Equibles

8-K

PRUDENTIAL FINANCIAL INC (PRU)

8-K 2024-04-30 For: 2024-04-30
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, 2024

___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

___________________________

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

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

___________________________

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

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

Item 7.01    Regulation FD Disclosure.

A. Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for first quarter 2024.
B. Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Wednesday, May 1, 2024 at 11:00 A.M. ET, to discuss the Company's first quarter 2024 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 News release of Prudential Financial, Inc. datedApril 30, 2024, announcingfirstquarter 2024results (furnished and not filed).
99.2 Quarterly Financial Supplement for Prudential Financial, Inc. forfirstquarter 2024(furnished and not filed).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

Date: April 30, 2024

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

Document

Exhibit 99.1

earningsreleaseheader1a09.jpg

April 30, 2024

Prudential Financial, Inc. Announces

First Quarter 2024 Results

•Net income attributable to Prudential Financial, Inc. of $1.138 billion or $3.12 per Common share versus net income of $1.462 billion or $3.93 per share for the year-ago quarter.

•After-tax adjusted operating income of $1.141 billion or $3.12 per Common share versus $1.004 billion or $2.70 per share for the year-ago quarter.

•Book value per Common share of $75.00 versus $85.33 per share for the year-ago quarter; adjusted book value per Common share of $97.03 versus $97.29 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $4.2 billion versus $4.6 billion for the year-ago quarter.

•Assets under management(2) of $1.496 trillion versus $1.417 trillion for the year-ago quarter.

•Capital returned to shareholders of $726 million in the first quarter, including $250 million of share repurchases and $476 million of dividends, versus $718 million in the year-ago quarter. Dividends paid in the first quarter were $1.30 per Common share, representing a 5% yield on adjusted book value.

Charles Lowrey, Chairman and CEO, commented on results:

“During the first quarter, we made substantial progress executing on our strategy to become a higher growth, more capital efficient and nimble company, by expanding our market leading businesses.

We are pleased with the momentum across our businesses, including significant positive net flows in PGIM, our global asset manager and strong sales growth in our U.S. and International Businesses. These positive fundamentals are supported by a rock solid balance sheet as well as a mutually reinforcing business system and distinct strategy that positions us to deliver long-term growth on behalf of our stakeholders.

We've entered the second quarter with confidence in our strategy to be a global leader in expanding access to investing, insurance, and retirement security for people around the world.”

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported first quarter results. Net income attributable to Prudential Financial, Inc. was $1.138 billion ($3.12 per Common share) for the first quarter of 2024, compared to $1.462 billion ($3.93 per Common share) for the first quarter of 2023. After-tax adjusted operating income was $1.141 billion ($3.12 per Common share) for the first quarter of 2024, compared to $1.004 billion ($2.70 per Common share) for the first quarter of 2023.

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

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

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 $169 million for the first quarter of 2024, compared to $151 million in the year-ago quarter. This increase primarily reflects higher asset management fees and higher other related revenues, driven by higher incentive fees and seed and co-investment income, partially offset by higher expenses.

PGIM assets under management of $1.341 trillion were up 6% from the year-ago quarter, primarily resulting from equity market appreciation and positive third-party net flows. Third-party net inflows of $26.6 billion in the current quarter reflect institutional inflows of $26.1 billion, including a large fixed income mandate, and retail inflows of $0.5 billion, driven by public fixed income flows. Affiliated net inflows were $7.1 billion, driven by strong Retirement Strategies sales.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $839 million for the first quarter of 2024, compared to $760 million in the year-ago quarter. This increase primarily reflects higher net investment spread results and more favorable underwriting results, partially offset by higher expenses and lower net fee income.

Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $915 million for the first quarter of 2024, compared to $837 million in the year-ago quarter.

Institutional Retirement Strategies:

•Reported adjusted operating income of $441 million in the current quarter, compared to $396 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by higher expenses.

•Account values of $265 billion, a record high, increased 5% from the year-ago quarter, reflecting the benefits of business growth and market appreciation, partially offset by the reinsurance of a block of structured settlements. Sales in the current quarter of $11 billion included two large pension risk transfer transactions totaling nearly $9 billion.

Individual Retirement Strategies:

•Reported adjusted operating income of $474 million in the current quarter, compared to $441 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.

•Account values of $123 billion were slightly higher than the year-ago quarter driven by market appreciation, partially offset by the reinsurance of a block of legacy variable annuities and net outflows. Sales of $3.3 billion in the current quarter increased 98% from the year-ago quarter, reflecting continued momentum from our FlexGuard products and increased sales of fixed annuity products.

Group Insurance:

•Reported adjusted operating income of $45 million in the current quarter, compared to $25 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results in group life and higher net investment spread results, partially offset by higher expenses.

•Reported earned premiums, policy charges, and fees of $1.5 billion increased 4% from the year-ago quarter, reflecting growth in both disability and life.

Individual Life:

•Reported a loss, on an adjusted operating basis, of $121 million in the current quarter, compared to a loss of $102 million in the year-ago quarter. This higher loss reflects one-time costs and lower net

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

investment spread from closing the Guaranteed Universal Life reinsurance transaction, partially offset by more favorable underwriting results.

•Sales of $167 million in the current quarter increased 12% from the year-ago quarter, driven by Variable Life and Term sales, reflecting our pivot to more capital efficient products.

International Businesses

International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of $896 million for the first quarter of 2024, compared to $840 million in the year-ago quarter. This increase primarily reflects higher net investment spread results and higher joint venture earnings, partially offset by less favorable underwriting results.

Life Planner:

•Reported adjusted operating income of $545 million in the current quarter, compared to $522 million in the year-ago quarter. This increase reflects higher net investment spread results, partially offset by less favorable underwriting results and a net unfavorable impact from foreign currency exchange rates.

•Constant dollar basis sales(3) of $291 million in the current quarter increased 10% from the year-ago quarter, driven by growth in both Japan and Brazil.

Gibraltar Life & Other:

•Reported adjusted operating income of $351 million in the current quarter, compared to $318 million in the year-ago quarter. This increase primarily reflects higher joint venture earnings, higher net investment spread results, and lower expenses, partially offset by less favorable underwriting results.

•Constant dollar basis sales(3) of $229 million in the current quarter were relatively consistent with the year-ago quarter.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $435 million for the first quarter of 2024, compared to a loss of $471 million in the year-ago quarter. This lower loss primarily reflects lower expenses.

NET INCOME

Net Income in the current quarter included $97 million of pre-tax net realized investment losses and related charges and adjustments, including $83 million of pre-tax net impairment and credit-related losses, $38 million of pre-tax losses from divested and run-off businesses, including a loss from Assurance IQ based on the decision to exit the business offset by earnings from Long-Term Care, $32 million of pre-tax losses related to market experience updates, and $123 million of pre-tax gains related to net change in value of market risk benefits.

Net income for the year-ago quarter included $369 million of pre-tax net realized investment gains and related charges and adjustments, including $180 million of pre-tax net impairment and credit-related losses, $88 million of pre-tax earnings from divested and run-off businesses driven by Long-Term Care, $75 million of pre-tax gains related to net change in value of market risk benefits, and $48 million of pre-tax gains related to market experience updates.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Wednesday, May 1, 2024, 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 13742768.

prurocklogoa04.jpg

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

FORWARD-LOOKING STATEMENTS

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

NON-GAAP MEASURES

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

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

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

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

Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also

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

excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations, and discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.

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

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

FOOTNOTES

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

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

(3)For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on 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, 2024, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.

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

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Financial Highlights
(in millions, unaudited)
Three Months Ended
March 31,
2024 2023
Adjusted operating income (loss) before income taxes (1):
PGIM $ 169 $ 151
U.S. Businesses 839 760
International Businesses 896 840
Corporate and Other (435) (471)
Total adjusted operating income before income taxes $ 1,469 $ 1,280
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments $ (97) $ 369
Change in value of market risk benefits, net of related hedging gains (losses) 123 75
Market experience updates (32) 48
Divested and Run-off Businesses:
Closed Block division (3) (4)
Other Divested and Run-off Businesses (35) 92
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (27) (5)
Other adjustments (2) (8) (8)
Total reconciling items, before income taxes (79) 567
Income before income taxes and equity in earnings of joint ventures and other operating entities $ 1,390 $ 1,847
Income Statement Data:
Net income attributable to Prudential Financial, Inc. $ 1,138 $ 1,462
Income attributable to noncontrolling interests 13 15
Net income 1,151 1,477
Less: Earnings attributable to noncontrolling interests 13 15
Income attributable to Prudential Financial, Inc. 1,138 1,462
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests 37 (3)
Income (after-tax) before equity in earnings of joint ventures and other operating entities 1,101 1,465
Less: Total reconciling items, before income taxes (79) 567
Less: Income taxes, not applicable to adjusted operating income (39) 106
Total reconciling items, after income taxes (40) 461
After-tax adjusted operating income (1) 1,141 1,004
Income taxes, applicable to adjusted operating income 328 276
Adjusted operating income before income taxes (1) $ 1,469 $ 1,280
See footnotes on last page.

