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Prudential Financial, Inc. (PRU)
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Quarterly Financial Supplement
Third Quarter 2025
Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM241 259 156 229 244 616 629 2%
U.S. Businesses1,040 860 931 955 1,149 2,868 3,035 6%
International Businesses766 742 848 761 881 2,364 2,490 5%
Corporate and Other(487)(490)(415)(280)(327)(1,293)(1,022)21%
Total adjusted operating income (loss) before income taxes1,560 1,371 1,520 1,665 1,947 4,555 5,132 13%
Income taxes, applicable to adjusted operating income 352 303 332 381 426 1,035 1,139 10%
After-tax adjusted operating income (loss)1,208 1,068 1,188 1,284 1,521 3,520 3,993 13%
Income (loss) attributable to Prudential Financial, Inc.448 (57)707 533 1,431 2,784 2,671 -4%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1)13.6 %12.2 %13.8 %14.9 %17.5 %13.3 %15.4 %
Return on Average Equity (based on net income (loss))6.1 %-0.8 %9.8 %7.1 %18.3 %13.1 %11.8 %
Distributions to Shareholders
Dividends paid471 470 486 485 481 1,422 1,452 2%
Share repurchases250 250 250 250 250 750 750 —%
Total capital returned721 720 736 735 731 2,172 2,202 1%
Per Share Data
Net income (loss) - diluted (2)1.24 (0.17)1.96 1.48 4.01 7.64 7.44 -3%
Adjusted Operating Income - diluted3.33 2.96 3.29 3.58 4.26 9.67 11.13 15%
Shareholder dividends1.30 1.30 1.35 1.35 1.35 3.90 4.05 4%
GAAP book value - diluted84.47 77.62 83.59 85.98 90.69 
Adjusted book value - diluted (3)98.71 95.82 96.37 96.41 99.25 
Shares Outstanding
Weighted average number of common shares - basic356.9 355.4 354.3 353.1 351.1 358.3 352.8 -2%
Weighted average number of common shares - diluted358.7 357.3 356.1 354.9 353.0 359.9 354.7 -1%
End of period common shares - basic355.9 354.6 354.0 351.9 349.9 
End of period common shares - diluted360.1 359.1 357.5 355.7 353.9 
__________
(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) For the three months ended December 31, 2024 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended December 31, 2024 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income (loss)3.33 2.96 3.29 3.58 4.26 9.67 11.13 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(2.05)(4.27)(0.69)(1.45)(1.63)(1.74)(3.77)
Change in value of market risk benefits, net of related hedging gains (losses)(0.41)(0.22)(0.99)(1.20)0.92 (0.89)(1.28)
Market experience updates(0.35)0.17 0.11 0.12 (0.10)(0.31)0.13 
Divested and Run-off Businesses:
Closed Block division0.01 (0.15)(0.06)(0.05)0.03 (0.17)(0.08)
Other Divested and Run-off Businesses0.13 (0.06)(0.14)0.03 0.35 0.14 0.24 
Difference in earnings allocated to participating unvested share-based payment awards0.02 0.02 0.02 0.02 0.01 0.02 0.04 
Other adjustments (1)(0.01)(0.01)0.08 — — (0.04)0.07 
Total reconciling items, before income taxes(2.66)(4.52)(1.67)(2.53)(0.42)(2.99)(4.65)
Income taxes, not applicable to adjusted operating income(0.57)(1.39)(0.34)(0.43)(0.17)(0.96)(0.96)
Total reconciling items, after income taxes(2.09)(3.13)(1.33)(2.10)(0.25)(2.03)(3.69)
Net income (loss) attributable to Prudential Financial, Inc.1.24 (0.17)1.96 1.48 4.01 7.64 7.44 
Weighted average number of outstanding common shares - basic356.9 355.4 354.3 353.1 351.1 358.3 352.8 
Weighted average number of outstanding common shares - diluted358.7 357.3 356.1 354.9 353.0 359.9 354.7 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.448 (57)707 533 1,431 2,784 2,671 
Less: Earnings allocated to participating unvested share-based payment awards5 5 10 6 15 33 31 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation443 (62)697 527 1,416 2,751 2,640 
After-tax adjusted operating income (loss)1,208 1,068 1,188 1,284 1,521 3,520 3,993 
Less: Earnings allocated to participating unvested share-based payment awards13 12 16 13 17 41 46 
After-tax adjusted operating income for earnings per share of Common Stock calculation1,195 1,056 1,172 1,271 1,504 3,479 3,947 
___________
(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.
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Quarterly Financial Supplement
Third Quarter 2025
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20242025
3Q4Q1Q2Q3Q
Capitalization Data (1):
Senior debt:
Short-term debt950 953 1,406 1,373 1,386 
Long-term debt10,487 10,600 10,949 11,056 11,202 
Junior subordinated long-term debt8,589 8,587 8,591 7,595 7,595 
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period30,416 27,872 29,883 30,582 32,094 
Less: Accumulated other comprehensive income (AOCI)(4,844)(6,711)(4,741)(3,921)(3,175)
GAAP book value excluding AOCI (2)35,260 34,583 34,624 34,503 35,269 
Less: Cumulative change in fair value of funds withheld embedded derivatives (3)(238)141 62 67 (47)
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4)(49)34 108 144 192 
Adjusted book value35,547 34,408 34,454 34,292 35,124 
Book Value per Share of Common Stock:
GAAP book value per common share - diluted84.47 77.62 83.59 85.98 90.69 
GAAP book value excluding AOCI per share - diluted (2)97.92 96.30 96.85 97.00 99.66 
Adjusted book value per common share - diluted98.71 95.82 96.37 96.41 99.25 
End of period number of common shares - diluted360.1 359.1 357.5 355.7 353.9 
Common Stock Price Range (based on closing price):
High127.32 129.52 122.33 112.71 109.89 
Low105.53 114.59 105.04 95.12 100.68 
Close121.10 118.53 111.68 107.44 103.74 
Common Stock market capitalization (1)43,099 42,031 39,535 37,808 36,299 
__________
(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.
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Quarterly Financial Supplement
Third Quarter 2025
OPERATIONS HIGHLIGHTS
20242025
3Q4Q1Q2Q3Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers - Third Party610.3 601.1 620.2 647.6 654.9 
Retail customers - Third Party245.1 244.9 240.6 256.7 265.2 
Affiliated544.5 529.2 524.5 536.4 549.9 
Total PGIM1,399.9 1,375.2 1,385.3 1,440.7 1,470.0 
U.S. Businesses128.6 112.6 111.3 113.8 115.9 
International Businesses18.1 18.4 19.3 19.4 19.8 
Corporate and Other11.3 6.2 6.2 6.4 6.3 
Total assets under management1,557.9 1,512.4 1,522.1 1,580.3 1,612.0 
Assets under administration189.8 173.5 180.4 193.2 194.6 
Total assets under management and administration1,747.7 1,685.9 1,702.5 1,773.5 1,806.6 
Distribution Representatives (1):
Prudential Advisors2,877 2,794 2,906 2,985 3,034 
Life Planners5,900 6,035 6,175 6,161 6,141 
Life Consultants6,861 6,844 6,840 6,822 6,940 
__________
(1) As of end of period.
