# EDGAR Filing Document

**Accession Number:** 0001137774
**File Stem:** 0001137774-26-000012
**Filing Date:** 2026-2
**Character Count:** 462135
**Document Hash:** 19a50dd216e8d57aa31d9303a12cc83a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001137774-26-000012.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001137774-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260203

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL FINANCIAL INC
- **CENTRAL INDEX KEY:** 0001137774
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 223703799
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16707
- **FILM NUMBER:** 26593614

**BUSINESS ADDRESS:**
- **STREET 1:** 751 BROAD ST
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** 9738026000

**MAIL ADDRESS:**
- **STREET 1:** 751 BROAD ST
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

?xml version='1.0' encoding='ASCII'? pru-20260203

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________________

**FORM 8-K** 

___________________________

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): February 3, 2026**

___________________________

**PRUDENTIAL FINANCIAL, INC.** 

**(Exact name of registrant as specified in its charter)** 

___________________________

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

---

**751 Broad Street** 

**Newark, NJ 07102** 

**(Address of principal executive offices and zip code)** 

**(973) 802-6000** 

**(Registrant's telephone number, including area code)** 

___________________________

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

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

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

A. <u>Quarterly Financial Supplement</u>. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for fourth quarter 2025.

B. <u>News Release Related to Prudential of Japan</u>. The Company furnishes herewith, as Exhibit 99.3, a news release related to Prudential of Japan.

C. <u>Conference Call and Related Materials</u>. Members of the Company's senior management will hold a conference call on Wednesday, February 4, 2026 at 11:00 A.M. ET, to discuss the Company's fourth quarter 2025 results and issues related to Prudential of Japan referred to in the news release attached hereto as Exhibit 99.3. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

D. <u>Dividend Declaration</u>. Today the Company announced the declaration of a quarterly dividend of $1.40 per share of Common Stock, payable on March 12, 2026, to shareholders of record as of February 17, 2026.

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

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**(d) Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](exhibit991-4q25earningspre.htm)</u> | <u>[News release of Prudential Financial, Inc. dated](exhibit991-4q25earningspre.htm)[February 3](exhibit991-4q25earningspre.htm)[, 202](exhibit991-4q25earningspre.htm)[6](exhibit991-4q25earningspre.htm)[, announcing](exhibit991-4q25earningspre.htm)[fo](exhibit991-4q25earningspre.htm)[urth](exhibit991-4q25earningspre.htm)[quarter 2025 results (furnished and not filed).](exhibit991-4q25earningspre.htm)</u> |
| <u>[99.2](exhibit992-4q25qfs.htm)</u> | <u>[Quarterly Financial Supplement for Prudential Financial, Inc. for](exhibit992-4q25qfs.htm)[fourth](exhibit992-4q25qfs.htm)[quarter 2025 (furnished and not filed).](exhibit992-4q25qfs.htm)</u> |
| <u>[99.3](exhibit993-4q2025newsrelea.htm)</u> | <u>[News release of Prudential Financial, Inc., dated February 3, 2026, related to Prudential of Japan (furnished and not filed).](exhibit993-4q2025newsrelea.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES** 

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

Date: February 3, 2026

---

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

---

## Exhibit 99.1

**Exhibit 99.1**

![earningsreleasebanner.jpg](earningsreleasebanner.jpg)

**February 3, 2026** 

**Prudential Financial, Inc. Announces** 

 **Full Year and Fourth Quarter 2025 Results**

**NEWARK, N.J.** – Prudential Financial, Inc. (NYSE: PRU) today reported full year and fourth quarter 2025 results.

• 2025 net income attributable to Prudential Financial, Inc. of $3.576 billion or $9.99 per Common share increased compared to net income of $2.727 billion or $7.50 per share for 2024.

• 2025 after-tax adjusted operating income of $5.161 billion or $14.43 per Common share increased compared to $4.588 billion or $12.62 per share for 2024.

• Fourth quarter 2025 net income attributable to Prudential Financial, Inc. of $905 million or $2.55 per Common share versus net loss of $57 million or $0.17 per share for the year-ago quarter. The current quarter included a net after-tax organizational charge of $107 million or $0.30 per Common share.

• Fourth quarter 2025 after-tax adjusted operating income of $1.168 billion or $3.30 per Common share versus $1.068 billion or $2.96 per share for the year-ago quarter. The current quarter included a net after-tax organizational charge of $107 million or $0.30 per Common share.

• Book value per Common share of $92.05 versus $77.62 per share for the year-ago quarter; adjusted book value per Common share of $100.17 versus $95.82 per share for the year-ago quarter.

• Parent company highly liquid assets<sup>(1)</sup> of $3.8 billion versus $4.6 billion for the year-ago quarter. In May 2025, there was a $1.0 billion hybrid securities redemption.

• Assets under management<sup>(2)</sup> of $1.609 trillion versus $1.512 trillion for the year-ago quarter.

• Capital returned to shareholders of $730 million in the fourth quarter, including $250 million of share repurchases and $480 million of dividends, versus $720 million in the year-ago quarter. Dividends paid in the fourth quarter were $1.35 per Common share, representing a yield on adjusted book value of over 5%.

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Prudential Financial, Inc. Full Year and Fourth Quarter 2025 Earnings Release Page 2

• As previously announced, the Company's Board of Directors has authorized the repurchase of up to $1.0 billion of outstanding Common Stock during the period from January 1, 2026 through December 31, 2026. In addition, the Company declared a quarterly dividend of $1.40 per Common share, payable on March 12, 2026, to shareholders of record as of February 17, 2026. This represents an increase of 4% over the prior year dividend level and the 18<sup>th</sup> consecutive year the dividend has increased.

• Today, Prudential of Japan announced a voluntary, 90-day suspension of new sales at Prudential of Japan to address previously disclosed employee misconduct issues. The press release is available on our website at news.prudential.com.

"Last year, we set out three priorities that are essential to delivering stronger performance, more consistent results, and sustained long-term value for our shareholders," said Andy Sullivan, Chief Executive Officer of Prudential Financial. "Our 2025 financial results reflected the tangible progress we have made in evolving and delivering on our strategy, improving our execution, and fostering a high-performance culture.

2025 was a transformative year for PGIM, as we integrated our asset management capabilities into one unified platform, positioning us as one of the largest and most differentiated credit managers in the industry. Our U.S. and International businesses delivered solid sales, reflecting the actions taken over the last year to sharpen our focus and leverage our competitive strengths as we benefited from the secular tailwinds driving growth in the retirement markets globally. We also continued to maintain cost discipline and invest in our businesses, while delivering meaningful capital returns to shareholders, totaling nearly $3 billion in 2025.

As we turn to 2026, I want to emphasize that our commitment to putting our customers first is core to who we are as a company, and it guides every action we take to deliver meaningful value and earn the trust of those who rely on us. For this reason, we are voluntarily suspending new sales at Prudential of Japan for 90 days to support the implementation of a comprehensive set of measures intended to address previously disclosed incidents of misconduct by certain POJ employees. These measures, which include reimbursing impacted customers and strengthening oversight of our sales practices, governance, and risk management, are an important first step to restoring trust in Prudential's brand in this important market. We will emerge as a stronger company in Japan, and globally, with a strategy, set of businesses, and customer-focused culture that positions us to win and drive value for our shareholders."

**OVERVIEW** 

Net income attributable to Prudential Financial, Inc. was $3.576 billion ($9.99 per Common share) for 2025, compared to $2.727 billion ($7.50 per Common share) for 2024. After-tax adjusted operating income was $5.161 billion ($14.43 per Common share) for 2025, compared to $4.588 billion ($12.62 per Common share) for 2024.

Net income attributable to Prudential Financial, Inc. was $905 million ($2.55 per Common share) for the fourth quarter of 2025, compared to a net loss of $57 million ($0.17 per Common share) for the fourth quarter of 2024. After-tax adjusted operating income was $1.168 billion ($3.30 per Common share) for the fourth quarter of 2025, compared to $1.068 billion ($2.96 per Common share) for the fourth quarter of 2024.

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this press release under "Non-GAAP Measures," and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.<sup>(3)</sup>

**RESULTS OF ONGOING OPERATIONS** 

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

**PGIM**

**PGIM**, the Company's global investment management business, reported adjusted operating income of $249 million for the fourth quarter of 2025, compared to $259 million in the year-ago quarter. This decrease primarily reflects higher expenses and lower other related revenues, driven by lower seed and co-investment income, partially offset by higher asset management fees.

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Prudential Financial, Inc. Full Year and Fourth Quarter 2025 Earnings Release Page 3

PGIM assets under management of $1.466 trillion were up 7% from the year-ago quarter, driven by equity market and fixed income appreciation and strong investment performance. Full year total net inflows of $0.5 billion reflected third-party net inflows of $2.1 billion, partially offset by affiliated net outflows of $1.6 billion. Third-party institutional net inflows were $6.1 billion as public fixed income inflows were partially offset by public equity outflows. Third-party retail net outflows of $4.0 billion were mainly driven by public equity outflows, partially offset by public fixed income inflows.

**U.S. Businesses**

**U.S. Businesses** reported adjusted operating income of $1.051 billion for the fourth quarter of 2025, compared to $860 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, more favorable underwriting results, and lower expenses, partially offset by lower net fee income.

**Retirement Strategies**, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $881 million for the fourth quarter of 2025, compared to $851 million in the year-ago quarter.

**Institutional Retirement Strategies:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported adjusted operating income of $425 million in the current quarter, compared to $427 million in the year-ago quarter. This decrease primarily reflects higher expenses and less favorable underwriting results mostly offset by higher net investment spread results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net account values of $300 billion increased 7% from the year-ago quarter, reflecting market appreciation and modest business growth. Full year sales of $25.9 billion included over $12 billion in longevity risk transfer transactions as we continued to expand our European footprint.

**Individual Retirement Strategies:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported adjusted operating income of $456 million in the current quarter, compared to $424 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by lower net fee income, driven by the run-off of our legacy traditional variable annuity block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net account values of $137 billion increased 8% from the year-ago quarter, driven by market appreciation and net inflows from registered index-linked and fixed annuity products, partially offset by net outflows from the run-off of our legacy traditional variable annuity block. Full year sales of $13.6 billion decreased 3% from prior year, driven by lower sales of registered index-linked annuities, partially offset by higher sales in fixed annuities.

**Group Insurance:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported adjusted operating income of $77 million in the current quarter, compared to $66 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results, partially offset by higher expenses to support business growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year sales of $611 million increased 11% from prior year, driven by growth in both group life and disability.

**Individual Life:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported adjusted operating income of $93 million in the current quarter, compared to a $57 million loss in the year-ago quarter. This increase primarily reflects more favorable underwriting results, lower expenses due to one-time transaction costs that occurred in the year-ago quarter, and higher net investment spread results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year sales of $955 million increased 5% from prior year, primarily driven by higher universal life and variable life sales.

**International Businesses**

**International Businesses** reported adjusted operating income of $757 million for the fourth quarter of 2025, compared to $742 million in the year-ago quarter. This increase primarily reflects higher net investment spread results and more favorable underwriting results, partially offset by higher expenses.

Full year constant dollar basis sales<sup>(4)</sup> of $2.2 billion increased 4% from prior year, driven by growth in retirement and savings products in Japan and broader distribution in Brazil.