Page 1

Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended
March 31,
2024 2023
Earnings per share of Common Stock:
Net income attributable to Prudential Financial, Inc. $ 3.12 $ 3.93
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments (0.27) 1.00
Change in value of market risk benefits, net of related hedging gains (losses) 0.34 0.20
Market experience updates (0.09) 0.13
Divested and Run-off Businesses:
Closed Block division (0.01) (0.01)
Other Divested and Run-off Businesses (0.10) 0.25
Difference in earnings allocated to participating unvested share-based payment awards — (0.01)
Other adjustments (2) (0.02) (0.02)
Total reconciling items, before income taxes (0.15) 1.54
Less: Income taxes, not applicable to adjusted operating income (0.15) 0.31
Total reconciling items, after income taxes — 1.23
After-tax adjusted operating income $ 3.12 $ 2.70
Weighted average number of outstanding common shares - basic 359.0 366.5
Weighted average number of outstanding common shares - diluted 360.5 367.7
For earnings per share of Common Stock calculation:
Net income attributable to Prudential Financial, Inc. $ 1,138 $ 1,462
Less: Earnings allocated to participating unvested share-based payment awards 15 18
Net income attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 1,123 $ 1,444
After-tax adjusted operating income (1) $ 1,141 $ 1,004
Less: Earnings allocated to participating unvested share-based payment awards 16 13
After-tax adjusted operating income for earnings per share of Common Stock calculation (1) $ 1,125 $ 991
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period $ 27,209 $ 31,385
Less: Accumulated other comprehensive income (AOCI) (7,661) (3,825)
GAAP book value excluding AOCI 34,870 35,210
Less: Cumulative change in fair value of funds withheld embedded derivatives 14 —
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (345) (575)
Adjusted book value $ 35,201 $ 35,785
End of period number of common shares - diluted 362.8 367.8
GAAP book value per common share - diluted 75.00 85.33
GAAP book value excluding AOCI per share - diluted 96.11 95.73
Adjusted book value per common share - diluted 97.03 97.29
See footnotes on last page.

Page 2

Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended
March 31,
2024 2023
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period):
Institutional customers $ 616.6 $ 561.2
Retail customers 345.4 314.4
General account 379.4 394.2
Total PGIM $ 1,341.4 $ 1,269.8
Institutional Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 45.2 $ 13.9
Net additions (withdrawals), excluding money market $ 26.1 $ (10.2)
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market $ 15.7 $ 12.6
Net additions (withdrawals), excluding money market $ 0.5 $ (3.8)
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions $ 10,990 $ 3,828
Net additions (withdrawals) $ 4,573 $ (1,646)
Total account value at end of period, net $ 265,451 $ 252,952
Individual Retirement Strategies:
Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:
Gross sales (3) $ 3,305 $ 1,667
Sales, net of full surrenders and death benefits $ 749 $ 187
Total account value at end of period, net $ 123,012 $ 122,725
Group Insurance:
Annualized New Business Premiums (4):
Group life $ 189 $ 162
Group disability 189 157
Total $ 378 $ 319
Individual Life:
Annualized New Business Premiums (4):
Term life $ 31 $ 23
Universal life 20 17
Variable life 116 109
Total $ 167 $ 149
International Businesses:
International Businesses:
Annualized New Business Premiums (4)(5):
Actual exchange rate basis $ 517 $ 508
Constant exchange rate basis $ 520 $ 497
See footnotes on last page.

Page 3

Financial Highlights
(in billions, as of end of period, unaudited)
March 31,
2024 2023
Assets and Assets Under Management and Administration:
Total assets $ 725.8 $ 709.3
Assets under management (at fair market value):
PGIM $ 1,341.4 $ 1,269.8
U.S. Businesses 126.3 123.0
International Businesses 18.2 15.3
Corporate and Other 10.4 8.9
Total assets under management 1,496.3 1,417.0
Assets under administration 182.6 158.6
Total assets under management and administration $ 1,678.9 $ 1,575.6

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) Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.
(4) Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company’s domestic individual life and international operations are included in annualized new business premiums based on a 10% credit.
(5) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 5

Document

Table of Contents

Exhibit 99.2

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

i

Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
TABLE OF CONTENTS
Page
HIGHLIGHTS
Financial Metrics Summary 1
Financial Highlights 2
Other Financial Highlights 3
Operations Highlights 4
Combined Statements of Operations 5
Consolidated Balance Sheets 6
Combining Balance Sheets 7
Short-Term and Long-Term Debt - Unaffiliated 8
PGIM
Statements of Operations 9
Supplementary Revenue and Assets Under Management Information 10
Supplementary Assets Under Management Information 11
U.S.BUSINESSES
Combined Statements of Operations 12
Combined Statements of Operations - Retirement Strategies 13
Statements of Operations - Institutional Retirement Strategies 14
Institutional Retirement Strategies Sales Results and Account Values 15
Statements of Operations - Individual Retirement Strategies 16
Individual Retirement Strategies Sales Results and Account Values 17
Individual Retirement Strategies Account Value Activity 18
Individual Retirement Strategies Market Risk Benefit Features 19
Statements of Operations - Group Insurance 20
Group Insurance Supplementary Information 21
Statements of Operations - Individual Life 22
Individual Life Supplementary Information 23
INTERNATIONAL BUSINESSES
Combined Statements of Operations 24
Statements of Operations - Life Planner 25
Statements of Operations - Gibraltar Life and Other 26
Sales Results and Supplementary Information 27
CORPORATE AND OTHER
Statements of Operations 29
INVESTMENT PORTFOLIO
Investment Portfolio Composition 30
Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations 31
Investment Results 32
Investment Results - Japanese Insurance Operations 33
Investment Results - Excluding Japanese Insurance Operations 34
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES 35
KEY DEFINITIONS AND FORMULAS 38
RATINGS AND INVESTOR INFORMATION 41