(2) At fair market value.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums12,527 5,935 6,446 6,426 8,691 34,810 21,563 -38%
Policy charges and fee income1,098 1,062 1,108 1,070 1,126 3,215 3,304 3%
Net investment income4,436 4,601 4,519 4,600 4,872 12,774 13,991 10%
Asset management fees, commissions and other income1,428 1,411 1,339 1,410 1,550 4,245 4,299 1%
Total revenues19,489 13,009 13,412 13,506 16,239 55,044 43,157 -22%
Benefits and expenses (1):
Insurance and annuity benefits13,321 6,843 7,344 7,195 9,485 37,232 24,024 -35%
Change in estimates of liability for future policy benefits66 56 (14)100 96 52 182 250%
Interest credited to policyholders' account balances1,038 1,057 1,083 1,135 1,215 2,892 3,433 19%
Interest expense485 525 522 526 531 1,494 1,579 6%
Deferral of acquisition costs(636)(704)(684)(689)(699)(1,897)(2,072)-9%
Amortization of acquisition costs356 364 376 392 395 1,081 1,163 8%
Operating expenses1,717 1,810 1,624 1,634 1,639 5,060 4,897 -3%
Variable expenses1,582 1,687 1,641 1,548 1,630 4,575 4,819 5%
Total benefits and expenses17,929 11,638 11,892 11,841 14,292 50,489 38,025 -25%
Adjusted operating income (loss) before income taxes1,560 1,371 1,520 1,665 1,947 4,555 5,132 13%
Income taxes, applicable to adjusted operating income352 303 332 381 426 1,035 1,139 10%
After-tax adjusted operating income1,208 1,068 1,188 1,284 1,521 3,520 3,993 13%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(737)(1,525)(246)(516)(574)(625)(1,336)-114%
Change in value of market risk benefits, net of related hedging gains (losses)(146)(77)(351)(426)324 (320)(453)-42%
Market experience updates(127)60 39 42 (36)(112)45 140%
Divested and Run-off Businesses:
Closed Block division2 (52)(22)(18)10 (61)(30)51%
Other Divested and Run-off Businesses47 (20)(51)12 123 50 84 68%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests(43)97 3 (18)(11)(113)(26)77%
Other adjustments (2)(3)(3)28 (1)(1)(16)26 263%
Total reconciling items, before income taxes(1,007)(1,520)(600)(925)(165)(1,197)(1,690)-41%
Income taxes, not applicable to adjusted operating income(212)(489)(125)(186)(44)(342)(355)-4%
Total reconciling items, after income taxes(795)(1,031)(475)(739)(121)(855)(1,335)-56%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities553 (149)920 740 1,782 3,358 3,442 3%
Income tax expense (benefit)140 (186)207 195 382 693 784 13%
Income (loss) before equity in earnings of joint ventures and other operating entities413 37 713 545 1,400 2,665 2,658 —%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests35 (94)(6)(12)31 119 13 -89%
Income (loss) attributable to Prudential Financial, Inc.448 (57)707 533 1,431 2,784 2,671 -4%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests3 130 35 33 52 (11)120 1191%
Net income (loss)451 73 742 566 1,483 2,773 2,791 1%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests3 130 35 33 52 (11)120 1191%
Net income (loss) attributable to Prudential Financial, Inc.448 (57)707 533 1,431 2,784 2,671 -4%
____________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 33-36 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.
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Quarterly Financial Supplement
Third Quarter 2025
CONSOLIDATED BALANCE SHEETS
(in millions)
09/30/202412/31/202403/31/202506/30/202509/30/2025
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value340,730 311,570 315,914 328,302 335,414 
Fixed maturities, trading, at fair value12,065 12,530 13,278 14,020 14,575 
Assets supporting experience-rated contractholder liabilities, at fair value3,654 3,707 3,769 4,282 4,648 
Equity securities, at fair value6,771 9,417 8,720 7,434 8,794 
Commercial mortgage and other loans62,573 62,341 62,694 62,966 64,813 
Policy loans9,947 9,795 9,876 9,946 9,951 
Other invested assets 25,367 26,351 26,739 27,256 27,665 
Short-term investments 8,010 9,069 8,716 6,375 6,248 
Total investments469,117 444,780 449,706 460,581 472,108 
Cash and cash equivalents20,198 18,497 16,063 16,638 17,469 
Accrued investment income3,566 3,441 3,383 3,560 3,581 
Deferred policy acquisition costs21,182 20,448 20,790 21,222 21,468 
Value of business acquired488 435 446 450 430 
Market risk benefit assets2,134 2,331 2,139 2,188 2,252 
Reinsurance recoverables and deposit receivables29,633 37,680 43,982 44,152 44,947 
Income tax assets479 866 300 839 240 
Other assets13,090 13,737 14,262 14,561 15,267 
Separate account assets200,550 193,372 188,191 194,761 198,540 
Total assets760,437 735,587 739,262 758,952 776,302 
Liabilities:
Future policy benefits285,474 268,912 269,969 270,133 272,553 
Policyholders' account balances164,088 166,254 170,278 180,931 188,657 
Market risk benefit liabilities5,178 4,455 5,021 4,859 4,771 
Reinsurance and funds withheld payables17,443 17,084 17,347 17,126 17,874 
Securities sold under agreements to repurchase7,455 6,796 7,549 8,205 9,937 
Cash collateral for loaned securities8,471 9,621 9,507 9,167 8,597 
Income tax liabilities— — — — — 
Short-term debt950 953 1,406 1,373 1,386 
Long-term debt19,076 19,187 19,540 18,651 18,797 
Other liabilities17,578 17,397 16,789 18,872 18,507 
Notes issued by consolidated variable interest entities1,456 1,430 1,443 1,758 1,868 
Separate account liabilities200,550 193,372 188,191 194,761 198,540 
Total liabilities727,719 705,461 707,040 725,836 741,487 
Mezzanine Equity:
Redeemable noncontrolling interests2,027 1,939 2,019 2,213 2,358 
Total mezzanine equity2,027 1,939 2,019 2,213 2,358 
Equity:
Accumulated other comprehensive income (loss)(4,844)(6,711)(4,741)(3,921)(3,175)
Other equity (1)35,260 34,583 34,624 34,503 35,269 
Total Prudential Financial, Inc. equity30,416 27,872 29,883 30,582 32,094 
Noncontrolling interests275 315 320 321 363 
Total equity30,691 28,187 30,203 30,903 32,457 
Total liabilities, mezzanine equity and equity760,437 735,587 739,262 758,952 776,302 
____________
(1) Includes $(47) million, $67 million, $62 million, $141 million and $(238) million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINING BALANCE SHEETS
(in millions)
 As of September 30, 2025
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
Total investments472,108 47,333 424,775 3,830 225,693 163,509 31,743 
Deferred policy acquisition costs21,468 147 21,321 — 12,181 9,764 (624)
Other assets84,186 1,038 83,148 5,492 54,770 18,956 3,930 
Separate account assets198,540 — 198,540 29,734 172,740 — (3,934)
Total assets776,302 48,518 727,784 39,056 465,384 192,229 31,115 
Liabilities:
Future policy benefits272,553 41,667 230,886 — 121,309 100,396 9,181 
Policyholders' account balances188,657 4,273 184,384 — 118,538 61,331 4,515 
Debt 20,183 — 20,183 1,954 4,683 222 13,324 
Other liabilities61,554 4,168 57,386 3,453 30,172 9,380 14,381 
Separate account liabilities198,540 — 198,540 29,734 172,740 — (3,934)
Total liabilities741,487 50,108 691,379 35,141 447,442 171,329 37,467 
Mezzanine Equity:
Redeemable noncontrolling interests2,358 — 2,358 820 — — 1,538 
Total mezzanine equity2,358 — 2,358 820 — — 1,538 
Equity:
Accumulated other comprehensive income (loss)(3,175)(145)(3,030)(40)(501)(258)(2,231)
Other equity (1)35,269 (1,456)36,725 2,977 18,364 21,129 (5,745)
Total Prudential Financial, Inc. equity32,094 (1,601)33,695 2,937 17,863 20,871 (7,976)
Noncontrolling interests363 11 352 158 79 29 86 
Total equity32,457 (1,590)34,047 3,095 17,942 20,900 (7,890)
Total liabilities, mezzanine equity and equity776,302 48,518 727,784 39,056 465,384 192,229 31,115 
 As of December 31, 2024
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
Total investments444,780 47,466 397,314 2,624 204,091 159,678 30,921 
Deferred policy acquisition costs20,448 156 20,292 — 11,551 9,304 (563)
Other assets76,987 1,193 75,794 4,775 54,982 11,056 4,981 
Separate account assets193,372 — 193,372 28,645 168,299 — (3,572)
Total assets735,587 48,815 686,772 36,044 438,923 180,038 31,767 
Liabilities:
Future policy benefits268,912 42,464 226,448 — 118,110 99,699 8,639 
Policyholders' account balances166,254 4,359 161,895 — 102,940 54,855 4,100 
Debt 20,140 — 20,140 1,593 4,805 129 13,613 
Other liabilities56,783 3,632 53,151 2,393 28,793 7,570 14,395 
Separate account liabilities193,372 — 193,372 28,645 168,299 — (3,572)
Total liabilities705,461 50,455 655,006 32,631 422,947 162,253 37,175 
Mezzanine Equity:
Redeemable noncontrolling interest1,939 — 1,939 543 — — 1,396 
Total mezzanine equity1,939 — 1,939 543 — — 1,396 
Equity:
Accumulated other comprehensive income (loss)(6,711)(188)(6,523)(154)(1,569)(2,302)(2,498)
Other equity (1)34,583 (1,463)36,046 2,883 17,465 20,057 (4,359)
Total Prudential Financial, Inc. equity27,872 (1,651)29,523 2,729 15,896 17,755 (6,857)
Noncontrolling interests315 11 304 141 80 30 53 
Total equity28,187 (1,640)29,827 2,870 15,976 17,785 (6,804)
Total liabilities, mezzanine equity and equity735,587 48,815 686,772 36,044 438,923 180,038 31,767 
____________
(1) Includes $(47) million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2025 and December 31, 2024, respectively.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
 As of September 30, 2025As of December 31, 2024
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 Debt12 6,362 7,595 13,969 347 5,890 7,588 13,825 
Operating Debt1,374 4,357 — 5,731 521 4,355 999 5,875 
Limited recourse and non-recourse borrowing— 483 — 483 85 355 — 440 
Total Debt1,386 11,202 7,595 20,183 953 10,600 8,587 20,140 
 As of September 30, 2025As of December 31, 2024
Prudential Financial, Inc.The Prudential Insurance Company of America (1)(2)Other AffiliatesTotal DebtPrudential Financial, Inc.The Prudential Insurance Company of America (1)(2)Other AffiliatesTotal Debt
Borrowings by sources:
Capital Debt13,927 — 42 13,969 13,438 347 40 13,825 
Operating Debt4,882 849 — 5,731 5,380 495 — 5,875 
Limited recourse and non-recourse borrowing— 33 450 483 — 85 355 440 
Total Debt18,809 882 492 20,183 18,818 927 395 20,140 
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of September 30, 2025 and December 31, 2024, respectively.