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Prudential Financial, Inc. Full Year and Fourth Quarter 2025 Earnings Release Page 4

**Corporate & Other**

**Corporate & Other** reported a loss, on an adjusted operating income basis, of $552 million for the fourth quarter of 2025, compared to a loss of $490 million in the year-ago quarter. This higher loss primarily reflects higher expenses driven by an organizational charge and unfavorable foreign exchange remeasurement impacts.

**NET INCOME**

**Net income** in the current quarter included $282 million of pre-tax net realized investment losses and related charges and adjustments, including $84 million of pre-tax net credit-related losses, $22 million of pre-tax losses related to the net change in value of market risk benefits, $15 million of pre-tax losses from divested and run-off businesses, and $23 million of pre-tax gains related to market experience updates.

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

**EARNINGS CONFERENCE CALL**

Members of Prudential's senior management will host a conference call on Wednesday, February 4, 2026, at 11:00 a.m. ET to review these results. The conference call will be broadcast live over the Company's Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through February 18. To access a replay via phone starting at 3:00 p.m. ET on February 4 through February 18, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13757901.

![prurocklogoa04.jpg](prurocklogoa04.jpg)

**FORWARD-LOOKING STATEMENTS** 

Certain of the statements included in this release, including those regarding our strategy and prospects for future performance, our plans with respect to dividends and share repurchases, and the investigation into misconduct in Japan and our remediation efforts related thereto, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "includes," "plans," "assumes," "estimates," "projects," "intends," "should," "will," "shall" or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.'s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements include, among others, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; and uncertainty regarding investigations into and remediation of matters such as the misconduct in Japan. Additional factors and uncertainties that could cause actual results to differ can be found in the "Risk Factors" and "Forward-Looking Statements" sections included in Prudential Financial, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.

**NON-GAAP MEASURES**

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

We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company's performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly

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Prudential Financial, Inc. Full Year and Fourth Quarter 2025 Earnings Release Page 5

identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com.

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

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

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

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

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Prudential Financial, Inc. Full Year and Fourth Quarter 2025 Earnings Release Page 6

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

**FOOTNOTES**

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

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

(3)While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.

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

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.

MEDIA CONTACT: Emily Blum, <u>Emily.Blum@prudential.com</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Highlights** | | | | |
| **(in millions, unaudited)** | | | | |
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Adjusted operating income (loss) before income taxes (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PGIM | $249 | $259 | $878 | $875 |
| &nbsp;&nbsp;&nbsp;U.S. Businesses | 1051 | 860 | 4086 | 3728 |
| &nbsp;&nbsp;&nbsp;International Businesses | 757 | 742 | 3247 | 3106 |
| &nbsp;&nbsp;&nbsp;Corporate and Other | (552) | (490) | (1574) | (1783) |
| **Total adjusted operating income (loss) before income taxes** | $1505 | $1371 | $6637 | $5926 |
| &nbsp;&nbsp;&nbsp;Reconciling Items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized investment gains (losses), net, and related charges and adjustments | $(282) | $(1525) | $(1618) | $(2150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) | (22) | (77) | (475) | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market experience updates | 23 | 60 | 68 | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested and Run-off Businesses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed Block division | (38) | (52) | (68) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Divested and Run-off Businesses | 23 | (20) | 107 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 6 | 97 | (20) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (2) | (1) | (3) | 25 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, before income taxes | (291) | (1520) | (1981) | (2717) |
| **Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities** | $1214 | $(149) | $4656 | $3209 |
| **Income Statement Data:** |  |  |  |  |
| **Net income (loss) attributable to Prudential Financial, Inc.** | $905 | $(57) | $3576 | $2727 |
| Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 36 | 130 | 156 | 119 |
| **Net income (loss)** | 941 | 73 | 3732 | 2846 |
| Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 36 | 130 | 156 | 119 |
| **Income (loss) attributable to Prudential Financial, Inc.** | 905 | (57) | 3576 | 2727 |
| Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | (40) | (94) | (27) | 25 |
| **Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities** | 945 | 37 | 3603 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total reconciling items, before income taxes | (291) | (1520) | (1981) | (2717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Income taxes, not applicable to adjusted operating income (loss) | (68) | (489) | (423) | (831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, after income taxes | (223) | (1031) | (1558) | (1886) |
| **After-tax adjusted operating income (loss) (1)** | 1168 | 1068 | 5161 | 4588 |
| Income taxes, applicable to adjusted operating income | 337 | 303 | 1476 | 1338 |
| **Adjusted operating income (loss) before income taxes (1)** | $1505 | $1371 | $6637 | $5926 |
| See footnotes on last page. |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Highlights** | | | | |
| **(in millions, except per share data, unaudited)** | | | | |
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Earnings per share of Common Stock:** |  |  |  |  |
| **Net income (loss) attributable to Prudential Financial, Inc.** | $2.55 | $(0.17) | $9.99 | $7.50 |
| &nbsp;&nbsp;&nbsp;Less: Reconciling Items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized investment gains (losses), net, and related charges and adjustments | (0.80) | (4.27) | (4.57) | (5.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) | (0.06) | (0.22) | (1.34) | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market experience updates | 0.07 | 0.17 | 0.19 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested and Run-off Businesses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed Block division | (0.11) | (0.15) | (0.19) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Divested and Run-off Businesses | 0.07 | (0.06) | 0.30 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Difference in earnings allocated to participating unvested share-based payment awards |  | 0.02 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (2) |  | (0.01) | 0.07 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, before income taxes | (0.83) | (4.52) | (5.49) | (7.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Income taxes, not applicable to adjusted operating income (loss) | (0.08) | (1.39) | (1.05) | (2.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, after income taxes | (0.75) | (3.13) | (4.44) | (5.12) |
| **After-tax adjusted operating income (loss)** | $3.30 | $2.96 | $14.43 | $12.62 |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares - basic | 349.0 | 355.4 | 351.8 | 357.5 |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares - diluted | 350.9 | 357.3 | 353.7 | 359.3 |
| **For earnings per share of Common Stock calculation:** |  |  |  |  |
| **Net income (loss) attributable to Prudential Financial, Inc.** | $905 | $(57) | $3576 | $2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings allocated to participating unvested share-based payment awards | 10 | 5 | 41 | 32 |
| **Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation** | $895 | $(62) | $3535 | $2695 |
| **After-tax adjusted operating income (loss) (1)** | $1168 | $1068 | $5161 | $4588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings allocated to participating unvested share-based payment awards | 11 | 12 | 57 | 53 |
| **After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1)** | $1157 | $1056 | $5104 | $4535 |
| **Prudential Financial, Inc. Equity (as of end of period):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP book value (total PFI equity) at end of period | $32438 | $27872 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive income (AOCI) | (3077) | (6711) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP book value excluding AOCI | 35515 | 34583 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Cumulative change in fair value of funds withheld embedded derivatives | (24) | 141 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) | 238 | 34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted book value | $35301 | $34408 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period number of common shares - diluted | 352.4 | 359.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP book value per common share - diluted | $92.05 | $77.62 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP book value excluding AOCI per share - diluted | $100.78 | $96.30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted book value per common share - diluted | $100.17 | $95.82 |  |  |
| See footnotes on last page. |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Highlights** | | | | |
| **(in millions, or as otherwise noted, unaudited)** | | | | |
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| ***PGIM:*** |  |  |  |  |
| PGIM: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets Managed by PGIM (in billions, as of end of period) (3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional customers - Third Party | $652 | $601.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail customers - Third Party | 267.0 | 244.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated | 547.1 | 529.2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total PGIM | $1466.1 | $1375.2 |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Customers - Assets Under Management (in billions) (3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross additions, excluding money market | $20.6 | $23.6 | $85.3 | $101.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net additions (withdrawals), excluding realizations, distributions and money market | $(4.4) | $2.2 | $6.1 | $21.7 |
| &nbsp;&nbsp;&nbsp;Retail Customers - Assets Under Management (in billions): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross additions, excluding money market | $21.5 | $19 | $71.4 | $65.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net additions (withdrawals), excluding money market | $(1.3) | $0.2 | $(4.0) | $1.4 |
| &nbsp;&nbsp;&nbsp;Affiliated - Assets Under Management (in billions) (3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross additions, excluding money market | $17.3 | $55.7 | $73.5 | $125.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net additions (withdrawals), excluding realizations, distributions and money market | $(3.9) | $9.0 | $(1.6) | $24.6 |
| ***U.S. Businesses:*** |  |  |  |  |
| Retirement Strategies: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Retirement Strategies: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross additions | $3686 | $10249 | $25944 | $36331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net additions (withdrawals) | $(3207) | $4122 | $424 | $11004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total account value at end of period, net | $299618 | $279191 |  |  |
| &nbsp;&nbsp;&nbsp;Individual Retirement Strategies: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross sales (4) | $3574 | $3636 | $13560 | $14038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, net of full surrenders and death benefits | $533 | $765 | $1881 | $2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account value at end of period, net | $136781 | $127120 |  |  |
| Group Insurance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annualized New Business Premiums (5): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life | $29 | $38 | $325 | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Group disability | 27 | 25 | 286 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $56 | $63 | $611 | $550 |
| Individual Life: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annualized New Business Premiums (5): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term life | $36 | $35 | $144 | $134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | 32 | 24 | 110 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable life | 201 | 267 | 701 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $269 | $326 | $955 | $906 |
| ***International Businesses:*** |  |  |  |  |
| International Businesses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annualized New Business Premiums (5)(6): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual exchange rate basis | $522 | $498 | $2194 | $2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constant exchange rate basis | $525 | $507 | $2205 | $2124 |
| See footnotes on last page. |  |  |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Financial Highlights** | | |
| **(in billions, as of end of period, unaudited)** | | |
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| **Assets and Assets Under Management and Administration:** |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $773.7 | $735.6 |
| &nbsp;&nbsp;&nbsp;Assets under management (at fair market value): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM | $1466.1 | $1375.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Businesses | 116.9 | 112.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Businesses | 19.7 | 18.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | 6.4 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets under management | 1609.1 | 1512.4 |
| &nbsp;&nbsp;&nbsp;Assets under administration | 195.1 | 173.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets under management and administration | $1804.2 | $1685.9 |

---

------

(1) Adjusted operating income is a non-GAAP measure of performance. See "Non-GAAP Measures" within the earnings release for additional information.

(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

(3) Prior period amounts have been updated to conform to current period presentation.

(4) Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.

(5) Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit.