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
As of March 31, 2024, based on management’s commitment to a plan to exit the Assurance IQ (“AIQ”) operations, AIQ has been classified as a Divested and Run-off Business within Corporate and Other operations. AIQ’s results for the three months ended March 31, 2024 have been excluded from adjusted operating income and historical results have been updated to conform to the current period presentation.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM 151 179 211 172 169 151 169 12%
U.S. Businesses 760 956 1,088 988 839 760 839 10%
International Businesses 840 784 811 748 896 840 896 7%
Corporate and Other (471) (472) (438) (653) (435) (471) (435) 8%
Total adjusted operating income before income taxes 1,280 1,447 1,672 1,255 1,469 1,280 1,469 15%
Income taxes, applicable to adjusted operating income 276 305 340 309 328 276 328 19%
After-tax adjusted operating income 1,004 1,142 1,332 946 1,141 1,004 1,141 14%
Income (loss) attributable to Prudential Financial, Inc. 1,462 511 (802) 1,317 1,138 1,462 1,138 -22%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1) 11.3 % 12.8 % 15.2 % 10.9 % 13.0 % 11.3 % 13.0 %
Return on Average Equity (based on net income (loss)) 18.9 % 6.8 % -11.8 % 19.6 % 16.5 % 18.9 % 16.5 %
Distributions to Shareholders
Dividends paid 468 463 461 458 476 468 476 2%
Share repurchases 250 250 250 250 250 250 250 —%
Total capital returned 718 713 711 708 726 718 726 1%
Per Share Data
Net income (loss) - diluted (2) 3.93 1.38 (2.23) 3.61 3.12 3.93 3.12 -21%
Adjusted Operating Income - diluted 2.70 3.09 3.62 2.59 3.12 2.70 3.12 16%
Shareholder dividends 1.25 1.25 1.25 1.25 1.30 1.25 1.30 4%
GAAP book value - diluted 85.33 77.65 70.82 76.77 75.00
Adjusted book value - diluted (3) 97.29 97.38 94.19 96.64 97.03
Shares Outstanding
Weighted average number of common shares - basic 366.5 364.8 362.6 360.3 359.0 366.5 359.0 -2%
Weighted average number of common shares - diluted 367.7 366.1 363.8 361.0 360.5 367.7 360.5 -2%
End of period common shares - basic 365.9 363.4 361.3 359.2 359.1
End of period common shares - diluted 367.8 366.2 364.5 362.4 362.8
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.
(2) For the three months ended September 30, 2023 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income 2.70 3.09 3.62 2.59 3.12 2.70 3.12
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments 1.00 (2.07) (6.85) 0.87 (0.27) 1.00 (0.27)
Change in value of market risk benefits, net of related hedging gains (losses) 0.20 0.04 (0.69) 0.60 0.34 0.20 0.34
Market experience updates 0.13 (0.01) 0.39 (0.22) (0.09) 0.13 (0.09)
Divested and Run-off Businesses:
Closed Block division (0.01) (0.13) 0.01 (0.14) (0.01) (0.01) (0.01)
Other Divested and Run-off Businesses 0.25 — (0.31) 0.12 (0.10) 0.25 (0.10)
Difference in earnings allocated to participating unvested share-based payment awards (0.01) 0.02 0.03 (0.01) — (0.01) —
Other adjustments (1) (0.02) (0.02) (0.02) (0.03) (0.02) (0.02) (0.02)
Total reconciling items, before income taxes 1.54 (2.17) (7.44) 1.19 (0.15) 1.54 (0.15)
Income taxes, not applicable to adjusted operating income 0.31 (0.46) (1.59) 0.17 (0.15) 0.31 (0.15)
Total reconciling items, after income taxes 1.23 (1.71) (5.85) 1.02 — 1.23 —
Net income (loss) attributable to Prudential Financial, Inc. 3.93 1.38 (2.23) 3.61 3.12 3.93 3.12
Weighted average number of outstanding common shares - basic 366.5 364.8 362.6 360.3 359.0 366.5 359.0
Weighted average number of outstanding common shares - diluted 367.7 366.1 363.8 361.0 360.5 367.7 360.5
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc. 1,462 511 (802) 1,317 1,138 1,462 1,138
Less: Earnings allocated to participating unvested share-based payment awards 18 6 5 14 15 18 15
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 1,444 505 (807) 1,303 1,123 1,444 1,123
After-tax adjusted operating income 1,004 1,142 1,332 946 1,141 1,004 1,141
Less: Earnings allocated to participating unvested share-based payment awards 13 12 15 11 16 13 16
After-tax adjusted operating income for earnings per share of Common Stock calculation 991 1,130 1,317 935 1,125 991 1,125
___________
(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 2024
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2023 2024
1Q 2Q 3Q 4Q 1Q
Capitalization Data (1):
Senior debt:
Short-term debt 705 763 615 618 585
Long-term debt 10,860 10,787 10,787 10,788 10,786
Junior subordinated long-term debt 9,591 8,089 8,090 8,094 8,582
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period 31,385 28,434 25,814 27,820 27,209
Less: Accumulated other comprehensive income (AOCI) (3,825) (6,649) (7,831) (6,504) (7,661)
GAAP book value excluding AOCI (2) 35,210 35,083 33,645 34,324 34,870
Less: Cumulative change in fair value of funds withheld embedded derivatives (3) — — — (181) 14
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) (575) (578) (687) (518) (345)
Adjusted book value 35,785 35,661 34,332 35,023 35,201
Book Value per Share of Common Stock:
GAAP book value per common share - diluted 85.33 77.65 70.82 76.77 75.00
GAAP book value excluding AOCI per share - diluted (2) 95.73 95.80 92.30 94.71 96.11
Adjusted book value per common share - diluted 97.29 97.38 94.19 96.64 97.03
End of period number of common shares - diluted 367.8 366.2 364.5 362.4 362.8
Common Stock Price Range (based on closing price):
High 104.94 88.22 99.14 105.21 117.40
Low 77.23 78.04 88.66 88.61 101.84
Close 82.74 88.22 94.89 103.71 117.40
Common Stock market capitalization (1) 30,275 32,059 34,284 37,253 42,158
__________
(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. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
OPERATIONS HIGHLIGHTS
2023 2024
1Q 2Q 3Q 4Q 1Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers 561.2 556.7 547.6 582.6 616.6
Retail customers 314.4 324.1 312.5 330.3 345.4
General account 394.2 385.0 358.5 385.2 379.4
Total PGIM 1,269.8 1,265.8 1,218.6 1,298.1 1,341.4
U.S. Businesses 123.0 123.6 116.5 123.9 126.3
International Businesses 15.3 15.7 16.4 17.9 18.2
Corporate and Other 8.9 9.5 9.8 9.7 10.4
Total assets under management 1,417.0 1,414.6 1,361.3 1,449.6 1,496.3
Assets under administration 158.6 166.6 164.7 181.5 182.6
Total assets under management and administration 1,575.6 1,581.2 1,526.0 1,631.1 1,678.9
Distribution Representatives (1):
Prudential Advisors 2,627 2,638 2,681 2,660 2,752
International Life Planners 5,978 5,806 5,917 5,856 5,855
Gibraltar Life Consultants 6,689 6,648 6,736 6,808 6,792
__________
(1) As of end of period.
(2) At fair market value.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
COMBINED STATEMENTS OF OPERATIONS
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 8,833 6,368 3,659 6,364 15,006 8,833 15,006 70%
Policy charges and fee income 1,073 1,032 1,060 1,059 1,056 1,073 1,056 -2%
Net investment income 3,670 3,813 3,892 3,918 4,120 3,670 4,120 12%
Asset management fees, commissions and other income 1,406 1,370 1,433 1,525 1,517 1,406 1,517 8%
Total revenues 14,982 12,583 10,044 12,866 21,699 14,982 21,699 45%
Benefits and expenses (1):
Insurance and annuity benefits 9,588 6,931 4,348 7,130 15,774 9,588 15,774 65%
Change in estimates of liability for future policy benefits 22 159 49 20 15 22 15 -32%
Interest credited to policyholders' account balances 756 780 804 836 861 756 861 14%
Interest expense 439 457 419 439 529 439 529 21%
Deferral of acquisition costs (569) (546) (576) (637) (647) (569) (647) -14%
Amortization of acquisition costs 355 355 351 356 362 355 362 2%
General and administrative expenses 3,111 3,000 2,977 3,467 3,336 3,111 3,336 7%
Total benefits and expenses 13,702 11,136 8,372 11,611 20,230 13,702 20,230 48%
Adjusted operating income before income taxes 1,280 1,447 1,672 1,255 1,469 1,280 1,469 15%
Income taxes, applicable to adjusted operating income 276 305 340 309 328 276 328 19%
After-tax adjusted operating income 1,004 1,142 1,332 946 1,141 1,004 1,141 14%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments 369 (757) (2,491) 314 (97) 369 (97) -126%
Change in value of market risk benefits, net of related hedging gains (losses) 75 16 (251) 216 123 75 123 64%
Market experience updates 48 (3) 143 (78) (32) 48 (32) -167%
Divested and Run-off Businesses:
Closed Block division (4) (48) 2 (50) (3) (4) (3) 25%
Other Divested and Run-off Businesses 92 (1) (113) 43 (35) 92 (35) -138%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests (5) (26) (11) (26) (27) (5) (27) -440%
Other adjustments (2) (8) (7) (9) (12) (8) (8) (8) —%
Total reconciling items, before income taxes 567 (826) (2,730) 407 (79) 567 (79) -114%
Income taxes, not applicable to adjusted operating income 106 (182) (591) 50 (39) 106 (39) -137%
Total reconciling items, after income taxes 461 (644) (2,139) 357 (40) 461 (40) -109%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 1,847 621 (1,058) 1,662 1,390 1,847 1,390 -25%
Income tax expense (benefit) 382 123 (251) 359 289 382 289 -24%
Income (loss) before equity in earnings of joint ventures and other operating entities 1,465 498 (807) 1,303 1,101 1,465 1,101 -25%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests (3) 13 5 14 37 (3) 37 1333%
Income (loss) attributable to Prudential Financial, Inc. 1,462 511 (802) 1,317 1,138 1,462 1,138 -22%
Earnings attributable to noncontrolling interests 15 (15) 11 9 13 15 13 -13%
Net income (loss) 1,477 496 (791) 1,326 1,151 1,477 1,151 -22%
Less: Income (loss) attributable to noncontrolling interests 15 (15) 11 9 13 15 13 -13%
Net income (loss) attributable to Prudential Financial, Inc. 1,462 511 (802) 1,317 1,138 1,462 1,138 -22%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of acquisitions, including the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 35, 36 and 37 for reconciliation.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
CONSOLIDATED BALANCE SHEETS
(in millions)
06/30/2023 09/30/2023 12/31/2023 03/31/2024
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value 312,230 295,318 316,321 318,510
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses 1,171 — — —
Fixed maturities, trading, at fair value 6,349 7,129 9,790 10,288
Assets supporting experience-rated contractholder liabilities, at fair value 3,019 2,943 3,168 3,359
Equity securities, at fair value 8,359 7,039 8,242 7,224
Commercial mortgage and other loans 57,689 57,908 59,305 58,781
Policy loans 9,983 9,959 10,047 9,907
Other invested assets 21,473 21,868 22,855 24,227
Short-term investments 5,059 5,072 5,005 5,953
Total investments 425,332 407,236 434,733 438,249
Cash and cash equivalents 14,652 16,892 19,419 18,735
Accrued investment income 3,142 3,191 3,287 3,361
Deferred policy acquisition costs 20,320 20,394 20,856 20,613
Value of business acquired 542 514 530 484
Market risk benefit assets 1,951 2,200 1,981 2,225
Reinsurance recoverables and deposit receivables 17,322 25,941 27,311 27,929
Income tax assets 803 1,108 939 958
Other assets 12,369 13,136 13,179 13,205
Separate account assets 200,871 190,642 198,888 200,064
Total assets 697,304 681,254 721,123 725,823
Liabilities:
Future policy benefits 268,649 253,551 273,281 272,790
Policyholders' account balances 138,743 140,788 147,018 151,810
Market risk benefit liabilities 5,462 4,660 5,467 4,624
Reinsurance and funds withheld payables 6,632 14,199 15,729 15,746
Securities sold under agreements to repurchase 6,097 5,547 6,056 6,563
Cash collateral for loaned securities 5,207 6,067 6,477 6,978
Income tax liabilities — — — —
Short-term debt 763 615 618 585
Long-term debt 18,876 18,877 18,882 19,368
Other liabilities 15,739 18,155 17,546 16,749
Notes issued by consolidated variable interest entities 402 791 1,374 1,132
Separate account liabilities 200,871 190,642 198,888 200,064
Total liabilities 667,441 653,892 691,336 696,409
Mezzanine Equity:
Redeemable noncontrolling interests 408 414 524 544
Total mezzanine equity 408 414 524 544
Equity:
Accumulated other comprehensive loss (6,649) (7,831) (6,504) (7,661)
Other equity (1) 35,083 33,645 34,324 34,870
Total Prudential Financial, Inc. equity 28,434 25,814 27,820 27,209
Noncontrolling interests 1,021 1,133 1,443 1,661
Total equity 29,455 26,947 29,263 28,870
Total liabilities, mezzanine equity and equity 697,304 681,253 721,123 725,823
____________
(1) Includes (14) million and 181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of March 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
COMBINING BALANCE SHEETS
(in millions)
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 49,039 389,210 2,979 192,036 163,720 30,475
Deferred policy acquisition costs 165 20,448 — 11,622 9,252 (426)
Other assets 1,436 65,461 4,058 43,013 11,664 6,726
Separate account assets — 200,064 30,885 172,366 — (3,187)
Total assets 50,640 675,183 37,922 419,037 184,636 33,588
Liabilities:
Future policy benefits 43,243 229,547 — 113,418 107,201 8,928
Policyholders' account balances 4,464 147,346 — 90,837 52,055 4,454
Debt — 19,953 1,512 7,361 70 11,010
Other liabilities 4,471 47,321 2,266 22,060 7,660 15,335
Separate account liabilities — 200,064 30,885 172,366 — (3,187)
Total liabilities 52,178 644,231 34,663 406,042 166,986 36,540
Mezzanine Equity:
Redeemable noncontrolling interests — 544 388 — — 156
Total mezzanine equity — 544 388 — — 156
Equity:
Accumulated other comprehensive loss (150) (7,511) (130) (2,383) (2,463) (2,535)
Other equity (1) (1,399) 36,269 2,743 15,296 20,083 (1,853)
Total Prudential Financial, Inc. equity (1,549) 28,758 2,613 12,913 17,620 (4,388)
Noncontrolling interests 11 1,650 258 82 30 1,280
Total equity (1,538) 30,408 2,871 12,995 17,650 (3,108)
Total liabilities, mezzanine equity and equity 50,640 675,183 37,922 419,037 184,636 33,588
Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other
Assets:
Total investments 49,336 385,397 4,906 184,264 169,531 26,696
Deferred policy acquisition costs 168 20,688 — 11,757 9,351 (420)
Other assets 1,584 65,062 4,511 41,498 12,342 6,711
Separate account assets — 198,888 32,647 169,386 — (3,145)
Total assets 51,088 670,035 42,064 406,905 191,224 29,842
Liabilities:
Future policy benefits 43,587 229,694 — 107,007 113,501 9,186
Policyholders' account balances 4,500 142,518 — 85,983 51,941 4,594
Debt — 19,500 1,577 7,360 72 10,491
Other liabilities 4,539 48,110 3,095 21,668 8,267 15,080
Separate account liabilities — 198,888 32,647 169,386 — (3,145)
Total liabilities 52,626 638,710 37,319 391,404 173,781 36,206
Mezzanine Equity:
Redeemable noncontrolling interest — 524 524 — — —
Total mezzanine equity — 524 524 — — —
Equity:
Accumulated other comprehensive loss (144) (6,360) (86) (1,862) (1,922) (2,490)
Other equity (1) (1,405) 35,729 2,768 17,281 19,335 (3,655)
Total Prudential Financial, Inc. equity (1,549) 29,369 2,682 15,419 17,413 (6,145)
Noncontrolling interests 11 1,432 1,539 82 30 (219)
Total equity (1,538) 30,801 4,221 15,501 17,443 (6,364)
Total liabilities, mezzanine equity and equity 51,088 670,035 42,064 406,905 191,224 29,842
____________
(1) Corporate and Other includes (14) million and 181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of March 31, 2024 and December 31, 2023, respectively.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
As of December 31, 2023
Senior Debt
Long-term Debt Junior Subordinated Long-term Debt Total Debt Short-term Debt Long-term Debt Junior Subordinated Long-term Debt Total Debt
Borrowings by use of proceeds:
Capital Debt 4,867 8,582 13,449 — 4,869 8,094 12,963
Operating Debt 5,591 — 6,096 535 5,589 — 6,124
Limited recourse and non-recourse borrowing 328 — 408 83 330 — 413
Total Debt 10,786 8,582 19,953 618 10,788 8,094 19,500
As of December 31, 2023
The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt Prudential Financial, Inc. The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt
Borrowings by sources:
Capital Debt 347 41 13,449 12,573 346 44 12,963
Operating Debt 480 — 6,096 5,614 510 — 6,124
Limited recourse and non-recourse borrowing 127 281 408 — 130 283 413
Total Debt 954 322 19,953 18,187 986 327 19,500
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes 347 million of surplus notes as of March 31, 2024 and 346 million as of December 31, 2023.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - PGIM
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums — — — — — — — —
Policy charges and fee income — — — — — — — —
Net investment income 80 67 42 79 (43) 80 (43) -154%
Asset management fees, commissions and other income 818 782 934 836 1,033 818 1,033 26%
Total revenues 898 849 976 915 990 898 990 10%
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 27 29 28 29 24 27 24 -11%
Deferral of acquisition costs (1) — (1) — (1) (1) (1) —%
Amortization of acquisition costs 1 — — 1 1 1 1 —%
General and administrative expenses 720 641 738 713 797 720 797 11%
Total benefits and expenses 747 670 765 743 821 747 821 10%
Adjusted operating income before income taxes 151 179 211 172 169 151 169 12%
Total revenues 898 849 976 915 990 898 990 10%
Less: Passthrough distribution revenue 19 20 20 19 21 19 21 11%
Less: Revenue associated with consolidations 32 (25) 62 16 23 32 23 -28%
Total adjusted revenues (2) 847 854 894 880 946 847 946 12%
Adjusted operating margin (2)(3) 17.8 % 21.0 % 23.6 % 19.5 % 17.9 % 17.8 % 17.9 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 17.1%, 18.8%, 21.6%, 21.1%, and 16.8% for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2024 Year-to-date
2Q 3Q 4Q 1Q 2023 2024 % change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees 726 738 735 774 720 774 8%
Other related revenues (1) 58 71 66 93 52 93 79%
Service, distribution and other revenues 65 167 114 123 126 123 -2%
Total PGIM revenues 849 976 915 990 898 990 10%
Analysis of asset management fees by source:
Institutional customers 357 363 366 378 362 378 4%
Retail customers 253 261 257 276 243 276 14%
General account 116 114 112 120 115 120 4%
Total asset management fees 726 738 735 774 720 774 8%
Supplementary Assets Under Management Information (at fair market value) (in billions):
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers 443.5 67.5 35.1 2.1 616.6
Retail customers 140.9 2.3 0.9 71.6 345.4
General account 240.1 57.5 78.0 — 379.4
Total 824.5 127.3 114.0 73.7 1,341.4
Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total
Institutional customers 403.3 72.5 30.5 1.3 561.2
Retail customers 133.0 2.1 0.9 72.6 314.4
General account 261.4 55.1 73.9 — 394.2
Total 797.7 129.7 105.3 73.9 1,269.8
__________
(1) Other related revenues, net of related expenses are 56 million, 36 million, 37 million, 31 million, and 28 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.