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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - PGIM
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums— — — — — — — —
Policy charges and fee income— — — — — — — —
Net investment income16 28 20 59 54 (13)133 1123%
Asset management fees, commissions and other income1,005 1,090 965 984 1,041 2,987 2,990 0%
Total revenues1,021 1,118 985 1,043 1,095 2,974 3,123 5%
Benefits and expenses (1):
Insurance and annuity benefits— — — — — — — —
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances— — — — — — — —
Interest expense30 25 21 24 27 80 72 -10%
Deferral of acquisition costs— — — — — (1)— 100%
Amortization of acquisition costs1 — — — — 2 — -100%
Operating expenses442 460 504 477 503 1,381 1,484 7%
Variable expenses307 374 304 313 321 896 938 5%
Total benefits and expenses780 859 829 814 851 2,358 2,494 6%
Adjusted operating income (loss) before income taxes241 259 156 229 244 616 629 2%
Total revenues1,021 1,118 985 1,043 1,095 2,974 3,123 5%
Less: Passthrough distribution revenue23 22 21 20 21 66 62 -6%
Less: Revenue associated with consolidations24 84 18 50 45 57 113 98%
Total adjusted revenues (2)974 1,012 946 973 1,029 2,851 2,948 3%
Adjusted operating margin (2)(3)24.7 %25.6 %16.5 %23.5 %23.7 %21.6 %21.3 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 22.3%, 22.0%, 15.8%, 23.2% and 23.6% for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and 20.1% and 20.7% for the nine months ended September 30, 2025 and September 30, 2024, respectively.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees803 825 828 825 844 2,354 2,497 6%
Other related revenues (1)90 176 38 82 93 254 213 -16%
Service, distribution and other revenues128 117 119 136 158 366 413 13%
Total PGIM revenues1,021 1,118 985 1,043 1,095 2,974 3,123 5%
Analysis of asset management fees by source:
Institutional customers - Third Party373 378 387 387 395 1,106 1,169 6%
Retail customers - Third Party221 231 225 219 231 637 675 6%
Affiliated209 216 216 219 218 611 653 7%
Total asset management fees803 825 828 825 844 2,354 2,497 6%
Supplementary Assets Under Management Information (at fair market value) (in billions):
September 30, 2025
Public EquityPublic Fixed IncomeReal EstatePrivate Credit and Other AlternativesMulti-AssetTotal
Institutional customers - Third Party79.1 470.0 69.0 35.5 1.3 654.9 
Retail customers - Third Party109.0 153.4 0.2 0.3 2.3 265.2 
Affiliated39.6 278.5 64.4 90.8 76.6 549.9 
Total227.7 901.9 133.6 126.6 80.2 1,470.0 
September 30, 2024
Public EquityPublic Fixed IncomeReal EstatePrivate Credit and Other AlternativesMulti-AssetTotal
Institutional customers - Third Party71.0 436.3 68.0 33.6 1.4 610.3 
Retail customers - Third Party106.0 133.8 2.3 0.5 2.5 245.1 
Affiliated36.7 293.3 61.5 85.1 67.9 544.5 
Total213.7 863.4 131.8 119.2 71.8 1,399.9 
__________
(1) Other related revenues, net of related expenses are $64 million, $49 million, $19 million, $66 million and $45 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, and $132 million and $140 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
Institutional Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management 585.2 610.3 601.1 620.2 647.6 562.7 601.1 
Additions15.7 23.6 23.8 22.1 18.8 77.8 64.7 
Withdrawals(17.9)(21.4)(16.2)(19.5)(18.5)(58.3)(54.2)
Net institutional additions (withdrawals), excluding realizations, distributions and money market activity(2.2)2.2 7.6 2.6 0.3 19.5 10.5 
Realizations and distributions (1)(2.3)(2.7)(4.2)(2.3)(4.0)(6.8)(10.5)
Change in market value30.6 (14.6)6.6 24.0 15.6 34.7 46.2 
Net money market flows(2.8)(0.9)1.7 0.8 (0.3)(2.7)2.2 
Other (2)1.8 6.8 7.4 2.3 (4.3)2.9 5.4 
Ending assets under management610.3 601.1 620.2 647.6 654.9 610.3 654.9 
Retail Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management234.5 245.1 244.9 240.6 256.7 215.5 244.9 
Additions16.4 19.0 17.7 16.0 16.2 46.6 49.9 
Withdrawals(15.1)(18.8)(17.9)(18.8)(15.9)(45.4)(52.6)
Net retail additions (withdrawals), excluding money market activity1.3 0.2 (0.2)(2.8)0.3 1.2 (2.7)
Change in market value9.4 1.4 (5.5)18.6 9.2 28.3 22.3 
Net money market flows0.2 0.7 1.8 0.5 0.7 1.0 3.0 
Other (2)(0.3)(2.5)(0.4)(0.2)(1.7)(0.9)(2.3)
Ending assets under management245.1 244.9 240.6 256.7 265.2 245.1 265.2 
Affiliated - Assets Under Management (at fair market value):
Beginning assets under management508.4 544.5 529.2 524.5 536.4 519.9 529.2 
Additions23.7 55.7 20.6 19.8 15.8 69.7 56.2 
Withdrawals(17.2)(46.7)(20.7)(19.2)(14.0)(54.1)(53.9)
Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity6.5 9.0 (0.1)0.6 1.8 15.6 2.3 
Realizations and distributions (1)(0.1)(0.1)(0.1)— (0.6)(0.3)(0.7)
Change in market value24.8 (14.4)3.9 10.9 13.2 25.2 28.0 
Net money market flows(2.2)3.5 (5.3)(2.1)— (8.1)(7.4)
Other (2)7.1 (13.3)(3.1)2.5 (0.9)(7.8)(1.5)
Ending assets under management544.5 529.2 524.5 536.4 549.9 544.5 549.9 
__________
(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) Fourth quarter 2024 includes $7.0 billion related to the reinsurance of certain guaranteed universal life policies to Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited, and first quarter 2025 includes $6.1 billion related to the reinsurance of certain Japanese whole life policies to Prismic Life Reinsurance, Ltd, which were transferred from affiliated to institutional assets under management. 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.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums9,686 3,272 3,398 3,724 5,897 25,837 13,019 -50%
Policy charges and fee income1,029 996 1,035 993 1,046 3,014 3,074 2%
Net investment income2,666 2,731 2,700 2,760 2,948 7,672 8,408 10%
Asset management fees, commissions and other income599 580 573 531 551 1,840 1,655 -10%
Total revenues13,980 7,579 7,706 8,008 10,442 38,363 26,156 -32%
Benefits and expenses (1):
Insurance and annuity benefits10,743 4,384 4,563 4,750 6,928 29,442 16,241 -45%
Change in estimates of liability for future policy benefits64 53 (11)68 117 (326)174 153%
Interest credited to policyholders' account balances703 708 724 754 808 1,947 2,286 17%
Interest expense294 330 295 286 290 909 871 -4%
Deferral of acquisition costs(416)(462)(411)(431)(426)(1,188)(1,268)-7%
Amortization of acquisition costs213 216 227 233 234 637 694 9%
Operating expenses480 572 529 583 500 1,562 1,612 3%
Variable expenses859 918 859 810 842 2,512 2,511 —%
Total benefits and expenses12,940 6,719 6,775 7,053 9,293 35,495 23,121 -35%
Adjusted operating income (loss) before income taxes1,040 860 931 955 1,149 2,868 3,035 6%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, 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.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums8,153 1,776 1,765 2,143 4,308 21,247 8,216 -61%
Policy charges and fee income320 315 297 278 294 952 869 -9%
Net investment income1,764 1,846 1,872 1,930 2,085 4,938 5,887 19%
Asset management fees, commissions and other income554 538 509 477 496 1,708 1,482 -13%
Total revenues10,791 4,475 4,443 4,828 7,183 28,845 16,454 -43%
Benefits and expenses (1):
Insurance and annuity benefits8,768 2,470 2,467 2,834 4,913 23,423 10,214 -56%
Change in estimates of liability for future policy benefits47 42 (19)125 118 (410)224 155%
Interest credited to policyholders' account balances467 483 507 543 588 1,220 1,638 34%
Interest expense36 20 30 27 24 95 81 -15%
Deferral of acquisition costs(186)(187)(209)(207)(180)(534)(596)-12%
Amortization of acquisition costs102 108 115 122 125 297 362 22%
Operating expenses186 213 215 228 199 596 642 8%
Variable expenses473 475 461 434 430 1,390 1,325 -5%
Total benefits and expenses9,893 3,624 3,567 4,106 6,217 26,077 13,890 -47%
Adjusted operating income (loss) before income taxes898 851 876 722 966 2,768 2,564 -7%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums (2)8,134 1,758 1,745 2,126 4,285 21,189 8,156 -62%
Policy charges and fee income10 9 7 5 11 24 23 -4%
Net investment income1,199 1,241 1,243 1,248 1,333 3,433 3,824 11%