(6) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

## Exhibit 99.2

<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

**Exhibit 99.2**

---

| |
|:---|
| **Prudential Financial, Inc. (PRU)** |
| ![image17.jpg](image17.jpg) |
| ![image17.jpg](image17.jpg) |
| ![image17.jpg](image17.jpg) |
| **Quarterly Financial Supplement** |
| Fourth Quarter 2025 |
| Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited. |

---

i

------

<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | |
|:---|:---|:---|
| Prudential Financial, Inc. | ![image17.jpg](image17.jpg) |  |
| Quarterly Financial Supplement | ![image17.jpg](image17.jpg) |  |
| Fourth Quarter 2025 | ![image17.jpg](image17.jpg) |  |
| **TABLE OF CONTENTS** | ![image17.jpg](image17.jpg) |  |
|  | ![image17.jpg](image17.jpg) | Page |
| <u>[HIGHLIGHTS](#ibac7d289aa20485d991e7e7bd4104ba3_7)</u> |  |  |
| <u>[Financial Metrics Summary](#ibac7d289aa20485d991e7e7bd4104ba3_10)</u> | <u>[1](#ibac7d289aa20485d991e7e7bd4104ba3_10)</u> |  |
| <u>[Financial Highlights](#ibac7d289aa20485d991e7e7bd4104ba3_13)</u> | <u>[2](#ibac7d289aa20485d991e7e7bd4104ba3_13)</u> |  |
| <u>[Other Financial Highlights](#ibac7d289aa20485d991e7e7bd4104ba3_16)</u> | <u>[3](#ibac7d289aa20485d991e7e7bd4104ba3_16)</u> |  |
| <u>[Operations Highlights](#ibac7d289aa20485d991e7e7bd4104ba3_19)</u> | <u>[4](#ibac7d289aa20485d991e7e7bd4104ba3_19)</u> |  |
| <u>[Combined Statements of Operations](#ibac7d289aa20485d991e7e7bd4104ba3_22)</u> | <u>[5](#ibac7d289aa20485d991e7e7bd4104ba3_22)</u> |  |
| <u>[Consolidated Balance Sheets](#ibac7d289aa20485d991e7e7bd4104ba3_25)</u> | <u>[6](#ibac7d289aa20485d991e7e7bd4104ba3_25)</u> |  |
| <u>[Combining Balance Sheets](#ibac7d289aa20485d991e7e7bd4104ba3_28)</u> | <u>[7](#ibac7d289aa20485d991e7e7bd4104ba3_28)</u> |  |
| <u>[Short-Term and Long-Term Debt - Unaffiliated](#ibac7d289aa20485d991e7e7bd4104ba3_31)</u> | <u>[8](#ibac7d289aa20485d991e7e7bd4104ba3_31)</u> |  |
| <u>[PGIM](#ibac7d289aa20485d991e7e7bd4104ba3_34)</u> |  |  |
| <u>[Statements of Operations](#ibac7d289aa20485d991e7e7bd4104ba3_37)</u> | <u>[9](#ibac7d289aa20485d991e7e7bd4104ba3_37)</u> |  |
| <u>[Supplementary Revenue and Assets Under Management Information](#ibac7d289aa20485d991e7e7bd4104ba3_40)</u> | <u>[10](#ibac7d289aa20485d991e7e7bd4104ba3_40)</u> |  |
| <u>[Supplementary Assets Under Management Information](#ibac7d289aa20485d991e7e7bd4104ba3_43)</u> | <u>[11](#ibac7d289aa20485d991e7e7bd4104ba3_43)</u> |  |
| <u>[U.S.BUSINESSES](#ibac7d289aa20485d991e7e7bd4104ba3_46)</u> |  |  |
| <u>[Combined Statements of Operations](#ibac7d289aa20485d991e7e7bd4104ba3_49)</u> | <u>[12](#ibac7d289aa20485d991e7e7bd4104ba3_49)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Combined Statements of Operations - Retirement Strategies](#ibac7d289aa20485d991e7e7bd4104ba3_52)</u> | <u>[13](#ibac7d289aa20485d991e7e7bd4104ba3_52)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations - Institutional Retirement Strategies](#ibac7d289aa20485d991e7e7bd4104ba3_55)</u> | <u>[14](#ibac7d289aa20485d991e7e7bd4104ba3_55)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Institutional Retirement Strategies Sales Results and Account Values](#ibac7d289aa20485d991e7e7bd4104ba3_58)</u> | <u>[15](#ibac7d289aa20485d991e7e7bd4104ba3_58)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations - Individual Retirement Strategies](#ibac7d289aa20485d991e7e7bd4104ba3_61)</u> | <u>[16](#ibac7d289aa20485d991e7e7bd4104ba3_61)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Individual Retirement Strategies Sales Results and Account Values](#ibac7d289aa20485d991e7e7bd4104ba3_64)</u> | <u>[17](#ibac7d289aa20485d991e7e7bd4104ba3_64)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Individual Retirement Strategies Account Value Activity](#ibac7d289aa20485d991e7e7bd4104ba3_67)</u> | <u>[18](#ibac7d289aa20485d991e7e7bd4104ba3_67)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Individual Retirement Strategies Market Risk Benefit Features](#ibac7d289aa20485d991e7e7bd4104ba3_70)</u> | <u>[19](#ibac7d289aa20485d991e7e7bd4104ba3_70)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Statements of Operations - Group Insurance](#ibac7d289aa20485d991e7e7bd4104ba3_73)</u> | <u>[20](#ibac7d289aa20485d991e7e7bd4104ba3_73)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Group Insurance Supplementary Information](#ibac7d289aa20485d991e7e7bd4104ba3_76)</u> | <u>[21](#ibac7d289aa20485d991e7e7bd4104ba3_76)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Statements of Operations - Individual Life](#ibac7d289aa20485d991e7e7bd4104ba3_79)</u> | <u>[22](#ibac7d289aa20485d991e7e7bd4104ba3_79)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Individual Life Supplementary Information](#ibac7d289aa20485d991e7e7bd4104ba3_82)</u>  | <u>[23](#ibac7d289aa20485d991e7e7bd4104ba3_82)</u> |  |
| <u>[INTERNATIONAL BUSINESSES](#ibac7d289aa20485d991e7e7bd4104ba3_85)</u> |  |  |
| <u>[Statements of Operations - International Businesses](#ibac7d289aa20485d991e7e7bd4104ba3_88)</u> | <u>[24](#ibac7d289aa20485d991e7e7bd4104ba3_88)</u> |  |
| <u>[Sales Results and Supplementary Information](#ibac7d289aa20485d991e7e7bd4104ba3_91)</u> | <u>[25](#ibac7d289aa20485d991e7e7bd4104ba3_91)</u> |  |
| <u>[CORPORATE AND OTHER](#ibac7d289aa20485d991e7e7bd4104ba3_94)</u> |  |  |
| <u>[Statements of Operations](#ibac7d289aa20485d991e7e7bd4104ba3_97)</u> | <u>[27](#ibac7d289aa20485d991e7e7bd4104ba3_97)</u> |  |
| <u>[INVESTMENT PORTFOLIO](#ibac7d289aa20485d991e7e7bd4104ba3_100)</u>  |  |  |
| <u>[Investment Portfolio Composition](#ibac7d289aa20485d991e7e7bd4104ba3_103)</u> | <u>[28](#ibac7d289aa20485d991e7e7bd4104ba3_103)</u> |  |
| <u>[Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations](#ibac7d289aa20485d991e7e7bd4104ba3_106)</u> | <u>[29](#ibac7d289aa20485d991e7e7bd4104ba3_106)</u> |  |
| <u>[Investment Results](#ibac7d289aa20485d991e7e7bd4104ba3_109)</u> | <u>[30](#ibac7d289aa20485d991e7e7bd4104ba3_109)</u> |  |
| <u>[Investment Results - Japanese Insurance Operations](#ibac7d289aa20485d991e7e7bd4104ba3_112)</u> | <u>[31](#ibac7d289aa20485d991e7e7bd4104ba3_112)</u> |  |
| <u>[Investment Results - Excluding Japanese Insurance Operations](#ibac7d289aa20485d991e7e7bd4104ba3_115)</u> | <u>[32](#ibac7d289aa20485d991e7e7bd4104ba3_115)</u> |  |
| <u>[COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES](#ibac7d289aa20485d991e7e7bd4104ba3_118)</u> | <u>[33](#ibac7d289aa20485d991e7e7bd4104ba3_118)</u> |  |
| <u>[KEY DEFINITIONS AND FORMULAS](#ibac7d289aa20485d991e7e7bd4104ba3_121)</u> | <u>[37](#ibac7d289aa20485d991e7e7bd4104ba3_121)</u> |  |
| <u>[RATINGS AND INVESTOR INFORMATION](#ibac7d289aa20485d991e7e7bd4104ba3_124)</u> | <u>[40](#ibac7d289aa20485d991e7e7bd4104ba3_124)</u> |  |