All values are in US Dollars.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
2024 Year-to-date
2Q 3Q 4Q 1Q 2023 2024
Institutional Customers - Assets Under Management (at fair market value):
Beginning assets under management 540.2 536.7 528.6 562.7 528.9 562.7
Additions 18.9 14.4 20.5 45.2 13.9 45.2
Withdrawals (21.9) (18.2) (26.8) (19.1) (24.1) (19.1)
Net institutional additions (withdrawals), excluding money market activity (3.0) (3.8) (6.3) 26.1 (10.2) 26.1
Change in market value 3.5 (13.8) 36.7 3.2 17.2 3.2
Net money market flows (3.7) 0.1 (1.1) 0.2 3.2 0.2
Other (1) (0.3) 9.4 4.8 4.7 1.1 4.7
Ending assets under management 536.7 528.6 562.7 596.9 540.2 596.9
Affiliated institutional assets under management 20.0 19.0 19.9 19.7 21.0 19.7
Total assets managed for institutional customers at end of period 556.7 547.6 582.6 616.6 561.2 616.6
Retail Customers - Assets Under Management (at fair market value):
Beginning assets under management 201.4 209.4 203.1 215.5 191.7 215.5
Additions 12.6 11.9 14.8 15.7 12.6 15.7
Withdrawals (14.8) (13.8) (22.0) (15.2) (16.4) (15.2)
Net retail additions (withdrawals), excluding money market activity (2.2) (1.9) (7.2) 0.5 (3.8) 0.5
Change in market value 10.3 (4.7) 19.5 12.2 13.6 12.2
Net money market flows 0.2 0.7 0.3 0.3 0.4 0.3
Other (0.3) (0.4) (0.2) (0.4) (0.5) (0.4)
Ending assets under management 209.4 203.1 215.5 228.1 201.4 228.1
Affiliated retail assets under management 114.7 109.4 114.8 117.3 113.0 117.3
Total assets managed for retail customers at end of period 324.1 312.5 330.3 345.4 314.4 345.4
__________
(1) Other includes 9.5 billion related to the reinsurance of in-force structured settlement annuities business to Prismic Life Reinsurance, Ltd. in September 2023 and 5.8 billion related to the reinsurance of certain guaranteed universal life policies to Somerset Reinsurance Ltd. in March 2024, which were previously included in General Account assets under management.

