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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): October 15, 2026
___________________________
PRUDENTIAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
___________________________
New Jersey001-1670722-3703799
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, Par Value $.01PRUNew York Stock Exchange
5.950% Junior Subordinated NotesPRHNew York Stock Exchange
5.625% Junior Subordinated NotesPRSNew York Stock Exchange
4.125% Junior Subordinated NotesPFHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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



Item 2.02    Results of Operations and Financial Condition.

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

Item 7.01    Regulation FD Disclosure.

Prudential Financial, Inc. (the “Company”) is furnishing this Current Report to disclose (1) certain preliminary financial information regarding the quarter ended September 30, 2026, prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the period, scheduled for release on November 3, 2026; and (2) certain segment reporting changes relating to our International Businesses segment.

Preliminary Financial Information

Assets Under Management of the PGIM Segment
As of September 30, 2026, assets under management of the PGIM segment were $1.47 trillion.

Other Related Revenues, Net of Related Expenses, of the PGIM Segment
For the quarter ended September 30, 2026, PGIM’s other related revenues, net of related expenses, were approximately $20 million on an adjusted operating income basis(1). “Other related revenues” include incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations.

Alternative Investment Income of the General Account
For the quarter ended September 30, 2026, the alternative investment income of the Company’s General Account, excluding the Closed Block Division and Funds Withheld portfolios, (the “GA Portfolio”) is estimated to be approximately $15 - $35 million above the Company’s near-term expectations. “Alternative investment income” includes the adjusted operating income of the GA Portfolio’s interests in private equity, hedge fund and real estate-related investments, as well as real estate investments held through direct ownership, and excludes the results from those interests held by Divested Businesses and unaffiliated investors that have been consolidated on the Company’s balance sheet.

Prudential of Japan Matter
For the quarter ended September 30, 2026, the Prudential of Japan sales suspension resulted in an estimated reduction of approximately $140 million in the Japan Businesses’ pre-tax adjusted operating income, including one-time costs primarily related to Life Planner compensation, lost sales, and the impact of surrenders.

The preliminary financial information presented above for the quarter ended September 30, 2026, is estimated and unaudited and has been prepared in good faith on a basis consistent with prior periods based on information available to management as of the date hereof and constitute forward-looking statements; however, we have not completed our financial closing procedures for the quarter ended September 30, 2026, and our actual results could be materially different from these preliminary financial results.

Segment Reporting Changes Related to International Businesses Segment

In August 2026, the Company announced its intent to exit certain of its emerging markets businesses previously included within the International Businesses segment. As a result, effective in the third quarter of 2026, (i) the operating results of certain businesses, including its Brazil and Mexico operations, are reflected in Divested and Run-off Businesses included within Corporate and Other operations, and (ii) the former International Businesses segment has been renamed “Japan Businesses.” In connection with this change, the results of the Company’s indirect 40% ownership interest in Administradora de Fondos de Pensiones Habitat S.A., previously included within the International Businesses’ segment results, are now included within the Retirement segment results, reflecting the retirement-focused nature of this business. These changes are being applied retrospectively and do not have an impact on any of the Company’s previously issued Consolidated Financial Statements.

The Company furnishes herewith, as Exhibit 99.1, a revised version of the Quarterly Financial Supplement (unaudited) for second quarter 2026, previously disclosed on August 4, 2026, to provide investors with historical information reflecting these changes. The updates made for these revisions are highlighted in yellow throughout. The revised supplement does not reflect events occurring after the original filing thereof, nor does it modify or update disclosures in any way other than as noted within or as required to reflect the changes described above. The unaudited supplemental financial information furnished in Exhibit 99.1 has been prepared by, and is the responsibility of, the Company’s management. This information should be read together


with the consolidated financial statements and the related notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Quarterly Report on Form 10-Q, filed on August 5, 2026, and the Company’s other filings with the Securities and Exchange Commission. The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Additional materials related to the segment reporting changes discussed herein 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 “Sign Up for Email Alerts” at www.investor.prudential.com and following the instructions provided.

Certain of the statements included in this report, including those regarding our estimated financial results for the third quarter of 2026 discussed herein, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects”, “believes”, “anticipates”, “includes”, “plans”, “assumes”, “estimates”, “projects”, “intends”, “should”, “will”, “shall”, or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Factors that could cause estimated financial results for the third quarter of 2026 presented herein to differ from our actual results include the discovery of new or additional information that impacts accounting estimates, management’s judgment or valuation methodologies underlying these estimated results, and the completion of our financial and other closing procedures and the preparation of our unaudited condensed consolidated financial statements. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation.

(1) The Company analyzes the operating performance of each segment using pre-tax “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the following items: 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; divested and run-off businesses; equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests; and other adjustments. For more information about adjusted operating income, see the “Segment Information” Note to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.


Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.Description
104Cover 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: October 15, 2026
PRUDENTIAL FINANCIAL, INC.
By:/s/ Robert E. Boyle
Name: Robert E. Boyle
Title:   Senior Vice President and Principal Accounting Officer
 
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Exhibit 99.1
Prudential Financial, Inc. (PRU)
image39.jpg
As Adjusted for International Businesses Segment Reporting Changes
Quarterly Financial Supplement
Second Quarter 2026
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
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
TABLE OF CONTENTS
Page
ii
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
Segment Reporting Changes Related to International Businesses Segment
In August 2026, the Company announced its intent to exit certain of its Emerging Markets businesses previously included within the International Businesses segment.
As a result, effective in the third quarter of 2026, (i) the operating results of certain businesses, including its Brazil and Mexico operations, are reflected in Other Divested and Run-off Businesses included within Corporate and Other operations, and (ii) the former International Businesses segment has been renamed “Japan Businesses.” In connection with this change, the results of the Company’s indirect 40% ownership interest in Administradora de Fondos de Pensiones Habitat S.A. ("AFP Habitat"), previously included within the International Businesses’ segment results, are now included within the Retirement segment results.
The previously reported International Businesses and restated Japan Businesses Statements of Operation can be found on pages iv and v, respectively. The impact of the Emerging Market businesses, excluding AFP Habitat, on historical results, and the impact of AFP Habitat, now reflected in Retirement, can be found on pages vi and vii, respectively.
The updates made for these revisions are highlighted in yellow throughout Exhibit 99.1.
iii
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES (AS PREVIOUSLY REPORTED)
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums2,709 2,800 2,627 2,949 2,755 5,766 5,704 -1%
Policy charges and fee income92 96 104 117 114 180 231 28%
Net investment income1,451 1,540 1,569 1,607 1,643 2,920 3,250 11%
Asset management fees, commissions and other income147 159 116 114 179 271 293 8%
Total revenues4,399 4,595 4,416 4,787 4,691 9,137 9,478 4%
Benefits and expenses (1):
Insurance and annuity benefits2,446 2,559 2,428 2,667 2,368 5,235 5,035 -4%
Change in estimates of liability for future policy benefits32 (21)5 20 187 29 207 614%
Interest credited to policyholders' account balances369 390 402 414 425 716 839 17%
Interest expense1 2 1 3 6 — 9 —%
Deferral of acquisition costs(297)(308)(286)(263)(240)(603)(503)17%
Amortization of acquisition costs174 175 179 173 179 339 352 4%
Operating expenses467 466 499 563 535 903 1,098 22%
Variable expenses446 451 431 400 376 909 776 -15%
Total benefits and expenses3,638 3,714 3,659 3,977 3,836 7,528 7,813 4%
Adjusted operating income (loss) before income taxes761 881 757 810 855 1,609 1,665 3%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

iv
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - JAPAN BUSINESSES
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums2,370 2,452 2,246 2,571 2,332 5,142 4,903 -5%
Policy charges and fee income92 96 105 118 114 180 232 29%
Net investment income1,354 1,437 1,465 1,463 1,475 2,700 2,938 9%
Asset management fees, commissions and other income95 95 68 72 120 173 192 11%
Total revenues3,911 4,080 3,884 4,224 4,041 8,195 8,265 1%
Benefits and expenses (1):
Insurance and annuity benefits2,222 2,321 2,160 2,388 2,044 4,768 4,432 -7%
Change in estimates of liability for future policy benefits17 (19)6 22 200 19 222 1068%
Interest credited to policyholders' account balances369 390 402 414 425 716 839 17%
Interest expense(1)(1)(2)— 1 (5)1 120%
Deferral of acquisition costs(255)(261)(224)(218)(184)(525)(402)23%
Amortization of acquisition costs155 154 157 154 157 310 311 —%
Operating expenses395 394 409 487 457 772 944 22%
Variable expenses355 352 311 287 247 733 534 -27%
Total benefits and expenses3,257 3,330 3,219 3,534 3,347 6,788 6,881 1%
Adjusted operating income (loss) before income taxes654 750 665 690 694 1,407 1,384 -2%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

v
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - EMERGING MARKETS, EXCLUDING AFP HABITAT (as previously reported within the former International Businesses)
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums339 348 381 378 423 624 801 28%
Policy charges and fee income— — (1)(1)— — (1)—%
Net investment income97 103 104 144 168 220 312 42%
Asset management fees, commissions and other income22 26 26 20 17 45 37 -18%
Total revenues458 477 510 541 608 889 1,149 29%
Benefits and expenses (1):
Insurance and annuity benefits224 238 268 279 324 467 603 29%
Change in estimates of liability for future policy benefits15 (2)(1)(2)(13)10 (15)-250%
Interest credited to policyholders' account balances— — — — — — — —%
Interest expense2 3 3 3 5 5 8 60%
Deferral of acquisition costs(42)(47)(62)(45)(56)(78)(101)-29%
Amortization of acquisition costs19 21 22 19 22 29 41 41%
Operating expenses72 73 89 75 77 130 152 17%
Variable expenses91 99 120 113 129 176 242 38%
Total benefits and expenses381 385 439 442 488 739 930 26%
Adjusted operating income (loss) before income taxes77 92 71 99 120 150 219 46%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

