 million for the first quarter of 2025, compared to $881 million in the year-ago quarter.

Institutional Retirement Strategies:

•Reported adjusted operating income of $412 million in the current quarter, compared to $441 million in the year-ago quarter. This decrease primarily reflects lower net investment spread results and higher expenses, partially offset by more favorable underwriting results.

•Net account values of $285 billion increased 7% from the year-ago quarter, reflecting the benefits of business growth and market appreciation. Sales in the current quarter of $7 billion included two longevity risk transfer transactions totaling nearly $5 billion.

Individual Retirement Strategies:

•Reported adjusted operating income of $464 million in the current quarter, compared to $440 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by lower fee income, net of distribution expenses and other associated costs.

•Net account values of $124 billion increased 1% from the year-ago quarter driven by market appreciation, partially offset by net outflows from the run-off of our legacy traditional variable annuity block. Sales of $3.5 billion in the current quarter increased 5% from the year-ago quarter, reflecting continued momentum of our registered index-linked products.

Group Insurance:

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

•Reported adjusted operating income of $89 million in the current quarter, compared to $45 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results in both group life and disability, partially offset by higher expenses.

•Sales of $400 million in the current quarter increased 6% from the year-ago quarter, primarily driven by growth in group life.

Individual Life:

•Reported a loss, on an adjusted operating income basis, of $34 million in the current quarter, compared to a loss of $121 million in the year-ago quarter. This lower loss primarily reflects more favorable underwriting results and lower expenses, partially offset by lower net investment spread results.

•Sales of $210 million in the current quarter increased 26% from the year-ago quarter, primarily driven by variable life sales, reflecting our pivot to more capital efficient solutions.

International Businesses

International Businesses reported adjusted operating income of $848 million for the first quarter of 2025, compared to $896 million in the year-ago quarter. This decrease primarily reflects lower net investment spread results, lower joint venture earnings, and a net unfavorable impact from foreign currency exchange rates.

Constant dollar basis sales(3) of $586 million in the current quarter increased 15% from the year-ago quarter, driven by growth in both Japan and Brazil.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $415 million for the first quarter of 2025, compared to a loss of $435 million in the year-ago quarter. This lower loss primarily reflects lower expenses, partially offset by higher interest expense.

NET INCOME

Net income in the current quarter included $351 million of pre-tax losses related to net change in value of market risk benefits, $246 million of pre-tax net realized investment losses and related charges and adjustments, including $84 million of pre-tax net credit-related losses, $73 million of pre-tax losses from divested and run-off businesses, and $39 million of pre-tax gains related to market experience updates.

Net income for the year-ago quarter included $123 million of pre-tax gains related to net change in value of market risk benefits, $63 million of pre-tax net realized investment losses and related charges and adjustments, including $80 million of pre-tax net credit-related losses, $38 million of pre-tax losses from divested and run-off businesses, and $32 million of pre-tax losses related to market experience updates.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Thursday, May 1, 2025, at 11:00 a.m. ET to discuss with the investment community the Company’s first 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 May 15. To access a replay via phone starting at 3:00 p.m. ET on May 1 through May 15, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13752150.

prurocklogoa04.jpg

FORWARD-LOOKING STATEMENTS

Certain of the statements included in this release, including those regarding our strategy and our commitment to improve the quality and consistency of our earnings performance, 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

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

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

NON-GAAP MEASURES

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

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

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

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

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

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Prudential Financial, Inc. First Quarter 2025 Earnings Release Page 5

Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.

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

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

FOOTNOTES

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

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

(3)For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on 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 March 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.

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

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Financial Highlights
(in millions, unaudited)
Three Months Ended
March 31,
2025 2024
Adjusted operating income (loss) before income taxes (1):
PGIM $ 156 $ 169
U.S. Businesses 931 805
International Businesses 848 896
Corporate and Other (415) (435)
Total adjusted operating income (loss) before income taxes $ 1,520 $ 1,435
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments $ (246) $ (63)
Change in value of market risk benefits, net of related hedging gains (losses) (351) 123
Market experience updates 39 (32)
Divested and Run-off Businesses:
Closed Block division (22) (3)
Other Divested and Run-off Businesses (51) (35)
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 3 (27)
Other adjustments (2) 28 (8)
Total reconciling items, before income taxes (600) (45)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 920 $ 1,390
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc. $ 707 $ 1,138
Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 35 13
Net income (loss) 742 1,151
Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 35 13
Income (loss) attributable to Prudential Financial, Inc. 707 1,138
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (6) 37
Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities 713 1,101
Less: Total reconciling items, before income taxes (600) (45)
Less: Income taxes, not applicable to adjusted operating income (loss) (125) (31)
Total reconciling items, after income taxes (475) (14)
After-tax adjusted operating income (loss) (1) 1,188 1,115
Income taxes, applicable to adjusted operating income 332 320
Adjusted operating income (loss) before income taxes (1) $ 1,520 $ 1,435
See footnotes on last page.

Page 1

Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended
March 31,
2025 2024
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc. $ 1.96 $ 3.12
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments (0.69) (0.17)
Change in value of market risk benefits, net of related hedging gains (losses) (0.99) 0.34
Market experience updates 0.11 (0.09)
Divested and Run-off Businesses:
Closed Block division (0.06) (0.01)
Other Divested and Run-off Businesses (0.14) (0.10)
Difference in earnings allocated to participating unvested share-based payment awards 0.02 —
Other adjustments (2) 0.08 (0.02)
Total reconciling items, before income taxes (1.67) (0.05)
Less: Income taxes, not applicable to adjusted operating income (loss) (0.34) (0.12)
Total reconciling items, after income taxes (1.33) 0.07
After-tax adjusted operating income (loss) $ 3.29 $ 3.05
Weighted average number of outstanding common shares - basic 354.3 359.0
Weighted average number of outstanding common shares - diluted 356.1 360.5
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. $ 707 $ 1,138
Less: Earnings allocated to participating unvested share-based payment awards 10 15
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 697 $ 1,123
After-tax adjusted operating income (loss) (1) $ 1,188 $ 1,115
Less: Earnings allocated to participating unvested share-based payment awards 16 15
After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,172 $ 1,100
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period $ 29,883 $ 27,209
Less: Accumulated other comprehensive income (AOCI) (4,741) (7,661)
GAAP book value excluding AOCI 34,624 34,870
Less: Cumulative change in fair value of funds withheld embedded derivatives 62 14
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 108 (345)
Adjusted book value $ 34,454 $ 35,201
End of period number of common shares - diluted 357.5 362.8
GAAP book value per common share - diluted $ 83.59 $ 75.00
GAAP book value excluding AOCI per share - diluted $ 96.85 $ 96.11
Adjusted book value per common share - diluted $ 96.37 $ 97.03
See footnotes on last page.

Page 2

Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended
March 31,
2025 2024
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period) (3):
Institutional customers - Third Party $ 620.2 $ 596.9
Retail customers - Third Party 240.6 228.1
Affiliated 524.5 516.4
Total PGIM $ 1,385.3 $ 1,341.4
Institutional Customers - Assets Under Management (in billions) (3):
Gross additions, excluding money market $ 23.8 $ 45.2
Net additions (withdrawals), excluding distributions and money market $ 4.6 $ 27.5
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 17.7 $ 15.7
Net additions (withdrawals), excluding money market $ (0.2) $ 0.5
Affiliated - Assets Under Management (in billions) (3):
Gross additions, excluding money market $ 20.6 $ 26.9
Net additions (withdrawals), excluding distributions and money market $ (0.1) $ 7.2
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions $ 7,051 $ 10,990
Net additions (withdrawals) $ 409 $ 4,573
Total account value at end of period, net $ 284,978 $ 265,451
Individual Retirement Strategies:
Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:
Gross sales (4) $ 3,473 $ 3,305
Sales, net of full surrenders and death benefits $ 587 $ 749
Total account value at end of period, net $ 124,074 $ 123,012
Group Insurance:
Annualized New Business Premiums (5):
Group life $ 225 $ 189
Group disability 175 189
Total $ 400 $ 378
Individual Life:
Annualized New Business Premiums (5):
Term life $ 32 $ 31
Universal life 24 20
Variable life 154 116
Total $ 210 $ 167
International Businesses:
International Businesses:
Annualized New Business Premiums (5)(6):
Actual exchange rate basis $ 576 $ 517
Constant exchange rate basis $ 586 $ 508
See footnotes on last page.