All values are in US Dollars.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 5,268 3,098 550 3,505 11,869 5,268 11,869 125%
Policy charges and fee income 1,014 968 997 990 990 1,014 990 -2%
Net investment income 2,117 2,253 2,355 2,281 2,478 2,117 2,478 17%
Asset management fees, commissions and other income 676 699 637 698 629 676 629 -7%
Total revenues 9,075 7,018 4,539 7,474 15,966 9,075 15,966 76%
Benefits and expenses (1):
Insurance and annuity benefits 6,434 4,284 1,601 4,607 13,007 6,434 13,007 102%
Change in estimates of liability for future policy benefits 16 (134) 33 (29) (9) 16 (9) -156%
Interest credited to policyholders' account balances 507 523 540 550 560 507 560 10%
Interest expense 251 249 226 253 333 251 333 33%
Deferral of acquisition costs (274) (295) (307) (349) (370) (274) (370) -35%
Amortization of acquisition costs 212 205 204 209 212 212 212 —%
General and administrative expenses 1,169 1,230 1,154 1,245 1,394 1,169 1,394 19%
Total benefits and expenses 8,315 6,062 3,451 6,486 15,127 8,315 15,127 82%
Adjusted operating income before income taxes 760 956 1,088 988 839 760 839 10%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 3,785 1,561 (959) 2,041 10,325 3,785 10,325 173%
Policy charges and fee income 332 320 318 310 312 332 312 -6%
Net investment income 1,322 1,416 1,491 1,405 1,536 1,322 1,536 16%
Asset management fees, commissions and other income 545 559 524 577 579 545 579 6%
Total revenues 5,984 3,856 1,374 4,333 12,752 5,984 12,752 113%
Benefits and expenses (1):
Insurance and annuity benefits 4,383 2,312 (417) 2,615 10,898 4,383 10,898 149%
Change in estimates of liability for future policy benefits (42) (157) 31 (25) 11 (42) 11 126%
Interest credited to policyholders' account balances 240 255 270 277 314 240 314 31%
Interest expense 24 15 14 20 31 24 31 29%
Deferral of acquisition costs (99) (107) (117) (131) (169) (99) (169) -71%
Amortization of acquisition costs 97 89 89 90 95 97 95 -2%
General and administrative expenses 544 573 563 573 657 544 657 21%
Total benefits and expenses 5,147 2,980 433 3,419 11,837 5,147 11,837 130%
Adjusted operating income before income taxes 837 876 941 914 915 837 915 9%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 3,763 1,531 (979) 2,027 10,297 3,763 10,297 174%
Policy charges and fee income 8 8 10 7 6 8 6 -25%
Net investment income 1,004 1,072 1,098 1,006 1,092 1,004 1,092 9%
Asset management fees, commissions and other income 114 126 92 143 143 114 143 25%
Total revenues 4,889 2,737 221 3,183 11,538 4,889 11,538 136%
Benefits and expenses (1):
Insurance and annuity benefits 4,350 2,263 (438) 2,584 10,858 4,350 10,858 150%
Change in estimates of liability for future policy benefits (44) (156) 24 (25) (3) (44) (3) 93%
Interest credited to policyholders' account balances 125 144 146 137 154 125 154 23%
Interest expense 10 (4) (6) 1 17 10 17 70%
Deferral of acquisition costs (17) (16) (18) (24) (19) (17) (19) -12%
Amortization of acquisition costs 4 6 3 3 2 4 2 -50%
General and administrative expenses 65 72 71 75 88 65 88 35%
Total benefits and expenses 4,493 2,309 (218) 2,751 11,097 4,493 11,097 147%
Adjusted operating income before income taxes 396 428 439 432 441 396 441 11%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024
Beginning total account value 251,818 252,952 258,533 254,933 267,654 251,818 267,654
Additions 3,828 5,686 4,697 14,287 10,990 3,828 10,990
Withdrawals and benefits (5,474) (5,865) (7,781) (6,163) (6,417) (5,474) (6,417)
Net flows (1,646) (179) (3,084) 8,124 4,573 (1,646) 4,573
Change in market value, interest credited and interest income 1,823 2,456 878 2,565 2,655 1,823 2,655
Other (1) 957 3,304 (1,394) 2,032 (252) 957 (252)
Ending total account value, gross 252,952 258,533 254,933 267,654 274,630 252,952 274,630
Reinsurance ceded — — (9,273) (9,237) (9,179) — (9,179)
Ending total account value, net 252,952 258,533 245,660 258,417 265,451 252,952 265,451
Amounts included in ending total account value, net above:
Investment-only stable value wraps 68,170 67,335 65,497 64,098 62,842
International reinsurance (2) 84,137 90,612 88,253 102,544 102,049
Group annuities and other products 100,645 100,586 91,910 91,775 100,560
Ending total account value, net 252,952 258,533 245,660 258,417 265,451
__________
(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. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 22 30 20 14 28 22 28 27%
Policy charges and fee income 324 312 308 303 306 324 306 -6%
Net investment income 318 344 393 399 444 318 444 40%
Asset management fees, commissions and other income 431 433 432 434 436 431 436 1%
Total revenues 1,095 1,119 1,153 1,150 1,214 1,095 1,214 11%
Benefits and expenses (1):
Insurance and annuity benefits 33 49 21 31 40 33 40 21%
Change in estimates of liability for future policy benefits 2 (1) 7 — 14 2 14 600%
Interest credited to policyholders' account balances 115 111 124 140 160 115 160 39%
Interest expense 14 19 20 19 14 14 14 —%
Deferral of acquisition costs (82) (91) (99) (107) (150) (82) (150) -83%
Amortization of acquisition costs 93 83 86 87 93 93 93 —%
General and administrative expenses 479 501 492 498 569 479 569 19%
Total benefits and expenses 654 671 651 668 740 654 740 13%
Adjusted operating income before income taxes 441 448 502 482 474 441 474 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.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite 1,088 1,240 1,279 1,263 1,727 1,088 1,727
Investment Only VA (2) 32 36 48 35 28 32 28
Fixed 547 616 616 804 1,550 547 1,550
Total 1,667 1,892 1,943 2,102 3,305 1,667 3,305
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value 21,208 23,268 25,970 27,069 30,655 21,208 30,655
Sales 1,667 1,892 1,943 2,102 3,305 1,667 3,305
Full surrenders and death benefits (191) (223) (208) (239) (281) (191) (281)
Sales, net of full surrenders and death benefits 1,476 1,669 1,735 1,863 3,024 1,476 3,024
Partial withdrawals and other benefit payments (135) (131) (135) (170) (181) (135) (181)
Net flows 1,341 1,538 1,600 1,693 2,843 1,341 2,843
Change in market value, interest credited, and other 725 1,171 (494) 1,901 1,770 725 1,770
Policy charges (6) (7) (7) (8) (11) (6) (11)
Ending total account value, gross 23,268 25,970 27,069 30,655 35,257 23,268 35,257
Reinsurance ceded (1,079) (1,357) (1,552) (1,694) (1,986) (1,079) (1,986)
Ending total account value, net 22,189 24,613 25,517 28,961 33,271 22,189 33,271
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value 98,814 100,536 100,327 94,021 99,053 98,814 99,053
Sales 8 9 7 7 9 8 9
Full surrenders and death benefits (1,297) (1,428) (1,544) (1,636) (2,284) (1,297) (2,284)
Sales, net of full surrenders and death benefits (1,289) (1,419) (1,537) (1,629) (2,275) (1,289) (2,275)
Partial withdrawals and other benefit payments (985) (926) (927) (1,122) (1,109) (985) (1,109)
Net flows (2,274) (2,345) (2,464) (2,751) (3,384) (2,274) (3,384)
Change in market value and other 4,605 2,693 (3,298) 8,321 4,311 4,605 4,311
Policy charges (609) (557) (544) (538) (537) (609) (537)
Ending total account value, gross 100,536 100,327 94,021 99,053 99,443 100,536 99,443
Reinsurance ceded — (10,227) (9,432) (10,103) (9,702) — (9,702)
Ending total account value, net 100,536 90,100 84,589 88,950 89,741 100,536 89,741
__________
(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 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024
Account Values in General Account (1):
Beginning balance 22,063 23,948 26,455 27,613 30,844 22,063 30,844
Premiums and deposits 1,601 1,821 1,856 2,030 3,226 1,601 3,226
Full surrenders and death benefits (119) (118) (121) (155) (237) (119) (237)
Premiums and deposits net of full surrenders and death benefits 1,482 1,703 1,735 1,875 2,989 1,482 2,989
Partial withdrawals and other benefit payments (148) (149) (148) (191) (218) (148) (218)
Net flows 1,334 1,554 1,587 1,684 2,771 1,334 2,771
Change in market value, interest credited and other 582 1,181 (285) 1,189 1,513 582 1,513
Net transfers (to) from separate account (30) (227) (142) 360 15 (30) 15
Policy charges (1) (1) (2) (2) (3) (1) (3)
Ending balance, gross 23,948 26,455 27,613 30,844 35,140 23,948 35,140
Reinsurance ceded (1,079) (1,357) (1,552) (1,694) (1,986) (1,079) (1,986)
Ending balance, net 22,869 25,098 26,061 29,150 33,154 22,869 33,154
Account Values in Separate Account (1):
Beginning balance 97,959 99,856 99,842 93,477 98,864 97,959 98,864
Premiums and deposits 74 80 94 79 88 74 88
Full surrenders and death benefits (1,369) (1,533) (1,631) (1,720) (2,328) (1,369) (2,328)
Premiums and deposits net of full surrenders and death benefits (1,295) (1,453) (1,537) (1,641) (2,240) (1,295) (2,240)
Partial withdrawals and other benefit payments (972) (908) (914) (1,101) (1,072) (972) (1,072)
Net flows (2,267) (2,361) (2,451) (2,742) (3,312) (2,267) (3,312)
Change in market value, interest credited and other 4,748 2,683 (3,507) 9,033 4,568 4,748 4,568
Net transfers (to) from general account 30 227 142 (360) (15) 30 (15)
Policy charges (614) (563) (549) (544) (545) (614) (545)
Ending balance, gross 99,856 99,842 93,477 98,864 99,560 99,856 99,560
Reinsurance ceded — (10,227) (9,432) (10,103) (9,702) — (9,702)
Ending balance, net 99,856 89,615 84,045 88,761 89,858 99,856 89,858
__________
(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. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
2023 2024
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 70,701 70,816 66,563 70,093 70,679
Account Values with Auto-Rebalancing Feature - externally reinsured 2,493 2,468 2,269 2,315 2,254
Account Values without Auto-Rebalancing Feature 26,004 25,667 23,869 25,244 25,056
Total 99,198 98,951 92,701 97,652 97,989
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature 8,167 7,803 9,508 7,177 6,373
Net Amount at Risk without Auto-Rebalancing Feature 3,165 3,082 3,909 2,576 2,597
Total 11,332 10,885 13,417 9,753 8,970
__________
(1) At end of period.