---

ii

------

<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **FINANCIAL METRICS SUMMARY** |  |  |  |  |  |  |  |  |
| (in millions, except per share and return on equity data) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Earnings** |  |  |  |  |  |  |  |  |
| **Adjusted operating income (loss) before income taxes:** |  |  |  |  |  |  |  |  |
| PGIM | 259 | 156 | 229 | 244 | 249 | 875 | 878 | —% |
| U.S. Businesses | 860 | 931 | 955 | 1149 | 1051 | 3728 | 4086 | 10% |
| International Businesses | 742 | 848 | 761 | 881 | 757 | 3106 | 3247 | 5% |
| Corporate and Other | (490) | (415) | (280) | (327) | (552) | (1783) | (1574) | 12% |
| **Total adjusted operating income (loss) before income taxes** | 1371 | 1520 | 1665 | 1947 | 1505 | 5926 | 6637 | 12% |
| Income taxes, applicable to adjusted operating income | 303 | 332 | 381 | 426 | 337 | 1338 | 1476 | 10% |
| **After-tax adjusted operating income (loss)** | 1068 | 1188 | 1284 | 1521 | 1168 | 4588 | 5161 | 12% |
| **Income (loss) attributable to Prudential Financial, Inc.** | (57) | 707 | 533 | 1431 | 905 | 2727 | 3576 | 31% |
| **Return on Equity** |  |  |  |  |  |  |  |  |
| Operating Return on Average Equity (based on adjusted operating income) (1) | 12.2% | 13.8% | 14.9% | 17.5% | 13.3% | 13.1% | 14.9% |  |
| Return on Average Equity (based on net income (loss)) | -0.8% | 9.8% | 7.1% | 18.3% | 11.2% | 9.6% | 11.7% |  |
| **Distributions to Shareholders** |  |  |  |  |  |  |  |  |
| Dividends paid | 470 | 486 | 485 | 481 | 480 | 1892 | 1932 | 2% |
| Share repurchases | 250 | 250 | 250 | 250 | 250 | 1000 | 1000 | —% |
| Total capital returned | 720 | 736 | 735 | 731 | 730 | 2892 | 2932 | 1% |
| **Per Share Data** |  |  |  |  |  |  |  |  |
| Net income (loss) - diluted (2) | (0.17) | 1.96 | 1.48 | 4.01 | 2.55 | 7.50 | 9.99 | 33% |
| Adjusted Operating Income - diluted | 2.96 | 3.29 | 3.58 | 4.26 | 3.30 | 12.62 | 14.43 | 14% |
| Shareholder dividends | 1.30 | 1.35 | 1.35 | 1.35 | 1.35 | 5.20 | 5.40 | 4% |
| GAAP book value - diluted | 77.62 | 83.59 | 85.98 | 90.69 | 92.05 |  |  |  |
| Adjusted book value - diluted (3) | 95.82 | 96.37 | 96.41 | 99.25 | 100.17 |  |  |  |
| **Shares Outstanding** |  |  |  |  |  |  |  |  |
| Weighted average number of common shares - basic | 355.4 | 354.3 | 353.1 | 351.1 | 349.0 | 357.5 | 351.8 | -2% |
| Weighted average number of common shares - diluted | 357.3 | 356.1 | 354.9 | 353.0 | 350.9 | 359.3 | 353.7 | -2% |
| End of period common shares - basic | 354.6 | 354.0 | 351.9 | 349.9 | 347.9 |  |  |  |
| End of period common shares - diluted | 359.1 | 357.5 | 355.7 | 353.9 | 352.4 |  |  |  |
| __________ |  |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  |
| (in millions, except per share data) |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Earnings per share of Common Stock (diluted):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After-tax adjusted operating income (loss) | 2.96 | 3.29 | 3.58 | 4.26 | 3.30 | 12.62 | 14.43 |
| Reconciling items: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized investment gains (losses), net, and related charges and adjustments | (4.27) | (0.69) | (1.45) | (1.63) | (0.80) | (5.98) | (4.57) |
| &nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) | (0.22) | (0.99) | (1.20) | 0.92 | (0.06) | (1.10) | (1.34) |
| &nbsp;&nbsp;&nbsp;Market experience updates | 0.17 | 0.11 | 0.12 | (0.10) | 0.07 | (0.14) | 0.19 |
| &nbsp;&nbsp;&nbsp;Divested and Run-off Businesses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Closed Block division | (0.15) | (0.06) | (0.05) | 0.03 | (0.11) | (0.31) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Divested and Run-off Businesses | (0.06) | (0.14) | 0.03 | 0.35 | 0.07 | 0.08 | 0.30 |
| &nbsp;&nbsp;&nbsp;Difference in earnings allocated to participating unvested share-based payment awards | 0.02 | 0.02 | 0.02 | 0.01 |  | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;Other adjustments (1) | (0.01) | 0.08 |  |  |  | (0.05) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, before income taxes | (4.52) | (1.67) | (2.53) | (0.42) | (0.83) | (7.44) | (5.49) |
| &nbsp;&nbsp;&nbsp;Income taxes, not applicable to adjusted operating income | (1.39) | (0.34) | (0.43) | (0.17) | (0.08) | (2.32) | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, after income taxes | (3.13) | (1.33) | (2.10) | (0.25) | (0.75) | (5.12) | (4.44) |
| **Net income (loss) attributable to Prudential Financial, Inc.** | (0.17) | 1.96 | 1.48 | 4.01 | 2.55 | 7.50 | 9.99 |
| Weighted average number of outstanding common shares - basic | 355.4 | 354.3 | 353.1 | 351.1 | 349.0 | 357.5 | 351.8 |
| Weighted average number of outstanding common shares - diluted | 357.3 | 356.1 | 354.9 | 353.0 | 350.9 | 359.3 | 353.7 |
| **For earnings per share of Common Stock calculation:** |  |  |  |  |  |  |  |
| **Net income (loss) attributable to Prudential Financial, Inc.** | (57) | 707 | 533 | 1431 | 905 | 2727 | 3576 |
| &nbsp;&nbsp;&nbsp;Less: Earnings allocated to participating unvested share-based payment awards | 5 | 10 | 6 | 15 | 10 | 32 | 41 |
| **Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation** | (62) | 697 | 527 | 1416 | 895 | 2695 | 3535 |
| **After-tax adjusted operating income (loss)** | 1068 | 1188 | 1284 | 1521 | 1168 | 4588 | 5161 |
| &nbsp;&nbsp;&nbsp;Less: Earnings allocated to participating unvested share-based payment awards | 12 | 16 | 13 | 17 | 11 | 53 | 57 |
| **After-tax adjusted operating income for earnings per share of Common Stock calculation** | 1056 | 1172 | 1271 | 1504 | 1157 | 4535 | 5104 |
| ___________ |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **OTHER FINANCIAL HIGHLIGHTS** |  |  |  |  |  |
| (in millions, except per share data) |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 |
|  | 4Q | 1Q | 2Q | 3Q | 4Q |
| **Capitalization Data (1):** |  |  |  |  |  |
| Senior debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term debt | 953 | 1406 | 1373 | 1386 | 1443 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 10600 | 10949 | 11056 | 11202 | 11261 |
| Junior subordinated long-term debt | 8587 | 8591 | 7595 | 7595 | 7595 |
| **Prudential Financial, Inc. Equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP book value (total PFI equity) at end of period | 27872 | 29883 | 30582 | 32094 | 32438 |
| &nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive income (AOCI) | (6711) | (4741) | (3921) | (3175) | (3077) |
| &nbsp;&nbsp;&nbsp;GAAP book value excluding AOCI (2) | 34583 | 34624 | 34503 | 35269 | 35515 |
| &nbsp;&nbsp;&nbsp;Less: Cumulative change in fair value of funds withheld embedded derivatives (3) | 141 | 62 | 67 | (47) | (24) |
| &nbsp;&nbsp;&nbsp;Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) | 34 | 108 | 144 | 192 | 238 |
| &nbsp;&nbsp;&nbsp;Adjusted book value | 34408 | 34454 | 34292 | 35124 | 35301 |
| **Book Value per Share of Common Stock:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP book value per common share - diluted | 77.62 | 83.59 | 85.98 | 90.69 | 92.05 |
| &nbsp;&nbsp;&nbsp;GAAP book value excluding AOCI per share - diluted (2) | 96.30 | 96.85 | 97.00 | 99.66 | 100.78 |
| &nbsp;&nbsp;&nbsp;Adjusted book value per common share - diluted | 95.82 | 96.37 | 96.41 | 99.25 | 100.17 |
| End of period number of common shares - diluted | 359.1 | 357.5 | 355.7 | 353.9 | 352.4 |
| **Common Stock Price Range (based on closing price):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;High | 129.52 | 122.33 | 112.71 | 109.89 | 117.60 |
| &nbsp;&nbsp;&nbsp;Low | 114.59 | 105.04 | 95.12 | 100.68 | 99.13 |
| &nbsp;&nbsp;&nbsp;Close | 118.53 | 111.68 | 107.44 | 103.74 | 112.88 |
| **Common Stock market capitalization (1)** | 42031 | 39535 | 37808 | 36299 | 39271 |
| __________ |  |  |  |  |  |
| (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **OPERATIONS HIGHLIGHTS** |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 |
|  | 4Q | 1Q | 2Q | 3Q | 4Q |
| **Assets Under Management and Administration (in billions) (1)(2):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PGIM: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional customers - Third Party | 601.1 | 620.2 | 647.6 | 654.9 | 652.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail customers - Third Party | 244.9 | 240.6 | 256.7 | 265.2 | 267.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated | 529.2 | 524.5 | 536.4 | 549.9 | 547.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total PGIM | 1375.2 | 1385.3 | 1440.7 | 1470.0 | 1466.1 |
| &nbsp;&nbsp;&nbsp;U.S. Businesses | 112.6 | 111.3 | 113.8 | 115.9 | 116.9 |
| &nbsp;&nbsp;&nbsp;International Businesses | 18.4 | 19.3 | 19.4 | 19.8 | 19.7 |
| &nbsp;&nbsp;&nbsp;Corporate and Other | 6.2 | 6.2 | 6.4 | 6.3 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets under management | 1512.4 | 1522.1 | 1580.3 | 1612.0 | 1609.1 |
| &nbsp;&nbsp;&nbsp;Assets under administration | 173.5 | 180.4 | 193.2 | 194.6 | 195.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets under management and administration | 1685.9 | 1702.5 | 1773.5 | 1806.6 | 1804.2 |
| **Distribution Representatives (1):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prudential Advisors | 2794 | 2906 | 2985 | 3034 | 3061 |
| &nbsp;&nbsp;&nbsp;Life Planners | 6035 | 6175 | 6161 | 6141 | 6235 |
| &nbsp;&nbsp;&nbsp;Life Consultants | 6844 | 6840 | 6822 | 6940 | 6983 |
| __________ |  |  |  |  |  |
| (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. |
| (2) At fair market value. | (2) At fair market value. | (2) At fair market value. | (2) At fair market value. | (2) At fair market value. | (2) At fair market value. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **COMBINED STATEMENTS OF OPERATIONS** |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 5935 | 6446 | 6426 | 8691 | 7028 | 40745 | 28591 | -30% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 1062 | 1108 | 1070 | 1126 | 1106 | 4277 | 4410 | 3% |
| &nbsp;&nbsp;&nbsp;Net investment income | 4601 | 4519 | 4600 | 4872 | 4947 | 17375 | 18938 | 9% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 1411 | 1339 | 1410 | 1550 | 1439 | 5656 | 5738 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 13009 | 13412 | 13506 | 16239 | 14520 | 68053 | 57677 | -15% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 6843 | 7344 | 7195 | 9485 | 7936 | 44075 | 31960 | -27% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 56 | (14) | 100 | 96 | 50 | 108 | 232 | 115% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 1057 | 1083 | 1135 | 1215 | 1271 | 3949 | 4704 | 19% |
| &nbsp;&nbsp;&nbsp;Interest expense | 525 | 522 | 526 | 531 | 533 | 2019 | 2112 | 5% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (704) | (684) | (689) | (699) | (681) | (2601) | (2753) | -6% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 364 | 376 | 392 | 395 | 408 | 1445 | 1571 | 9% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 1810 | 1624 | 1634 | 1639 | 1876 | 6870 | 6773 | -1% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 1687 | 1641 | 1548 | 1630 | 1622 | 6262 | 6441 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 11638 | 11892 | 11841 | 14292 | 13015 | 62127 | 51040 | -18% |
| **Adjusted operating income (loss) before income taxes** | 1371 | 1520 | 1665 | 1947 | 1505 | 5926 | 6637 | 12% |
| &nbsp;&nbsp;&nbsp;Income taxes, applicable to adjusted operating income | 303 | 332 | 381 | 426 | 337 | 1338 | 1476 | 10% |
| **After-tax adjusted operating income** | 1068 | 1188 | 1284 | 1521 | 1168 | 4588 | 5161 | 12% |
| Reconciling items: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized investment gains (losses), net, and related charges and adjustments | (1525) | (246) | (516) | (574) | (282) | (2150) | (1618) | 25% |
| &nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) | (77) | (351) | (426) | 324 | (22) | (397) | (475) | -20% |
| &nbsp;&nbsp;&nbsp;Market experience updates | 60 | 39 | 42 | (36) | 23 | (52) | 68 | 231% |
| &nbsp;&nbsp;&nbsp;Divested and Run-off Businesses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed Block division | (52) | (22) | (18) | 10 | (38) | (113) | (68) | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Divested and Run-off Businesses | (20) | (51) | 12 | 123 | 23 | 30 | 107 | 257% |
| &nbsp;&nbsp;&nbsp;Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 97 | 3 | (18) | (11) | 6 | (16) | (20) | -25% |
| &nbsp;&nbsp;&nbsp;Other adjustments (2) | (3) | 28 | (1) | (1) | (1) | (19) | 25 | 232% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, before income taxes | (1520) | (600) | (925) | (165) | (291) | (2717) | (1981) | 27% |
| &nbsp;&nbsp;&nbsp;Income taxes, not applicable to adjusted operating income | (489) | (125) | (186) | (44) | (68) | (831) | (423) | 49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, after income taxes | (1031) | (475) | (739) | (121) | (223) | (1886) | (1558) | 17% |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | (149) | 920 | 740 | 1782 | 1214 | 3209 | 4656 | 45% |
| Income tax expense (benefit) | (186) | 207 | 195 | 382 | 269 | 507 | 1053 | 108% |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 37 | 713 | 545 | 1400 | 945 | 2702 | 3603 | 33% |
| Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | (94) | (6) | (12) | 31 | (40) | 25 | (27) | -208% |
| **Income (loss) attributable to Prudential Financial, Inc.** | (57) | 707 | 533 | 1431 | 905 | 2727 | 3576 | 31% |
| Earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 130 | 35 | 33 | 52 | 36 | 119 | 156 | 31% |
| **Net income (loss)** | 73 | 742 | 566 | 1483 | 941 | 2846 | 3732 | 31% |
| Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 130 | 35 | 33 | 52 | 36 | 119 | 156 | 31% |
| **Net income (loss) attributable to Prudential Financial, Inc.** | (57) | 707 | 533 | 1431 | 905 | 2727 | 3576 | 31% |
| ____________ |  |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **CONSOLIDATED BALANCE SHEETS** |  |  |  |  |  |
| (in millions) |  |  |  |  |  |
|  | 12/31/2024 | 03/31/2025 | 06/30/2025 | 09/30/2025 | 12/31/2025 |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, available-for-sale, at fair value | 311570 | 315914 | 328302 | 335414 | 331455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, trading, at fair value | 12530 | 13278 | 14020 | 14575 | 14869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets supporting experience-rated contractholder liabilities, at fair value | 3707 | 3769 | 4282 | 4648 | 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | 9417 | 8720 | 7434 | 8794 | 10972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage and other loans | 62341 | 62694 | 62966 | 64813 | 64715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 9795 | 9876 | 9946 | 9951 | 9958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 26351 | 26739 | 27256 | 27665 | 27294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 9069 | 8716 | 6375 | 6248 | 6414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 444780 | 449706 | 460581 | 472108 | 470519 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 18497 | 16063 | 16638 | 17469 | 19712 |