vi
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - IMPACT OF INVESTMENT IN AFP HABITAT RECLASSIFIED TO RETIREMENT
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums— — — — — — — —%
Policy charges and fee income— — — — — — — —%
Net investment income— — — — — — — —%
Asset management fees, commissions and other income30 38 22 22 42 53 64 21%
Total revenues30 38 22 22 42 53 64 21%
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— — — — — — — —%
Deferral of acquisition costs— — — — — — — —%
Amortization of acquisition costs— — — — — — — —%
Operating expenses— (1)1 1 1 1 2 100%
Variable expenses— — — — — — — —%
Total benefits and expenses— (1)1 1 1 1 2 100%
Adjusted operating income (loss) before income taxes30 39 21 21 41 52 62 19%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

vii
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM229 244 249 190 294 385 484 26%
U.S. Businesses985 1,188 1,072 977 998 1,938 1,975 2%
Japan Businesses654 750 665 690 694 1,407 1,384 -2%
Corporate and Other(361)(353)(536)(347)(335)(776)(682)12%
Total adjusted operating income (loss) before income taxes1,507 1,829 1,450 1,510 1,651 2,954 3,161 7%
Income taxes, applicable to adjusted operating income 328 385 320 306 331 634 637 —%
After-tax adjusted operating income (loss)1,179 1,444 1,130 1,204 1,320 2,320 2,524 9%
Income (loss) attributable to Prudential Financial, Inc.533 1,431 905 597 985 1,240 1,582 28%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1)13.7 %16.6 %12.8 %13.7 %15.1 %13.5 %14.4 %
Return on Average Equity (based on net income (loss))7.1 %18.3 %11.2 %7.4 %12.4 %8.4 %9.9 %
Distributions to Shareholders
Dividends paid485 481 480 496 493 971 989 2%
Share repurchases250 250 250 250 250 500 500 —%
Total capital returned735 731 730 746 743 1,471 1,489 1%
Per Share Data
Net income (loss) - diluted1.48 4.01 2.55 1.68 2.80 3.44 4.48 30%
Adjusted Operating Income - diluted3.29 4.05 3.19 3.40 3.75 6.45 7.14 11%
Shareholder dividends1.35 1.35 1.35 1.40 1.40 2.70 2.80 4%
GAAP book value - diluted85.98 90.69 92.05 91.28 90.50 
Adjusted book value - diluted (2)96.41 99.25 100.17 99.79 100.91 
Shares Outstanding
Weighted average number of common shares - basic353.1 351.1 349.0 347.7 346.4 353.7 347.0 -2%
Weighted average number of common shares - diluted354.9 353.0 350.9 349.4 348.1 355.5 348.8 -2%
End of period common shares - basic351.9 349.9 347.9 347.3 345.2 
End of period common shares - diluted355.7 353.9 352.4 350.3 348.9 
__________
(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) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2026
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income (loss)3.29 4.05 3.19 3.40 3.75 6.45 7.14 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(1.33)(1.52)(0.83)(1.66)(1.88)(1.87)(3.53)
Change in value of market risk benefits, net of related hedging gains (losses)(1.20)0.92 (0.06)(0.84)(0.20)(2.19)(1.05)
Market experience updates0.12 (0.10)0.07 0.04 (0.06)0.23 (0.01)
Divested and Run-off Businesses:
Closed Block division(0.05)0.03 (0.11)(0.03)(0.03)(0.11)(0.07)
Other Divested and Run-off Businesses0.33 0.54 0.22 0.34 0.84 0.22 1.18 
Difference in earnings allocated to participating unvested share-based payment awards0.02 — 0.01 0.02 0.01 0.03 0.03 
Other adjustments (1)— — — (0.01)— 0.08 (0.01)
Total reconciling items, before income taxes(2.11)(0.13)(0.70)(2.14)(1.32)(3.61)(3.46)
Income taxes, not applicable to adjusted operating income(0.30)(0.09)(0.06)(0.42)(0.37)(0.60)(0.80)
Total reconciling items, after income taxes(1.81)(0.04)(0.64)(1.72)(0.95)(3.01)(2.66)
Net income (loss) attributable to Prudential Financial, Inc.1.48 4.01 2.55 1.68 2.80 3.44 4.48 
Weighted average number of outstanding common shares - basic353.1 351.1 349.0 347.7 346.4 353.7 347.0 
Weighted average number of outstanding common shares - diluted354.9 353.0 350.9 349.4 348.1 355.5 348.8 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.533 1,431 905 597 985 1,240 1,582 
Less: Earnings allocated to participating unvested share-based payment awards6 15 10 9 12 16 21 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation527 1,416 895 588 973 1,224 1,561 
After-tax adjusted operating income (loss)1,179 1,444 1,130 1,204 1,320 2,320 2,524 
Less: Earnings allocated to participating unvested share-based payment awards13 15 12 16 16 28 32 
After-tax adjusted operating income for earnings per share of Common Stock calculation1,166 1,429 1,118 1,188 1,304 2,292 2,492 
___________
(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.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20252026
2Q3Q4Q1Q2Q
Capitalization Data (1):
Senior debt:
Short-term debt1,373 1,386 1,443 946 955 
Long-term debt11,056 11,202 11,261 11,286 11,324 
Junior subordinated long-term debt7,595 7,595 7,595 7,596 8,339 
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period30,582 32,094 32,438 31,975 31,577 
Less: Accumulated other comprehensive income (AOCI)(3,921)(3,175)(3,077)(3,450)(4,060)
GAAP book value excluding AOCI (2)34,503 35,269 35,515 35,425 35,637 
Less: Cumulative change in fair value of funds withheld embedded derivatives (3)67 (47)(24)60 20 
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4)144 192 238 409 410 
Adjusted book value34,292 35,124 35,301 34,956 35,207 
Book Value per Share of Common Stock:
GAAP book value per common share - diluted85.98 90.69 92.05 91.28 90.50 
GAAP book value excluding AOCI per share - diluted (2)97.00 99.66 100.78 101.13 102.14 
Adjusted book value per common share - diluted96.41 99.25 100.17 99.79 100.91 
End of period number of common shares - diluted355.7 353.9 352.4 350.3 348.9 
Common Stock Price Range (based on closing price):
High112.71 109.89 117.60 118.72 109.20 
Low95.12 100.68 99.13 92.00 94.21 
Close107.44 103.74 112.88 97.69 107.93 
Common Stock market capitalization (1)37,808 36,299 39,271 33,928 37,257 
__________
(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.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
OPERATIONS HIGHLIGHTS
20252026
2Q3Q4Q1Q2Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers - Third Party647.6 654.9 652.0 638.8 663.0 
Retail customers - Third Party256.7 265.2 267.0 259.0 282.3 
Affiliated536.4 549.9 547.1 535.5 546.0 
Total PGIM1,440.7 1,470.0 1,466.1 1,433.3 1,491.3 
U.S. Businesses113.8 115.9 116.9 115.3 122.1 
Japan Businesses15.4 15.6 15.4 16.2 17.2 
Corporate and Other10.4 10.5 10.7 11.0 11.5 
Total assets under management1,580.3 1,612.0 1,609.1 1,575.8 1,642.1 
Assets under administration193.2 194.6 195.1 190.9 193.7 
Total assets under management and administration1,773.5 1,806.6 1,804.2 1,766.7 1,835.8 
Distribution Representatives (1):
Prudential Advisors2,985 3,034 3,061 3,112 3,159 
Life Planners4,285 4,282 4,283 4,243 4,068 
Life Consultants6,822 6,940 6,983 6,947 6,917 
__________
(1) As of end of period.
(2) At fair market value.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
COMBINED STATEMENTS OF OPERATIONS
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums6,093 8,349 6,668 7,467 5,910 12,261 13,377 9%
Policy charges and fee income1,070 1,126 1,107 1,108 1,139 2,178 2,247 3%
Net investment income4,503 4,769 4,843 4,864 4,984 8,899 9,848 11%
Asset management fees, commissions and other income1,391 1,498 1,431 1,246 1,522 2,708 2,768 2%
Total revenues13,057 15,742 14,049 14,685 13,555 26,046 28,240 8%
Benefits and expenses (1):
Insurance and annuity benefits6,977 9,251 7,684 8,439 6,676 14,083 15,115 7%
Change in estimates of liability for future policy benefits85 98 51 43 360 76 403 430%
Interest credited to policyholders' account balances1,135 1,215 1,271 1,304 1,380 2,218 2,684 21%
Interest expense525 529 529 536 535 1,044 1,071 3%
Deferral of acquisition costs(647)(652)(619)(579)(579)(1,295)(1,158)11%
Amortization of acquisition costs373 374 386 378 395 739 773 5%
Operating expenses1,645 1,566 1,791 1,658 1,714 3,213 3,372 5%
Variable expenses1,457 1,532 1,506 1,396 1,423 3,014 2,819 -6%
Total benefits and expenses11,550 13,913 12,599 13,175 11,904 23,092 25,079 9%
Adjusted operating income (loss) before income taxes1,507 1,829 1,450 1,510 1,651 2,954 3,161 7%
Income taxes, applicable to adjusted operating income328 385 320 306 331 634 637 —%
After-tax adjusted operating income1,179 1,444 1,130 1,204 1,320 2,320 2,524 9%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(473)(538)(290)(579)(654)(665)(1,233)-85%
Change in value of market risk benefits, net of related hedging gains (losses)(426)324 (22)(295)(71)(777)(366)53%
Market experience updates42 (36)23 15 (20)81 (5)-106%
Divested and Run-off Businesses:
Closed Block division(18)10 (38)(11)(12)(40)(23)43%
Other Divested and Run-off Businesses116 189 76 120 293 77 413 436%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests(7)5 16 (24)(8)3 (32)-1167%
Other adjustments (2)(1)(1)(1)(3)(1)27 (4)-115%
Total reconciling items, before income taxes(767)(47)(236)(777)(473)(1,294)(1,250)3%
Income taxes, not applicable to adjusted operating income(133)(3)(51)(177)(113)(232)(290)-25%
Total reconciling items, after income taxes(634)(44)(185)(600)(360)(1,062)(960)10%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities740 1,782 1,214 733 1,178 1,660 1,911 15%
Income tax expense (benefit)195 382 269 129 218 402 347 -14%
Income (loss) before equity in earnings of joint ventures and other operating entities545 1,400 945 604 960 1,258 1,564 24%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests(12)31 (40)(7)25 (18)18 200%
Income (loss) attributable to Prudential Financial, Inc.533 1,431 905 597 985 1,240 1,582 28%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests33 52 36 9 51 68 60 -12%
Net income (loss)566 1,483 941 606 1,036 1,308 1,642 26%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests33 52 36 9 51 68 60 -12%
Net income (loss) attributable to Prudential Financial, Inc.533 1,431 905 597 985 1,240 1,582 28%
____________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 32-35 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.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
CONSOLIDATED BALANCE SHEETS
(in millions)
06/30/202509/30/202512/31/202503/31/202606/30/2026
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value328,302 335,414 331,455 330,851 333,526 
Fixed maturities, trading, at fair value14,020 14,575 14,869 15,831 16,758 
Assets supporting experience-rated contractholder liabilities, at fair value4,282 4,648 4,842 4,781 5,405 
Equity securities, at fair value7,434 8,794 10,972 12,552 14,389 
Commercial mortgage and other loans62,966 64,813 64,715 65,412 65,985 
Policy loans9,946 9,951 9,958 9,988 9,984 
Other invested assets 27,256 27,665 27,294 27,792 28,574 
Short-term investments 6,375 6,248 6,414 6,917 7,216 
Total investments460,581 472,108 470,519 474,124 481,837 
Cash and cash equivalents16,638 17,469 19,712 15,936 15,162 
Accrued investment income3,560 3,581 3,636 3,633 3,758 
Deferred policy acquisition costs21,222 21,468 21,530 21,730 21,880 
Value of business acquired450 430 397 382 366 
Market risk benefit assets2,188 2,252 2,330 2,166 2,430 
Reinsurance recoverables and deposit receivables44,152 44,947 44,077 43,213 44,218 
Income tax assets839 240 279 — 37 
Other assets14,561 15,267 15,009 15,176 14,916 
Separate account assets194,761 198,540 196,251 189,036 198,950 
Total assets758,952 776,302 773,740 765,396 783,554 
Liabilities:
Future policy benefits270,133 272,553 266,914 262,470 260,944 
Policyholders' account balances180,931 188,657 191,307 192,131 202,223 
Market risk benefit liabilities4,859 4,771 4,623 5,000 4,731 
Reinsurance and funds withheld payables17,126 17,874 18,844 19,270 19,864 
Securities sold under agreements to repurchase8,205 9,937 9,598 10,975 10,069 
Cash collateral for loaned securities9,167 8,597 8,700 8,905 9,236 
Income tax liabilities— — — 255 — 
Short-term debt1,373 1,386 1,443 946 955 
Long-term debt18,651 18,797 18,856 18,882 19,663 
Other liabilities18,872 18,507 18,964 19,316 18,315 
Notes issued by consolidated variable interest entities1,758 1,868 2,659 3,283 4,017 
Separate account liabilities194,761 198,540 196,251 189,036 198,950 
Total liabilities725,836 741,487 738,159 730,469 748,967 
Mezzanine Equity:
Redeemable noncontrolling interests2,213 2,358 2,794 2,608 2,652 
Total mezzanine equity2,213 2,358 2,794 2,608 2,652 
Equity:
Accumulated other comprehensive income (loss)(3,921)(3,175)(3,077)(3,450)(4,060)
Other equity (1)34,503 35,269 35,515 35,425 35,637 
Total Prudential Financial, Inc. equity30,582 32,094 32,438 31,975 31,577 
Noncontrolling interests321 363 349 344 358 
Total equity30,903 32,457 32,787 32,319 31,935 
Total liabilities, mezzanine equity and equity758,952 776,302 773,740 765,396 783,554 
____________
(1) Includes $20 million, $60 million, $(24) million, $(47) million and $67 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
COMBINING BALANCE SHEETS
(in millions)
 As of June 30, 2026
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesJapan BusinessesCorporate and Other
Assets:
Total investments481,837 45,668 436,169 4,455 253,922 153,225 24,567 
Deferred policy acquisition costs21,880 138 21,742 — 12,661 8,885 196 
Other assets80,887 964 79,923 5,580 57,334 16,793 216 
Separate account assets198,950 — 198,950 29,673 173,344 — (4,067)
Total assets783,554 46,770 736,784 39,708 497,261 178,903 20,912 
Liabilities:
Future policy benefits260,944 40,582 220,362 — 120,130 86,802 13,430 
Policyholders' account balances202,223 4,212 198,011 — 134,265 63,558 188 
Debt 20,618 — 20,618 1,936 4,516 225 13,941 
Other liabilities66,232 3,563 62,669 3,944 46,162 9,229 3,334 
Separate account liabilities198,950 — 198,950 29,673 173,344 — (4,067)
Total liabilities748,967 48,357 700,610 35,553 478,417 159,814 26,826 
Mezzanine Equity:
Redeemable noncontrolling interests2,652 — 2,652 946 — — 1,706 
Total mezzanine equity2,652 — 2,652 946 — — 1,706 
Equity:
Accumulated other comprehensive income (loss)(4,060)(159)(3,901)(59)(1,296)783 (3,329)
Other equity (1)35,637 (1,439)37,076 3,096 20,063 18,279 (4,362)
Total Prudential Financial, Inc. equity31,577 (1,598)33,175 3,037 18,767 19,062 (7,691)
Noncontrolling interests358 11 347 172 77 27 71 
Total equity31,935 (1,587)33,522 3,209 18,844 19,089 (7,620)
Total liabilities, mezzanine equity and equity783,554 46,770 736,784 39,708 497,261 178,903 20,912 
 As of December 31, 2025
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesJapan BusinessesCorporate and Other
Assets:
Total investments470,519 46,523 423,996 3,652 238,445 154,757 27,142 
Deferred policy acquisition costs21,530 144 21,386 — 12,359 8,901 126 
Other assets85,440 1,428 84,012 6,173 57,527 17,712 2,600 
Separate account assets196,251 — 196,251 29,278 171,022 — (4,049)
Total assets773,740 48,095 725,645 39,103 479,353 181,370 25,819 
Liabilities:
Future policy benefits266,914 41,484 225,430 — 121,068 91,576 12,786 
Policyholders' account balances191,307 4,272 187,035 — 123,538 61,635 1,862 
Debt 20,299 — 20,299 2,070 4,619 211 13,399 
Other liabilities63,388 3,942 59,446 3,329 41,316 8,198 6,603 
Separate account liabilities196,251 — 196,251 29,278 171,022 — (4,049)
Total liabilities738,159 49,698 688,461 34,677 461,563 161,620 30,601 
Mezzanine Equity:
Redeemable noncontrolling interest2,794 — 2,794 1,175 — — 1,619 
Total mezzanine equity2,794 — 2,794 1,175 — — 1,619 
Equity:
Accumulated other comprehensive income (loss)(3,077)(155)(2,922)(50)(496)960 (3,336)
Other equity (1)35,515 (1,459)36,974 3,144 18,207 18,763 (3,140)
Total Prudential Financial, Inc. equity32,438 (1,614)34,052 3,094 17,711 19,723 (6,476)
Noncontrolling interests349 11 338 157 79 27 75 
Total equity32,787 (1,603)34,390 3,251 17,790 19,750 (6,401)
Total liabilities, mezzanine equity and equity773,740 48,095 725,645 39,103 479,353 181,370 25,819 
____________
(1) Includes $20 million and $(24) million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2026 and December 31, 2025, respectively.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
 As of June 30, 2026As of December 31, 2025
Senior DebtSenior Debt
Short-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal DebtShort-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal Debt
Borrowings by use of proceeds:
Capital Debt48 6,568 7,590 14,206 36 6,464 7,595 14,095 
Operating Debt875 4,361 749 5,985 1,374 4,359 — 5,733 
Limited recourse and non-recourse borrowing32 395 — 427 33 438 — 471 
Total Debt955 11,324 8,339 20,618 1,443 11,261 7,595 20,299 
 As of June 30, 2026As of December 31, 2025
Prudential Financial, Inc.The Prudential Insurance Company of America (1)Other AffiliatesTotal DebtPrudential Financial, Inc.The Prudential Insurance Company of America (1)Other AffiliatesTotal Debt
Borrowings by sources:
Capital Debt14,168 — 38 14,206 14,055 — 40 14,095 
Operating Debt5,135 850 — 5,985 4,884 849 — 5,733 
Limited recourse and non-recourse borrowing— 28 399 427 — 33 438 471 
Total Debt19,303 878 437 20,618 18,939 882 478 20,299 
__________
(1) Includes Prudential Funding, LLC.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - PGIM
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums— — — — — — — —
Policy charges and fee income— — — — — — — —
Net investment income59 54 48 34 73 79 107 35%
Asset management fees, commissions and other income984 1,041 1,060 1,006 1,034 1,949 2,040 5%
Total revenues1,043 1,095 1,108 1,040 1,107 2,028 2,147 6%
Benefits and expenses (1):
Insurance and annuity benefits— — — — — — — —
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances— — — — — — — —
Interest expense24 27 28 25 24 45 49 9%
Deferral of acquisition costs— — — — — — — —
Amortization of acquisition costs— — — — — — — —
Operating expenses477 503 489 525 469 981 994 1%
Variable expenses313 321 342 300 320 617 620 —%
Total benefits and expenses814 851 859 850 813 1,643 1,663 1%
Adjusted operating income (loss) before income taxes229 244 249 190 294 385 484 26%
Total revenues1,043 1,095 1,108 1,040 1,107 2,028 2,147 6%
Less: Passthrough distribution revenue20 21 21 20 20 41 40 -2%
Less: Revenue associated with consolidations50 45 42 23 44 68 67 -1%
Total adjusted revenues (2)973 1,029 1,045 997 1,043 1,919 2,040 6%