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Table of Contents

Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 1,237 1,288 1,268 1,231 1,298 1,237 1,298 5%
Policy charges and fee income 181 161 163 169 175 181 175 -3%
Net investment income 126 128 130 128 136 126 136 8%
Asset management fees, commissions and other income 20 21 15 19 25 20 25 25%
Total revenues 1,564 1,598 1,576 1,547 1,634 1,564 1,634 4%
Benefits and expenses (1):
Insurance and annuity benefits 1,218 1,140 1,179 1,166 1,249 1,218 1,249 3%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 44 41 39 42 40 44 40 -9%
Interest expense 4 2 1 1 2 4 2 -50%
Deferral of acquisition costs — — (1) (2) (6) — (6) —%
Amortization of acquisition costs 1 2 1 5 1 1 1 —%
General and administrative expenses 272 274 268 269 303 272 303 11%
Total benefits and expenses 1,539 1,459 1,487 1,481 1,589 1,539 1,589 3%
Adjusted operating income before income taxes 25 139 89 66 45 25 45 80%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024
Annualized New Business Premiums:
Group life 162 32 61 41 189 162 189
Group disability 157 25 34 19 189 157 189
Total 319 57 95 60 378 319 378
Future Policy Benefits (1):
Group life 2,397 2,309 2,242 2,421 2,350
Group disability 3,141 3,144 3,175 3,178 3,240
Total 5,538 5,453 5,417 5,599 5,590
Policyholders' Account Balances (1):
Group life 5,480 5,385 5,250 5,229 4,889
Group disability 117 121 112 113 119
Total 5,597 5,506 5,362 5,342 5,008
Separate Account Liabilities (1):
Group life 24,661 23,747 22,864 25,021 25,265
Group Life Insurance:
Gross premiums, policy charges and fee income (2) 1,085 1,135 1,100 1,149 1,098 1,085 1,098
Earned premiums 892 937 900 873 903 892 903
Earned policy charges and fee income 158 137 138 144 150 158 150
Benefits ratio (3) 92.9 % 85.1 % 84.8 % 87.5 % 90.1 % 92.9 % 90.1 %
Administrative operating expense ratio 11.8 % 11.9 % 11.8 % 11.2 % 12.1 % 11.8 % 12.1 %
Persistency ratio 94.4 % 94.0 % 93.7 % 93.6 % 95.1 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2) 371 380 393 385 426 371 426
Earned premiums 345 351 368 358 395 345 395
Earned policy charges and fee income 23 24 25 25 25 23 25
Benefits ratio (3) 65.8 % 69.8 % 76.2 % 72.2 % 71.3 % 65.8 % 71.3 %
Administrative operating expense ratio 25.2 % 25.6 % 24.1 % 25.9 % 25.9 % 25.2 % 25.9 %
Persistency ratio 92.5 % 91.9 % 91.2 % 91.1 % 93.8 %
Total Group Insurance:
Benefits ratio (3) 85.9 % 81.1 % 82.4 % 83.3 % 84.7 % 85.9 % 84.7 %
Administrative operating expense ratio 15.2 % 15.4 % 15.1 % 14.9 % 16.0 % 15.2 % 16.0 %
Net face amount of policies in force (in billions) (4) 2,104 2,153 2,143 2,155 2,065
__________
(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 83.0%, 66.4%, and 78.7% for the three months ended June 30, 2023, respectively.
(4) At end of period; net of reinsurance.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 246 249 241 233 246 246 246 —%
Policy charges and fee income 501 487 516 511 503 501 503 —%
Net investment income 669 709 734 748 806 669 806 20%
Asset management fees, commissions and other income 111 119 98 102 25 111 25 -77%
Total revenues 1,527 1,564 1,589 1,594 1,580 1,527 1,580 3%
Benefits and expenses (1):
Insurance and annuity benefits 833 832 839 826 860 833 860 3%
Change in estimates of liability for future policy benefits 58 23 2 (4) (20) 58 (20) -134%
Interest credited to policyholders' account balances 223 227 231 231 206 223 206 -8%
Interest expense 223 232 211 232 300 223 300 35%
Deferral of acquisition costs (175) (188) (189) (216) (195) (175) (195) -11%
Amortization of acquisition costs 114 114 114 114 116 114 116 2%
General and administrative expenses 353 383 323 403 434 353 434 23%
Total benefits and expenses 1,629 1,623 1,531 1,586 1,701 1,629 1,701 4%
Adjusted operating income (loss) before income taxes (102) (59) 58 8 (121) (102) (121) -19%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life 23 31 33 33 31 23 31
Universal life 17 20 17 27 20 17 20
Variable life 109 146 136 145 116 109 116
Total 149 197 186 205 167 149 167
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors 33 38 35 38 35 33 35
Third party distribution 116 159 151 167 132 116 132
Total 149 197 186 205 167 149 167
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance 31,522 31,644 32,713 32,730 33,026 31,522 33,026
Premiums and deposits 636 577 587 675 634 636 634
Surrenders and withdrawals (455) (429) (417) (557) (436) (455) (436)
Net sales 181 148 170 118 198 181 198
Benefit payments (59) (45) (41) (43) (48) (59) (48)
Net flows 122 103 129 75 150 122 150
Interest credited and other 461 406 274 624 401 461 401
Net transfers from separate account 78 1,079 128 113 138 78 138
Policy charges (539) (519) (514) (516) (539) (539) (539)
Ending balance, gross 31,644 32,713 32,730 33,026 33,176 31,644 33,176
Reinsurance ceded — — — — (4,506) — (4,506)
Ending balance, net 31,644 32,713 32,730 33,026 28,670 31,644 28,670
Separate Account Liabilities:
Beginning balance 39,419 41,650 43,230 42,171 46,453 39,419 46,453
Premiums and deposits 709 865 739 836 794 709 794
Surrenders and withdrawals (224) (278) (212) (235) (293) (224) (293)
Net sales 485 587 527 601 501 485 501
Benefit payments (130) (91) (119) (126) (138) (130) (138)
Net flows 355 496 408 475 363 355 363
Change in market value, interest credited and other 2,286 2,489 (1,003) 4,262 3,796 2,286 3,796
Net transfers to general account (78) (1,079) (128) (113) (138) (78) (138)
Policy charges (332) (326) (336) (342) (346) (332) (346)
Ending balance 41,650 43,230 42,171 46,453 50,128 41,650 50,128
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life 295 294 293 290 286
Universal life 98 98 97 97 80
Variable life 148 150 150 154 158
Total 541 542 540 541 524
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 3,569 3,274 3,112 2,864 3,139 3,569 3,139 -12%
Policy charges and fee income 72 77 77 82 80 72 80 11%
Net investment income 1,285 1,321 1,316 1,367 1,412 1,285 1,412 10%
Asset management fees, commissions and other income 89 51 61 65 82 89 82 -8%
Total revenues 5,015 4,723 4,566 4,378 4,713 5,015 4,713 -6%
Benefits and expenses (1):
Insurance and annuity benefits 3,159 2,647 2,751 2,525 2,772 3,159 2,772 -12%
Change in estimates of liability for future policy benefits 6 293 16 49 24 6 24 300%
Interest credited to policyholders' account balances 215 226 239 263 279 215 279 30%
Interest expense 11 4 3 5 (1) 11 (1) -109%
Deferral of acquisition costs (313) (281) (292) (312) (293) (313) (293) 6%
Amortization of acquisition costs 151 159 156 156 159 151 159 5%
General and administrative expenses 946 891 882 944 877 946 877 -7%
Total benefits and expenses 4,175 3,939 3,755 3,630 3,817 4,175 3,817 -9%
Adjusted operating income before income taxes 840 784 811 748 896 840 896 7%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 1,934 1,693 1,665 1,511 1,818 1,934 1,818 -6%
Policy charges and fee income 48 48 48 52 47 48 47 -2%
Net investment income 573 586 584 608 629 573 629 10%
Asset management fees, commissions and other income 69 54 62 61 56 69 56 -19%
Total revenues 2,624 2,381 2,359 2,232 2,550 2,624 2,550 -3%
Benefits and expenses (1):
Insurance and annuity benefits 1,692 1,417 1,421 1,311 1,589 1,692 1,589 -6%
Change in estimates of liability for future policy benefits 2 69 11 23 13 2 13 550%
Interest credited to policyholders' account balances 57 57 61 68 69 57 69 21%
Interest expense 3 (1) (1) (4) (7) 3 (7) -333%
Deferral of acquisition costs (158) (142) (143) (144) (155) (158) (155) 2%
Amortization of acquisition costs 76 78 76 76 78 76 78 3%
General and administrative expenses 430 416 407 438 418 430 418 -3%
Total benefits and expenses 2,102 1,894 1,832 1,768 2,005 2,102 2,005 -5%
Adjusted operating income before income taxes 522 487 527 464 545 522 545 4%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums 1,635 1,581 1,447 1,353 1,321 1,635 1,321 -19%
Policy charges and fee income 24 29 29 30 33 24 33 38%
Net investment income 712 735 732 759 783 712 783 10%
Asset management fees, commissions and other income 20 (3) (1) 4 26 20 26 30%
Total revenues 2,391 2,342 2,207 2,146 2,163 2,391 2,163 -10%
Benefits and expenses (1):
Insurance and annuity benefits 1,467 1,230 1,330 1,214 1,183 1,467 1,183 -19%
Change in estimates of liability for future policy benefits 4 224 5 26 11 4 11 175%
Interest credited to policyholders' account balances 158 169 178 195 210 158 210 33%
Interest expense 8 5 4 9 6 8 6 -25%
Deferral of acquisition costs (155) (139) (149) (168) (138) (155) (138) 11%
Amortization of acquisition costs 75 81 80 80 81 75 81 8%
General and administrative expenses 516 475 475 506 459 516 459 -11%
Total benefits and expenses 2,073 2,045 1,923 1,862 1,812 2,073 1,812 -13%
Adjusted operating income before income taxes 318 297 284 284 351 318 351 10%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,735 1,463 1,422 1,266 1,584 1,735 1,584
Japan - Gibraltar Life 1,659 1,610 1,476 1,383 1,354 1,659 1,354
Emerging Markets 247 278 291 297 281 247 281
Total 3,641 3,351 3,189 2,946 3,219 3,641 3,219
Annualized new business premiums:
Japan - Prudential of Japan 196 158 143 182 196 196 196
Japan - Gibraltar Life 231 241 236 310 224 231 224
Emerging Markets 81 91 112 106 97 81 97
Total 508 490 491 598 517 508 517
Annualized new business premiums by distribution channel:
Life Planners 277 249 255 288 293 277 293
Gibraltar Life Consultants 128 144 131 139 105 128 105
Banks 55 51 68 82 59 55 59
Independent Agency 48 46 37 89 60 48 60
Total 508 490 491 598 517 508 517
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan 1,755 1,491 1,486 1,362 1,690 1,755 1,690
Japan - Gibraltar Life 1,681 1,650 1,548 1,464 1,454 1,681 1,454
Emerging Markets 219 236 243 252 235 219 235
Total 3,655 3,377 3,277 3,078 3,379 3,655 3,379
Annualized new business premiums:
Japan - Prudential of Japan 198 162 150 195 211 198 211
Japan - Gibraltar Life 232 243 241 314 229 232 229
Emerging Markets 67 73 88 86 80 67 80
Total 497 478 479 595 520 497 520
Annualized new business premiums by distribution channel:
Life Planners 265 235 238 281 291 265 291
Gibraltar Life Consultants 128 146 132 142 108 128 108
Banks 55 51 68 82 59 55 59
Independent Agency 49 46 41 90 62 49 62
Total 497 478 479 595 520 497 520
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
2023 2024
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 - Prudential of Japan 323 322 320 312 307
Japan - Gibraltar Life 293 291 288 285 281
Emerging Markets 40 41 43 44 42
Total 656 654 651 641 630
Number of individual policies in force at end of period (in thousands) (3):
Japan - Prudential of Japan 4,484 4,496 4,501 4,511 4,531
Japan - Gibraltar Life 6,681 6,650 6,626 6,594 6,552
Emerging Markets 742 754 769 789 765
Total 11,907 11,900 11,896 11,894 11,848
International life insurance individual policy persistency:
Life Planner:
13 months 92.4 % 92.2 % 92.2 % 92.0 % 91.4 %
25 months 84.7 % 84.0 % 83.2 % 83.1 % 82.6 %
Gibraltar Life (4):
13 months 95.2 % 95.0 % 94.8 % 94.3 % 94.8 %
25 months 90.1 % 89.2 % 88.7 % 88.0 % 88.3 %
Number of Life Planners at end of period:
Japan 4,454 4,317 4,337 4,310 4,339
All other countries 1,524 1,489 1,580 1,546 1,516
Total Life Planners 5,978 5,806 5,917 5,856 5,855
Gibraltar Life Consultants 6,689 6,648 6,736 6,808 6,792
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.
(4) Reflects business sold by Life Consultants and Independent Agents.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
2023 2024 Year-to-date
1Q 2Q 3Q 4Q 1Q 2023 2024 % change
Revenues (1):
Premiums (4) (4) (3) (5) (2) (4) (2) 50%
Policy charges and fee income (13) (13) (14) (13) (14) (13) (14) -8%
Net investment income 188 172 179 191 273 188 273 45%
Asset management fees, commissions and other income (177) (162) (199) (74) (227) (177) (227) -28%
Total revenues (6) (7) (37) 99 30 (6) 30 600%
Benefits and expenses (1):
Insurance and annuity benefits (5) — (4) (2) (5) (5) (5) —%
Change in estimates of liability for future policy benefits — — — — — — — —
Interest credited to policyholders' account balances 34 31 25 23 22 34 22 -35%
Interest expense 150 175 162 152 173 150 173 15%
Deferral of acquisition costs 19 30 24 24 17 19 17 -11%
Amortization of acquisition costs (9) (9) (9) (10) (10) (9) (10) -11%
General and administrative expenses 276 238 203 565 268 276 268 -3%
Total benefits and expenses 465 465 401 752 465 465 465 —%
Adjusted operating loss before income taxes (471) (472) (438) (653) (435) (471) (435) 8%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
March 31, 2024 December 31, 2023
Closed PFI Excluding Closed PFI Excluding
Total Block Funds Closed Block Division and Funds Withheld Total Block Funds Closed Block Division and Funds Withheld (2)
Portfolio Division Withheld (1) Amount % of Total Portfolio (2) Division Withheld (1)(2) Amount % of Total
242,724 20,184 7,922 214,618 58.3 % 241,222 20,483 3,270 217,469 58.9 %
75,083 9,891 2,608 62,584 17.0 % 74,542 10,003 2,678 61,861 16.7 %
9,806 849 4,577 4,380 1.2 % 8,785 887 2,944 4,954 1.3 %
3,359 — — 3,359 0.9 % 3,168 — — 3,168 0.9 %
6,661 1,818 5 4,838 1.3 % 7,634 1,970 — 5,664 1.5 %
58,624 7,681 73 50,870 13.8 % 58,786 7,769 23 50,994 13.8 %
9,907 3,441 — 6,466 1.8 % 10,047 3,479 — 6,568 1.8 %
21,693 4,432 1,093 16,168 4.3 % 19,454 4,513 1,007 13,934 3.8 %
5,941 743 106 5,092 1.4 % 4,992 232 51 4,709 1.3 %
433,798 49,039 16,384 368,375 100.0 % 428,630 49,336 9,973 369,321 100.0 %
4,451 — — 4,451 6,103 — — 6,103
438,249 49,039 16,384 372,826 434,733 49,336 9,973 375,424
Fixed Maturities by Credit Quality (4)(6): March 31, 2024 December 31, 2023
PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld (2)
Gross Gross Gross Gross
Amortized Unrealized Unrealized Allowance for Fair Amortized Unrealized Unrealized Allowance for Fair
Cost Gains Losses Credit Losses Value % of Total Cost Gains Losses Credit Losses Value % of Total
180,090 5,336 16,968 — 168,458 78.5 % 182,105 6,683 15,644 1 173,143 79.6 %
41,588 780 3,695 — 38,673 18.0 % 39,358 1,020 3,395 — 36,983 17.0 %
221,678 6,116 20,663 — 207,131 96.5 % 221,463 7,703 19,039 1 210,126 96.6 %
5,408 89 321 — 5,176 2.4 % 5,216 143 238 — 5,121 2.3 %
1,740 55 85 30 1,680 0.8 % 1,765 50 99 53 1,663 0.8 %
600 15 56 18 541 0.3 % 479 13 63 7 422 0.2 %
178 2 18 72 90 0.0 % 224 4 16 75 137 0.1 %
7,926 161 480 120 7,487 3.5 % 7,684 210 416 135 7,343 3.4 %
229,604 6,277 21,143 120 214,618 100.0 % 229,147 7,913 19,455 136 217,469 100.0 %
17,497 228 1,739 — 15,986 25.5 % 17,121 240 1,588 — 15,773 25.5 %
39,384 843 3,295 — 36,932 59.0 % 38,561 880 2,795 — 36,646 59.2 %
56,881 1,071 5,034 — 52,918 84.5 % 55,682 1,120 4,383 — 52,419 84.7 %
5,413 126 284 5 5,250 8.3 % 5,130 118 246 5 4,997 8.1 %
3,019 22 101 1 2,939 4.8 % 3,112 28 89 2 3,049 4.9 %
1,441 23 82 18 1,364 2.2 % 1,283 21 69 3 1,232 2.0 %
108 15 5 5 113 0.2 % 158 17 5 6 164 0.3 %
9,981 186 472 29 9,666 15.5 % 9,683 184 409 16 9,442 15.3 %
66,862 1,257 5,506 29 62,584 100.0 % 65,365 1,304 4,792 16 61,861 100.0 %
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Prior period amounts have been restated to conform to current period presentation.
(3) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(4) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(5) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(6) Excludes fixed maturity securities classified as trading.
(7) Reflects equivalent ratings for investments of the international operations. Includes, as of March 31, 2024 and December 31, 2023, 781 securities with amortized cost of 7,391 million (fair value 7,388 million) and 639 securities with amortized cost of 7,242 million (fair value 7,227 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