Page 3

Financial Highlights
(in billions, as of end of period, unaudited)
March 31,
2025 2024
Assets and Assets Under Management and Administration:
Total assets (3) $ 739.3 $ 725.9
Assets under management (at fair market value):
PGIM $ 1,385.3 $ 1,341.4
U.S. Businesses 111.3 126.3
International Businesses 19.3 18.2
Corporate and Other 6.2 10.4
Total assets under management 1,522.1 1,496.3
Assets under administration 180.4 182.6
Total assets under management and administration $ 1,702.5 $ 1,678.9

Page 4

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

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Document

Table of Contents

Exhibit 99.2

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

i

Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
TABLE OF CONTENTS
Page
HIGHLIGHTS
Financial Metrics Summary 1
Financial Highlights 2
Other Financial Highlights 3
Operations Highlights 4
Combined Statements of Operations 5
Consolidated Balance Sheets 6
Combining Balance Sheets 7
Short-Term and Long-Term Debt - Unaffiliated 8
PGIM
Statements of Operations 9
Supplementary Revenue and Assets Under Management Information 10
Supplementary Assets Under Management Information 11
U.S.BUSINESSES
Combined Statements of Operations 12
Combined Statements of Operations - Retirement Strategies 13
Statements of Operations - Institutional Retirement Strategies 14
Institutional Retirement Strategies Sales Results and Account Values 15
Statements of Operations - Individual Retirement Strategies 16
Individual Retirement Strategies Sales Results and Account Values 17
Individual Retirement Strategies Account Value Activity 18
Individual Retirement Strategies Market Risk Benefit Features 19
Statements of Operations - Group Insurance 20
Group Insurance Supplementary Information 21
Statements of Operations - Individual Life 22
Individual Life Supplementary Information 23
INTERNATIONAL BUSINESSES
Statements of Operations - International Businesses 24
Sales Results and Supplementary Information 25
CORPORATE AND OTHER
Statements of Operations 27
INVESTMENT PORTFOLIO
Investment Portfolio Composition 28
Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations 29
Investment Results 30
Investment Results - Japanese Insurance Operations 31
Investment Results - Excluding Japanese Insurance Operations 32
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES 33
KEY DEFINITIONS AND FORMULAS 36
RATINGS AND INVESTOR INFORMATION 39