Adjusted operating margin (2)(3)23.5 %23.7 %23.8 %19.1 %28.2 %20.1 %23.7 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes pass-through distribution revenue, revenue attributable to consolidated entities and revenue associated with certain incentive fee-related compensation expense. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 26.8%, 18.3%, 22.5%, 22.3% and 22.0% for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and 22.7% and 19.0% for the six months ended June 30, 2026 and June 30, 2025, respectively.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
(in millions, or as otherwise noted)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Supplementary Revenue Information:
Analysis of revenues by type:
Asset management fees825 844 858 847 864 1,653 1,711 4%
Other related revenues (1)82 93 107 65 94 120 159 33%
Service, distribution and other revenues136 158 143 128 149 255 277 9%
Total PGIM revenues1,043 1,095 1,108 1,040 1,107 2,028 2,147 6%
Analysis of asset management fees by source:
Institutional customers - Third Party387 395 399 398 402 774 800 3%
Retail customers - Third Party219 231 236 216 224 444 440 -1%
Affiliated219 218 223 233 238 435 471 8%
Total asset management fees825 844 858 847 864 1,653 1,711 4%
Trailing twelve months net flows by source (in billions):
Institutional customers - Third Party10.2 12.7 6.1 0.1 0.6 
Retail customers - Third Party(1.5)(2.5)(4.0)(3.6)0.7 
Affiliated16.0 11.3 (1.6)(3.4)(7.0)
Total net flows24.7 21.5 0.5 (6.9)(5.7)
Trailing twelve months net flows by asset class (in billions):
Public equity(9.3)(15.2)(17.9)(22.6)(27.2)
Public credit23.0 26.9 22.3 21.5 28.8 
Private credit8.4 7.3 5.2 3.8 2.9 
Real estate2.8 1.7 4.3 3.6 3.8 
Multi-asset0.1 (0.1)(14.6)(14.2)(14.7)
Other alternatives(0.3)0.9 1.2 1.0 0.7 
Total net flows24.7 21.5 0.5 (6.9)(5.7)
Supplementary Assets Under Management Information (at fair market value) (in billions):
June 30, 2026
Public EquityPublic CreditPrivate CreditReal EstateMulti-AssetOther AlternativesTotal
Institutional customers - Third Party80.7 472.8 30.5 71.1 1.5 6.4 663.0 
Retail customers - Third Party107.4 172.2 0.1 — 2.3 0.3 282.3 
Affiliated42.7 276.2 89.1 64.6 72.4 1.0 546.0 
Total230.8 921.2 119.7 135.7 76.2 7.7 1,491.3 
June 30, 2025
Public EquityPublic CreditPrivate CreditReal EstateMulti-AssetOther AlternativesTotal
Institutional customers - Third Party81.2 461.5 28.3 69.2 1.4 6.0 647.6 
Retail customers - Third Party108.0 145.8 — 0.2 2.4 0.3 256.7 
Affiliated37.6 270.4 87.7 62.9 76.5 1.3 536.4 
Total226.8 877.7 116.0 132.3 80.3 7.6 1,440.7 
__________
(1) Other related revenues, net of related expenses are $57 million, $35 million, $57 million, $64 million and $49 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $92 million and $68 million for the six months ended June 30, 2026 and June 30, 2025, respectively.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026
Institutional Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management 620.2 647.6 654.9 652.0 638.8 601.1 652.0 
Additions22.1 18.8 20.6 24.7 22.3 45.9 47.0 
Withdrawals(19.5)(18.5)(25.0)(23.1)(19.2)(35.7)(42.3)
Net institutional additions (withdrawals), excluding realizations, distributions and money market activity2.6 0.3 (4.4)1.6 3.1 10.2 4.7 
Realizations and distributions (1)(2.3)(4.0)(3.1)(3.1)(1.9)(6.5)(5.0)
Change in market value24.0 15.6 4.1 (8.3)21.9 30.6 13.6 
Net money market flows0.8 (0.3)0.5 (3.7)1.3 2.5 (2.4)
Other (2)2.3 (4.3)— 0.3 (0.2)9.7 0.1 
Ending assets under management647.6 654.9 652.0 638.8 663.0 647.6 663.0 
Retail Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management240.6 256.7 265.2 267.0 259.0 244.9 267.0 
Additions16.0 16.2 21.5 21.6 19.9 33.7 41.5 
Withdrawals(18.8)(15.9)(22.8)(21.4)(18.4)(36.7)(39.8)
Net retail additions (withdrawals), excluding money market activity(2.8)0.3 (1.3)0.2 1.5 (3.0)1.7 
Change in market value18.6 9.2 2.7 (8.6)19.6 13.1 11.0 
Net money market flows0.5 0.7 0.7 1.1 2.4 2.3 3.5 
Other (2)(0.2)(1.7)(0.3)(0.7)(0.2)(0.6)(0.9)
Ending assets under management256.7 265.2 267.0 259.0 282.3 256.7 282.3 
Affiliated - Assets Under Management (at fair market value):
Beginning assets under management524.5 536.4 549.9 547.1 535.5 529.2 547.1 
Additions19.8 15.8 17.3 18.2 16.8 40.4 35.0 
Withdrawals(19.2)(14.0)(21.2)(20.1)(19.8)(39.9)(39.9)
Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity0.6 1.8 (3.9)(1.9)(3.0)0.5 (4.9)
Realizations and distributions (1)— (0.6)(0.1)(0.1)(0.1)(0.1)(0.2)
Change in market value10.9 13.2 2.8 (6.4)14.9 14.8 8.5 
Net money market flows(2.1)— 1.5 (2.5)(0.6)(7.4)(3.1)
Other (2)2.5 (0.9)(3.1)(0.7)(0.7)(0.6)(1.4)
Ending assets under management536.4 549.9 547.1 535.5 546.0 536.4 546.0 
__________
(1) Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations.
(2) In third quarter 2025, Prudential completed the sale of its ownership in the PGIM SITE business in Taiwan to E.SUN Financial Holding Co., Ltd. and the outflows of $4.0 billion and $1.4 billion are reflected in institutional and retail, respectively.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums3,724 5,897 4,401 4,894 3,575 7,122 8,469 19%
Policy charges and fee income993 1,046 1,016 1,006 1,041 2,028 2,047 1%
Net investment income2,760 2,948 2,982 3,066 3,091 5,460 6,157 13%
Asset management fees, commissions and other income561 590 570 506 547 1,157 1,053 -9%
Total revenues8,038 10,481 8,969 9,472 8,254 15,767 17,726 12%
Benefits and expenses (1):
Insurance and annuity benefits4,750 6,928 5,503 6,049 4,629 9,313 10,678 15%
Change in estimates of liability for future policy benefits68 117 45 21 160 57 181 218%
Interest credited to policyholders' account balances754 808 856 886 953 1,478 1,839 24%
Interest expense286 291 299 295 294 581 589 1%
Deferral of acquisition costs(431)(426)(432)(393)(428)(842)(821)2%
Amortization of acquisition costs233 234 244 241 255 460 496 8%
Operating expenses583 499 522 556 543 1,113 1,099 -1%
Variable expenses810 842 860 840 850 1,669 1,690 1%
Total benefits and expenses7,053 9,293 7,897 8,495 7,256 13,829 15,751 14%
Adjusted operating income (loss) before income taxes985 1,188 1,072 977 998 1,938 1,975 2%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums (2)2,127 4,290 2,832 3,245 1,952 3,873 5,197 34%
Policy charges and fee income25 31 28 31 33 55 64 16%
Net investment income1,819 1,963 1,998 2,085 2,096 3,577 4,181 17%
Asset management fees, commissions and other income135 159 151 118 134 289 252 -13%
Total revenues4,106 6,443 5,009 5,479 4,215 7,794 9,694 24%
Benefits and expenses (1):
Insurance and annuity benefits2,809 4,889 3,524 3,935 2,642 5,249 6,577 25%
Change in estimates of liability for future policy benefits123 112 53 25 153 98 178 82%
Interest credited to policyholders' account balances512 559 607 648 690 986 1,338 36%
Interest expense9 7 12 11 7 24 18 -25%
Deferral of acquisition costs(206)(181)(166)(174)(177)(414)(351)15%
Amortization of acquisition costs68 68 87 79 89 132 168 27%
Operating expenses138 137 135 146 146 276 292 6%
Variable expenses226 215 200 216 232 468 448 -4%
Total benefits and expenses3,679 5,806 4,452 4,886 3,782 6,819 8,668 27%
Adjusted operating income (loss) before income taxes427 637 557 593 433 975 1,026 5%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Includes pension risk transfer premiums of $0.2 billion, $1.4 billion, $1.0 billion, $2.4 billion and $0.2 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $1.6 billion and $0.2 billion for the six months ended June 30, 2026 and June 30, 2025, respectively.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026
Sales and Additions:
Retail annuities (1)3,135 3,377 3,574 3,284 3,585 6,608 6,869 
Longevity reinsurance (2)5,581 1,476 80 154 980 10,503 1,134 
Fee-based stable value1,048 551 1,086 1,113 915 2,129 2,028 
Pension risk transfer and other (3)2,225 4,326 2,520 2,818 1,367 3,273 4,185 
Total11,989 9,730 7,260 7,369 6,847 22,513 14,216 
Account Value:
Beginning account value, gross340,617 359,635 365,143 370,038 369,081 333,243 370,038 
Sales and additions 11,989 9,730 7,260 7,369 6,847 22,513 14,216 
Withdrawals and benefits (6,188)(7,223)(7,682)(8,057)(6,627)(13,480)(14,684)
Net flows5,801 2,507 (422)(688)220 9,033 (468)
Change in market value, interest credited and policy charges5,525 6,207 4,190 1,517 7,029 7,152 8,546 
Other (4)7,692 (3,206)1,127 (1,786)349 10,207 (1,437)
Ending account value, gross359,635 365,143 370,038 369,081 376,679 359,635 376,679 
Reinsurance ceded(11,579)(11,987)(12,888)(13,336)(13,949)(11,579)(13,949)
Ending account value, net348,056 353,156 357,150 355,745 362,730 348,056 362,730 
Amounts included in net flows above:
Retail annuities (1)2,472 2,614 2,785 2,429 2,629 5,295 5,058 
Longevity reinsurance (2)3,873 (311)(1,706)(1,664)(838)7,258 (2,502)
Fee-based stable value(25)(1,049)(1,191)(1,257)(99)(908)(1,356)
Pension risk transfer and other (3)(519)1,253 (310)(196)(1,472)(2,612)(1,668)
Total5,801 2,507 (422)(688)220 9,033 (468)
Amounts included in ending account value, net above:
Retail annuities (1)49,649 54,553 57,532 58,177 65,648 
Longevity reinsurance (2)125,534 122,682 123,120 120,015 120,662 
Fee-based stable value67,362 67,727 67,763 67,518 67,060 
Pension risk transfer and other (3)105,511 108,194 108,735 110,035 109,360 
Total348,056 353,156 357,150 355,745 362,730 
__________
(1) Primarily includes FlexGuard suite (Registered Index-Linked Annuities) and fixed annuity products.
(2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts.
(3) Includes spread-based stable value, structured settlements and funding agreement-backed notes.
(4) 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.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums1,349 1,353 1,321 1,390 1,360 2,745 2,750 —%
Policy charges and fee income184 183 164 186 178 381 364 -4%
Net investment income133 138 138 138 146 267 284 6%
Asset management fees, commissions and other income21 20 22 20 24 42 44 5%
Total revenues1,687 1,694 1,645 1,734 1,708 3,435 3,442 —%
Benefits and expenses (1):
Insurance and annuity benefits1,230 1,272 1,224 1,318 1,208 2,526 2,526 —%
Change in estimates of liability for future policy benefits— — — — (3)— (3)—
Interest credited to policyholders' account balances32 33 37 33 32 67 65 -3%
Interest expense5 7 4 5 4 10 9 -10%
Deferral of acquisition costs(4)— — — (25)(4)(25)-525%
Amortization of acquisition costs4 2 1 2 2 6 4 -33%
Operating expenses186 181 190 206 199 380 405 7%
Variable expenses109 109 112 132 136 236 268 14%
Total benefits and expenses1,562 1,604 1,568 1,696 1,553 3,221 3,249 1%
Adjusted operating income (loss) before income taxes125 90 77 38 155 214 193 -10%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026
Annualized New Business Premiums:
Group life35 36 29 211 17 260 228 
Group disability42 42 27 315 56 217 371 
Total77 78 56 526 73 477 599 
Future Policy Benefits (1):
Group life2,396 2,334 2,306 2,328 2,198 
Group disability3,316 3,345 3,398 3,472 3,529 
Total5,712 5,679 5,704 5,800 5,727 
Policyholders' Account Balances (1):
Group life4,460 4,503 4,732 4,493 4,618 
Group disability104 99 100 106 108 
Total4,564 4,602 4,832 4,599 4,726 
Separate Account Liabilities (1):
Group life 26,364 26,988 26,916 26,737 28,058 
Group Life Insurance:
Gross premiums, policy charges and fee income (2)1,195 1,155 1,159 1,141 1,209 2,391 2,350 
Earned premiums935 952 916 946 907 1,931 1,853 
Earned policy charges and fee income156 154 137 156 147 327 303 
Benefits ratio (3)83.1 %84.1 %81.3 %86.0 %81.2 %85.2 %83.6 %
Administrative expense ratio11.5 %10.5 %11.7 %11.5 %11.3 %11.1 %11.4 %
Persistency ratio96.8 %96.5 %96.1 %96.5 %96.3 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2)447 434 432 477 490 876 967 
Earned premiums414 401 405 444 453 814 897 
Earned policy charges and fee income28 29 27 30 31 54 61 
Benefits ratio (3)75.3 %79.7 %85.3 %78.4 %78.5 %70.6 %78.4 %
Administrative expense ratio24.8 %24.0 %24.9 %26.2 %23.8 %25.3 %25.0 %
Persistency ratio94.1 %92.9 %91.8 %94.2 %93.7 %
Total Group Insurance:
Benefits ratio (3)80.9 %82.8 %82.5 %83.7 %80.4 %81.1 %82.0 %
Administrative expense ratio15.2 %14.2 %15.5 %15.9 %15.1 %15.0 %15.5 %
Net face amount of policies in force (in billions) (4)2,1182,1182,1172,0592,108
__________
(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 76.2%, 82.7% and 78.3% for the three months ended June 30, 2026, respectively, and 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively.
(4) At end of period; net of reinsurance.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums232 236 231 234 232 469 466 -1%
Policy charges and fee income354 454 445 431 460 784 891 14%
Net investment income348 371 358 368 377 708 745 5%
Asset management fees, commissions and other income80 82 90 88 92 164 180 10%
Total revenues1,014 1,143 1,124 1,121 1,161 2,125 2,282 7%
Benefits and expenses (1):
Insurance and annuity benefits427 482 422 462 457 949 919 -3%
Change in estimates of liability for future policy benefits(38)(5)(3)(8)(7)(31)(15)52%
Interest credited to policyholders' account balances143 153 149 147 163 289 310 7%
Interest expense102 104 105 105 104 213 209 -2%
Deferral of acquisition costs(209)(236)(250)(216)(222)(399)(438)-10%
Amortization of acquisition costs104 105 106 108 111 210 219 4%
Operating expenses156 105 104 115 110 265 225 -15%
Variable expenses247 282 305 269 269 495 538 9%
Total benefits and expenses932 990 938 982 985 1,991 1,967 -1%
Adjusted operating income (loss) before income taxes82 153 186 139 176 134 315 135%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life39 37 36 38 42 71 80 
Universal life18 24 21 17 20 36 37 
Variable life160 186 201 196 175 314 371 
Total 217 247 258 251 237 421 488 
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors43 48 49 44 50 81 94 
Third party distribution174 199 209 207 187 340 394 
Total217 247 258 251 237 421 488 
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning account balance19,289 19,679 19,940 20,118 20,238 19,161 20,118 
Premiums and deposits346 349 361 392 348 693 740 
Surrenders and withdrawals(467)(419)(557)(460)(454)(884)(914)
Net sales (redemptions)(121)(70)(196)(68)(106)(191)(174)
Benefit payments(27)(31)53 (19)(20)(58)(39)
Net flows(148)(101)(143)(87)(126)(249)(213)
Interest credited and other508 304 179 131 593 732 724 
Net transfers (to) from separate account168 193 288 219 242 313 461 
Policy charges(138)(135)(146)(143)(140)(278)(283)
Ending account balance19,679 19,940 20,118 20,238 20,807 19,679 20,807 
Separate Account Liabilities:
Beginning account balance53,323 57,995 61,376 62,594 60,704 54,803 62,594 
Premiums and deposits1,084 1,117 1,293 1,177 1,115 2,047 2,292 
Surrenders and withdrawals(315)(442)(558)(349)(424)(641)(773)
Net sales (redemptions)769 675 735 828 691 1,406 1,519 
Benefit payments(165)(170)(244)(288)(98)(349)(386)
Net flows604 505 491 540 593 1,057 1,133 
Change in market value, interest credited and other 4,608 3,450 1,398 (1,825)6,935 3,194 5,110 
Net transfers (to) from general account(168)(193)(288)(219)(242)(313)(461)
Policy charges (372)(381)(383)(386)(390)(746)(776)
Ending account balance57,995 61,376 62,594 60,704 67,600 57,995 67,600 
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life284 282 284 289 293 
Universal life25 25 25 25 25 
Variable life170 174 176 177 182 
Total479 481 485 491 500 
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums16 18 17 25 31 35 56 60%
Policy charges and fee income430 378 379 358 370 808 728 -10%
Net investment income460 476 488 475 472 908 947 4%
Asset management fees, commissions and other income325 329 307 280 297 662 577 -13%
Total revenues1,231 1,201 1,191 1,138 1,170 2,413 2,308 -4%
Benefits and expenses (1):
Insurance and annuity benefits284 285 333 334 322 589 656 11%
Change in estimates of liability for future policy benefits(17)10 (5)4 17 (10)21 310%
Interest credited to policyholders' account balances67 63 63 58 68 136 126 -7%
Interest expense170 173 178 174 179 334 353 6%
Deferral of acquisition costs(12)(9)(16)(3)(4)(25)(7)72%
Amortization of acquisition costs57 59 50 52 53 112 105 -6%
Operating expenses103 76 93 89 88 192 177 -8%
Variable expenses228 236 243 223 213 470 436 -7%
Total benefits and expenses880 893 939 931 936 1,798 1,867 4%
Adjusted operating income (loss) before income taxes351 308 252 207 234 615 441 -28%
__________
(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. Revenues and Benefits and expenses exclude market experience updates.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026
Annuities Account Value (1):
Beginning account value, gross89,139 90,263 90,034 87,203 81,636 93,598 87,203 
Premiums and deposits (2)8 4 6 5 5 14 10 
Full surrenders and death benefits(2,170)(2,633)(2,576)(2,425)(2,613)(4,647)(5,038)
Premiums and deposits net of full surrenders and death benefits(2,162)(2,629)(2,570)(2,420)(2,608)(4,633)(5,028)
Partial withdrawals and other benefit payments(1,036)(1,049)(1,228)(1,131)(934)(2,217)(2,065)
Net flows(3,198)(3,678)(3,798)(3,551)(3,542)(6,850)(7,093)
Change in market value interest credited and other4,802 3,935 1,433 (1,583)5,787 4,470 4,204 
Policy charges(480)(486)(466)(433)(426)(955)(859)
Ending account value, gross90,263 90,034 87,203 81,636 83,455 90,263 83,455 
Reinsurance ceded(8,393)(8,315)(7,954)(7,575)(7,361)(8,393)(7,361)
Ending account value, net81,870 81,719 79,249 74,061 76,094 81,870 76,094 
Guaranteed Universal Life Policyholders' Account Balances (3):
Beginning account balance, gross14,655 14,685 14,720 14,897 14,921 14,611 14,897 
Premiums and deposits (2)342 338 479 331 316 692 647 
Surrenders and withdrawals(26)(26)(29)(24)(26)(58)(50)
Net premiums (redemptions)316 312 450 307 290 634 597 
Benefit payments(44)(29)(24)(31)(31)(74)(62)
Net flows272 283 426 276 259 560 535 
Interest credited and other139 140 140 131 137 280 268 
Policy charges(381)(388)(389)(383)(381)(766)(764)
Ending account balance, gross14,685 14,720 14,897 14,921 14,936 14,685 14,936 
Reinsurance ceded(9,043)(9,077)(9,244)(9,273)(9,291)(9,043)(9,291)
Ending account balance, net5,642 5,643 5,653 5,648 5,645 5,642 5,645 
Net Face Amount In Force (in billions) (4):
Guaranteed Universal Life37 37 37 37 37 