| &nbsp;&nbsp;&nbsp;Accrued investment income | 3441 | 3383 | 3560 | 3581 | 3636 |
| &nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | 20448 | 20790 | 21222 | 21468 | 21530 |
| &nbsp;&nbsp;&nbsp;Value of business acquired | 435 | 446 | 450 | 430 | 397 |
| &nbsp;&nbsp;&nbsp;Market risk benefit assets | 2331 | 2139 | 2188 | 2252 | 2330 |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverables and deposit receivables | 37680 | 43982 | 44152 | 44947 | 44077 |
| &nbsp;&nbsp;&nbsp;Income tax assets | 866 | 300 | 839 | 240 | 279 |
| &nbsp;&nbsp;&nbsp;Other assets | 13737 | 14262 | 14561 | 15267 | 15009 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 193372 | 188191 | 194761 | 198540 | 196251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 735587 | 739262 | 758952 | 776302 | 773740 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Future policy benefits | 268912 | 269969 | 270133 | 272553 | 266914 |
| &nbsp;&nbsp;&nbsp;Policyholders' account balances | 166254 | 170278 | 180931 | 188657 | 191307 |
| &nbsp;&nbsp;&nbsp;Market risk benefit liabilities | 4455 | 5021 | 4859 | 4771 | 4623 |
| &nbsp;&nbsp;&nbsp;Reinsurance and funds withheld payables | 17084 | 17347 | 17126 | 17874 | 18844 |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 6796 | 7549 | 8205 | 9937 | 9598 |
| &nbsp;&nbsp;&nbsp;Cash collateral for loaned securities | 9621 | 9507 | 9167 | 8597 | 8700 |
| &nbsp;&nbsp;&nbsp;Income tax liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term debt | 953 | 1406 | 1373 | 1386 | 1443 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 19187 | 19540 | 18651 | 18797 | 18856 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 17397 | 16789 | 18872 | 18507 | 18964 |
| &nbsp;&nbsp;&nbsp;Notes issued by consolidated variable interest entities | 1430 | 1443 | 1758 | 1868 | 2659 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities | 193372 | 188191 | 194761 | 198540 | 196251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 705461 | 707040 | 725836 | 741487 | 738159 |
| **Mezzanine Equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests | 1939 | 2019 | 2213 | 2358 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mezzanine equity | 1939 | 2019 | 2213 | 2358 | 2794 |
| **Equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (6711) | (4741) | (3921) | (3175) | (3077) |
| &nbsp;&nbsp;&nbsp;Other equity (1) | 34583 | 34624 | 34503 | 35269 | 35515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Prudential Financial, Inc. equity | 27872 | 29883 | 30582 | 32094 | 32438 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 315 | 320 | 321 | 363 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 28187 | 30203 | 30903 | 32457 | 32787 |
| Total liabilities, mezzanine equity and equity | 735587 | 739262 | 758952 | 776302 | 773740 |
| ____________ |  |  |  |  |  |
| (1) Includes $(24) million, $(47) million, $67 million, $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) million, $(47) million, $67 million, $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) million, $(47) million, $67 million, $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) million, $(47) million, $67 million, $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) million, $(47) million, $67 million, $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) million, $(47) million, $67 million, $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **COMBINING BALANCE SHEETS** | **COMBINING BALANCE SHEETS** | **COMBINING BALANCE SHEETS** |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
|  | Consolidated PFI | Closed Block Division | PFI Excluding Closed Block Division | PGIM | U.S. Businesses | International Businesses | Corporate and Other |
| **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 470519 | 46523 | 423996 | 3652 | 228588 | 158699 | 33057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | 21530 | 144 | 21386 |  | 12359 | 9678 | (651) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 85440 | 1428 | 84012 | 6173 | 56904 | 19393 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 196251 |  | 196251 | 29278 | 171022 |  | (4049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 773740 | 48095 | 725645 | 39103 | 468873 | 187770 | 29899 |
| **Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | 266914 | 41484 | 225430 |  | 121068 | 95235 | 9127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' account balances | 191307 | 4272 | 187035 |  | 123538 | 61688 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | 20299 |  | 20299 | 2070 | 4556 | 211 | 13462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 63388 | 3942 | 59446 | 3329 | 31420 | 8781 | 15916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 196251 |  | 196251 | 29278 | 171022 |  | (4049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 738159 | 49698 | 688461 | 34677 | 451604 | 165915 | 36265 |
| **Mezzanine Equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests | 2794 |  | 2794 | 1175 |  |  | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mezzanine equity | 2794 |  | 2794 | 1175 |  |  | 1619 |
| **Equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (3077) | (155) | (2922) | (50) | (365) | 65 | (2572) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity (1) | 35515 | (1459) | 36974 | 3144 | 17555 | 21762 | (5487) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Prudential Financial, Inc. equity | 32438 | (1614) | 34052 | 3094 | 17190 | 21827 | (8059) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 349 | 11 | 338 | 157 | 79 | 28 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 32787 | (1603) | 34390 | 3251 | 17269 | 21855 | (7985) |
| Total liabilities, mezzanine equity and equity | 773740 | 48095 | 725645 | 39103 | 468873 | 187770 | 29899 |
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
|  | Consolidated PFI | Closed Block Division | PFI Excluding Closed Block Division | PGIM | U.S. Businesses | International Businesses | Corporate and Other |
| **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 444780 | 47466 | 397314 | 2624 | 204091 | 159678 | 30921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | 20448 | 156 | 20292 |  | 11551 | 9304 | (563) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 76987 | 1193 | 75794 | 4775 | 54982 | 11056 | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 193372 |  | 193372 | 28645 | 168299 |  | (3572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 735587 | 48815 | 686772 | 36044 | 438923 | 180038 | 31767 |
| **Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | 268912 | 42464 | 226448 |  | 118110 | 99699 | 8639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' account balances | 166254 | 4359 | 161895 |  | 102940 | 54855 | 4100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | 20140 |  | 20140 | 1593 | 4805 | 129 | 13613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 56783 | 3632 | 53151 | 2393 | 28793 | 7570 | 14395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 193372 |  | 193372 | 28645 | 168299 |  | (3572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 705461 | 50455 | 655006 | 32631 | 422947 | 162253 | 37175 |
| **Mezzanine Equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest | 1939 |  | 1939 | 543 |  |  | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mezzanine equity | 1939 |  | 1939 | 543 |  |  | 1396 |
| **Equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (6711) | (188) | (6523) | (154) | (1569) | (2302) | (2498) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity (1) | 34583 | (1463) | 36046 | 2883 | 17465 | 20057 | (4359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Prudential Financial, Inc. equity | 27872 | (1651) | 29523 | 2729 | 15896 | 17755 | (6857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 315 | 11 | 304 | 141 | 80 | 30 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 28187 | (1640) | 29827 | 2870 | 15976 | 17785 | (6804) |
| Total liabilities, mezzanine equity and equity | 735587 | 48815 | 686772 | 36044 | 438923 | 180038 | 31767 |
| ____________ |  |  |  |  |  |  |  |
| (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. | (1) Includes $(24) 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 December 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED** | **SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED** | **SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED** | **SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED** |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
|  | Senior Debt | Senior Debt |  |  | Senior Debt | Senior Debt |  |  |
|  | Short-term Debt | Long-term Debt | Junior Subordinated Long-term Debt | Total Debt | Short-term Debt | Long-term Debt | Junior Subordinated Long-term Debt | Total Debt |
| **Borrowings by use of proceeds:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital Debt | 36 | 6464 | 7595 | 14095 | 347 | 5890 | 7588 | 13825 |
| &nbsp;&nbsp;&nbsp;Operating Debt | 1374 | 4359 |  | 5733 | 521 | 4355 | 999 | 5875 |
| &nbsp;&nbsp;&nbsp;Limited recourse and non-recourse borrowing | 33 | 438 |  | 471 | 85 | 355 |  | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt | 1443 | 11261 | 7595 | 20299 | 953 | 10600 | 8587 | 20140 |
|  | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
|  | Prudential Financial, Inc. | The Prudential Insurance Company of America (1)(2) | Other Affiliates | Total Debt | Prudential Financial, Inc. | The Prudential Insurance Company of America (1)(2) | Other Affiliates | Total Debt |
| **Borrowings by sources:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital Debt | 14055 |  | 40 | 14095 | 13438 | 347 | 40 | 13825 |
| &nbsp;&nbsp;&nbsp;Operating Debt | 4884 | 849 |  | 5733 | 5380 | 495 |  | 5875 |
| &nbsp;&nbsp;&nbsp;Limited recourse and non-recourse borrowing |  | 33 | 438 | 471 |  | 85 | 355 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt | 18939 | 882 | 478 | 20299 | 18818 | 927 | 395 | 20140 |
| __________ |  |  |  |  |  |  |  |  |
| (1) Includes Prudential Funding, LLC. | (1) Includes Prudential Funding, LLC. | (1) Includes Prudential Funding, LLC. | (1) Includes Prudential Funding, LLC. | (1) Includes Prudential Funding, LLC. | (1) Includes Prudential Funding, LLC. | (1) Includes Prudential Funding, LLC. | (1) Includes Prudential Funding, LLC. | (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 December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. | (2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - PGIM** |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 28 | 20 | 59 | 54 | 48 | 15 | 181 | 1107% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 1090 | 965 | 984 | 1041 | 1060 | 4077 | 4050 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1118 | 985 | 1043 | 1095 | 1108 | 4092 | 4231 | 3% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 25 | 21 | 24 | 27 | 28 | 105 | 100 | -5% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs |  |  |  |  |  | (1) |  | 100% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs |  |  |  |  |  | 2 |  | -100% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 460 | 504 | 477 | 503 | 489 | 1841 | 1973 | 7% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 374 | 304 | 313 | 321 | 342 | 1270 | 1280 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 859 | 829 | 814 | 851 | 859 | 3217 | 3353 | 4% |
| **Adjusted operating income (loss) before income taxes** | 259 | 156 | 229 | 244 | 249 | 875 | 878 | —% |
| Total revenues | 1118 | 985 | 1043 | 1095 | 1108 | 4092 | 4231 | 3% |
| Less: Passthrough distribution revenue | 22 | 21 | 20 | 21 | 21 | 88 | 83 | -6% |
| Less: Revenue associated with consolidations | 84 | 18 | 50 | 45 | 42 | 141 | 155 | 10% |
| &nbsp;&nbsp;**Total adjusted revenues (2)** | 1012 | 946 | 973 | 1029 | 1045 | 3863 | 3993 | 3% |
| **Adjusted operating margin (2)(3)** | 25.6% | 16.5% | 23.5% | 23.7% | 23.8% | 22.7% | 22.0% |  |
| __________ |  |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0%, 15.8% and 23.2% for the three months ended December 31 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION** | **PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION** | **PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION** | **PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION** | **PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION** |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Supplementary Revenue Information (in millions):** |  |  |  |  |  |  |  |  |
| **Analysis of revenues by type:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management fees | 825 | 828 | 825 | 844 | 858 | 3179 | 3355 | 6% |
| &nbsp;&nbsp;&nbsp;Other related revenues (1) | 176 | 38 | 82 | 93 | 107 | 430 | 320 | -26% |
| &nbsp;&nbsp;&nbsp;Service, distribution and other revenues | 117 | 119 | 136 | 158 | 143 | 483 | 556 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PGIM revenues | 1118 | 985 | 1043 | 1095 | 1108 | 4092 | 4231 | 3% |
| **Analysis of asset management fees by source:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional customers - Third Party | 378 | 387 | 387 | 395 | 399 | 1484 | 1568 | 6% |
| &nbsp;&nbsp;&nbsp;Retail customers - Third Party | 231 | 225 | 219 | 231 | 236 | 868 | 911 | 5% |
| &nbsp;&nbsp;&nbsp;Affiliated | 216 | 216 | 219 | 218 | 223 | 827 | 876 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total asset management fees | 825 | 828 | 825 | 844 | 858 | 3179 | 3355 | 6% |
| **Supplementary Assets Under Management Information (at fair market value) (in billions):** | **Supplementary Assets Under Management Information (at fair market value) (in billions):** | **Supplementary Assets Under Management Information (at fair market value) (in billions):** | **Supplementary Assets Under Management Information (at fair market value) (in billions):** | **Supplementary Assets Under Management Information (at fair market value) (in billions):** |  |  |  |  |
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |