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM 169 206 241 259 156 169 156 -8%
U.S. Businesses 805 1,023 1,040 860 931 805 931 16%
International Businesses 896 702 766 742 848 896 848 -5%
Corporate and Other (435) (371) (487) (490) (415) (435) (415) 5%
Total adjusted operating income (loss) before income taxes 1,435 1,560 1,560 1,371 1,520 1,435 1,520 6%
Income taxes, applicable to adjusted operating income 320 363 352 303 332 320 332 4%
After-tax adjusted operating income (loss) 1,115 1,197 1,208 1,068 1,188 1,115 1,188 7%
Income (loss) attributable to Prudential Financial, Inc. 1,138 1,198 448 (57) 707 1,138 707 -38%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1) 12.7 % 13.5 % 13.6 % 12.2 % 13.8 % 12.7 % 13.8 %
Return on Average Equity (based on net income (loss)) 16.5 % 17.4 % 6.1 % -0.8 % 9.8 % 16.5 % 9.8 %
Distributions to Shareholders
Dividends paid 476 475 471 470 486 476 486 2%
Share repurchases 250 250 250 250 250 250 250 —%
Total capital returned 726 725 721 720 736 726 736 1%
Per Share Data
Net income (loss) - diluted (2) 3.12 3.28 1.24 (0.17) 1.96 3.12 1.96 -37%
Adjusted Operating Income - diluted 3.05 3.28 3.33 2.96 3.29 3.05 3.29 8%
Shareholder dividends 1.30 1.30 1.30 1.30 1.35 1.30 1.35 4%
GAAP book value - diluted 75.00 77.51 84.47 77.62 83.59
Adjusted book value - diluted (3) 97.03 98.42 98.71 95.82 96.37
Shares Outstanding
Weighted average number of common shares - basic 359.0 358.8 356.9 355.4 354.3 359.0 354.3 -1%
Weighted average number of common shares - diluted 360.5 360.5 358.7 357.3 356.1 360.5 356.1 -1%
End of period common shares - basic 359.1 357.7 355.9 354.6 354.0
End of period common shares - diluted 362.8 361.4 360.1 359.1 357.5
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.
(2) For the three months ended December 31, 2024 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended December 31, 2024 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income (loss) 3.05 3.28 3.33 2.96 3.29 3.05 3.29
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (0.17) 0.49 (2.05) (4.27) (0.69) (0.17) (0.69)
Change in value of market risk benefits, net of related hedging gains (losses) 0.34 (0.82) (0.41) (0.22) (0.99) 0.34 (0.99)
Market experience updates (0.09) 0.13 (0.35) 0.17 0.11 (0.09) 0.11
Divested and Run-off Businesses:
Closed Block division (0.01) (0.17) 0.01 (0.15) (0.06) (0.01) (0.06)
Other Divested and Run-off Businesses (0.10) 0.11 0.13 (0.06) (0.14) (0.10) (0.14)
Difference in earnings allocated to participating unvested share-based payment awards — — 0.02 0.02 0.02 — 0.02
Other adjustments (1) (0.02) (0.01) (0.01) (0.01) 0.08 (0.02) 0.08
Total reconciling items, before income taxes (0.05) (0.27) (2.66) (4.52) (1.67) (0.05) (1.67)
Income taxes, not applicable to adjusted operating income (0.12) (0.27) (0.57) (1.39) (0.34) (0.12) (0.34)
Total reconciling items, after income taxes 0.07 — (2.09) (3.13) (1.33) 0.07 (1.33)
Net income (loss) attributable to Prudential Financial, Inc. 3.12 3.28 1.24 (0.17) 1.96 3.12 1.96
Weighted average number of outstanding common shares - basic 359.0 358.8 356.9 355.4 354.3 359.0 354.3
Weighted average number of outstanding common shares - diluted 360.5 360.5 358.7 357.3 356.1 360.5 356.1
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. 1,138 1,198 448 (57) 707 1,138 707
Less: Earnings allocated to participating unvested share-based payment awards 15 14 5 5 10 15 10
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 1,123 1,184 443 (62) 697 1,123 697
After-tax adjusted operating income (loss) 1,115 1,197 1,208 1,068 1,188 1,115 1,188
Less: Earnings allocated to participating unvested share-based payment awards 15 13 13 12 16 15 16
After-tax adjusted operating income for earnings per share of Common Stock calculation 1,100 1,184 1,195 1,056 1,172 1,100 1,172
___________
(1) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2024 2025
1Q 2Q 3Q 4Q 1Q
Capitalization Data (1):
Senior debt:
Short-term debt 585 588 950 953 1,406
Long-term debt 10,786 10,771 10,487 10,600 10,949
Junior subordinated long-term debt 8,582 8,582 8,589 8,587 8,591
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period 27,209 28,013 30,416 27,872 29,883
Less: Accumulated other comprehensive income (AOCI) (7,661) (7,444) (4,844) (6,711) (4,741)
GAAP book value excluding AOCI (2) 34,870 35,457 35,260 34,583 34,624
Less: Cumulative change in fair value of funds withheld embedded derivatives (3) 14 178 (238) 141 62
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) (345) (291) (49) 34 108
Adjusted book value 35,201 35,570 35,547 34,408 34,454
Book Value per Share of Common Stock:
GAAP book value per common share - diluted 75.00 77.51 84.47 77.62 83.59
GAAP book value excluding AOCI per share - diluted (2) 96.11 98.11 97.92 96.30 96.85
Adjusted book value per common share - diluted 97.03 98.42 98.71 95.82 96.37
End of period number of common shares - diluted 362.8 361.4 360.1 359.1 357.5
Common Stock Price Range (based on closing price):
High 117.40 121.31 127.32 129.52 122.33
Low 101.84 107.35 105.53 114.59 105.04
Close 117.40 117.19 121.10 118.53 111.68
Common Stock market capitalization (1) 42,158 41,919 43,099 42,031 39,535
__________
(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. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
OPERATIONS HIGHLIGHTS
2024 2025
1Q 2Q 3Q 4Q 1Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers - Third Party (3) 596.9 585.2 610.3 601.1 620.2
Retail customers - Third Party (3) 228.1 234.5 245.1 244.9 240.6
Affiliated (3) 516.4 508.4 544.5 529.2 524.5
Total PGIM 1,341.4 1,328.1 1,399.9 1,375.2 1,385.3
U.S. Businesses 126.3 124.6 128.6 112.6 111.3
International Businesses 18.2 17.9 18.1 18.4 19.3
Corporate and Other 10.4 11.4 11.3 6.2 6.2
Total assets under management 1,496.3 1,482.0 1,557.9 1,512.4 1,522.1
Assets under administration 182.6 183.9 189.8 173.5 180.4
Total assets under management and administration 1,678.9 1,665.9 1,747.7 1,685.9 1,702.5
Distribution Representatives (1):
Prudential Advisors 2,752 2,821 2,877 2,794 2,906
Life Planners 5,855 5,836 5,900 6,035 6,175
Life Consultants 6,792 6,724 6,861 6,844 6,840
__________
(1) As of end of period.
(2) At fair market value.
(3) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
COMBINED STATEMENTS OF OPERATIONS
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums 15,006 7,277 12,527 5,935 6,446 15,006 6,446 -57%
Policy charges and fee income 1,056 1,061 1,098 1,062 1,108 1,056 1,108 5%
Net investment income 4,120 4,218 4,436 4,601 4,519 4,120 4,519 10%
Asset management fees, commissions and other income 1,524 1,293 1,428 1,411 1,339 1,524 1,339 -12%
Total revenues 21,706 13,849 19,489 13,009 13,412 21,706 13,412 -38%
Benefits and expenses (1):
Insurance and annuity benefits 15,774 8,137 13,321 6,843 7,344 15,774 7,344 -53%
Change in estimates of liability for future policy benefits 15 (29) 66 56 (14) 15 (14) -193%
Interest credited to policyholders' account balances 902 952 1,038 1,057 1,083 902 1,083 20%
Interest expense 529 480 485 525 522 529 522 -1%
Deferral of acquisition costs (647) (614) (636) (704) (684) (647) (684) -6%
Amortization of acquisition costs 362 363 356 364 376 362 376 4%
Operating expenses (2) 1,832 1,511 1,717 1,810 1,624 1,832 1,624 -11%
Variable expenses (2) 1,504 1,489 1,582 1,687 1,641 1,504 1,641 9%
Total benefits and expenses 20,271 12,289 17,929 11,638 11,892 20,271 11,892 -41%
Adjusted operating income (loss) before income taxes 1,435 1,560 1,560 1,371 1,520 1,435 1,520 6%
Income taxes, applicable to adjusted operating income 320 363 352 303 332 320 332 4%
After-tax adjusted operating income 1,115 1,197 1,208 1,068 1,188 1,115 1,188 7%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (63) 175 (737) (1,525) (246) (63) (246) -290%
Change in value of market risk benefits, net of related hedging gains (losses) 123 (297) (146) (77) (351) 123 (351) -385%
Market experience updates (32) 47 (127) 60 39 (32) 39 222%
Divested and Run-off Businesses:
Closed Block division (3) (60) 2 (52) (22) (3) (22) -633%
Other Divested and Run-off Businesses (35) 38 47 (20) (51) (35) (51) -46%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (27) (43) (43) 97 3 (27) 3 111%
Other adjustments (3) (8) (5) (3) (3) 28 (8) 28 450%
Total reconciling items, before income taxes (45) (145) (1,007) (1,520) (600) (45) (600) -1233%
Income taxes, not applicable to adjusted operating income (31) (99) (212) (489) (125) (31) (125) -303%
Total reconciling items, after income taxes (14) (46) (795) (1,031) (475) (14) (475) -3293%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 1,390 1,415 553 (149) 920 1,390 920 -34%
Income tax expense (benefit) 289 264 140 (186) 207 289 207 -28%
Income (loss) before equity in earnings of joint ventures and other operating entities 1,101 1,151 413 37 713 1,101 713 -35%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 37 47 35 (94) (6) 37 (6) -116%
Income (loss) attributable to Prudential Financial, Inc. 1,138 1,198 448 (57) 707 1,138 707 -38%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 13 (27) 3 130 35 13 35 169%
Net income (loss) 1,151 1,171 451 73 742 1,151 742 -36%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 13 (27) 3 130 35 13 35 169%
Net income (loss) attributable to Prudential Financial, Inc. 1,138 1,198 448 (57) 707 1,138 707 -38%
____________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 33-35 for reconciliation.
(2) Prior period amounts have been updated to conform to current period presentation.
(3) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
CONSOLIDATED BALANCE SHEETS
(in millions)
06/30/2024 09/30/2024 12/31/2024 03/31/2025
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value 311,092 340,730 311,570 315,914
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses — — — —
Fixed maturities, trading, at fair value 10,250 12,065 12,530 13,278
Assets supporting experience-rated contractholder liabilities, at fair value 3,351 3,654 3,707 3,769
Equity securities, at fair value 7,098 6,771 9,417 8,720
Commercial mortgage and other loans 60,243 62,573 62,341 62,694
Policy loans 9,739 9,947 9,795 9,876
Other invested assets 24,634 25,367 26,351 26,739
Short-term investments 6,241 8,010 9,069 8,716
Total investments 432,648 469,117 444,780 449,706
Cash and cash equivalents 17,111 20,198 18,497 16,063
Accrued investment income 3,434 3,566 3,441 3,383
Deferred policy acquisition costs 20,564 21,182 20,448 20,790
Value of business acquired 446 488 435 446
Market risk benefit assets 2,233 2,134 2,331 2,139
Reinsurance recoverables and deposit receivables 27,746 29,633 37,680 43,982
Income tax assets 856 479 866 300
Other assets (1) 13,414 13,090 13,737 14,262
Separate account assets 196,859 200,550 193,372 188,191
Total assets 715,311 760,437 735,587 739,262
Liabilities:
Future policy benefits 262,330 285,474 268,912 269,969