__________
(1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts.
(2) Represents renewal premiums or additional deposits on existing policies/contracts.
(3) Includes fixed rate funds and deferred revenues on guaranteed universal life products.
(4) At end of period; net of reinsurance.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
U.S. BUSINESSES - U.S. LEGACY PRODUCTS - MARKET RISK BENEFIT FEATURES
(in millions)
20252026
2Q3Q4Q1Q2Q
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 Prudential62,634 62,435 60,554 56,589 58,028 
Account Values with Auto-Rebalancing Feature - externally reinsured1,758 1,713 1,628 1,493 1,495 
Account Values without Auto-Rebalancing Feature21,733 21,711 20,937 19,584 19,867 
Total86,125 85,859 83,119 77,666 79,390 
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature6,104 5,575 5,558 6,252 5,325 
Net Amount at Risk without Auto-Rebalancing Feature2,632 2,421 2,517 2,750 2,588 
Total8,736 7,996 8,075 9,002 7,913 
__________
(1) At end of period.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - JAPAN BUSINESSES
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums2,370 2,452 2,246 2,571 2,332 5,142 4,903 -5%
Policy charges and fee income92 96 105 118 114 180 232 29%
Net investment income1,354 1,437 1,465 1,463 1,475 2,700 2,938 9%
Asset management fees, commissions and other income95 95 68 72 120 173 192 11%
Total revenues3,911 4,080 3,884 4,224 4,041 8,195 8,265 1%
Benefits and expenses (1):
Insurance and annuity benefits2,222 2,321 2,160 2,388 2,044 4,768 4,432 -7%
Change in estimates of liability for future policy benefits17 (19)6 22 200 19 222 1068%
Interest credited to policyholders' account balances369 390 402 414 425 716 839 17%
Interest expense(1)(1)(2)— 1 (5)1 120%
Deferral of acquisition costs(255)(261)(224)(218)(184)(525)(402)23%
Amortization of acquisition costs155 154 157 154 157 310 311 —%
Operating expenses395 394 409 487 457 772 944 22%
Variable expenses355 352 311 287 247 733 534 -27%
Total benefits and expenses3,257 3,330 3,219 3,534 3,347 6,788 6,881 1%
Adjusted operating income (loss) before income taxes654 750 665 690 694 1,407 1,384 -2%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
JAPAN BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026
Actual exchange rate basis (1):
Net premiums, policy charges and fee income2,462 2,548 2,351 2,689 2,446 5,322 5,135 
Annualized new business premiums453 453 410 328 258 931 586 
Annualized new business premiums by distribution channel:
Life Planners172 173 173 101 22 387 123 
Life Consultants 150 138 110 105 109 280 214 
Banks 68 82 67 57 48 140 105 
Independent Agency and Other63 60 60 65 79 124 144 
Total 453 453 410 328 258 931 586 
Constant exchange rate basis (2):
Net premiums, policy charges and fee income2,439 2,550 2,395 2,770 2,533 5,352 5,303 
Annualized new business premiums450 454 417 335 262 933 597 
Annualized new business premiums by distribution channel:
Life Planners169 174 178 106 22 389 128 
Life Consultants 150 138 111 107 110 281 217 
Banks 69 82 67 57 49 140 106 
Independent Agency and Other62 60 61 65 81 123 146 
Total 450 454 417 335 262 933 597 
__________
(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 147 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.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
JAPAN BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
20252026
2Q3Q4Q1Q2Q
Face amount of individual policies in force at end of period (in billions) (1)(2)
(Constant exchange rate basis)517 515 512 506 501 
Policyholder Account Balances at end of period (in millions) (1)(2)
(Constant exchange rate basis)51,350 53,300 54,748 55,483 56,890 
Number of individual policies in force at end of period (in thousands) (3)11,116 11,142 11,136 11,045 10,945 
Life insurance individual policy persistency:
13 months94.5 %95.5 %95.9 %95.8 %95.7 %
25 months85.1 %85.0 %86.1 %87.7 %88.9 %
Number of Life Planners at end of period4,285 4,282 4,283 4,243 4,068 
Number of Life Consultants at end of period6,822 6,940 6,983 6,947 6,917 
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
20252026Year-to-date
2Q3Q4Q1Q2Q20252026% change
Revenues (1):
Premiums(1)— 21 2 3 (3)5 267%
Policy charges and fee income(15)(16)(14)(16)(16)(30)(32)-7%
Net investment income330 330 348 301 345 660 646 -2%
Asset management fees, commissions and other income(249)(228)(267)(338)(179)(571)(517)9%
Total revenues65 86 88 (51)153 56 102 82%
Benefits and expenses (1):
Insurance and annuity benefits5 2 21 2 3 2 5 150%
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances12 17 13 4 2 24 6 -75%
Interest expense216 212 204 216 216 423 432 2%
Deferral of acquisition costs39 35 37 32 33 72 65 -10%
Amortization of acquisition costs(15)(14)(15)(17)(17)(31)(34)-10%
Operating expenses190 170 371 90 245 347 335 -3%
Variable expenses(21)17 (7)(31)6 (5)(25)-400%
Total benefits and expenses426 439 624 296 488 832 784 -6%
Adjusted operating income (loss) before income taxes(361)(353)(536)(347)(335)(776)(682)12%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
June 30, 2026December 31, 2025
Total PortfolioClosed Block DivisionFunds Withheld (1)PFI Excluding Closed Block Division and Funds WithheldTotal PortfolioClosed Block DivisionFunds Withheld (1)PFI Excluding Closed Block Division and Funds Withheld
Amount% of TotalAmount% of Total
Fixed maturities:
Public, available-for-sale, at fair value239,451 17,934 4,714 216,803 52.8 %238,205 18,833 4,576 214,796 53.6 %
Private, available-for-sale, at fair value93,913 10,018 2,087 81,808 19.9 %92,900 10,049 2,217 80,634 20.2 %
Fixed maturities, trading, at fair value15,429 550 9,945 4,934 1.2 %14,448 581 9,049 4,818 1.2 %
Assets supporting experience-rated contractholder liabilities, at fair value5,405 — — 5,405 1.3 %4,842 — — 4,842 1.2 %
Equity securities, at fair value13,900 1,631 58 12,211 3.0 %10,515 1,593 — 8,922 2.2 %
Commercial mortgage and other loans, at book value, net of allowance65,301 7,475 368 57,458 14.0 %63,921 7,463 263 56,195 14.0 %
Policy loans, at outstanding balance9,984 3,157 — 6,827 1.7 %9,958 3,217 — 6,741 1.7 %
Other invested assets, net of allowance (2)25,220 4,621 2,049 18,550 4.5 %24,066 4,532 1,850 17,684 4.4 %
Short-term investments, net of allowance7,214 282 115 6,817 1.6 %6,404 255 71 6,078 1.5 %
Subtotal (3)475,817 45,668 19,336 410,813 100.0 %465,259 46,523 18,026 400,710 100.0 %
Invested assets of other entities and operations (4)6,020 — — 6,020 5,260 — — 5,260 
Total investments481,837 45,668 19,336 416,833 470,519 46,523 18,026 405,970 
Fixed Maturities by Credit Quality (3)(5):June 30, 2026December 31, 2025
PFI Excluding Closed Block Division and Funds WithheldPFI Excluding Closed Block Division and Funds Withheld
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value% of TotalAmortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value% of Total
Public Fixed Maturities:
  NAIC Rating (6)
1186,020 1,728 25,045 — 162,703 75.1 %184,052 2,585 23,277 — 163,360 76.1 %
249,396 621 3,161 2 46,854 21.6 %46,660 907 2,952 — 44,615 20.8 %
                     Subtotal - High or Highest Quality Securities235,416 2,349 28,206 2 209,557 96.7 %230,712 3,492 26,229 — 207,975 96.9 %
36,333 67 741 — 5,659 2.6 %5,605 86 540 — 5,151 2.4 %
41,116 32 15 — 1,133 0.5 %1,105 44 9 — 1,140 0.5 %
5436 12 13 22 413 0.2 %480 16 25 7 464 0.2 %
659 6 1 23 41 0.0 %87 6 5 22 66 0.0 %
                     Subtotal - Other Securities7,944 117 770 45 7,246 3.3 %7,277 152 579 29 6,821 3.1 %
                         Total243,360 2,466 28,976 47 216,803 100.0 %237,989 3,644 26,808 29 214,796 100.0 %
Private Fixed Maturities:
  NAIC Rating (6)
122,032 241 1,599 — 20,674 25.3 %21,362 336 1,431 — 20,267 25.1 %
249,648 1,257 2,295 — 48,610 59.4 %47,978 1,777 1,961 — 47,794 59.3 %
                     Subtotal - High or Highest Quality Securities71,680 1,498 3,894 — 69,284 84.7 %69,340 2,113 3,392 — 68,061 84.4 %
37,644 285 148 45 7,736 9.5 %7,581 390 116 19 7,836 9.7 %
43,992 34 91 — 3,935 4.8 %3,343 54 52 22 3,323 4.1 %
5696 15 21 34 656 0.8 %1,228 22 20 44 1,186 1.5 %
6197 33 4 29 197 0.2 %244 29 6 39 228 0.3 %
                     Subtotal - Other Securities12,529 367 264 108 12,524 15.3 %12,396 495 194 124 12,573 15.6 %
                         Total84,209 1,865 4,158 108 81,808 100.0 %81,736 2,608 3,586 124 80,634 100.0 %
_____________
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(5) Excludes fixed maturity securities classified as trading.
(6) Reflects equivalent ratings for investments of the international operations. Includes, as of June 30, 2026 and December 31, 2025, 2,018 securities with amortized cost of $10,759 million (fair value $10,766 million) and 1,482 securities with amortized cost of $9,683 million (fair value $9,598 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
June 30, 2026December 31, 2025
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value100,483 65.1 %102,061 65.4 %
Private, available-for-sale, at fair value20,540 13.3 %21,284 13.6 %
Fixed maturities, trading, at fair value 718 0.5 %551 0.3 %
Assets supporting experience-rated contractholder liabilities, at fair value5,405 3.5 %4,842 3.1 %
Equity securities, at fair value 1,610 1.0 %1,652 1.1 %
Commercial mortgage and other loans, at book value, net of allowance14,139 9.1 %14,487 9.3 %
Policy loans, at outstanding balance2,667 1.7 %2,708 1.7 %
Other invested assets, net of allowance (3)6,862 4.4 %6,357 4.1 %
Short-term investments, net of allowance2,230 1.4 %2,166 1.4 %
Total154,654 100.0 %156,108 100.0 %
June 30, 2026December 31, 2025
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value116,320 45.5 %112,735 46.1 %
Private, available-for-sale, at fair value61,268 23.9 %59,350 24.3 %
Fixed maturities, trading, at fair value 4,216 1.6 %4,267 1.7 %
Assets supporting experience-rated contractholder liabilities, at fair value— 0.0 %— 0.0 %
Equity securities, at fair value10,601 4.1 %7,270 3.0 %
Commercial mortgage and other loans, at book value, net of allowance43,319 16.9 %41,708 17.1 %
Policy loans, at outstanding balance4,160 1.6 %4,033 1.6 %
Other invested assets, net of allowance (3)11,688 4.6 %11,327 4.6 %
Short-term investments, net of allowance4,587 1.8 %3,912 1.6 %
Total256,159 100.0 %244,602 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
INVESTMENT RESULTS (1)
(in millions)
 Three Months Ended June 30,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
General Account (3)
Fixed maturities (4)4.67 %3,791 (314)4.39 %3,406 (78)
Equity securities2.99 %85 — 2.63 %41 — 
Commercial mortgage and other loans4.77 %674 (25)4.42 %597 (64)
Policy loans4.40 %75 — 4.52 %74 — 
Short-term investments and cash equivalents4.97 %185 2 4.82 %202 — 
Gross investment income before investment expenses4.64 %4,810 (337)4.39 %4,320 (142)
Investment expenses-0.17 %(320)— -0.16 %(293)— 
Subtotal4.47 %4,490 (337)4.23 %4,027 (142)
Other investments (4)304 (674)261 (1,133)
Investment results of other entities and operations (5)88 (10)72 (25)
Investment results of Funds Withheld (6)388 (508)355 (201)
Less: investment income related to adjusted operating income reconciling items(286)— (212)— 
Total4,984 (1,529)4,503 (1,501)
Six Months Ended June 30,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
General Account (3)
Fixed maturities (4)4.68 %7,493 (930)4.40 %6,719 (38)
Equity securities2.70 %142 — 2.38 %78 — 
Commercial mortgage and other loans4.73 %1,324 (50)4.46 %1,197 (114)
Policy loans4.46 %150 — 4.54 %147 — 
Short-term investments and cash equivalents4.86 %385 (5)4.45 %432 — 
Gross investment income before investment expenses4.64 %9,494 (985)4.40 %8,573 (152)
Investment expenses-0.17 %(622)— -0.16 %(576)— 
Subtotal4.47 %8,872 (985)4.24 %7,997 (152)
Other investments (4)627 (402)546 (1,429)
Investment results of other entities and operations (5)137 30 104 (2)
Investment results of Funds Withheld (6)769 (508)705 (591)
Less: investment income related to adjusted operating income reconciling items(557)— (453)— 
Total9,848 (1,865)8,899 (2,174)
________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties, assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
 Three Months Ended June 30,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)3.45 %1,219 (238)3.16 %1,108 (27)
Equity securities5.10 %20 — 4.78 %21 — 
Commercial mortgage and other loans3.93 %139 (15)3.72 %145 (8)
Policy loans3.63 %25 — 3.70 %26 — 
Short-term investments and cash equivalents4.14 %40 1 4.31 %44 — 
Gross investment income before investment expenses3.53 %1,443 (252)3.26 %1,344 (35)
Investment expenses-0.12 %(87)— -0.13 %(89)— 
Subtotal3.41 %1,356 (252)3.13 %1,255 (35)
Other investments (2)174 (15)119 (194)
Total1,530 (267)1,374 (229)
Six Months Ended June 30,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)3.45 %2,420 (787)3.17 %2,202 84 
Equity securities3.78 %30 — 3.42 %30 — 
Commercial mortgage and other loans3.88 %275 (15)3.78 %296 (14)
Policy loans3.73 %50 — 3.79 %51 — 
Short-term investments and cash equivalents4.11 %86 (1)4.14 %81 — 
Gross investment income before investment expenses3.51 %2,861 (803)3.26 %2,660 70 
Investment expenses-0.12 %(171)— -0.13 %(171)— 
Subtotal3.39 %2,690 (803)3.13 %2,489 70 
Other investments (2)320 5 261 (138)
Total3,010 (798)2,750 (68)
__________
(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 excludes fixed maturity securities classified as trading, which are included in "Other investments". Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains / (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
 Three Months Ended June 30,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4)5.63 %2,572 (76)5.43 %2,298 (51)
Equity securities2.64 %65 — 1.78 %20 — 
Commercial mortgage and other loans5.04 %535 (10)4.70 %452 (56)
Policy loans4.89 %50 — 5.09 %48 — 
Short-term investments and cash equivalents5.26 %145 1 4.99 %158 — 
Gross investment income before investment expenses5.37 %3,367 (85)5.20 %2,976 (107)
Investment expenses-0.20 %(233)— -0.18 %(204)— 
Subtotal5.17 %3,134 (85)5.02 %2,772 (107)
Other investments (4)130 (659)142 (939)
Total3,264 (744)2,914 (1,046)
Six Months Ended June 30,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4)5.65 %5,073 (143)5.46 %4,517 (122)
Equity securities2.50 %112 — 2.00 %48 — 
Commercial mortgage and other loans5.01 %1,049 (35)4.74 %901 (100)
Policy loans4.94 %100 — 5.06 %96 — 
Short-term investments and cash equivalents5.13 %299 (4)4.54 %351 — 
Gross investment income before investment expenses5.39 %6,633 (182)5.23 %5,913 (222)
Investment expenses-0.20 %(451)— -0.18 %(405)— 
Subtotal5.19 %6,182 (182)5.05 %5,508 (222)
Other investments (4)307 (407)285 (1,291)
Total6,489 (589)5,793 (1,513)
__________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2026
ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS
(in millions)
Three Months Ended June 30, 2026
PremiumsPolicy Charges and Fee IncomeNet investment incomeAsset Management Fees, Commissions and Other IncomeInsurance and Annuity BenefitsChange in Estimates of Liability for Future Policy BenefitsDeferral of Acquisition CostsAmortization of Acquisition CostsOperating ExpensesAdjusted Operating Income (Loss) Before Income Taxes
Retirement21 — (9)— (14)117 — — — (91)
Group Insurance(22)— — — (50)— — — — 28 
Individual Life— 24 — — 2 (8)— — — 30 
U.S. Legacy Products— 36 — — — 21 — — — 15 
Japan Businesses241 — — — — 201 — — — 40 
Corporate and Other— — — — — (4)— — — 4 
Total240 60 (9)— (62)327 — — — 26 
Three Months Ended June 30, 2025
PremiumsPolicy Charges and Fee IncomeNet investment incomeAsset Management Fees, Commissions and Other IncomeInsurance and Annuity BenefitsChange in Estimates of Liability for Future Policy BenefitsDeferral of Acquisition CostsAmortization of Acquisition CostsOperating ExpensesAdjusted Operating Income (Loss) Before Income Taxes
Retirement54 — — — 24 140 — (17)— (93)
Group Insurance— — — — (11)— — — — 11 
Individual Life— (51)— — (33)(38)(2)— 48 (26)
U.S. Legacy Products— 60 — — 5 (29)— — 20 64 
Japan Businesses35 — — — (1)44 — — — (8)
Corporate and Other— — — — — — — — — — 
Total89 9 — — (16)117 (2)(17)68 (52)
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted 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 updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums13,377 — — — 829 1,036 — — 15,242 12,261 — — (1)862 860 — — 13,982 
Policy charges and fee income2,247 133 — — — (1)— — 2,379 2,178 220 — 8 — — — — 2,406 
Net investment income9,848 (4)— — 1,043 561 — — 11,448 8,899 (6)— — 1,004 459 — — 10,356 
Realized investment gains (losses), net (3)(293)(1,496)— — (65)(76)— — (1,930)(300)(1,667)— — (255)(207)— — (2,429)
Asset management fees, commissions and other income3,061 855 — — 203 386 (91)— 4,414 3,008 391 — — 156 168 (65)— 3,658 
Change in value of market risk benefits, net of related hedging gains (losses)— — (366)— — — — — (366)— — (777)— — — — — (777)
Total revenues28,240 (512)(366)— 2,010 1,906 (91)— 31,187 26,046 (1,062)(777)7 1,767 1,280 (65)— 27,196 
Benefits and expenses:
Insurance and annuity benefits15,115 55 — (2)1,838 988 — — 17,994 14,083 202 — (3)1,593 850 — — 16,725 
Change in estimates of liability for future policy benefits403 1 — 7 — 141 — — 552 76 (251)— (71)— 21 — — (225)
Interest credited to policyholders' account balances2,684 319 — — 55 25 — — 3,083 2,218 (389)— — 57 77 — — 1,963 
Interest expense1,071 — — — (3)9 — — 1,077 1,044 — — — (3)7 — — 1,048 
Deferral of acquisition costs(1,158)— — — — (100)— — (1,258)(1,295)(98)— — — (79)— — (1,472)
Amortization of acquisition costs773 20 — — 6 42 — — 841 739 40 — — 6 29 — — 814 
Operating expenses3,372 — — — 134 138 — 3 3,647 3,213 — — — 134 103 — (28)3,422 
Variable expenses2,819 326 — — 3 250 (59)1 3,340 3,014 99 — — 20 195 (68)1 3,261 
Total benefits and expenses25,079 721 — 5 2,033 1,493 (59)4 29,276 23,092 (397)— (74)1,807 1,203 (68)(27)25,536 
__________
(1) See page 36 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(150) million and $(82) million for six months ended June 30, 2026 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $64 million and $(151) million and certain derivatives of $(14) million and $60 million for six months ended June 30, 2026 and June 30, 2025, respectively.