|  | Public Equity | Public Fixed Income | Real Estate | Private Credit and Other Alternatives | Multi-Asset | Total |  |  |
| Institutional customers - Third Party | 76.4 | 468.4 | 69.8 | 36.0 | 1.4 | 652.0 |  |  |
| Retail customers - Third Party | 106.8 | 157.3 | 0.2 | 0.4 | 2.3 | 267.0 |  |  |
| Affiliated | 39.9 | 277.0 | 64.4 | 91.0 | 74.8 | 547.1 |  |  |
| &nbsp;&nbsp;&nbsp;Total | 223.1 | 902.7 | 134.4 | 127.4 | 78.5 | 1466.1 |  |  |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |  |  |
|  | Public Equity | Public Fixed Income | Real Estate | Private Credit and Other Alternatives | Multi-Asset | Total |  |  |
| Institutional customers - Third Party | 73.8 | 426.3 | 66.6 | 33.0 | 1.4 | 601.1 |  |  |
| Retail customers - Third Party | 106.4 | 135.4 | 0.2 | 0.4 | 2.5 | 244.9 |  |  |
| Affiliated | 35.5 | 270.5 | 60.4 | 84.6 | 78.2 | 529.2 |  |  |
| &nbsp;&nbsp;&nbsp;Total | 215.7 | 832.2 | 127.2 | 118.0 | 82.1 | 1375.2 |  |  |
| __________ |  |  |  |  |  |  |  |  |
| (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million, $19 million and $66 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION** |  |  |  |  |  |  |  |
| (in billions) |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Institutional Customers - Third Party - Assets Under Management (at fair market value):** |  |  |  |  |  |  |  |
| Beginning assets under management | 610.3 | 601.1 | 620.2 | 647.6 | 654.9 | 562.7 | 601.1 |
| &nbsp;&nbsp;&nbsp;Additions | 23.6 | 23.8 | 22.1 | 18.8 | 20.6 | 101.4 | 85.3 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (21.4) | (16.2) | (19.5) | (18.5) | (25.0) | (79.7) | (79.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net institutional additions (withdrawals), excluding realizations, distributions and money market activity | 2.2 | 7.6 | 2.6 | 0.3 | (4.4) | 21.7 | 6.1 |
| &nbsp;&nbsp;&nbsp;Realizations and distributions (1) | (2.7) | (4.2) | (2.3) | (4.0) | (3.1) | (9.5) | (13.6) |
| &nbsp;&nbsp;&nbsp;Change in market value | (14.6) | 6.6 | 24.0 | 15.6 | 4.1 | 20.1 | 50.3 |
| &nbsp;&nbsp;&nbsp;Net money market flows | (0.9) | 1.7 | 0.8 | (0.3) | 0.5 | (3.6) | 2.7 |
| &nbsp;&nbsp;&nbsp;Other (2) | 6.8 | 7.4 | 2.3 | (4.3) |  | 9.7 | 5.4 |
| Ending assets under management | 601.1 | 620.2 | 647.6 | 654.9 | 652.0 | 601.1 | 652.0 |
| **Retail Customers - Third Party - Assets Under Management (at fair market value):** |  |  |  |  |  |  |  |
| Beginning assets under management | 245.1 | 244.9 | 240.6 | 256.7 | 265.2 | 215.5 | 244.9 |
| &nbsp;&nbsp;&nbsp;Additions | 19.0 | 17.7 | 16.0 | 16.2 | 21.5 | 65.6 | 71.4 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (18.8) | (17.9) | (18.8) | (15.9) | (22.8) | (64.2) | (75.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net retail additions (withdrawals), excluding money market activity | 0.2 | (0.2) | (2.8) | 0.3 | (1.3) | 1.4 | (4.0) |
| &nbsp;&nbsp;&nbsp;Change in market value | 1.4 | (5.5) | 18.6 | 9.2 | 2.7 | 29.7 | 25.0 |
| &nbsp;&nbsp;&nbsp;Net money market flows | 0.7 | 1.8 | 0.5 | 0.7 | 0.7 | 1.7 | 3.7 |
| &nbsp;&nbsp;&nbsp;Other (2) | (2.5) | (0.4) | (0.2) | (1.7) | (0.3) | (3.4) | (2.6) |
| Ending assets under management | 244.9 | 240.6 | 256.7 | 265.2 | 267.0 | 244.9 | 267.0 |
| **Affiliated - Assets Under Management (at fair market value):** |  |  |  |  |  |  |  |
| Beginning assets under management | 544.5 | 529.2 | 524.5 | 536.4 | 549.9 | 519.9 | 529.2 |
| &nbsp;&nbsp;&nbsp;Additions | 55.7 | 20.6 | 19.8 | 15.8 | 17.3 | 125.4 | 73.5 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (46.7) | (20.7) | (19.2) | (14.0) | (21.2) | (100.8) | (75.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity | 9.0 | (0.1) | 0.6 | 1.8 | (3.9) | 24.6 | (1.6) |
| &nbsp;&nbsp;&nbsp;Realizations and distributions (1) | (0.1) | (0.1) |  | (0.6) | (0.1) | (0.4) | (0.8) |
| &nbsp;&nbsp;&nbsp;Change in market value | (14.4) | 3.9 | 10.9 | 13.2 | 2.8 | 10.8 | 30.8 |
| &nbsp;&nbsp;&nbsp;Net money market flows | 3.5 | (5.3) | (2.1) |  | 1.5 | (4.6) | (5.9) |
| &nbsp;&nbsp;&nbsp;Other (2) | (13.3) | (3.1) | 2.5 | (0.9) | (3.1) | (21.1) | (4.6) |
| Ending assets under management | 529.2 | 524.5 | 536.4 | 549.9 | 547.1 | 529.2 | 547.1 |
| __________ |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES** | **COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES** | **COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES** | **COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES** | **COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES** | **COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 3272 | 3398 | 3724 | 5897 | 4401 | 29109 | 17420 | -40% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 996 | 1035 | 993 | 1046 | 1016 | 4010 | 4090 | 2% |
| &nbsp;&nbsp;&nbsp;Net investment income | 2731 | 2700 | 2760 | 2948 | 2982 | 10403 | 11390 | 9% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 580 | 573 | 531 | 551 | 547 | 2420 | 2202 | -9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 7579 | 7706 | 8008 | 10442 | 8946 | 45942 | 35102 | -24% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 4384 | 4563 | 4750 | 6928 | 5503 | 33826 | 21744 | -36% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 53 | (11) | 68 | 117 | 45 | (273) | 219 | 180% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 708 | 724 | 754 | 808 | 856 | 2655 | 3142 | 18% |
| &nbsp;&nbsp;&nbsp;Interest expense | 330 | 295 | 286 | 290 | 298 | 1239 | 1169 | -6% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (462) | (411) | (431) | (426) | (432) | (1650) | (1700) | -3% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 216 | 227 | 233 | 234 | 244 | 853 | 938 | 10% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 572 | 529 | 583 | 500 | 521 | 2134 | 2133 | —% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 918 | 859 | 810 | 842 | 860 | 3430 | 3371 | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 6719 | 6775 | 7053 | 9293 | 7895 | 42214 | 31016 | -27% |
| **Adjusted operating income (loss) before income taxes** | 860 | 931 | 955 | 1149 | 1051 | 3728 | 4086 | 10% |
| __________ |  |  |  |  |  |  |  |  |
| (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 1776 | 1765 | 2143 | 4308 | 2849 | 23023 | 11065 | -52% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 315 | 297 | 278 | 294 | 286 | 1267 | 1155 | -9% |
| &nbsp;&nbsp;&nbsp;Net investment income | 1846 | 1872 | 1930 | 2085 | 2118 | 6784 | 8005 | 18% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 538 | 509 | 477 | 496 | 491 | 2246 | 1973 | -12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4475 | 4443 | 4828 | 7183 | 5744 | 33320 | 22198 | -33% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 2470 | 2467 | 2834 | 4913 | 3551 | 25893 | 13765 | -47% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 42 | (19) | 125 | 118 | 53 | (368) | 277 | 175% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 483 | 507 | 543 | 588 | 634 | 1703 | 2272 | 33% |
| &nbsp;&nbsp;&nbsp;Interest expense | 20 | 30 | 27 | 24 | 31 | 115 | 112 | -3% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (187) | (209) | (207) | (180) | (167) | (721) | (763) | -6% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 108 | 115 | 122 | 125 | 134 | 405 | 496 | 22% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 213 | 215 | 228 | 199 | 211 | 809 | 853 | 5% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 475 | 461 | 434 | 430 | 416 | 1865 | 1741 | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 3624 | 3567 | 4106 | 6217 | 4863 | 29701 | 18753 | -37% |
| **Adjusted operating income (loss) before income taxes** | 851 | 876 | 722 | 966 | 881 | 3619 | 3445 | -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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums (2) | 1758 | 1745 | 2126 | 4285 | 2831 | 22947 | 10987 | -52% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 9 | 7 | 5 | 11 | 7 | 33 | 30 | -9% |
| &nbsp;&nbsp;&nbsp;Net investment income | 1241 | 1243 | 1248 | 1333 | 1326 | 4674 | 5150 | 10% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 135 | 110 | 128 | 125 | 127 | 541 | 490 | -9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 3143 | 3105 | 3507 | 5754 | 4291 | 28195 | 16657 | -41% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 2434 | 2437 | 2707 | 4862 | 3495 | 25752 | 13501 | -48% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 42 | (25) | 124 | 112 | 47 | (376) | 258 | 169% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 180 | 182 | 188 | 216 | 231 | 664 | 817 | 23% |
| &nbsp;&nbsp;&nbsp;Interest expense | (7) | 17 | 15 | 12 | 16 | 31 | 60 | 94% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (23) | (27) | (34) | (19) | (15) | (80) | (95) | -19% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 3 | 6 | 4 | 4 | 10 | 11 | 24 | 118% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 57 | 71 | 68 | 67 | 67 | 231 | 273 | 18% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 30 | 32 | 39 | 20 | 15 | 106 | 106 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 2716 | 2693 | 3111 | 5274 | 3866 | 26339 | 14944 | -43% |
| **Adjusted operating income (loss) before income taxes** | 427 | 412 | 396 | 480 | 425 | 1856 | 1713 | -8% |
| __________ |  |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion, $0.0 billion and $0.1 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| Beginning total account value | 287829 | 288202 | 293930 | 307306 | 307514 | 267654 | 288202 |
| &nbsp;&nbsp;&nbsp;Additions | 10249 | 7051 | 8854 | 6353 | 3686 | 36331 | 25944 |
| &nbsp;&nbsp;&nbsp;Withdrawals and benefits | (6127) | (6642) | (5525) | (6460) | (6893) | (25327) | (25520) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net flows | 4122 | 409 | 3329 | (107) | (3207) | 11004 | 424 |
| &nbsp;&nbsp;&nbsp;Change in market value, interest credited and interest income | 1540 | 2804 | 2355 | 3521 | 3213 | 10590 | 11893 |
| &nbsp;&nbsp;&nbsp;Other (1) | (5289) | 2515 | 7692 | (3206) | 1127 | (1046) | 8128 |
| Ending total account value, gross | 288202 | 293930 | 307306 | 307514 | 308647 | 288202 | 308647 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | (9011) | (8952) | (8899) | (8911) | (9029) | (9011) | (9029) |
| Ending total account value, net | 279191 | 284978 | 298407 | 298603 | 299618 | 279191 | 299618 |
| Amounts included in ending total account value, net above: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment-only stable value wraps | 61286 | 61302 | 61566 | 61777 | 61725 |  |  |
| &nbsp;&nbsp;&nbsp;International reinsurance (2) | 108882 | 115533 | 127701 | 124795 | 125211 |  |  |
| &nbsp;&nbsp;&nbsp;Group annuities and other products | 109023 | 108143 | 109140 | 112031 | 112682 |  |  |
| Ending total account value, net | 279191 | 284978 | 298407 | 298603 | 299618 |  |  |
| __________ |  |  |  |  |  |  |  |
| (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (1) Other activity includes the effect of foreign exchange rate changes associated with our 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. | (2) Represents notional amounts based on present value of future benefits under international reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under international reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under international reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under international reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under international reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under international reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under international reinsurance contracts. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES** |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 18 | 20 | 17 | 23 | 18 | 76 | 78 | 3% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 306 | 290 | 273 | 283 | 279 | 1234 | 1125 | -9% |
| &nbsp;&nbsp;&nbsp;Net investment income | 605 | 629 | 682 | 752 | 792 | 2110 | 2855 | 35% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 403 | 399 | 349 | 371 | 364 | 1705 | 1483 | -13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1332 | 1338 | 1321 | 1429 | 1453 | 5125 | 5541 | 8% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 36 | 30 | 127 | 51 | 56 | 141 | 264 | 87% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits |  | 6 | 1 | 6 | 6 | 8 | 19 | 138% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 303 | 325 | 355 | 372 | 403 | 1039 | 1455 | 40% |
| &nbsp;&nbsp;&nbsp;Interest expense | 27 | 13 | 12 | 12 | 15 | 84 | 52 | -38% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (164) | (182) | (173) | (161) | (152) | (641) | (668) | -4% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 105 | 109 | 118 | 121 | 124 | 394 | 472 | 20% |
| &nbsp;&nbsp;&nbsp; Operating expenses | 156 | 144 | 160 | 132 | 144 | 578 | 580 | —% |
| &nbsp;&nbsp;&nbsp; Variable expenses | 445 | 429 | 395 | 410 | 401 | 1759 | 1635 | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 908 | 874 | 995 | 943 | 997 | 3362 | 3809 | 13% |
| **Adjusted operating income (loss) before income taxes** | 424 | 464 | 326 | 486 | 456 | 1763 | 1732 | -2% |
| __________ |  |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES** |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 |  | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q |  | 2024 | 2025 |
| **Actively - Sold Protected Investment and Income Product Sales (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FlexGuard Suite | 2513 | 2334 | 1718 | 1803 | 1725 |  | 8703 | 7580 |
| &nbsp;&nbsp;&nbsp;Investment Only VA (2) | 67 | 34 | 33 | 43 | 43 |  | 162 | 153 |
| &nbsp;&nbsp;&nbsp;Fixed | 1056 | 1105 | 1384 | 1532 | 1806 |  | 5173 | 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 3636 | 3473 | 3135 | 3378 | 3574 |  | 14038 | 13560 |
| **Actively-Sold Protected Investment and Income Solutions (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning total account value | 43729 | 47204 | 48817 | 54429 | 59703 |  | 30655 | 47204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | 3636 | 3473 | 3135 | 3378 | 3574 |  | 14038 | 13560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full surrenders and death benefits | (394) | (437) | (458) | (540) | (473) |  | (1348) | (1908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales, net of full surrenders and death benefits | 3242 | 3036 | 2677 | 2838 | 3101 |  | 12690 | 11652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partial withdrawals and other benefit payments | (243) | (283) | (269) | (289) | (358) |  | (792) | (1199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 2999 | 2753 | 2408 | 2549 | 2743 |  | 11898 | 10453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value, interest credited, and other | 494 | (1116) | 3232 | 2754 | 1018 |  | 4709 | 5888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (18) | (24) | (28) | (29) | (32) |  | (58) | (113) |