Asset management fees, commissions and other income130 135 110 128 125 406 363 -11%
Total revenues9,473 3,143 3,105 3,507 5,754 25,052 12,366 -51%
Benefits and expenses (1):
Insurance and annuity benefits8,742 2,434 2,437 2,707 4,862 23,318 10,006 -57%
Change in estimates of liability for future policy benefits41 42 (25)124 112 (418)211 150%
Interest credited to policyholders' account balances177 180 182 188 216 484 586 21%
Interest expense12 (7)17 15 12 38 44 16%
Deferral of acquisition costs(23)(23)(27)(34)(19)(57)(80)-40%
Amortization of acquisition costs4 3 6 4 4 8 14 75%
Operating expenses51 57 71 68 67 174 206 18%
Variable expenses31 30 32 39 20 76 91 20%
Total benefits and expenses9,035 2,716 2,693 3,111 5,274 23,623 11,078 -53%
Adjusted operating income (loss) before income taxes438 427 412 396 480 1,429 1,288 -10%
__________
(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 $2.4 billion, $0.2 billion, $0.0 billion, $0.1 billion and $6.4 billion for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and $2.6 billion and $16.3 billion for the nine months ended September 30, 2025 and September 30, 2024, respectively.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
Beginning total account value274,128 287,829 288,202 293,930 307,306 267,654 288,202 
Additions 11,081 10,249 7,051 8,854 6,353 26,082 22,258 
Withdrawals and benefits (6,619)(6,127)(6,642)(5,525)(6,460)(19,200)(18,627)
Net flows4,462 4,122 409 3,329 (107)6,882 3,631 
Change in market value, interest credited and interest income4,476 1,540 2,804 2,355 3,521 9,050 8,680 
Other (1)4,763 (5,289)2,515 7,692 (3,206)4,243 7,001 
Ending total account value, gross287,829 288,202 293,930 307,306 307,514 287,829 307,514 
Reinsurance ceded(9,062)(9,011)(8,952)(8,899)(8,911)(9,062)(8,911)
Ending total account value, net278,767 279,191 284,978 298,407 298,603 278,767 298,603 
Amounts included in ending total account value, net above:
Investment-only stable value wraps62,189 61,286 61,302 61,566 61,777 
International reinsurance (2)108,927 108,882 115,533 127,701 124,795 
Group annuities and other products107,651 109,023 108,143 109,140 112,031 
Ending total account value, net278,767 279,191 284,978 298,407 298,603 
__________
(1) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.
(2) Represents notional amounts based on present value of future benefits under international reinsurance contracts.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums19 18 20 17 23 58 60 3%
Policy charges and fee income310 306 290 273 283 928 846 -9%
Net investment income565 605 629 682 752 1,505 2,063 37%
Asset management fees, commissions and other income424 403 399 349 371 1,302 1,119 -14%
Total revenues1,318 1,332 1,338 1,321 1,429 3,793 4,088 8%
Benefits and expenses (1):
Insurance and annuity benefits26 36 30 127 51 105 208 98%
Change in estimates of liability for future policy benefits6 — 6 1 6 8 13 63%
Interest credited to policyholders' account balances290 303 325 355 372 736 1,052 43%
Interest expense24 27 13 12 12 57 37 -35%
Deferral of acquisition costs(163)(164)(182)(173)(161)(477)(516)-8%
Amortization of acquisition costs98 105 109 118 121 289 348 20%
 Operating expenses135 156 144 160 132 422 436 3%
 Variable expenses442 445 429 395 410 1,314 1,234 -6%
Total benefits and expenses858 908 874 995 943 2,454 2,812 15%
Adjusted operating income (loss) before income taxes460 424 464 326 486 1,339 1,276 -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.

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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite2,244 2,513 2,334 1,718 1,803 6,190 5,855 
Investment Only VA (2)28 67 34 33 43 95 110 
Fixed1,346 1,056 1,105 1,384 1,532 4,117 4,021 
Total3,618 3,636 3,473 3,135 3,378 10,402 9,986 
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value39,108 43,729 47,204 48,817 54,429 30,655 47,204 
Sales3,618 3,636 3,473 3,135 3,378 10,402 9,986 
Full surrenders and death benefits(351)(394)(437)(458)(540)(954)(1,435)
Sales, net of full surrenders and death benefits3,267 3,242 3,036 2,677 2,838 9,448 8,551 
Partial withdrawals and other benefit payments(184)(243)(283)(269)(289)(549)(841)
Net flows3,083 2,999 2,753 2,408 2,549 8,899 7,710 
Change in market value, interest credited, and other1,554 494 (1,116)3,232 2,754 4,215 4,870 
Policy charges(16)(18)(24)(28)(29)(40)(81)
Ending total account value, gross43,729 47,204 48,817 54,429 59,703 43,729 59,703 
Reinsurance ceded(2,494)(2,755)(3,144)(2,680)(3,076)(2,494)(3,076)
Ending total account value, net41,235 44,449 45,673 51,749 56,627 41,235 56,627 
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value96,267 97,116 91,435 87,009 88,163 99,053 91,435 
Sales6 7 6 8 3 22 17 
Full surrenders and death benefits(2,510)(2,484)(2,455)(2,151)(2,614)(7,261)(7,220)
Sales, net of full surrenders and death benefits(2,504)(2,477)(2,449)(2,143)(2,611)(7,239)(7,203)
Partial withdrawals and other benefit payments(1,037)(1,205)(1,133)(991)(1,002)(3,183)(3,126)
Net flows(3,541)(3,682)(3,582)(3,134)(3,613)(10,422)(10,329)
Change in market value and other4,924 (1,493)(365)4,773 3,901 10,092 8,309 
Policy charges(534)(506)(479)(485)(491)(1,607)(1,455)
Ending total account value, gross97,116 91,435 87,009 88,163 87,960 97,116 87,960 
Reinsurance ceded(9,526)(8,764)(8,608)(8,393)(8,315)(9,526)(8,315)
Ending total account value, net87,590 82,671 78,401 79,770 79,645 87,590 79,645 
__________
(1) Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.
(2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity.
(3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
Account Values in General Account (1):
Beginning balance38,942 43,350 46,900 48,660 54,064 30,844 46,900 
Premiums and deposits3,522 3,494 3,369 3,051 3,280 10,121 9,700 
Full surrenders and death benefits(296)(239)(306)(330)(398)(799)(1,034)
Premiums and deposits net of full surrenders and death benefits3,226 3,255 3,063 2,721 2,882 9,322 8,666 
Partial withdrawals and other benefit payments(224)(282)(293)(275)(301)(663)(869)
Net flows3,002 2,973 2,770 2,446 2,581 8,659 7,797 
Change in market value, interest credited and other960 839 (1,253)2,846 2,389 3,378 3,982 
    Net transfers (to) from separate account451 (254)253 124 126 480 503 
Policy charges(5)(8)(10)(12)(12)(11)(34)
Ending balance, gross43,350 46,900 48,660 54,064 59,148 43,350 59,148 
Reinsurance ceded(2,494)(2,755)(3,144)(2,680)(3,076)(2,494)(3,076)
Ending balance, net40,856 44,145 45,516 51,384 56,072 40,856 56,072 
Account Values in Separate Account (1):
Beginning balance96,433 97,495 91,739 87,166 88,528 98,864 91,739 
Premiums and deposits102 149 110 92 101 303 303 
Full surrenders and death benefits(2,565)(2,639)(2,586)(2,279)(2,756)(7,416)(7,621)
Premiums and deposits net of full surrenders and death benefits(2,463)(2,490)(2,476)(2,187)(2,655)(7,113)(7,318)
Partial withdrawals and other benefit payments(997)(1,166)(1,123)(985)(990)(3,069)(3,098)
Net flows(3,460)(3,656)(3,599)(3,172)(3,645)(10,182)(10,416)
Change in market value, interest credited and other5,518 (1,838)(228)5,159 4,266 10,929 9,197 
    Net transfers (to) from general account(451)254 (253)(124)(126)(480)(503)
Policy charges(545)(516)(493)(501)(508)(1,636)(1,502)
Ending balance, gross97,495 91,739 87,166 88,528 88,515 97,495 88,515 
Reinsurance ceded(9,526)(8,764)(8,608)(8,393)(8,315)(9,526)(8,315)
Ending balance, net87,969 82,975 78,558 80,135 80,200 87,969 80,200 
__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
20242025
3Q4Q1Q2Q3Q
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 Prudential68,960 64,932 61,716 62,634 62,434 
Account Values with Auto-Rebalancing Feature - externally reinsured2,115 1,902 1,763 1,758 1,713 
Account Values without Auto-Rebalancing Feature24,561 23,100 22,098 24,322 24,630 
Total95,636 89,934 85,577 88,714 88,777 
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature5,638 6,510 6,937 6,104 5,575 
Net Amount at Risk without Auto-Rebalancing Feature2,240 2,775 2,778 3,033 2,907 
Total7,878 9,285 9,715 9,137 8,482 
__________
(1) At end of period.