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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums5,910 — — — 426 544 — — 6,880 6,093 — — (1)445 445 — — 6,982 
Policy charges and fee income1,139 119 — (10)— (1)— — 1,247 1,070 174 — 5 — — — — 1,249 
Net investment income4,984 (5)— — 513 291 — — 5,783 4,503 (3)— — 511 215 — — 5,226 
Realized investment gains (losses), net (3)(114)(1,381)— — (37)(34)— — (1,566)(143)(1,247)— — (198)(111)— — (1,699)
Asset management fees, commissions and other income1,636 1,282 — — 229 299 (58)— 3,388 1,534 596 — — 189 115 (40)— 2,394 
Change in value of market risk benefits, net of related hedging gains (losses)— — (71)— — — — — (71)— — (426)— — — — — (426)
Total revenues13,555 15 (71)(10)1,131 1,099 (58)— 15,661 13,057 (480)(426)4 947 664 (40)— 13,726 
Benefits and expenses:
Insurance and annuity benefits6,676 (12)— (5)1,050 520 — — 8,229 6,977 200 — (5)864 404 — — 8,440 
Change in estimates of liability for future policy benefits360 — — 15 — 138 — — 513 85 (254)— (33)— 27 — — (175)
Interest credited to policyholders' account balances1,380 558 — — 27 9 — — 1,974 1,135 (64)— — 29 38 — — 1,138 
Interest expense535 — — — (1)5 — — 539 525 — — — (1)4 — — 528 
Deferral of acquisition costs(579)— — — — (55)— — (634)(647)— — — — (45)— — (692)
Amortization of acquisition costs395 9 — — 3 23 — — 430 373 12 — — 3 19 — — 407 
Operating expenses1,714 — — — 64 35 — — 1,813 1,645 — — — 69 4 — — 1,718 
Variable expenses1,423 114 — — — 131 (50)1 1,619 1,457 99 — — 1 97 (33)1 1,622 
Total benefits and expenses11,904 669 — 10 1,143 806 (50)1 14,483 11,550 (7)— (38)965 548 (33)1 12,986 
__________
(1) See page 36 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(104) million and $(27) million for three months ended June 30, 2026 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(56) million and $(47) million and certain derivatives of $2 million and $55 million for three months ended June 30, 2026 and June 30, 2025, respectively.