All values are in US Dollars.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
March 31, 2024 December 31, 2023
Amount % of Total Amount % of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value 108,625 67.5 % 113,737 68.2 %
Private, available-for-sale, at fair value 20,959 13.0 % 20,891 12.5 %
Fixed maturities, trading, at fair value 586 0.4 % 669 0.4 %
Assets supporting experience-rated contractholder liabilities, at fair value 3,359 2.1 % 3,168 1.9 %
Equity securities, at fair value 1,618 1.0 % 1,614 1.0 %
Commercial mortgage and other loans, at book value, net of allowance 17,102 10.6 % 17,980 10.8 %
Policy loans, at outstanding balance 2,644 1.6 % 2,670 1.6 %
Other invested assets (3) 5,861 3.6 % 5,617 3.4 %
Short-term investments, net of allowance 286 0.2 % 421 0.2 %
Total 161,040 100.0 % 166,767 100.0 %
March 31, 2024 December 31, 2023 (4)
Amount % of Total Amount % of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value 105,993 51.1 % 103,732 51.3 %
Private, available-for-sale, at fair value 41,625 20.1 % 40,970 20.2 %
Fixed maturities, trading, at fair value 3,794 1.8 % 4,285 2.1 %
Assets supporting experience-rated contractholder liabilities, at fair value — 0.0 % — 0.0 %
Equity securities, at fair value 3,220 1.6 % 4,050 2.0 %
Commercial mortgage and other loans, at book value, net of allowance 33,768 16.3 % 33,014 16.3 %
Policy loans, at outstanding balance 3,822 1.8 % 3,898 1.9 %
Other invested assets, net of allowance (3) 10,307 5.0 % 8,317 4.1 %
Short-term investments, net of allowance 4,806 2.3 % 4,288 2.1 %
Total 207,335 100.0 % 202,554 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(4) Prior period amounts have been restated to conform to current period presentation.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended March 31,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
General Account (4)
Fixed maturities (5) 4.12 % 3,068 179 3.93 % 2,992 (45)
Equity securities 2.32 % 30 — 2.12 % 26 —
Commercial mortgage and other loans 4.16 % 527 (42) 3.82 % 463 (16)
Policy loans 4.47 % 72 — 4.50 % 72 —
Short-term investments and cash equivalents 7.00 % 249 (2) 5.90 % 212 —
Gross investment income before investment expenses 4.20 % 3,946 135 3.97 % 3,765 (61)
Investment expenses -0.16 % (262) — -0.13 % (209) —
Subtotal 4.04 % 3,684 135 3.84 % 3,556 (61)
Other investments (5) 311 (376) 189 307
Investment results of other entities and operations (6) (31) (7) 85 (12)
Investment results of Funds Withheld (7) 286 65 9 —
Less: investment income related to adjusted operating income reconciling items (130) — (169) —
Total 4,120 (183) 3,670 234
________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties. assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(5) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(6) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(7) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