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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums1,299 1,260 1,396 1,349 1,353 3,869 4,098 6%
Policy charges and fee income189 149 197 184 183 529 564 7%
Net investment income134 132 134 133 138 398 405 2%
Asset management fees, commissions and other income21 23 21 21 20 67 62 -7%
Total revenues1,643 1,564 1,748 1,687 1,694 4,863 5,129 5%
Benefits and expenses (1):
Insurance and annuity benefits1,241 1,171 1,296 1,230 1,272 3,630 3,798 5%
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances35 38 35 32 33 111 100 -10%
Interest expense2 3 5 5 7 8 17 113%
Deferral of acquisition costs(5)(13)— (4)— (15)(4)73%
Amortization of acquisition costs1 2 2 4 2 4 8 100%
Operating expenses179 184 194 186 181 550 561 2%
Variable expenses108 113 127 109 109 327 345 6%
Total benefits and expenses1,561 1,498 1,659 1,562 1,604 4,615 4,825 5%
Adjusted operating income (loss) before income taxes82 66 89 125 90 248 304 23%
__________
(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.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
Annualized New Business Premiums:
Group life35 38 225 35 36 251 296 
Group disability28 25 175 42 42 236 259 
Total63 63 400 77 78 487 555 
Future Policy Benefits (1):
Group life2,266 2,415 2,422 2,396 2,334 
Group disability3,253 3,256 3,283 3,316 3,345 
Total5,519 5,671 5,705 5,712 5,679 
Policyholders' Account Balances (1):
Group life4,878 4,915 4,519 4,460 4,503 
Group disability110 117 117 104 99 
Total4,988 5,032 4,636 4,564 4,602 
Separate Account Liabilities (1):
Group life 26,021 25,126 25,547 26,364 26,988 
Group Life Insurance:
Gross premiums, policy charges and fee income (2)1,137 1,168 1,196 1,195 1,155 3,358 3,546 
Earned premiums924 891 996 935 952 2,724 2,883 
Earned policy charges and fee income164 124 171 156 154 453 481 
Benefits ratio (3)85.0 %87.1 %87.1 %83.1 %84.1 %86.8 %84.8 %
Administrative expense ratio10.5 %11.9 %10.8 %11.5 %10.5 %11.1 %10.9 %
Persistency ratio94.6 %94.6 %97.0 %96.8 %96.5 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2)403 400 429 447 434 1,239 1,310 
Earned premiums375 369 400 414 401 1,145 1,215 
Earned policy charges and fee income25 25 26 28 29 76 83 
Benefits ratio (3)78.9 %72.8 %65.6 %75.3 %79.7 %73.5 %73.6 %
Administrative expense ratio24.7 %26.1 %25.8 %24.8 %24.0 %24.3 %24.9 %
Persistency ratio92.9 %92.6 %95.3 %94.1 %92.9 %
Total Group Insurance:
Benefits ratio (3)83.4 %83.1 %81.3 %80.9 %82.8 %83.1 %81.7 %
Administrative expense ratio14.2 %15.8 %14.8 %15.2 %14.2 %14.7 %14.7 %
Net face amount of policies in force (in billions) (4)2,1022,1202,1272,1182,118
__________
(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 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 84.6%, 73.4%, 81.5% and 86.8%, 71.4%, 82.5% for the nine months ended September 30, 2025 and September 30, 2024, respectively.
(4) At end of period; net of reinsurance.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums234 236 237 232 236 721 705 -2%
Policy charges and fee income520 532 541 531 569 1,533 1,641 7%
Net investment income768 753 694 697 725 2,336 2,116 -9%
Asset management fees, commissions and other income24 19 43 33 35 65 111 71%
Total revenues1,546 1,540 1,515 1,493 1,565 4,655 4,573 -2%
Benefits and expenses (1):
Insurance and annuity benefits734 743 800 686 743 2,389 2,229 -7%
Change in estimates of liability for future policy benefits17 11 8 (57)(1)84 (50)-160%
Interest credited to policyholders' account balances201 187 182 179 187 616 548 -11%
Interest expense256 307 260 254 259 806 773 -4%
Deferral of acquisition costs(225)(262)(202)(220)(246)(639)(668)-5%
Amortization of acquisition costs110 106 110 107 107 336 324 -4%
Operating expenses115 175 120 169 120 416 409 -2%
Variable expenses278 330 271 267 303 795 841 6%
Total benefits and expenses1,486 1,597 1,549 1,385 1,472 4,803 4,406 -8%
Adjusted operating income (loss) before income taxes60 (57)(34)108 93 (148)167 213%
__________
(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.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life34 35 32 39 37 99 108 
Universal life19 24 24 24 30 61 78 
Variable life157 267 154 160 186 420 500 
Total 210 326 210 223 253 580 686 
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors43 45 38 43 48 122 129 
Third party distribution167 281 172 180 205 458 557 
Total210 326 210 223 253 580 686 
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance33,365 33,581 33,773 33,936 34,362 33,026 33,773 
Premiums and deposits619 675 709 676 686 1,857 2,071 
Surrenders and withdrawals(445)(410)(463)(488)(455)(1,295)(1,406)
Net sales (redemptions)174 265 246 188 231 562 665 
Benefit payments(30)(43)(68)(64)(58)(121)(190)
Net flows144 222 178 124 173 441 475 
Interest credited and other440 308 375 637 445 1,229 1,457 
Net transfers (to) from separate account158 171 145 168 193 444 506 
Policy charges(526)(509)(535)(503)(512)(1,559)(1,550)
Ending balance, gross33,581 33,773 33,936 34,362 34,661 33,581 34,661 
Reinsurance ceded(4,520)(8,995)(9,029)(9,043)(9,077)(4,520)(9,077)
Ending balance, net29,061 24,778 24,907 25,319 25,584 29,061 25,584 
Separate Account Liabilities:
Beginning balance51,385 53,953 54,803 53,323 57,995 46,453 54,803 
Premiums and deposits1,018 1,179 963 1,084 1,117 2,716 3,164 
Surrenders and withdrawals(316)(295)(326)(315)(442)(943)(1,083)
Net sales (redemptions)702 884 637 769 675 1,773 2,081 
Benefit payments(183)(165)(184)(165)(170)(486)(519)
Net flows519 719 453 604 505 1,287 1,562 
Change in market value, interest credited and other 2,569 673 (1,414)4,608 3,450 7,717 6,644 
Net transfers (to) from general account(158)(171)(145)(168)(193)(444)(506)
Policy charges (362)(371)(374)(372)(381)(1,060)(1,127)
Ending balance53,953 54,803 53,323 57,995 61,376 53,953 61,376 
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life280 278 274 284 282 
Universal life79 62 62 62 62 
Variable life162 167 165 170 174 
Total521 507 501 516 518 
__________
(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.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums2,850 2,665 3,057 2,709 2,800 8,991 8,566 -5%
Policy charges and fee income83 81 88 92 96 243 276 14%
Net investment income1,428 1,493 1,469 1,451 1,540 4,230 4,460 5%
Asset management fees, commissions and other income56 44 124 147 159 178 430 142%
Total revenues4,417 4,283 4,738 4,399 4,595 13,642 13,732 1%
Benefits and expenses (1):
Insurance and annuity benefits2,581 2,463 2,789 2,446 2,559 7,805 7,794 —%
Change in estimates of liability for future policy benefits2 3 (3)32 (21)378 8 -98%
Interest credited to policyholders' account balances315 328 347 369 390 882 1,106 25%
Interest expense5 (4)(1)1 2 2 2 —%
Deferral of acquisition costs(308)(269)(306)(297)(308)(869)(911)-5%
Amortization of acquisition costs164 162 165 174 175 484 514 6%
Operating expenses455 454 436 467 466 1,339 1,369 2%