Policyholders' account balances 154,991 164,088 166,254 170,278
Market risk benefit liabilities 4,592 5,178 4,455 5,021
Reinsurance and funds withheld payables 15,604 17,443 17,084 17,347
Securities sold under agreements to repurchase 6,929 7,455 6,796 7,549
Cash collateral for loaned securities 7,050 8,471 9,621 9,507
Income tax liabilities — — — —
Short-term debt 588 950 953 1,406
Long-term debt 19,353 19,076 19,187 19,540
Other liabilities 15,621 17,578 17,397 16,789
Notes issued by consolidated variable interest entities 1,174 1,456 1,430 1,443
Separate account liabilities 196,859 200,550 193,372 188,191
Total liabilities 685,091 727,719 705,461 707,040
Mezzanine Equity:
Redeemable noncontrolling interests (1) 1,927 2,027 1,939 2,019
Total mezzanine equity 1,927 2,027 1,939 2,019
Equity:
Accumulated other comprehensive income (loss) (7,444) (4,844) (6,711) (4,741)
Other equity (2) 35,457 35,260 34,583 34,624
Total Prudential Financial, Inc. equity 28,013 30,416 27,872 29,883
Noncontrolling interests (1) 280 275 315 320
Total equity 28,293 30,691 28,187 30,203
Total liabilities, mezzanine equity and equity 715,311 760,437 735,587 739,262
____________
(1) Prior period amounts have been updated to conform to current period presentation.
(2) Includes 62 million, 141 million, (238) million, 178 million and 14 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
COMBINING BALANCE SHEETS
(in millions)
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 47,236 402,470 2,663 209,666 158,697 31,444
Deferred policy acquisition costs 153 20,637 — 11,807 9,410 (580)
Other assets 1,120 79,455 4,641 52,143 18,425 4,246
Separate account assets — 188,191 28,603 163,263 — (3,675)
Total assets 48,509 690,753 35,907 436,879 186,532 31,435
Liabilities:
Future policy benefits 42,173 227,796 — 118,160 100,892 8,744
Policyholders' account balances 4,324 165,954 — 104,722 57,190 4,042
Debt — 20,946 1,787 4,659 181 14,319
Other liabilities 3,622 54,034 2,022 29,682 8,497 13,833
Separate account liabilities — 188,191 28,603 163,263 — (3,675)
Total liabilities 50,119 656,921 32,412 420,486 166,760 37,263
Mezzanine Equity:
Redeemable noncontrolling interests — 2,019 563 — — 1,456
Total mezzanine equity — 2,019 563 — — 1,456
Equity:
Accumulated other comprehensive income (loss) (154) (4,587) (121) (1,070) (1,117) (2,279)
Other equity (1) (1,471) 36,095 2,923 17,382 20,855 (5,065)
Total Prudential Financial, Inc. equity (1,625) 31,508 2,802 16,312 19,738 (7,344)
Noncontrolling interests 15 305 130 81 34 60
Total equity (1,610) 31,813 2,932 16,393 19,772 (7,284)
Total liabilities, mezzanine equity and equity 48,509 690,753 35,907 436,879 186,532 31,435
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 47,466 397,314 2,624 204,091 159,678 30,921
Deferred policy acquisition costs 156 20,292 — 11,551 9,304 (563)
Other assets 1,193 75,794 4,775 54,982 11,056 4,981
Separate account assets — 193,372 28,645 168,299 — (3,572)
Total assets 48,815 686,772 36,044 438,923 180,038 31,767
Liabilities:
Future policy benefits 42,464 226,448 — 118,110 99,699 8,639
Policyholders' account balances 4,359 161,895 — 102,940 54,855 4,100
Debt — 20,140 1,593 4,805 129 13,613
Other liabilities 3,632 53,151 2,393 28,793 7,570 14,395
Separate account liabilities — 193,372 28,645 168,299 — (3,572)
Total liabilities 50,455 655,006 32,631 422,947 162,253 37,175
Mezzanine Equity:
Redeemable noncontrolling interest — 1,939 543 — — 1,396
Total mezzanine equity — 1,939 543 — — 1,396
Equity:
Accumulated other comprehensive income (loss) (188) (6,523) (154) (1,569) (2,302) (2,498)
Other equity (1) (1,463) 36,046 2,883 17,465 20,057 (4,359)
Total Prudential Financial, Inc. equity (1,651) 29,523 2,729 15,896 17,755 (6,857)
Noncontrolling interests 11 304 141 80 30 53
Total equity (1,640) 29,827 2,870 15,976 17,785 (6,804)
Total liabilities, mezzanine equity and equity 48,815 686,772 36,044 438,923 180,038 31,767
____________
(1) Corporate and Other includes 62 million and 141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of March 31, 2025 and December 31, 2024, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
As of December 31, 2024
Senior Debt
Long-term Debt Junior Subordinated Long-term Debt Total Debt Short-term Debt Long-term Debt Junior Subordinated Long-term Debt Total Debt
Borrowings by use of proceeds:
Capital Debt 6,187 7,591 14,125 347 5,890 7,588 13,825
Operating Debt 4,354 1,000 6,378 521 4,355 999 5,875
Limited recourse and non-recourse borrowing 408 — 443 85 355 — 440
Total Debt 10,949 8,591 20,946 953 10,600 8,587 20,140
As of December 31, 2024
The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt Prudential Financial, Inc. The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt
Borrowings by sources:
Capital Debt 347 41 14,125 13,438 347 40 13,825
Operating Debt 500 — 6,378 5,380 495 — 5,875
Limited recourse and non-recourse borrowing 35 408 443 — 85 355 440
Total Debt 882 449 20,946 18,818 927 395 20,140
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes 347 million of surplus notes as of both March 31, 2025 and December 31, 2024.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - PGIM
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums — — — — — — — —
Policy charges and fee income — — — — — — — —
Net investment income (43) 14 16 28 20 (43) 20 147%
Asset management fees, commissions and other income 1,033 949 1,005 1,090 965 1,033 965 -7%
Total revenues 990 963 1,021 1,118 985 990 985 -1%
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 24 26 30 25 21 24 21 -13%
Deferral of acquisition costs (1) — — — — (1) — 100%
Amortization of acquisition costs 1 — 1 — — 1 — -100%
Operating expenses (2) 494 445 442 460 504 494 504 2%
Variable expenses (2) 303 286 307 374 304 303 304 —%
Total benefits and expenses 821 757 780 859 829 821 829 1%
Adjusted operating income (loss) before income taxes 169 206 241 259 156 169 156 -8%
Total revenues 990 963 1,021 1,118 985 990 985 -1%
Less: Passthrough distribution revenue 21 22 23 22 21 21 21 —%
Less: Revenue associated with consolidations 23 10 24 84 18 23 18 -22%
Total adjusted revenues (3) 946 931 974 1,012 946 946 946 —%
Adjusted operating margin (3)(4) 17.9 % 22.1 % 24.7 % 25.6 % 16.5 % 17.9 % 16.5 %
__________
(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) Prior period amounts have been updated to conform to current period presentation.
(3) 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.
(4) Reported Operating Margin based on total revenues is 15.8%, 23.2%, 23.6%, 21.4%, and 17.1% for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2025 Year-to-date
2Q 3Q 4Q 1Q 2024 2025 % change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees 777 803 825 828 774 828 7%
Other related revenues (1) 71 90 176 38 93 38 -59%
Service, distribution and other revenues 115 128 117 119 123 119 -3%
Total PGIM revenues 963 1,021 1,118 985 990 985 -1%
Analysis of asset management fees by source:
Institutional customers - Third Party (2) 365 373 378 387 368 387 5%
Retail customers - Third Party (2) 212 221 231 225 204 225 10%
Affiliated (2) 200 209 216 216 202 216 7%
Total asset management fees 777 803 825 828 774 828 7%
Supplementary Assets Under Management Information (at fair market value) (in billions):
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers - Third Party 447.5 68.4 33.7 1.4 620.2
Retail customers - Third Party 142.8 0.2 0.3 2.3 240.6
Affiliated 266.4 62.0 87.8 74.5 524.5
Total 856.7 130.6 121.8 78.2 1,385.3
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers - Third Party (2) 427.3 67.3 35.1 1.5 596.9
Retail customers - Third Party (2) 121.9 2.3 0.9 2.2 228.1
Affiliated (2) 275.3 57.7 78.0 70.0 516.4
Total 824.5 127.3 114.0 73.7 1,341.4
__________
(1) Other related revenues, net of related expenses are 19 million, 66 million, 45 million, 39 million, and 56 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.
(2) Prior period amounts have been updated to conform to current period presentation.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
2025 Year-to-date
2Q 3Q 4Q 1Q 2024 2025
Institutional Customers - Third Party - Assets Under Management (at fair market value): (1)
Beginning assets under management 596.9 585.2 610.3 601.1 562.7 601.1
Additions 16.9 15.7 23.6 23.8 45.2 23.8
Withdrawals (24.5) (18.8) (22.8) (19.2) (17.7) (19.2)
Net institutional additions (withdrawals), excluding distributions and money market activity (7.6) (3.1) 0.8 4.6 27.5 4.6
Distributions (2) (1.3) (1.4) (1.3) (1.2) (1.4) (1.2)
Change in market value 0.9 30.6 (14.6) 6.6 3.2 6.6
Net money market flows (0.1) (2.8) (0.9) 1.7 0.2 1.7
Other (3)(4) (3.6) 1.8 6.8 7.4 4.7 7.4
Ending assets under management 585.2 610.3 601.1 620.2 596.9 620.2
Retail Customers - Third Party - Assets Under Management (at fair market value): (1)
Beginning assets under management 228.1 234.5 245.1 244.9 215.5 244.9
Additions 14.5 16.4 19.0 17.7 15.7 17.7
Withdrawals (15.1) (15.1) (18.8) (17.9) (15.2) (17.9)
Net retail additions (withdrawals), excluding money market activity (0.6) 1.3 0.2 (0.2) 0.5 (0.2)
Change in market value 6.7 9.4 1.4 (5.5) 12.2 (5.5)
Net money market flows 0.5 0.2 0.7 1.8 0.3 1.8
Other (0.2) (0.3) (2.5) (0.4) (0.4) (0.4)
Ending assets under management 234.5 245.1 244.9 240.6 228.1 240.6
Affiliated - Assets Under Management (at fair market value): (1)
Beginning assets under management 516.4 508.4 544.5 529.2 519.9 529.2
Additions 19.1 23.7 55.7 20.6 26.9 20.6
Withdrawals (17.2) (17.2) (46.8) (20.7) (19.7) (20.7)
Net affiliated additions (withdrawals), excluding distributions and money market activity 1.9 6.5 8.9 (0.1) 7.2 (0.1)
Distributions (2) (0.1) (0.1) — (0.1) (0.1) (0.1)
Change in market value (3.1) 24.8 (14.4) 3.9 3.5 3.9
Net money market flows (2.7) (2.2) 3.5 (5.3) (3.2) (5.3)
Other (3) (4.0) 7.1 (13.3) (3.1) (10.9) (3.1)
Ending assets under management 508.4 544.5 529.2 524.5 516.4 524.5
__________
(1) Prior period amounts have been updated to conform to current period presentation.
(2) Reflects income and dividend distributions related to private alternative funds and collateralized loan obligations.
(3) First quarter 2024 includes 5.8 billion related to the reinsurance of certain guaranteed universal life policies to Somerset Reinsurance Ltd., fourth quarter 2024 includes 7.0 billion related to the reinsurance of certain guaranteed universal life policies to Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited, and first quarter 2025 includes 6.1 billion related to the reinsurance of certain Japanese whole life policies to Prismic Life Reinsurance, Ltd, which were transferred from affiliated to institutional assets under management.
(4) Second quarter 2024 includes a decrease of assets associated with PGIM Wadhwani LLP, a business now reflected in Divested and Run-off Businesses and included in Corporate and Other assets under management.