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Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended March 31,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)
Yield (1) Amount Yield (1) Amount
Japanese Insurance Operations:
Fixed maturities (2) 3.01 % 1,051 276 2.79 % 983 209
Equity securities 1.14 % 5 — 1.31 % 6 —
Commercial mortgage and other loans 3.76 % 164 (19) 3.60 % 161 (7)
Policy loans 3.79 % 25 — 3.86 % 25 —
Short-term investments and cash equivalents 6.14 % 25 (1) 3.61 % 18 —
Gross investment income before investment expenses 3.10 % 1,270 256 2.88 % 1,193 202
Investment expenses -0.12 % (80) — -0.13 % (83) —
Subtotal 2.98 % 1,190 256 2.75 % 1,110 202
Other investments (2) 144 (307) 55 261
Total 1,334 (51) 1,165 463
__________
(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 2024
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended March 31,
2024 2023
Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) (3)
Yield (2) Amount Yield (2)(3) Amount (3)
Excluding Funds Withheld and Japanese Insurance Operations (4):
Fixed maturities (5) 5.13 % 2,017 (97) 4.92 % 2,009 (254)
Equity securities 2.85 % 25 — 2.59 % 20 —
Commercial mortgage and other loans 4.36 % 363 (23) 3.95 % 302 (9)
Policy loans 4.93 % 47 — 4.95 % 47 —
Short-term investments and cash equivalents 7.08 % 224 (1) 6.13 % 194 —
Gross investment income before investment expenses 5.06 % 2,676 (121) 4.81 % 2,572 (263)
Investment expenses -0.19 % (182) — -0.12 % (126) —
Subtotal 4.87 % 2,494 (121) 4.69 % 2,446 (263)
Other investments (5) 167 (69) 134 46
Total 2,661 (190) 2,580 (217)
__________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(5) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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Table of Contents

Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended March 31, 2023
Reconciling Items Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — (1) 409 123 — — 15,537 8,833 — — — 406 124 — — 9,363
Policy charges and fee income 50 — (57) — 7 — — 1,056 1,073 37 — 24 — — — — 1,134
Net investment income (4) — — 514 134 — — 4,764 3,670 (5) — — 481 174 — — 4,320
Realized investment gains (losses), net (3) (85) — — (125) 4 — — (308) 137 105 — — (17) (8) — — 217
Asset management fees, commissions and other income 347 — — 164 246 (39) — 2,337 1,269 375 — — 101 210 (19) — 1,936
Change in value of market risk benefits, net of related hedging gains (losses) — 123 — — — — — 123 — — 75 — — — — — 75
Total revenues 308 123 (58) 962 514 (39) — 23,509 14,982 512 75 24 971 500 (19) — 17,045
Benefits and expenses:
Insurance and annuity benefits 50 — (1) 859 202 — — 16,884 9,588 (32) — 4 875 188 — — 10,623
Change in estimates of liability for future policy benefits 2 — (25) — (9) — — (17) 22 24 — (28) — 7 — — 25
Interest credited to policyholders' account balances 345 — — 30 47 — — 1,283 756 144 — — 30 51 — — 981
Interest expense — — — (1) 2 — — 530 439 — — — 1 1 — — 441
Deferral of acquisition costs — — — — (1) — — (648) (569) — — — — — — — (569)
Amortization of acquisition costs 8 — — 3 2 — — 375 355 7 — — 3 — — — 365
General and administrative expenses — — — 74 306 (12) 8 3,712 3,111 — — — 66 161 (14) 8 3,332
Total benefits and expenses 405 — (26) 965 549 (12) 8 22,119 13,702 143 — (24) 975 408 (14) 8 15,198
__________
(1) See page 38 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of (63) million for three months ended March 31, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of 262 million and certain derivatives of (16) million for three months ended March 31, 2024.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2023 Three Months Ended September 30, 2023
Reconciling Items Reconciling Items
Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums 6,368 — — — 430 111 — — 6,909 3,659 — — (1) 392 123 — — 4,173
Policy charges and fee income 1,032 46 — (5) — — — — 1,073 1,060 12 — 40 — — — — 1,112
Net investment income 3,813 (4) — — 499 168 — — 4,476 3,892 (5) — — 511 173 — — 4,571
Realized investment gains (losses), net 109 (911) — — (113) (23) — — (938) 47 (2,126) — — (231) (92) — — (2,402)
Asset management fees, commissions and other income 1,261 374 — — 139 198 (10) — 1,962 1,386 (277) — — (57) 119 (22) — 1,149
Change in value of market risk benefits, net of related hedging gains (losses) — — 16 — — — — — 16 — — (251) — — — — — (251)
Total revenues 12,583 (495) 16 (5) 955 454 (10) — 13,498 10,044 (2,396) (251) 39 615 323 (22) — 8,352
Benefits and expenses:
Insurance and annuity benefits 6,931 (42) — (1) 900 176 — — 7,964 4,348 91 — 4 515 202 — — 5,160
Change in estimates of liability for future policy benefits 159 8 — (1) — 89 — — 255 49 2 — (108) — 8 — — (49)
Interest credited to policyholders' account balances 780 289 — — 29 51 — — 1,149 804 (5) — — 30 43 — — 872
Interest expense 457 — — — — 2 — — 459 419 — — — (1) 3 — — 421
Deferral of acquisition costs (546) — — — — — — — (546) (576) — — — — — — — (576)
Amortization of acquisition costs 355 7 — — 4 — — — 366 351 7 — — 3 — — — 361
General and administrative expenses 3,000 — — — 70 137 16 7 3,230 2,977 — — — 66 180 (11) 9 3,221
Total benefits and expenses 11,136 262 — (2) 1,003 455 16 7 12,877 8,372 95 — (104) 613 436 (11) 9 9,410
__________
(1) See page 38 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Table of Contents

Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Reconciling Items
Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests Other adjustments (2) U.S. GAAP
Revenues:
Premiums — — 2 447 106 — — 6,919
Policy charges and fee income 142 — 7 — — — — 1,208
Net investment income (4) — — 468 116 — — 4,498
Realized investment gains (losses), net (3) (510) — — (19) 41 — — (492)
Asset management fees, commissions and other income 663 — — 229 348 (34) — 2,735
Change in value of market risk benefits, net of related hedging gains (losses) — 216 — — — — — 216
Total revenues 291 216 9 1,125 611 (34) — 15,084
Benefits and expenses:
Insurance and annuity benefits (122) — (9) 1,072 182 — — 8,253
Change in estimates of liability for future policy benefits 18 — 96 — (28) — — 106
Interest credited to policyholders' account balances 73 — — 29 43 — — 981
Interest expense — — — — 3 — — 442
Deferral of acquisition costs — — — — — — — (637)
Amortization of acquisition costs 8 — — 3 — — — 367
Goodwill impairment — — — — 177 — — 177
General and administrative expenses — — — 71 191 (8) 12 3,733
Total benefits and expenses (23) — 87 1,175 568 (8) 12 13,422
__________
(1) See page 38 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld assets not passed back to reinsurers of (77) million for three months ended December 31, 2023. Also includes changes in the value of the funds withheld embedded derivatives associated with available-for-sale securities of (503) million and certain derivatives of 35 million for three months ended December 31, 2023.

All values are in US Dollars.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2024
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments." A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.
Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income.
Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.
Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Gibraltar Life Consultants include production by captive agents associated with the Japan operation.
4. Assets Under Administration:
Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.
5. Assets Under Management:
Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.
6. Book value per share of Common Stock:
GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Table of Contents

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

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Table of Contents

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

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Table of Contents

Prudential Financial, Inc. image24.jpg
Quarterly Financial Supplement
First Quarter 2024
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of April 30, 2024
Standard & Fitch
A.M. Best* Poor's Moody's* Ratings*
The Prudential Insurance Company of America A+ AA- Aa3 AA-
PRUCO Life Insurance Company A+ AA- Aa3 AA-
PRUCO Life Insurance Company of New Jersey A+ AA- NR AA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NR A+ NR NR
Gibraltar Life Insurance Company, Ltd. NR A+ NR NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NR A+ NR NR
CREDIT RATINGS:
as of April 30, 2024
Prudential Financial, Inc.:
Short-Term Borrowings AMB-1 A-1 P-2 F1
Long-Term Senior Debt a- A A3 A-
Junior Subordinated Long-Term Debt bbb BBB+ Baa1 BBB
The Prudential Insurance Company of America:
Capital and surplus notes a A A2 A
Prudential Funding, LLC:
Short-Term Debt AMB-1 A-1+ P-1 F1+
Long-Term Senior Debt a+ AA- A1 NR
PRICOA Global Funding I:
Long-Term Senior Debt aa- AA- Aa3 AA-
* NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.
For more information, please visit our website at investor.prudential.com.

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