| &nbsp;&nbsp;&nbsp;Ending total account value, gross | 47204 | 48817 | 54429 | 59703 | 63432 |  | 47204 | 63432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (2755) | (3144) | (2680) | (3076) | (3859) |  | (2755) | (3859) |
| &nbsp;&nbsp;&nbsp;Ending total account value, net | 44449 | 45673 | 51749 | 56627 | 59573 |  | 44449 | 59573 |
| **Discontinued Traditional VA and Guaranteed Living Benefit Block (3):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning total account value | 97116 | 91435 | 87009 | 88163 | 87960 |  | 99053 | 91435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | 7 | 6 | 8 | 3 | 6 |  | 29 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full surrenders and death benefits | (2484) | (2455) | (2151) | (2614) | (2574) |  | (9745) | (9794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales, net of full surrenders and death benefits | (2477) | (2449) | (2143) | (2611) | (2568) |  | (9716) | (9771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Partial withdrawals and other benefit payments | (1205) | (1133) | (991) | (1002) | (1188) |  | (4388) | (4314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (3682) | (3582) | (3134) | (3613) | (3756) |  | (14104) | (14085) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value and other | (1493) | (365) | 4773 | 3901 | 1428 |  | 8599 | 9737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (506) | (479) | (485) | (491) | (470) |  | (2113) | (1925) |
| &nbsp;&nbsp;&nbsp;Ending total account value, gross | 91435 | 87009 | 88163 | 87960 | 85162 |  | 91435 | 85162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (8764) | (8608) | (8393) | (8315) | (7954) |  | (8764) | (7954) |
| &nbsp;&nbsp;&nbsp;Ending total account value, net | 82671 | 78401 | 79770 | 79645 | 77208 |  | 82671 | 77208 |
| __________ |  |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity. | (2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity. | (2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity. | (2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity. | (2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity. | (2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity. | (2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity. | (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. | (3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits. | (3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits. | (3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits. | (3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits. | (3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits. | (3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits. | (3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Account Values in General Account (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | 43350 | 46900 | 48660 | 54064 | 59148 | 30844 | 46900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 3494 | 3369 | 3051 | 3280 | 3480 | 13615 | 13180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full surrenders and death benefits | (239) | (306) | (330) | (398) | (423) | (1038) | (1457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits net of full surrenders and death benefits | 3255 | 3063 | 2721 | 2882 | 3057 | 12577 | 11723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partial withdrawals and other benefit payments | (282) | (293) | (275) | (301) | (405) | (945) | (1274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 2973 | 2770 | 2446 | 2581 | 2652 | 11632 | 10449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value, interest credited and other | 839 | (1253) | 2846 | 2389 | 784 | 4217 | 4766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from separate account | (254) | 253 | 124 | 126 | 223 | 226 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (8) | (10) | (12) | (12) | (15) | (19) | (49) |
| &nbsp;&nbsp;&nbsp;Ending balance, gross | 46900 | 48660 | 54064 | 59148 | 62792 | 46900 | 62792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (2755) | (3144) | (2680) | (3076) | (3859) | (2755) | (3859) |
| &nbsp;&nbsp;&nbsp;Ending balance, net | 44145 | 45516 | 51384 | 56072 | 58933 | 44145 | 58933 |
| **Account Values in Separate Account (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | 97495 | 91739 | 87166 | 88528 | 88515 | 98864 | 91739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 149 | 110 | 92 | 101 | 100 | 452 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full surrenders and death benefits | (2639) | (2586) | (2279) | (2756) | (2624) | (10055) | (10245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits net of full surrenders and death benefits | (2490) | (2476) | (2187) | (2655) | (2524) | (9603) | (9842) |
| &nbsp;&nbsp;&nbsp;&nbsp;Partial withdrawals and other benefit payments | (1166) | (1123) | (985) | (990) | (1141) | (4235) | (4239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (3656) | (3599) | (3172) | (3645) | (3665) | (13838) | (14081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value, interest credited and other | (1838) | (228) | 5159 | 4266 | 1662 | 9091 | 10859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from general account | 254 | (253) | (124) | (126) | (223) | (226) | (726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (516) | (493) | (501) | (508) | (487) | (2152) | (1989) |
| &nbsp;&nbsp;&nbsp;Ending balance, gross | 91739 | 87166 | 88528 | 88515 | 85802 | 91739 | 85802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (8764) | (8608) | (8393) | (8315) | (7954) | (8764) | (7954) |
| &nbsp;&nbsp;&nbsp;Ending balance, net | 82975 | 78558 | 80135 | 80200 | 77848 | 82975 | 77848 |
| __________ |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES** | **U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES** |  |
| (in millions) |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 |
|  | 4Q | 1Q | 2Q | 3Q | 4Q |
| **MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1):** |  |  |  |  |  |
| **Market Risk Benefits Account Values by Risk Management Design:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Account Values with Auto-Rebalancing Feature - risk retained by Prudential | 64932 | 61716 | 62634 | 62434 | 60554 |
| &nbsp;&nbsp;&nbsp;Account Values with Auto-Rebalancing Feature - externally reinsured | 1902 | 1763 | 1758 | 1713 | 1628 |
| &nbsp;&nbsp;&nbsp;Account Values without Auto-Rebalancing Feature | 23100 | 22098 | 24322 | 24630 | 23826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 89934 | 85577 | 88714 | 88777 | 86008 |
| **Market Risk Benefits Net Amount at Risk by Product Design Type:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Amount at Risk with Auto-Rebalancing Feature | 6510 | 6937 | 6104 | 5575 | 5557 |
| &nbsp;&nbsp;&nbsp;Net Amount at Risk without Auto-Rebalancing Feature | 2775 | 2778 | 3033 | 2907 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 9285 | 9715 | 9137 | 8482 | 8588 |
| __________ |  |  |  |  |  |
| (1) At end of period. | (1) At end of period. | (1) At end of period. | (1) At end of period. | (1) At end of period. | (1) At end of period. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE** |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 1260 | 1396 | 1349 | 1353 | 1321 | 5129 | 5419 | 6% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 149 | 197 | 184 | 183 | 164 | 678 | 728 | 7% |
| &nbsp;&nbsp;&nbsp;Net investment income | 132 | 134 | 133 | 138 | 138 | 530 | 543 | 2% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 23 | 21 | 21 | 20 | 22 | 90 | 84 | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1564 | 1748 | 1687 | 1694 | 1645 | 6427 | 6774 | 5% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 1171 | 1296 | 1230 | 1272 | 1224 | 4801 | 5022 | 5% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 38 | 35 | 32 | 33 | 37 | 149 | 137 | -8% |
| &nbsp;&nbsp;&nbsp;Interest expense | 3 | 5 | 5 | 7 | 4 | 11 | 21 | 91% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (13) |  | (4) |  |  | (28) | (4) | 86% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 2 | 2 | 4 | 2 | 1 | 6 | 9 | 50% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 184 | 194 | 186 | 181 | 190 | 734 | 751 | 2% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 113 | 127 | 109 | 109 | 112 | 440 | 457 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 1498 | 1659 | 1562 | 1604 | 1568 | 6113 | 6393 | 5% |
| **Adjusted operating income (loss) before income taxes** | 66 | 89 | 125 | 90 | 77 | 314 | 381 | 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION** |  |  |
| (dollar amounts in millions, or as otherwise noted) |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Annualized New Business Premiums:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 38 | 225 | 35 | 36 | 29 | 289 | 325 |
| &nbsp;&nbsp;&nbsp;Group disability | 25 | 175 | 42 | 42 | 27 | 261 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 63 | 400 | 77 | 78 | 56 | 550 | 611 |
| **Future Policy Benefits (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 2415 | 2422 | 2396 | 2334 | 2306 |  |  |
| &nbsp;&nbsp;&nbsp;Group disability | 3256 | 3283 | 3316 | 3345 | 3398 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 5671 | 5705 | 5712 | 5679 | 5704 |  |  |
| **Policyholders' Account Balances (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 4915 | 4519 | 4460 | 4503 | 4732 |  |  |
| &nbsp;&nbsp;&nbsp;Group disability | 117 | 117 | 104 | 99 | 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 5032 | 4636 | 4564 | 4602 | 4832 |  |  |
| **Separate Account Liabilities (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 25126 | 25547 | 26364 | 26988 | 26916 |  |  |
| **Group Life Insurance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross premiums, policy charges and fee income (2) | 1168 | 1196 | 1195 | 1155 | 1159 | 4526 | 4705 |
| &nbsp;&nbsp;&nbsp;Earned premiums | 891 | 996 | 935 | 952 | 916 | 3615 | 3799 |
| &nbsp;&nbsp;&nbsp;Earned policy charges and fee income | 124 | 171 | 156 | 154 | 137 | 577 | 618 |
| &nbsp;&nbsp;&nbsp;Benefits ratio (3) | 87.1% | 87.1% | 83.1% | 84.1% | 81.3% | 86.9% | 84.0% |
| &nbsp;&nbsp;&nbsp;Administrative expense ratio | 11.9% | 10.8% | 11.5% | 10.5% | 11.7% | 11.3% | 11.1% |
| &nbsp;&nbsp;&nbsp;Persistency ratio | 94.6% | 97.0% | 96.8% | 96.5% | 96.1% |  |  |
| **Group Disability Insurance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross premiums, policy charges and fee income (2) | 400 | 429 | 447 | 434 | 432 | 1639 | 1742 |
| &nbsp;&nbsp;&nbsp;Earned premiums | 369 | 400 | 414 | 401 | 405 | 1514 | 1620 |
| &nbsp;&nbsp;&nbsp;Earned policy charges and fee income | 25 | 26 | 28 | 29 | 27 | 101 | 110 |
| &nbsp;&nbsp;&nbsp;Benefits ratio (3) | 72.8% | 65.6% | 75.3% | 79.7% | 85.3% | 73.3% | 76.5% |
| &nbsp;&nbsp;&nbsp;Administrative expense ratio | 26.1% | 25.8% | 24.8% | 24.0% | 24.9% | 25.0% | 24.9% |
| &nbsp;&nbsp;&nbsp;Persistency ratio | 92.6% | 95.3% | 94.1% | 92.9% | 91.8% |  |  |
| **Total Group Insurance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits ratio (3) | 83.1% | 81.3% | 80.9% | 82.8% | 82.5% | 83.1% | 81.9% |
| &nbsp;&nbsp;&nbsp;Administrative expense ratio | 15.8% | 14.8% | 15.2% | 14.2% | 15.5% | 15.0% | 14.9% |
| &nbsp;&nbsp;&nbsp;Net face amount of policies in force (in billions) (4) | 2120 | 2127 | 2118 | 2118 | 2117 |  |  |
| __________ |  |  |  |  |  |  |  |
| (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. | (1) As of end of period. |
| (2) Before returns of premiums to participating policyholders for favorable claims experience. | (2) Before returns of premiums to participating policyholders for favorable claims experience. | (2) Before returns of premiums to participating policyholders for favorable claims experience. | (2) Before returns of premiums to participating policyholders for favorable claims experience. | (2) Before returns of premiums to participating policyholders for favorable claims experience. | (2) Before returns of premiums to participating policyholders for favorable claims experience. | (2) Before returns of premiums to participating policyholders for favorable claims experience. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. | (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 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively. |
| (4) At end of period; net of reinsurance. | (4) At end of period; net of reinsurance. | (4) At end of period; net of reinsurance. | (4) At end of period; net of reinsurance. | (4) At end of period; net of reinsurance. | (4) At end of period; net of reinsurance. | (4) At end of period; net of reinsurance. | (4) At end of period; net of reinsurance. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE** |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 236 | 237 | 232 | 236 | 231 | 957 | 936 | -2% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 532 | 541 | 531 | 569 | 566 | 2065 | 2207 | 7% |
| &nbsp;&nbsp;&nbsp;Net investment income | 753 | 694 | 697 | 725 | 726 | 3089 | 2842 | -8% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 19 | 43 | 33 | 35 | 34 | 84 | 145 | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1540 | 1515 | 1493 | 1565 | 1557 | 6195 | 6130 | -1% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 743 | 800 | 686 | 743 | 728 | 3132 | 2957 | -6% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 11 | 8 | (57) | (1) | (8) | 95 | (58) | -161% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 187 | 182 | 179 | 187 | 185 | 803 | 733 | -9% |
| &nbsp;&nbsp;&nbsp;Interest expense | 307 | 260 | 254 | 259 | 263 | 1113 | 1036 | -7% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (262) | (202) | (220) | (246) | (265) | (901) | (933) | -4% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 106 | 110 | 107 | 107 | 109 | 442 | 433 | -2% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 175 | 120 | 169 | 120 | 120 | 591 | 529 | -10% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 330 | 271 | 267 | 303 | 332 | 1125 | 1173 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 1597 | 1549 | 1385 | 1472 | 1464 | 6400 | 5870 | -8% |
| **Adjusted operating income (loss) before income taxes** | (57) | (34) | 108 | 93 | 93 | (205) | 260 | 227% |
| __________ |  |  |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