Variable expenses437 404 463 446 451 1,257 1,360 8%
Total benefits and expenses3,651 3,541 3,890 3,638 3,714 11,278 11,242 —%
Adjusted operating income (loss) before income taxes766 742 848 761 881 2,364 2,490 5%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan2,649 2,464 2,860 2,462 2,548 8,335 7,870 
Emerging Markets284 282 285 339 348 899 972 
Total2,933 2,746 3,145 2,801 2,896 9,234 8,842 
Annualized new business premiums:
Japan486 402 478 453 453 1,330 1,384 
Emerging Markets102 96 98 88 102 294 288 
Total 588 498 576 541 555 1,624 1,672 
Annualized new business premiums by distribution channel:
Life Planners207 205 258 216 227 637 701 
Life Consultants 136 119 130 150 138 361 418 
Banks 147 98 95 93 108 361 296 
Independent Agency and Other98 76 93 82 82 265 257 
Total 588 498 576 541 555 1,624 1,672 
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan2,711 2,530 2,950 2,475 2,580 8,541 8,005 
Emerging Markets273 286 289 333 328 816 950 
Total2,984 2,816 3,239 2,808 2,908 9,357 8,955 
Annualized new business premiums:
Japan491 410 487 454 457 1,351 1,398 
Emerging Markets97 97 99 87 96 266 282 
Total 588 507 586 541 553 1,617 1,680 
Annualized new business premiums by distribution channel:
Life Planners208 210 265 214 227 640 706 
Life Consultants 137 121 132 151 139 365 422 
Banks 145 99 95 93 106 349 294 
Independent Agency and Other98 77 94 83 81 263 258 
Total 588 507 586 541 553 1,617 1,680 
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
20242025
3Q4Q1Q2Q3Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan537 533 530 526 524 
Emerging Markets47 49 50 52 54 
Total584 582 580 578 578 
Policyholder Account Balances at end of period (in millions) (1)(2):
(Constant exchange rate basis)
International Businesses54,084 55,548 49,858 51,945 53,903 
Number of individual policies in force at end of period (in thousands) (3):
Japan11,075 11,078 11,102 11,116 11,142 
Emerging Markets820 842 855 869 884 
Total 11,895 11,920 11,957 11,985 12,026 
International Businesses life insurance individual policy persistency:
13 months91.3 %91.4 %92.0 %92.8 %93.6 %
25 months84.0 %83.4 %83.2 %83.0 %82.6 %
Number of Life Planners at end of period:
Japan4,264 4,309 4,356 4,285 4,282 
Emerging Markets1,636 1,726 1,819 1,876 1,859 
Total Life Planners5,900 6,035 6,175 6,161 6,141 
Life Consultants6,861 6,844 6,840 6,822 6,940 
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
20242025Year-to-date
3Q4Q1Q2Q3Q20242025% change
Revenues (1):
Premiums(9)(2)(9)(7)(6)(18)(22)-22%
Policy charges and fee income(14)(15)(15)(15)(16)(42)(46)-10%
Net investment income326 349 330 330 330 885 990 12%
Asset management fees, commissions and other income(232)(303)(323)(252)(201)(760)(776)-2%
Total revenues71 29 (17)56 107 65 146 125%
Benefits and expenses (1):
Insurance and annuity benefits(3)(4)(8)(1)(2)(15)(11)27%
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances20 21 12 12 17 63 41 -35%
Interest expense156 174 207 215 212 503 634 26%
Deferral of acquisition costs88 27 33 39 35 161 107 -34%
Amortization of acquisition costs(22)(14)(16)(15)(14)(42)(45)-7%
Operating expenses340 324 155 107 170 778 432 -44%
Variable expenses(21)(9)15 (21)16 (90)10 111%
Total benefits and expenses558 519 398 336 434 1,358 1,168 -14%
Adjusted operating income (loss) before income taxes(487)(490)(415)(280)(327)(1,293)(1,022)21%
__________
(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.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
September 30, 2025December 31, 2024
ClosedPFI Excluding ClosedPFI Excluding
TotalBlockFunds Closed Block Division and Funds WithheldTotalBlockFundsClosed Block Division and Funds Withheld
PortfolioDivisionWithheld (1)Amount% of TotalPortfolioDivisionWithheld (1)Amount% of Total
Fixed maturities:
Public, available-for-sale, at fair value243,021 19,151 4,310 219,560 54.8 %230,018 19,103 4,837 206,078 54.9 %
Private, available-for-sale, at fair value91,884 10,232 2,738 78,914 19.7 %81,179 9,625 2,795 68,759 18.3 %
Fixed maturities, trading, at fair value14,447 613 8,906 4,928 1.2 %12,447 647 7,732 4,068 1.1 %
Assets supporting experience-rated contractholder liabilities, at fair value4,648 — — 4,648 1.2 %3,707 — — 3,707 1.0 %
Equity securities, at fair value8,322 1,544 — 6,778 1.7 %8,896 1,642 — 7,254 1.9 %
Commercial mortgage and other loans, at book value, net of allowance63,740 7,648 263 55,829 13.9 %61,872 7,652 233 53,987 14.4 %
Policy loans, at outstanding balance9,951 3,250 — 6,701 1.7 %9,795 3,348 — 6,447 1.7 %
Other invested assets, net of allowance (2)23,992 4,636 1,885 17,471 4.3 %23,577 4,929 1,867 16,781 4.4 %
Short-term investments, net of allowance6,246 259 7 5,980 1.5 %9,056 520 43 8,493 2.3 %
Subtotal (3)466,251 47,333 18,109 400,809 100.0 %440,547 47,466 17,507 375,574 100.0 %
Invested assets of other entities and operations (4)5,857 — — 5,857 4,233 — — 4,233 
Total investments472,108 47,333 18,109 406,666 444,780 47,466 17,507 379,807 
Fixed Maturities by Credit Quality (3)(5):September 30, 2025December 31, 2024
PFI Excluding Closed Block Division and Funds WithheldPFI Excluding Closed Block Division and Funds Withheld
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedAllowance forFair AmortizedUnrealizedUnrealizedAllowance forFair
CostGainsLossesCredit LossesValue% of TotalCostGainsLossesCredit LossesValue% of Total
Public Fixed Maturities:
  NAIC Rating (6)
1186,883 3,074 22,232 1 167,724 76.4 %176,693 3,412 20,161 — 159,944 77.6 %
246,563 967 2,802 1 44,727 20.4 %43,221 522 3,744 — 39,999 19.4 %
                     Subtotal - High or Highest Quality Securities233,446 4,041 25,034 2 212,451 96.8 %219,914 3,934 23,905 — 199,943 97.0 %
35,771 82 578 — 5,275 2.4 %4,807 60 574 — 4,293 2.1 %
41,204 47 7 — 1,244 0.6 %1,264 48 30 — 1,282 0.6 %
5525 20 17 20 508 0.2 %439 16 12 7 436 0.2 %
6101 6 9 16 82 0.0 %196 7 9 70 124 0.1 %
                     Subtotal - Other Securities7,601 155 611 36 7,109 3.2 %6,706 131 625 77 6,135 3.0 %
                         Total241,047 4,196 25,645 38 219,560 100.0 %226,620 4,065 24,530 77 206,078 100.0 %
Private Fixed Maturities:
  NAIC Rating (6)
121,265 340 1,438 — 20,167 25.6 %18,756 257 1,920 — 17,093 24.9 %
247,587 1,694 2,097 — 47,184 59.8 %44,179 765 3,453 — 41,491 60.3 %
                     Subtotal - High or Highest Quality Securities68,852 2,034 3,535 — 67,351 85.4 %62,935 1,022 5,373 — 58,584 85.2 %
37,384 342 117 — 7,609 9.6 %6,483 114 282 — 6,315 9.2 %
42,878 49 57 20 2,850 3.6 %2,646 15 101 28 2,532 3.7 %
5883 20 21 62 820 1.0 %1,051 30 34 29 1,018 1.5 %
6369 27 1 111 284 0.4 %437 24 11 140 310 0.4 %
                     Subtotal - Other Securities11,514 438 196 193 11,563 14.6 %10,617 183 428 197 10,175 14.8 %
                         Total80,366 2,472 3,731 193 78,914 100.0 %73,552 1,205 5,801 197 68,759 100.0 %
_____________
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(5) Excludes fixed maturity securities classified as trading.