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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended September 30, 2025Three Months Ended December 31, 2025
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted 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 updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums8,349 — — 1 394 469 — — 9,213 6,668 — — (1)463 472 — — 7,602 
Policy charges and fee income1,126 26 — (18)— (1)— — 1,133 1,107 22 — (2)— — — — 1,127 
Net investment income4,769 (3)— — 528 234 — — 5,528 4,843 (3)— — 524 225 — — 5,589 
Realized investment gains (losses), net (3)(112)(859)— — 3 (58)— — (1,026)(165)(372)— — (121)(19)— — (677)
Asset management fees, commissions and other income1,610 825 — — 133 198 (50)— 2,716 1,596 360 — — 60 82 (27)— 2,071 
Change in value of market risk benefits, net of related hedging gains (losses)— — 324 — — — — — 324 — — (22)— — — — — (22)
Total revenues15,742 (11)324 (17)1,058 842 (50)— 17,888 14,049 7 (22)(3)926 760 (27)— 15,690 
Benefits and expenses:
Insurance and annuity benefits9,251 (84)— (1)949 433 — — 10,548 7,684 29 — (1)864 451 — — 9,027 
Change in estimates of liability for future policy benefits98 168 — 20 — 10 — — 296 51 (2)— (25)— 8 — — 32 
Interest credited to policyholders' account balances1,215 300 — — 27 40 — — 1,582 1,271 196 — — 29 27 — — 1,523 
Interest expense529 — — — (3)4 — — 530 529 — — — (2)6 — — 533 
Deferral of acquisition costs(652)— — — — (48)— — (700)(619)— — — — (60)— — (679)
Amortization of acquisition costs374 4 — — 4 21 — — 403 386 7 — — 3 22 — — 418 
Operating expenses1,566 — — — 69 92 — 1 1,728 1,791 — — — 67 108 — — 1,966 
Variable expenses1,532 139 — — 2 101 (55)— 1,719 1,506 67 — — 3 122 (43)1 1,656 
Total benefits and expenses13,913 527 — 19 1,048 653 (55)1 16,106 12,599 297 — (26)964 684 (43)1 14,476 
__________
(1) See page 36 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million and $(49) million for three months ended September 30, 2025 and December 31, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(129) million and $27 million and certain derivatives of $(15) million and $3 million for three months ended September 30, 2025 and December 31, 2025, respectively.