All values are in US Dollars.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums 11,869 4,282 9,686 3,272 3,398 11,869 3,398 -71%
Policy charges and fee income 990 995 1,029 996 1,035 990 1,035 5%
Net investment income 2,478 2,528 2,666 2,731 2,700 2,478 2,700 9%
Asset management fees, commissions and other income 636 605 599 580 573 636 573 -10%
Total revenues 15,973 8,410 13,980 7,579 7,706 15,973 7,706 -52%
Benefits and expenses (1):
Insurance and annuity benefits 13,007 5,692 10,743 4,384 4,563 13,007 4,563 -65%
Change in estimates of liability for future policy benefits (9) (381) 64 53 (11) (9) (11) -22%
Interest credited to policyholders' account balances 601 643 703 708 724 601 724 20%
Interest expense 333 282 294 330 295 333 295 -11%
Deferral of acquisition costs (370) (402) (416) (462) (411) (370) (411) -11%
Amortization of acquisition costs 212 212 213 216 227 212 227 7%
Operating expenses (2) 577 505 480 572 529 577 529 -8%
Variable expenses (2) 817 836 859 918 859 817 859 5%
Total benefits and expenses 15,168 7,387 12,940 6,719 6,775 15,168 6,775 -55%
Adjusted operating income (loss) before income taxes 805 1,023 1,040 860 931 805 931 16%
__________
(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.
(2) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums 10,325 2,769 8,153 1,776 1,765 10,325 1,765 -83%
Policy charges and fee income 312 320 320 315 297 312 297 -5%
Net investment income 1,536 1,638 1,764 1,846 1,872 1,536 1,872 22%
Asset management fees, commissions and other income 586 568 554 538 509 586 509 -13%
Total revenues 12,759 5,295 10,791 4,475 4,443 12,759 4,443 -65%
Benefits and expenses (1):
Insurance and annuity benefits 10,898 3,757 8,768 2,470 2,467 10,898 2,467 -77%
Change in estimates of liability for future policy benefits 11 (468) 47 42 (19) 11 (19) -273%
Interest credited to policyholders' account balances 355 398 467 483 507 355 507 43%
Interest expense 31 28 36 20 30 31 30 -3%
Deferral of acquisition costs (169) (179) (186) (187) (209) (169) (209) -24%
Amortization of acquisition costs 95 100 102 108 115 95 115 21%
Operating expenses (2) 208 202 186 213 215 208 215 3%
Variable expenses (2) 449 468 473 475 461 449 461 3%
Total benefits and expenses 11,878 4,306 9,893 3,624 3,567 11,878 3,567 -70%
Adjusted operating income (loss) before income taxes 881 989 898 851 876 881 876 -1%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
2025 Year-to-date
2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums (2) 2,758 8,134 1,758 1,745 10,297 1,745 -83%
Policy charges and fee income 8 10 9 7 6 7 17%
Net investment income 1,142 1,199 1,241 1,243 1,092 1,243 14%
Asset management fees, commissions and other income 133 130 135 110 143 110 -23%
Total revenues 4,041 9,473 3,143 3,105 11,538 3,105 -73%
Benefits and expenses (1):
Insurance and annuity benefits 3,718 8,742 2,434 2,437 10,858 2,437 -78%
Change in estimates of liability for future policy benefits (456) 41 42 (25) (3) (25) -733%
Interest credited to policyholders' account balances 153 177 180 182 154 182 18%
Interest expense 9 12 (7) 17 17 17 —%
Deferral of acquisition costs (15) (23) (23) (27) (19) (27) -42%
Amortization of acquisition costs 2 4 3 6 2 6 200%
Operating expenses (3) 60 51 57 71 63 71 13%
Variable expenses (3) 20 31 30 32 25 32 28%
Total benefits and expenses 3,491 9,035 2,716 2,693 11,097 2,693 -76%
Adjusted operating income (loss) before income taxes 550 438 427 412 441 412 -7%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Includes pension risk transfer premiums of 0.0 billion, 0.1 billion, 6.4 billion, 1.1 billion and 8.8 billion for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.
(3) Prior period amounts have been updated to conform to current period presentation.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025
Beginning total account value 267,654 274,630 274,128 287,829 288,202 267,654 288,202
Additions 10,990 4,011 11,081 10,249 7,051 10,990 7,051
Withdrawals and benefits (6,417) (6,164) (6,619) (6,127) (6,642) (6,417) (6,642)
Net flows 4,573 (2,153) 4,462 4,122 409 4,573 409
Change in market value, interest credited and interest income 2,655 1,919 4,476 1,540 2,804 2,655 2,804
Other (1) (252) (268) 4,763 (5,289) 2,515 (252) 2,515
Ending total account value, gross 274,630 274,128 287,829 288,202 293,930 274,630 293,930
Reinsurance ceded (9,179) (9,129) (9,062) (9,011) (8,952) (9,179) (8,952)
Ending total account value, net 265,451 264,999 278,767 279,191 284,978 265,451 284,978
Amounts included in ending total account value, net above:
Investment-only stable value wraps 62,842 61,455 62,189 61,286 61,302
International reinsurance (2) 102,049 102,465 108,927 108,882 115,533
Group annuities and other products 100,560 101,079 107,651 109,023 108,143
Ending total account value, net 265,451 264,999 278,767 279,191 284,978
__________
(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. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums 28 11 19 18 20 28 20 -29%
Policy charges and fee income 306 312 310 306 290 306 290 -5%
Net investment income 444 496 565 605 629 444 629 42%
Asset management fees, commissions and other income 443 435 424 403 399 443 399 -10%
Total revenues 1,221 1,254 1,318 1,332 1,338 1,221 1,338 10%
Benefits and expenses (1):
Insurance and annuity benefits 40 39 26 36 30 40 30 -25%
Change in estimates of liability for future policy benefits 14 (12) 6 — 6 14 6 -57%
Interest credited to policyholders' account balances 201 245 290 303 325 201 325 62%
Interest expense 14 19 24 27 13 14 13 -7%
Deferral of acquisition costs (150) (164) (163) (164) (182) (150) (182) -21%
Amortization of acquisition costs 93 98 98 105 109 93 109 17%
Operating expenses (2) 145 142 135 156 144 145 144 -1%
Variable expenses (2) 424 448 442 445 429 424 429 1%
Total benefits and expenses 781 815 858 908 874 781 874 12%
Adjusted operating income (loss) before income taxes 440 439 460 424 464 440 464 5%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite 1,727 2,219 2,244 2,513 2,334 1,727 2,334
Investment Only VA (2) 28 39 28 67 34 28 34
Fixed 1,550 1,221 1,346 1,056 1,105 1,550 1,105
Total 3,305 3,479 3,618 3,636 3,473 3,305 3,473
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value 30,655 35,257 39,108 43,729 47,204 30,655 47,204
Sales 3,305 3,479 3,618 3,636 3,473 3,305 3,473
Full surrenders and death benefits (281) (322) (351) (394) (437) (281) (437)
Sales, net of full surrenders and death benefits 3,024 3,157 3,267 3,242 3,036 3,024 3,036
Partial withdrawals and other benefit payments (181) (184) (184) (243) (283) (181) (283)
Net flows 2,843 2,973 3,083 2,999 2,753 2,843 2,753
Change in market value, interest credited, and other 1,770 891 1,554 494 (1,116) 1,770 (1,116)
Policy charges (11) (13) (16) (18) (24) (11) (24)
Ending total account value, gross 35,257 39,108 43,729 47,204 48,817 35,257 48,817
Reinsurance ceded (1,986) (2,205) (2,494) (2,755) (3,144) (1,986) (3,144)
Ending total account value, net 33,271 36,903 41,235 44,449 45,673 33,271 45,673
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value 99,053 99,443 96,267 97,116 91,435 99,053 91,435
Sales 9 7 6 7 6 9 6
Full surrenders and death benefits (2,284) (2,467) (2,510) (2,484) (2,455) (2,284) (2,455)
Sales, net of full surrenders and death benefits (2,275) (2,460) (2,504) (2,477) (2,449) (2,275) (2,449)
Partial withdrawals and other benefit payments (1,109) (1,037) (1,037) (1,205) (1,133) (1,109) (1,133)
Net flows (3,384) (3,497) (3,541) (3,682) (3,582) (3,384) (3,582)
Change in market value and other 4,311 857 4,924 (1,493) (365) 4,311 (365)
Policy charges (537) (536) (534) (506) (479) (537) (479)
Ending total account value, gross 99,443 96,267 97,116 91,435 87,009 99,443 87,009
Reinsurance ceded (9,702) (9,271) (9,526) (8,764) (8,608) (9,702) (8,608)
Ending total account value, net 89,741 86,996 87,590 82,671 78,401 89,741 78,401
__________
(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
First Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025
Account Values in General Account (1):
Beginning balance 30,844 35,140 38,942 43,350 46,900 30,844 46,900
Premiums and deposits 3,226 3,373 3,522 3,494 3,369 3,226 3,369
Full surrenders and death benefits (237) (266) (296) (239) (306) (237) (306)
Premiums and deposits net of full surrenders and death benefits 2,989 3,107 3,226 3,255 3,063 2,989 3,063
Partial withdrawals and other benefit payments (218) (221) (224) (282) (293) (218) (293)
Net flows 2,771 2,886 3,002 2,973 2,770 2,771 2,770
Change in market value, interest credited and other 1,513 905 960 839 (1,253) 1,513 (1,253)
Net transfers (to) from separate account 15 14 451 (254) 253 15 253
Policy charges (3) (3) (5) (8) (10) (3) (10)
Ending balance, gross 35,140 38,942 43,350 46,900 48,660 35,140 48,660
Reinsurance ceded (1,986) (2,205) (2,494) (2,755) (3,144) (1,986) (3,144)
Ending balance, net 33,154 36,737 40,856 44,145 45,516 33,154 45,516
Account Values in Separate Account (1):
Beginning balance 98,864 99,560 96,433 97,495 91,739 98,864 91,739
Premiums and deposits 88 113 102 149 110 88 110
Full surrenders and death benefits (2,328) (2,523) (2,565) (2,639) (2,586) (2,328) (2,586)
Premiums and deposits net of full surrenders and death benefits (2,240) (2,410) (2,463) (2,490) (2,476) (2,240) (2,476)
Partial withdrawals and other benefit payments (1,072) (1,000) (997) (1,166) (1,123) (1,072) (1,123)
Net flows (3,312) (3,410) (3,460) (3,656) (3,599) (3,312) (3,599)
Change in market value, interest credited and other 4,568 843 5,518 (1,838) (228) 4,568 (228)
Net transfers (to) from general account (15) (14) (451) 254 (253) (15) (253)
Policy charges (545) (546) (545) (516) (493) (545) (493)
Ending balance, gross 99,560 96,433 97,495 91,739 87,166 99,560 87,166
Reinsurance ceded (9,702) (9,271) (9,526) (8,764) (8,608) (9,702) (8,608)
Ending balance, net 89,858 87,162 87,969 82,975 78,558 89,858 78,558
__________
(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. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
2024 2025
1Q 2Q 3Q 4Q 1Q
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 70,679 68,512 68,960 64,932 61,716
Account Values with Auto-Rebalancing Feature - externally reinsured 2,254 2,115 2,115 1,902 1,763
Account Values without Auto-Rebalancing Feature 25,056 24,178 24,561 23,100 22,098
Total 97,989 94,805 95,636 89,934 85,577
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature 6,373 6,541 5,638 6,510 6,937
Net Amount at Risk without Auto-Rebalancing Feature 2,597 2,817 2,240 2,775 2,778
Total 8,970 9,358 7,878 9,285 9,715
__________
(1) At end of period.