(6) Reflects equivalent ratings for investments of the international operations. Includes, as of September 30, 2025 and December 31, 2024, 1,159 securities with amortized cost of $7,063 million (fair value $7,054 million) and 803 securities with amortized cost of $4,147 million (fair value $3,840 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
September 30, 2025December 31, 2024
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value105,600 65.7 %102,904 65.1 %
Private, available-for-sale, at fair value21,881 13.6 %21,603 13.6 %
Fixed maturities, trading, at fair value 482 0.3 %461 0.3 %
Assets supporting experience-rated contractholder liabilities, at fair value4,648 2.9 %3,707 2.3 %
Equity securities, at fair value 1,979 1.2 %1,845 1.2 %
Commercial mortgage and other loans, at book value, net of allowance14,902 9.3 %16,137 10.2 %
Policy loans, at outstanding balance2,762 1.7 %2,608 1.6 %
Other invested assets, net of allowance (3)6,393 4.0 %6,588 4.2 %
Short-term investments, net of allowance2,161 1.3 %2,324 1.5 %
Total160,808 100.0 %158,177 100.0 %
September 30, 2025December 31, 2024
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value113,960 47.5 %103,174 47.4 %
Private, available-for-sale, at fair value57,033 23.8 %47,156 21.7 %
Fixed maturities, trading, at fair value 4,446 1.9 %3,607 1.7 %
Assets supporting experience-rated contractholder liabilities, at fair value— 0.0 %— 0.0 %
Equity securities, at fair value4,799 2.0 %5,409 2.5 %
Commercial mortgage and other loans, at book value, net of allowance40,927 17.1 %37,850 17.4 %
Policy loans, at outstanding balance3,939 1.6 %3,839 1.8 %
Other invested assets, net of allowance (3)11,078 4.5 %10,193 4.7 %
Short-term investments, net of allowance3,819 1.6 %6,169 2.8 %
Total240,001 100.0 %217,397 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT RESULTS (1)
(in millions)
 Three Months Ended September 30,
20252024
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
General Account (3)
Fixed maturities (4)4.34 %3,465 (110)4.30 %3,298 (527)
Equity securities2.31 %35 — 2.55 %28 — 
Commercial mortgage and other loans4.53 %622 (61)4.31 %564 (41)
Policy loans4.47 %74 — 4.66 %75 — 
Short-term investments and cash equivalents5.46 %208 1 5.92 %252 — 
Gross investment income before investment expenses4.38 %4,404 (170)4.35 %4,217 (568)
Investment expenses-0.15 %(298)— -0.15 %(273)— 
Subtotal4.23 %4,106 (170)4.20 %3,944 (568)
Other investments (4)(5)463 (272)243 133 
Investment results of other entities and operations (6)67 6 27 (5)
Investment results of Funds Withheld (5)(7)364 (593)337 (1,171)
Less: investment income related to adjusted operating income reconciling items(128)— (115)— 
Total4,872 (1,029)4,436 (1,611)
Nine Months Ended September 30,
20252024
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
General Account (3)
Fixed maturities (4)4.41 %10,184 (148)4.25 %9,548 (806)
Equity securities2.30 %113 — 3.04 %109 — 
Commercial mortgage and other loans4.51 %1,819 (175)4.31 %1,646 (136)
Policy loans4.56 %221 — 4.57 %219 — 
Short-term investments and cash equivalents5.18 %640 1 6.40 %743 — 
Gross investment income before investment expenses4.42 %12,977 (322)4.33 %12,265 (942)
Investment expenses-0.16 %(874)— -0.15 %(806)— 
Subtotal4.26 %12,103 (322)4.18 %11,459 (942)
Other investments (4)(5)1,009 (1,701)731 239 
Investment results of other entities and operations (6)171 4 19 1 
Investment results of Funds Withheld (5)(7)1,069 (1,184)932 (1,084)
Less: investment income related to adjusted operating income reconciling items(361)— (367)— 
Total13,991 (3,203)12,774 (1,786)
________
(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. Prior periods have been updated to reflect the correction of an error.
(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) Prior period amounts for "Realized Gains (Losses)" have been updated to conform to current period presentation.
(6) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(7) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
 Three Months Ended September 30,
20252024
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)3.17 %1,141 (2)3.18 %1,115 (82)
Equity securities2.12 %10 — 1.90 %6 — 
Commercial mortgage and other loans3.79 %144 (12)3.71 %153 (1)
Policy loans3.77 %25 — 3.71 %24 — 
Short-term investments and cash equivalents4.27 %42 — 5.25 %35 — 
Gross investment income before investment expenses3.25 %1,362 (14)3.25 %1,333 (83)
Investment expenses-0.12 %(89)— -0.14 %(90)— 
Subtotal3.13 %1,273 (14)3.11 %1,243 (83)
Other investments (2)198 (35)121 343 
Total1,471 (49)1,364 260 
Nine Months Ended September 30,
20252024
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)3.19 %3,343 82 3.10 %3,235 88 
Equity securities2.97 %40 — 3.06 %33 — 
Commercial mortgage and other loans3.82 %440 (26)3.78 %478 (15)
Policy loans3.81 %76 — 3.76 %73 — 
Short-term investments and cash equivalents4.42 %123 — 5.88 %92 — 
Gross investment income before investment expenses3.28 %4,022 56 3.21 %3,911 73 
Investment expenses-0.13 %(260)— -0.13 %(246)— 
Subtotal3.15 %3,762 56 3.08 %3,665 73 
Other investments (2)459 (173)347 (214)
Total4,221 (117)4,012 (141)
__________
(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.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
 Three Months Ended September 30,
20252024
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4)5.32 %2,324 (108)5.26 %2,183 (445)
Equity securities2.40 %25 — 2.81 %22 — 
Commercial mortgage and other loans4.81 %478 (49)4.59 %411 (40)
Policy loans4.97 %49 — 5.31 %51 — 
Short-term investments and cash equivalents5.87 %166 1 6.02 %217 — 
Gross investment income before investment expenses5.19 %3,042 (156)5.15 %2,884 (485)
Investment expenses-0.17 %(209)— -0.15 %(183)— 
Subtotal5.02 %2,833 (156)5.00 %2,701 (485)
Other investments (4)(5)265 (237)122 (210)
Total3,098 (393)2,823 (695)
Nine Months Ended September 30,
20252024
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4)5.45 %6,841 (230)5.27 %6,313 (894)
Equity securities2.05 %73 — 3.04 %76 — 
Commercial mortgage and other loans4.79 %1,379 (149)4.57 %1,168 (121)
Policy loans5.08 %145 — 5.12 %146 — 
Short-term investments and cash equivalents5.40 %517 1 6.47 %651 — 
Gross investment income before investment expenses5.25 %8,955 (378)5.18 %8,354 (1,015)
Investment expenses-0.18 %(614)— -0.18 %(560)— 
Subtotal5.07 %8,341 (378)5.00 %7,794 (1,015)
Other investments (4)(5)550 (1,528)384 453 
Total8,891 (1,906)8,178 (562)
__________
(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. Prior periods have been updated to reflect the correction of an error.
(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.
(5) Prior period amounts for "Realized Gains (Losses)" have been updated to conform to current period presentation.
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Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
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:
Premiums21,563 — —— 1,256 376 — — 23,195 34,810 — —— 1,235 357 — — 36,402 
Policy charges and fee income3,304 245 —(10)— — — — 3,539 3,215 120 —(92)— 9 — — 3,252 
Net investment income13,991 (9)—— 1,532 370 — — 15,884 12,774 (12)—— 1,527 379 — — 14,668 
Realized investment gains (losses), net (3)(424)(2,691)—— (252)(88)— — (3,455)(449)(1,315)—— (532)(22)— — (2,318)
Asset management fees, commissions and other income4,723 1,248 —— 289 263 (149)— 6,374 4,694 759 —— 360 486 (101)— 6,198 
Change in value of market risk benefits, net of related hedging gains (losses)— — (453)— — — — — (453)— — (320)— — — — — (320)
Total revenues43,157 (1,207)(453)(10)2,825 921 (149)— 45,084 55,044 (448)(320)(92)2,590 1,209 (101)— 57,882 
Benefits and expenses:
Insurance and annuity benefits24,024 117 —(4)2,542 594 — — 27,273 37,232 (10)—(5)2,339 584 — — 40,140 
Change in estimates of liability for future policy benefits182 (83)—(51)— 23 — — 71 52 22 —25 — (112)— — (13)
Interest credited to policyholders' account balances3,433 (89)—— 84 117 — — 3,545 2,892 141 —— 87 128 — — 3,248 
Interest expense1,579 — —— (6)5 — — 1,578 1,494 — —— — 10 — — 1,504 
Deferral of acquisition costs(2,072)(98)—— — — — — (2,170)(1,897)— —— — (1)— — (1,898)
Amortization of acquisition costs1,163 44 —— 10 — — — 1,217 1,081 24 —— 9 3 — — 1,117 
Operating expenses4,897 — —— 203 76 — (27)5,149 5,060 — —— 212 417 — 15 5,704 
Variable expenses4,819 238 —— 22 22 (123)1 4,979 4,575 — —— 4 130 12 1 4,722 
Total benefits and expenses38,025 129 — (55)2,855 837 (123)(26)41,642 50,489 177 — 20 2,651 1,159 12 16 54,524 
__________
(1) See page 37 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 $(173) million and $(249) million for nine months ended September 30, 2025 and September 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(280) million and $(73) million and certain derivatives of $45 million and $1 million for nine months ended September 30, 2025 and September 30, 2024, respectively.