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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended March 31, 2026
Reconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums7,467 — — — 403 492 — — 8,362 
Policy charges and fee income1,108 14 — 10 — — — — 1,132 
Net investment income4,864 1 — — 530 270 — — 5,665 
Realized investment gains (losses), net (3)(179)(115)— — (28)(42)— — (364)
Asset management fees, commissions and other income1,425 (427)— — (26)87 (33)— 1,026 
Change in value of market risk benefits, net of related hedging gains (losses)— — (295)— — — — — (295)
Total revenues14,685 (527)(295)10 879 807 (33)— 15,526 
Benefits and expenses:
Insurance and annuity benefits8,439 67 — 3 788 468 — — 9,765 
Change in estimates of liability for future policy benefits43 1 — (8)— 3 — — 39 
Interest credited to policyholders' account balances1,304 (239)— — 28 16 — — 1,109 
Interest expense536 — — — (2)4 — — 538 
Deferral of acquisition costs(579)— — — — (45)— — (624)
Amortization of acquisition costs378 11 — — 3 19 — — 411 
Operating expenses1,658 — — — 70 103 — 3 1,834 
Variable expenses1,396 212 — — 3 119 (9)— 1,721 
Total benefits and expenses13,175 52 — (5)890 687 (9)3 14,793 
__________
(1) See page 36 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(46) million for three months ended March 31, 2026. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $120 million and certain derivatives of $(16) million for three months ended March 31, 2026.
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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments." A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.
Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.
Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses),” which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.
Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and Japan operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Life Consultants include production by captive agents associated with the Japan operation.
4. Assets Under Administration:
Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.
5. Assets Under Management:
Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.
6. Book value per share of Common Stock:
GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
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 business. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences.
9. Divested and Run-off Businesses:
Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.
10. Earned Premiums:
The portion of premium, net of returns to participating policyholders and amounts ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.
11. General Account:
Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting "Future Policy Benefits" and "Policyholders' Account Balances". General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account.
12. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
13. Group Life Insurance and Group Disability Insurance Administrative Expense Ratios:
Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third party administrators passthrough fees and expenses.
14. 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.
15. Life Planners:
Captive insurance Advisors from Prudential of Japan.
16. Life Consultants:
Captive insurance agents for Gibraltar Life.
17. 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.
18. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.