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Table of Contents

Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums 1,298 1,272 1,299 1,260 1,396 1,298 1,396 8%
Policy charges and fee income 175 165 189 149 197 175 197 13%
Net investment income 136 128 134 132 134 136 134 -1%
Asset management fees, commissions and other income 25 21 21 23 21 25 21 -16%
Total revenues 1,634 1,586 1,643 1,564 1,748 1,634 1,748 7%
Benefits and expenses (1):
Insurance and annuity benefits 1,249 1,140 1,241 1,171 1,296 1,249 1,296 4%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 40 36 35 38 35 40 35 -13%
Interest expense 2 4 2 3 5 2 5 150%
Deferral of acquisition costs (6) (4) (5) (13) — (6) — 100%
Amortization of acquisition costs 1 2 1 2 2 1 2 100%
Operating expenses (2) 186 185 179 184 194 186 194 4%
Variable expenses (2) 117 102 108 113 127 117 127 9%
Total benefits and expenses 1,589 1,465 1,561 1,498 1,659 1,589 1,659 4%
Adjusted operating income (loss) before income taxes 45 121 82 66 89 45 89 98%
__________
(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.
(2) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025
Annualized New Business Premiums:
Group life 189 27 35 38 225 189 225
Group disability 189 19 28 25 175 189 175
Total 378 46 63 63 400 378 400
Future Policy Benefits (1):
Group life 2,350 2,328 2,266 2,415 2,422
Group disability 3,240 3,222 3,253 3,256 3,283
Total 5,590 5,550 5,519 5,671 5,705
Policyholders' Account Balances (1):
Group life 4,889 4,782 4,878 4,915 4,519
Group disability 119 111 110 117 117
Total 5,008 4,893 4,988 5,032 4,636
Separate Account Liabilities (1):
Group life 25,265 24,546 26,021 25,126 25,547
Group Life Insurance:
Gross premiums, policy charges and fee income (2) 1,098 1,123 1,137 1,168 1,196 1,098 1,196
Earned premiums 903 897 924 891 996 903 996
Earned policy charges and fee income 150 139 164 124 171 150 171
Benefits ratio (3) 90.1 % 85.3 % 85.0 % 87.1 % 87.1 % 90.1 % 87.1 %
Administrative expense ratio (4) 11.4 % 11.4 % 10.5 % 11.9 % 10.8 % 11.4 % 10.8 %
Persistency ratio 95.1 % 95.0 % 94.6 % 94.6 % 97.0 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2) 426 410 403 400 429 426 429
Earned premiums 395 375 375 369 400 395 400
Earned policy charges and fee income 25 26 25 25 26 25 26
Benefits ratio (3) 71.3 % 70.4 % 78.9 % 72.8 % 65.6 % 71.3 % 65.6 %
Administrative expense ratio (4) 24.2 % 25.0 % 24.7 % 26.1 % 25.8 % 24.2 % 25.8 %
Persistency ratio 93.8 % 93.2 % 92.9 % 92.6 % 95.3 %
Total Group Insurance:
Benefits ratio (3) 84.7 % 81.1 % 83.4 % 83.1 % 81.3 % 84.7 % 81.3 %
Administrative expense ratio (4) 15.0 % 15.1 % 14.2 % 15.8 % 14.8 % 15.0 % 14.8 %
Net face amount of policies in force (in billions) (5) 2,065 2,092 2,102 2,120 2,127
__________
(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.
(4) Prior period ratios have been updated to conform to current period presentation.
(5) At end of period; net of reinsurance.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums 246 241 234 236 237 246 237 -4%
Policy charges and fee income 503 510 520 532 541 503 541 8%
Net investment income 806 762 768 753 694 806 694 -14%
Asset management fees, commissions and other income 25 16 24 19 43 25 43 72%
Total revenues 1,580 1,529 1,546 1,540 1,515 1,580 1,515 -4%
Benefits and expenses (1):
Insurance and annuity benefits 860 795 734 743 800 860 800 -7%
Change in estimates of liability for future policy benefits (20) 87 17 11 8 (20) 8 140%
Interest credited to policyholders' account balances 206 209 201 187 182 206 182 -12%
Interest expense 300 250 256 307 260 300 260 -13%
Deferral of acquisition costs (195) (219) (225) (262) (202) (195) (202) -4%
Amortization of acquisition costs 116 110 110 106 110 116 110 -5%
Operating expenses (2) 183 118 115 175 120 183 120 -34%
Variable expenses (2) 251 266 278 330 271 251 271 8%
Total benefits and expenses 1,701 1,616 1,486 1,597 1,549 1,701 1,549 -9%
Adjusted operating income (loss) before income taxes (121) (87) 60 (57) (34) (121) (34) 72%
__________
(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.
(2) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life 31 34 34 35 32 31 32
Universal life 20 22 19 24 24 20 24
Variable life 116 147 157 267 154 116 154
Total 167 203 210 326 210 167 210
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors 35 44 43 45 38 35 38
Third party distribution 132 159 167 281 172 132 172
Total 167 203 210 326 210 167 210
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance 33,026 33,176 33,365 33,581 33,773 33,026 33,773
Premiums and deposits 634 604 619 675 709 634 709
Surrenders and withdrawals (436) (414) (445) (410) (463) (436) (463)
Net sales (redemptions) 198 190 174 265 246 198 246
Benefit payments (48) (43) (30) (43) (68) (48) (68)
Net flows 150 147 144 222 178 150 178
Interest credited and other 401 388 440 308 375 401 375
Net transfers (to) from separate account 138 148 158 171 145 138 145
Policy charges (539) (494) (526) (509) (535) (539) (535)
Ending balance, gross 33,176 33,365 33,581 33,773 33,936 33,176 33,936
Reinsurance ceded (4,506) (4,512) (4,520) (8,995) (9,029) (4,506) (9,029)
Ending balance, net 28,670 28,853 29,061 24,778 24,907 28,670 24,907
Separate Account Liabilities:
Beginning balance 46,453 50,128 51,385 53,953 54,803 46,453 54,803
Premiums and deposits 794 904 1,018 1,179 963 794 963
Surrenders and withdrawals (293) (334) (316) (295) (326) (293) (326)
Net sales (redemptions) 501 570 702 884 637 501 637
Benefit payments (138) (165) (183) (165) (184) (138) (184)
Net flows 363 405 519 719 453 363 453
Change in market value, interest credited and other 3,796 1,352 2,569 673 (1,414) 3,796 (1,414)
Net transfers (to) from general account (138) (148) (158) (171) (145) (138) (145)
Policy charges (346) (352) (362) (371) (374) (346) (374)
Ending balance 50,128 51,385 53,953 54,803 53,323 50,128 53,323
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life 286 283 280 278 274
Universal life 80 79 79 62 62
Variable life 158 160 162 167 165
Total 524 522 521 507 501
__________
(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. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums 3,139 3,002 2,850 2,665 3,057 3,139 3,057 -3%
Policy charges and fee income 80 80 83 81 88 80 88 10%
Net investment income 1,412 1,390 1,428 1,493 1,469 1,412 1,469 4%
Asset management fees, commissions and other income 82 40 56 44 124 82 124 51%
Total revenues 4,713 4,512 4,417 4,283 4,738 4,713 4,738 1%
Benefits and expenses (1):
Insurance and annuity benefits 2,772 2,452 2,581 2,463 2,789 2,772 2,789 1%
Change in estimates of liability for future policy benefits 24 352 2 3 (3) 24 (3) -113%
Interest credited to policyholders' account balances 279 288 315 328 347 279 347 24%
Interest expense (1) (2) 5 (4) (1) (1) (1) —%
Deferral of acquisition costs (293) (268) (308) (269) (306) (293) (306) -4%
Amortization of acquisition costs 159 161 164 162 165 159 165 4%
Operating expenses (2) 456 428 455 454 436 456 436 -4%
Variable expenses (2) 421 399 437 404 463 421 463 10%
Total benefits and expenses 3,817 3,810 3,651 3,541 3,890 3,817 3,890 2%
Adjusted operating income (loss) before income taxes 896 702 766 742 848 896 848 -5%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.
(2) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan 2,933 2,753 2,649 2,464 2,860 2,933 2,860
Emerging Markets 286 329 284 282 285 286 285
Total 3,219 3,082 2,933 2,746 3,145 3,219 3,145
Annualized new business premiums:
Japan 420 424 486 402 478 420 478
Emerging Markets 97 95 102 96 98 97 98
Total 517 519 588 498 576 517 576
Annualized new business premiums by distribution channel:
Life Planners 236 194 207 205 258 236 258
Life Consultants 105 120 136 119 130 105 130
Banks 100 114 147 98 95 100 95
Independent Agency and Other 76 91 98 76 93 76 93
Total 517 519 588 498 576 517 576
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan 2,985 2,846 2,711 2,530 2,950 2,985 2,950
Emerging Markets 246 298 273 286 289 246 289
Total 3,231 3,144 2,984 2,816 3,239 3,231 3,239
Annualized new business premiums:
Japan 425 435 491 410 487 425 487
Emerging Markets 83 86 97 97 99 83 99
Total 508 521 588 507 586 508 586
Annualized new business premiums by distribution channel:
Life Planners 234 198 208 210 265 234 265
Life Consultants 106 122 137 121 132 106 132
Banks 94 110 145 99 95 94 95
Independent Agency and Other 74 91 98 77 94 74 94
Total 508 521 588 507 586 508 586
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
2024 2025
1Q 2Q 3Q 4Q 1Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan 549 542 537 533 530
Emerging Markets 44 45 47 49 50
Total 593 587 584 582 580
Policyholder Account Balances at end of period (in millions) (1)(2):
(Constant exchange rate basis)
International Businesses 51,160 52,390 54,084 55,548 49,858
Number of individual policies in force at end of period (in thousands) (3):
Japan 11,083 11,054 11,075 11,078 11,102
Emerging Markets 765 783 820 842 855
Total 11,848 11,837 11,895 11,920 11,957
International Businesses life insurance individual policy persistency:
13 months 92.5 % 91.9 % 91.3 % 91.4 % 92.0 %
25 months 84.8 % 84.5 % 84.0 % 83.4 % 83.2 %
Number of Life Planners at end of period:
Japan 4,339 4,257 4,264 4,309 4,356
Emerging Markets 1,516 1,579 1,636 1,726 1,819
Total Life Planners 5,855 5,836 5,900 6,035 6,175
Life Consultants 6,792 6,724 6,861 6,844 6,840
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
2024 2025 Year-to-date
1Q 2Q 3Q 4Q 1Q 2024 2025 % change
Revenues (1):
Premiums (2) (7) (9) (2) (9) (2) (9) -350%
Policy charges and fee income (14) (14) (14) (15) (15) (14) (15) -7%
Net investment income 273 286 326 349 330 273 330 21%
Asset management fees, commissions and other income (227) (301) (232) (303) (323) (227) (323) -42%
Total revenues 30 (36) 71 29 (17) 30 (17) -157%
Benefits and expenses (1):
Insurance and annuity benefits (5) (7) (3) (4) (8) (5) (8) -60%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 22 21 20 21 12 22 12 -45%
Interest expense 173 174 156 174 207 173 207 20%
Deferral of acquisition costs 17 56 88 27 33 17 33 94%
Amortization of acquisition costs (10) (10) (22) (14) (16) (10) (16) -60%
Operating expenses (2) 305 133 340 324 155 305 155 -49%
Variable expenses (2) (37) (32) (21) (9) 15 (37) 15 141%
Total benefits and expenses 465 335 558 519 398 465 398 -14%
Adjusted operating income (loss) before income taxes (435) (371) (487) (490) (415) (435) (415) 5%
__________
(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.
(2) Prior period amounts have been updated to conform to current period presentation.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
March 31, 2025 December 31, 2024
Closed PFI Excluding Closed PFI Excluding
Total Block Funds Closed Block Division and Funds Withheld Total Block Funds Closed Block Division and Funds Withheld
Portfolio Division Withheld (1) Amount % of Total Portfolio Division Withheld (1) Amount % of Total
230,348 18,959 4,542 206,847 54.3 % 230,018 19,103 4,837 206,078 54.9 %
85,209 9,875 2,731 72,603 19.1 % 81,179 9,625 2,795 68,759 18.3 %
13,194 654 7,919 4,621 1.2 % 12,447 647 7,732 4,068 1.1 %
3,769 — — 3,769 1.0 % 3,707 — — 3,707 1.0 %
8,309 1,468 — 6,841 1.8 % 8,896 1,642 — 7,254 1.9 %
62,201 7,769 263 54,169 14.2 % 61,872 7,652 233 53,987 14.4 %
9,876 3,315 — 6,561 1.7 % 9,795 3,348 — 6,447 1.7 %
23,790 4,939 1,897 16,954 4.5 % 23,577 4,929 1,867 16,781 4.4 %
8,707 257 40 8,410 2.2 % 9,056 520 43 8,493 2.3 %
445,403 47,236 17,392 380,775 100.0 % 440,547 47,466 17,507 375,574 100.0 %
4,303 — — 4,303 4,233 — — 4,233
449,706 47,236 17,392 385,078 444,780 47,466 17,507 379,807
Fixed Maturities by Credit Quality (3)(5): March 31, 2025 December 31, 2024
PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld
Gross Gross Gross Gross
Amortized Unrealized Unrealized Allowance for Fair Amortized Unrealized Unrealized Allowance for Fair
Cost Gains Losses Credit Losses Value % of Total Cost Gains Losses Credit Losses Value % of Total
176,737 2,868 20,531 — 159,074 76.9 % 176,693 3,412 20,161 — 159,944 77.6 %
44,141 574 3,471 1 41,243 19.9 % 43,221 522 3,744 — 39,999 19.4 %
220,878 3,442 24,002 1 200,317 96.8 % 219,914 3,934 23,905 — 199,943 97.0 %
5,254 56 629 — 4,681 2.3 % 4,807 60 574 — 4,293 2.1 %
1,323 40 33 — 1,330 0.6 % 1,264 48 30 — 1,282 0.6 %
427 10 21 4 412 0.2 % 439 16 12 7 436 0.2 %
123 6 8 14 107 0.1 % 196 7 9 70 124 0.1 %
7,127 112 691 18 6,530 3.2 % 6,706 131 625 77 6,135 3.0 %
228,005 3,554 24,693 19 206,847 100.0 % 226,620 4,065 24,530 77 206,078 100.0 %
19,883 181 1,713 — 18,351 25.3 % 18,756 257 1,920 — 17,093 24.9 %
45,313 785 3,088 — 43,010 59.2 % 44,179 765 3,453 — 41,491 60.3 %
65,196 966 4,801 — 61,361 84.5 % 62,935 1,022 5,373 — 58,584 85.2 %
7,087 106 238 — 6,955 9.6 % 6,483 114 282 — 6,315 9.2 %
3,020 20 73 1 2,966 4.1 % 2,646 15 101 28 2,532 3.7 %
1,042 25 26 32 1,009 1.4 % 1,051 30 34 29 1,018 1.5 %
451 21 8 152 312 0.4 % 437 24 11 140 310 0.4 %
11,600 172 345 185 11,242 15.5 % 10,617 183 428 197 10,175 14.8 %
76,796 1,138 5,146 185 72,603 100.0 % 73,552 1,205 5,801 197 68,759 100.0 %
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(5) Excludes fixed maturity securities classified as trading.
(6) Reflects equivalent ratings for investments of the international operations. Includes, as of March 31, 2025 and December 31, 2024, 968 securities with amortized cost of 6,457 million (fair value 6,193 million) and 803 securities with amortized cost of 4,147 million (fair value 3,840 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