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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
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:
Premiums8,691 — — 1 394 127 — — 9,213 12,527 — — 1 393 124 — — 13,045 
Policy charges and fee income1,126 25 — (18)— — — — 1,133 1,098 48 — (35)— — — — 1,111 
Net investment income4,872 (3)— — 528 131 — — 5,528 4,436 (3)— — 504 118 — — 5,055 
Realized investment gains (losses), net (3)(119)(900)— — 3 (10)— — (1,026)(191)(1,428)— — (233)8 — — (1,844)
Asset management fees, commissions and other income1,669 829 — — 133 151 (66)— 2,716 1,619 408 — — 153 134 (45)— 2,269 
Change in value of market risk benefits, net of related hedging gains (losses)— — 324 — — — — — 324 — — (146)— — — — — (146)
Total revenues16,239 (49)324 (17)1,058 399 (66)— 17,888 19,489 (975)(146)(34)817 384 (45)— 19,490 
Benefits and expenses:
Insurance and annuity benefits9,485 (85)— (1)949 200 — — 10,548 13,321 (13)— (2)714 196 — — 14,216 
Change in estimates of liability for future policy benefits96 168 — 20 — 12 — — 296 66 10 — 95 — 9 — — 180 
Interest credited to policyholders' account balances1,215 300 — — 27 40 — — 1,582 1,038 (243)— — 28 40 — — 863 
Interest expense531 — — — (3)2 — — 530 485 — — — — 4 — — 489 
Deferral of acquisition costs(699)— — — — — — — (699)(636)— — — — — — — (636)
Amortization of acquisition costs395 4 — — 4 — — — 403 356 8 — — 3 — — — 367 
Operating expenses1,639 — — — 69 19 — 1 1,728 1,717 — — — 68 80 — 3 1,868 
Variable expenses1,630 138 — — 2 3 (55)— 1,718 1,582 — — — 2 8 (2)— 1,590 
Total benefits and expenses14,292 525 — 19 1,048 276 (55)1 16,106 17,929 (238)— 93 815 337 (2)3 18,937 
__________
(1) See page 37 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 $(92) million for three months ended September 30, 2025 and September 30, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(129) million and $(547) million and certain derivatives of $(15) million and $21 million for three months ended September 30, 2025 and September 30, 2024, respectively.


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Prudential Financial, Inc.
image44.jpg
Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended December 31, 2024Three Months Ended March 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:
Premiums5,935 — — (1)455 106 — — 6,495 6,446 — — — 417 137 — — 7,000 
Policy charges and fee income1,062 (21)— 5 — — — — 1,046 1,108 46 — 3 — — — — 1,157 
Net investment income4,601 (5)— — 521 124 — — 5,241 4,519 (3)— — 493 121 — — 5,130 
Realized investment gains (losses), net (3)(136)(664)— — (237)(74)— — (1,111)(157)(489)— — (57)(27)— — (730)
Asset management fees, commissions and other income1,547 (603)— — (42)61 (34)— 929 1,496 (190)— — (33)23 (32)— 1,264 
Change in value of market risk benefits, net of related hedging gains (losses)— — (77)— — — — — (77)— — (351)— — — — — (351)
Total revenues13,009 (1,293)(77)4 697 217 (34)— 12,523 13,412 (636)(351)3 820 254 (32)— 13,470 
Benefits and expenses:
Insurance and annuity benefits6,843 7 — 2 644 181 — — 7,677 7,344 2 — 2 729 208 — — 8,285 
Change in estimates of liability for future policy benefits56 11 — (58)— (33)— — (24)(14)3 — (38)— (1)— — (50)
Interest credited to policyholders' account balances1,057 206 — — 30 41 — — 1,334 1,083 (325)— — 28 39 — — 825 
Interest expense525 — — — (2)3 — — 526 522 — — — (2)2 — — 522 
Deferral of acquisition costs(704)— — — — — — — (704)(684)(98)— — — — — — (782)
Amortization of acquisition costs364 8 — — 3 — — — 375 376 28 — — 3 — — — 407 
Operating expenses1,810 — — — 71 40 — 2 1,923 1,624 — — — 65 43 — (28)1,704 
Variable expenses1,687 — — — 3 5 (131)1 1,565 1,641 — — — 19 14 (35)— 1,639 
Total benefits and expenses11,638 232 — (56)749 237 (131)3 12,672 11,892 (390)— (36)842 305 (35)(28)12,550 
__________
(1) See page 37 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(178) million and $(55) million for three months ended December 31, 2024 and March 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 $509 million and $(104) million and certain derivatives of $(30) million and $5 million for three months ended December 31, 2024 and March 31, 2025, respectively.





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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2025
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:
Premiums6,426 — — (1)445 112 — — 6,982 
Policy charges and fee income1,070 174 — 5 — — — — 1,249 
Net investment income4,600 (3)— — 511 118 — — 5,226 
Realized investment gains (losses), net (3)(148)(1,302)— — (198)(51)— — (1,699)
Asset management fees, commissions and other income1,558 609 — — 189 89 (51)— 2,394 
Change in value of market risk benefits, net of related hedging gains (losses)— — (426)— — — — — (426)
Total revenues13,506 (522)(426)4 947 268 (51)— 13,726 
Benefits and expenses:
Insurance and annuity benefits7,195 200 — (5)864 186 — — 8,440 
Change in estimates of liability for future policy benefits100 (254)— (33)— 12 — — (175)
Interest credited to policyholders' account balances1,135 (64)— — 29 38 — — 1,138 
Interest expense526 — — — (1)1 — — 526 
Deferral of acquisition costs(689)— — — — — — — (689)
Amortization of acquisition costs392 12 — — 3 — — — 407 
Operating expenses1,634 — — — 69 14 — — 1,717 
Variable expenses1,548 100 — — 1 5 (33)1 1,622 
Total benefits and expenses11,841 (6)— (38)965 256 (33)1 12,986 
__________
(1) See page 37 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 $(27) million for three months ended June 30, 2025. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(47) million and certain derivatives of $55 million for three months ended June 30, 2025.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments." A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.
Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.
Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.
Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Life Consultants include production by captive agents associated with the Japan operation.
4. Assets Under Administration:
Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.
5. Assets Under Management:
Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.
6. Book value per share of Common Stock:
GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
KEY DEFINITIONS AND FORMULAS
7. Borrowings - Capital Debt:
Debt utilized to meet the capital requirements of our business.
8. Borrowings - Operating Debt:
Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences.
9. Divested and Run-off Businesses:
Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.
10. Earned Premiums:
The portion of premium, net of returns to participating policyholders and amounts ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.
11. General Account:
Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting "Future Policy Benefits" and "Policyholders' Account Balances". General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account.
12. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
13. Group Life Insurance and Group Disability Insurance Administrative Expense Ratios:
Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third party administrators passthrough fees and expenses.
14. Individual Retirement Strategies Account Values in General Account and Separate Account:
Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.
15. Individual Retirement Strategies - Net Amounts at Risk:
Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.
Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
16. Insurance and Annuity Benefits:
Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.
17. International Life Planners:
Captive insurance Advisors from Prudential of Japan and Brazil.
18. Life Consultants:
Captive insurance agents for Gibraltar Life.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
KEY DEFINITIONS AND FORMULAS
19. Non-recourse and Limited-recourse Debt:
Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets.
20. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.
21. PGIM Asset Under Management:
Institutional Customers - Third Party - Consists of third-party institutional assets.
Retail Customers - Third Party - Consists of individual mutual funds and third-party sub-advisory relationships.
Affiliated - Includes the Company's general account assets, as well as certain separate account assets of the Company's insurance and retirement businesses managed by PGIM.
Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.
Public Fixed Income - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages).
Real Estate - Includes direct real estate equity and real estate mortgages.
Private Credit and Other Alternatives - Includes private credit, private equity, hedge funds and other alternative strategies.
Multi-Asset - Includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds.
22. Policy Persistency - Group Insurance:
Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan).
23. Policy Persistency - International Businesses:
13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month.
24. Prudential Advisors:
Captive financial professionals selling across all products in the United States.
25. Prudential Financial, Inc. Equity:
Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests and redeemable noncontrolling interests.
26. Separate Accounts:
Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.
27. Wrap-Fee Products:
Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2025
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of October 29, 2025
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 29, 2025
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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