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Prudential Financial, Inc.
image39.jpg
Quarterly Financial Supplement
Second Quarter 2026
KEY DEFINITIONS AND FORMULAS
19. PGIM Asset Under Management:
Institutional Customers - Third Party - Consists of third-party institutional assets.
Retail Customers - Third Party - Consists of individual mutual funds and third-party sub-advisory relationships.
Affiliated - Includes the Company's general account assets, as well as certain separate account assets of the Company's insurance and retirement businesses managed by PGIM.
Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.
Public Credit - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages).
Private Credit - Represents debt financing issued by entities directly to investors outside of public capital markets.
Real Estate - Includes direct real estate equity and real estate mortgages
Multi-Asset - Represents funds or products that invest in more than one asset class, balancing equity, public credit, and target date funds.
Other Alternatives - Represents private equity, hedge funds, and other alternative strategies.
20. 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).
21. Policy Persistency - Japan 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.
22. Prudential Advisors:
Captive financial professionals selling across all products in the United States.
23. Prudential Financial, Inc. Equity:
Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests and redeemable noncontrolling interests.
24. 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.
25. U.S. Legacy Products - 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.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Second Quarter 2026
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of October 15, 2026
Standard &Fitch
A.M. Best*Poor'sMoody's*Ratings*
The Prudential Insurance Company of AmericaA+AA-Aa3AA-
PRUCO Life Insurance CompanyA+AA-Aa3AA-
PRUCO Life Insurance Company of New JerseyA+AA-NRAA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NRA+NRNR
Gibraltar Life Insurance Company, Ltd.NRA+NRNR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NRA+NRNR
CREDIT RATINGS:
as of October 15, 2026
Prudential Financial, Inc.:
  Short-Term BorrowingsAMB-1A-1P-2F1
  Long-Term Senior Debta-AA3A-
  Junior Subordinated Long-Term DebtbbbBBB+Baa1BBB
The Prudential Insurance Company of America:
  Capital and surplus notesaAA2A
Prudential Funding, LLC:
  Short-Term DebtAMB-1A-1+P-1F1+
  Long-Term Senior Debta+AA-(P)A1NR
PRICOA Global Funding I:
  Long-Term Senior Debtaa-AA-Aa3AA-
 * 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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