All values are in US Dollars.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
March 31, 2025 December 31, 2024
Amount % of Total Amount % of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value 101,157 64.6 % 102,904 65.1 %
Private, available-for-sale, at fair value 21,770 13.9 % 21,603 13.6 %
Fixed maturities, trading, at fair value 464 0.3 % 461 0.3 %
Assets supporting experience-rated contractholder liabilities, at fair value 3,769 2.4 % 3,707 2.3 %
Equity securities, at fair value 1,684 1.1 % 1,845 1.2 %
Commercial mortgage and other loans, at book value, net of allowance 15,731 10.0 % 16,137 10.2 %
Policy loans, at outstanding balance 2,712 1.7 % 2,608 1.6 %
Other invested assets (3) 7,078 4.5 % 6,588 4.2 %
Short-term investments, net of allowance 2,336 1.5 % 2,324 1.5 %
Total 156,701 100.0 % 158,177 100.0 %
March 31, 2025 December 31, 2024
Amount % of Total Amount % of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value 105,690 47.2 % 103,174 47.4 %
Private, available-for-sale, at fair value 50,833 22.7 % 47,156 21.7 %
Fixed maturities, trading, at fair value 4,157 1.9 % 3,607 1.7 %
Assets supporting experience-rated contractholder liabilities, at fair value — 0.0 % — 0.0 %
Equity securities, at fair value 5,157 2.3 % 5,409 2.5 %
Commercial mortgage and other loans, at book value, net of allowance 38,438 17.1 % 37,850 17.4 %
Policy loans, at outstanding balance 3,849 1.7 % 3,839 1.8 %
Other invested assets, net of allowance (3) 9,876 4.4 % 10,193 4.7 %
Short-term investments, net of allowance 6,074 2.7 % 6,169 2.8 %
Total 224,074 100.0 % 217,397 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended March 31,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
General Account (3)
Fixed maturities (4) 4.38 % 3,313 40 4.12 % 3,068 179
Equity securities 2.10 % 37 — 2.32 % 30 —
Commercial mortgage and other loans 4.46 % 600 (50) 4.16 % 527 (42)
Policy loans 4.51 % 73 — 4.47 % 72 —
Short-term investments and cash equivalents 4.93 % 230 — 7.00 % 249 (2)
Gross investment income before investment expenses 4.38 % 4,253 (10) 4.20 % 3,946 135
Investment expenses -0.16 % (283) — -0.16 % (262) —
Subtotal 4.22 % 3,970 (10) 4.04 % 3,684 135
Other investments (4) 285 (296) 311 (376)
Investment results of other entities and operations (5) 32 23 (31) (7)
Investment results of Funds Withheld (6) 350 (390) 286 65
Less: investment income related to adjusted operating income reconciling items (118) — (130) —
Total 4,519 (673) 4,120 (183)
________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties. assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and 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.
(5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

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Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended March 31,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.18 % 1,094 111 3.01 % 1,051 276
Equity securities 2.14 % 9 — 1.14 % 5 —
Commercial mortgage and other loans 3.82 % 151 (6) 3.76 % 164 (19)
Policy loans 3.83 % 25 — 3.79 % 25 —
Short-term investments and cash equivalents 3.96 % 37 — 6.14 % 25 (1)
Gross investment income before investment expenses 3.26 % 1,316 105 3.10 % 1,270 256
Investment expenses -0.13 % (82) — -0.12 % (80) —
Subtotal 3.13 % 1,234 105 2.98 % 1,190 256
Other investments (2) 142 56 144 (307)
Total 1,376 161 1,334 (51)
__________
(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
First Quarter 2025
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended March 31,
2025 2024
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (2) Amount Yield (2) Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4) 5.41 % 2,219 (71) 5.13 % 2,017 (97)
Equity securities 2.09 % 28 — 2.85 % 25 —
Commercial mortgage and other loans 4.73 % 449 (44) 4.36 % 363 (23)
Policy loans 4.98 % 48 — 4.93 % 47 —
Short-term investments and cash equivalents 5.15 % 193 — 7.08 % 224 (1)
Gross investment income before investment expenses 5.19 % 2,937 (115) 5.06 % 2,676 (121)
Investment expenses -0.18 % (201) — -0.19 % (182) —
Subtotal 5.01 % 2,736 (115) 4.87 % 2,494 (121)
Other investments (4) 143 (352) 167 (69)
Total 2,879 (467) 2,661 (190)
__________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." 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. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended March 31, 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 — — — 417 137 — — 7,000 15,006 — — (1) 409 123 — — 15,537
Policy charges and fee income 46 — 3 — — — — 1,157 1,056 50 — (57) — 7 — — 1,056
Net investment income (3) — — 493 121 — — 5,130 4,120 (4) — — 514 134 — — 4,764
Realized investment gains (losses), net (3) (489) — — (57) (27) — — (730) (102) (85) — — (125) 4 — — (308)
Asset management fees, commissions and other income (190) — — (33) 23 (32) — 1,264 1,626 340 — — 164 246 (39) — 2,337
Change in value of market risk benefits, net of related hedging gains (losses) — (351) — — — — — (351) — — 123 — — — — — 123
Total revenues (636) (351) 3 820 254 (32) — 13,470 21,706 301 123 (58) 962 514 (39) — 23,509
Benefits and expenses:
Insurance and annuity benefits 2 — 2 729 208 — — 8,285 15,774 50 — (1) 859 202 — — 16,884
Change in estimates of liability for future policy benefits 3 — (38) — (1) — — (50) 15 2 — (25) — (9) — — (17)
Interest credited to policyholders' account balances (325) — — 28 39 — — 825 902 304 — — 30 47 — — 1,283
Interest expense — — — (2) 2 — — 522 529 — — — (1) 2 — — 530
Deferral of acquisition costs (98) — — — — — — (782) (647) — — — — (1) — — (648)
Amortization of acquisition costs 28 — — 3 — — — 407 362 8 — — 3 2 — — 375
Operating expenses (4) — — — 65 43 — (28) 1,704 1,832 — — — 72 223 — 8 2,135
Variable expenses (4) — — — 19 14 (35) — 1,639 1,504 — — — 2 83 (12) — 1,577
Total benefits and expenses (390) — (36) 842 305 (35) (28) 12,550 20,271 364 — (26) 965 549 (12) 8 22,119
__________
(1) See page 36 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (55) million and (63) million for three months ended March 31, 2025 and March 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of (104) million and 262 million and certain derivatives of 5 million and (16) million for three months ended March 31, 2025 and March 31, 2024, respectively.
(4) Prior period amounts have been updated to conform to current period presentation.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended September 30, 2024
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — — 433 110 — — 7,820 12,527 — — 1 393 124 — — 13,045
Policy charges and fee income 22 — — — 2 — — 1,085 1,098 48 — (35) — — — — 1,111
Net investment income (5) — — 509 127 — — 4,849 4,436 (3) — — 504 118 — — 5,055
Realized investment gains (losses), net (3) 198 — — (174) (34) — — (166) (191) (1,428) — — (233) 8 — — (1,844)
Asset management fees, commissions and other income 11 — — 43 106 (17) — 1,592 1,619 408 — — 153 134 (45) — 2,269
Change in value of market risk benefits, net of related hedging gains (losses) — (297) — — — — — (297) — — (146) — — — — — (146)
Total revenues 226 (297) — 811 311 (17) — 14,883 19,489 (975) (146) (34) 817 384 (45) — 19,490
Benefits and expenses:
Insurance and annuity benefits (47) — (2) 766 186 — — 9,040 13,321 (13) — (2) 714 196 — — 14,216
Change in estimates of liability for future policy benefits 10 — (45) — (112) — — (176) 66 10 — 95 — 9 — — 180
Interest credited to policyholders' account balances 80 — — 29 41 — — 1,102 1,038 (243) — — 28 40 — — 863
Interest expense — — — 1 4 — — 485 485 — — — — 4 — — 489
Deferral of acquisition costs — — — — — — — (614) (636) — — — — — — — (636)
Amortization of acquisition costs 8 — — 3 1 — — 375 356 8 — — 3 — — — 367
Operating expenses (4) — — — 72 114 — 4 1,701 1,717 — — — 68 80 — 3 1,868
Variable expenses (4) — — — — 39 26 1 1,555 1,582 — — — 2 8 (2) — 1,590
Total benefits and expenses 51 — (47) 871 273 26 5 13,468 17,929 (238) — 93 815 337 (2) 3 18,937
__________
(1) See page 36 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (94) million and (92) million for three months ended June 30, 2024 and September 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 212 million and (547) million and certain derivatives of (4) million and 21 million for three months ended June 30, 2024 and September 30, 2024, respectively.
(4) Prior period amounts have been updated to conform to current period presentation.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 455 106 — — 6,495
Policy charges and fee income (21) — 5 — — — — 1,046
Net investment income (5) — — 521 124 — — 5,241
Realized investment gains (losses), net (3) (664) — — (237) (74) — — (1,111)
Asset management fees, commissions and other income (603) — — (42) 61 (34) — 929
Change in value of market risk benefits, net of related hedging gains (losses) — (77) — — — — — (77)
Total revenues (1,293) (77) 4 697 217 (34) — 12,523
Benefits and expenses:
Insurance and annuity benefits 7 — 2 644 181 — — 7,677
Change in estimates of liability for future policy benefits 11 — (58) — (33) — — (24)
Interest credited to policyholders' account balances 206 — — 30 41 — — 1,334
Interest expense — — — (2) 3 — — 526
Deferral of acquisition costs — — — — — — — (704)
Amortization of acquisition costs 8 — — 3 — — — 375
Operating expenses (4) — — — 71 40 — 2 1,923
Variable expenses (4) — — — 3 5 (131) 1 1,565
Total benefits and expenses 232 — (56) 749 237 (131) 3 12,672
__________
(1) See page 36 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 for three months ended December 31, 2024. 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 certain derivatives of (30) million for three months ended December 31, 2024.
(4) Prior period amounts have been updated to conform to current period presentation.

All values are in US Dollars.

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Table of Contents

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

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Table of Contents

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

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Table of Contents

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

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Table of Contents

Prudential Financial, Inc. image9.jpg
Quarterly Financial Supplement
First Quarter 2025
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of April 30, 2025
Standard & Fitch
A.M. Best* Poor's Moody's* Ratings*
The Prudential Insurance Company of America A+ AA- Aa3 AA-
PRUCO Life Insurance Company A+ AA- Aa3 AA-
PRUCO Life Insurance Company of New Jersey A+ AA- NR AA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NR A+ NR NR
Gibraltar Life Insurance Company, Ltd. NR A+ NR NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NR A+ NR NR
CREDIT RATINGS:
as of April 30, 2025
Prudential Financial, Inc.:
Short-Term Borrowings AMB-1 A-1 P-2 F1
Long-Term Senior Debt a- A A3 A-
Junior Subordinated Long-Term Debt bbb BBB+ Baa1 BBB
The Prudential Insurance Company of America:
Capital and surplus notes a A A2 A
Prudential Funding, LLC:
Short-Term Debt AMB-1 A-1+ P-1 F1+
Long-Term Senior Debt a+ AA- (P)A1 NR
PRICOA Global Funding I:
Long-Term Senior Debt aa- AA- Aa3 AA-
* NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.
For more information, please visit our website at investor.prudential.com.

Page 39

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