---

------

<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
|  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION** | **U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION** |  |  |  |
| (in millions, or as otherwise noted) |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **ANNUALIZED NEW BUSINESS PREMIUMS (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term life | 35 | 32 | 39 | 37 | 36 | 134 | 144 |
| &nbsp;&nbsp;&nbsp;Universal life | 24 | 24 | 24 | 30 | 32 | 85 | 110 |
| &nbsp;&nbsp;&nbsp;Variable life | 267 | 154 | 160 | 186 | 201 | 687 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 326 | 210 | 223 | 253 | 269 | 906 | 955 |
| **ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prudential Advisors | 45 | 38 | 43 | 48 | 49 | 167 | 178 |
| &nbsp;&nbsp;&nbsp;Third party distribution | 281 | 172 | 180 | 205 | 220 | 739 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 326 | 210 | 223 | 253 | 269 | 906 | 955 |
| **ACCOUNT VALUE ACTIVITY:** |  |  |  |  |  |  |  |
| **Policyholders' Account Balances (2):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | 33581 | 33773 | 33936 | 34362 | 34661 | 33026 | 33773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 675 | 709 | 676 | 686 | 841 | 2532 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (410) | (463) | (488) | (455) | (594) | (1705) | (2000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions) | 265 | 246 | 188 | 231 | 247 | 827 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (43) | (68) | (64) | (58) | 28 | (164) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 222 | 178 | 124 | 173 | 275 | 663 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and other | 308 | 375 | 637 | 445 | 319 | 1537 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from separate account | 171 | 145 | 168 | 193 | 288 | 615 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (509) | (535) | (503) | (512) | (525) | (2068) | (2075) |
| &nbsp;&nbsp;&nbsp;Ending balance, gross | 33773 | 33936 | 34362 | 34661 | 35018 | 33773 | 35018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (8995) | (9029) | (9043) | (9077) | (9244) | (8995) | (9244) |
| &nbsp;&nbsp;&nbsp;Ending balance, net | 24778 | 24907 | 25319 | 25584 | 25774 | 24778 | 25774 |
| **Separate Account Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | 53953 | 54803 | 53323 | 57995 | 61376 | 46453 | 54803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 1179 | 963 | 1084 | 1117 | 1293 | 3895 | 4457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (295) | (326) | (315) | (442) | (558) | (1238) | (1641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions) | 884 | 637 | 769 | 675 | 735 | 2657 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (165) | (184) | (165) | (170) | (244) | (651) | (763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 719 | 453 | 604 | 505 | 491 | 2006 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value, interest credited and other | 673 | (1414) | 4608 | 3450 | 1398 | 8390 | 8042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from general account | (171) | (145) | (168) | (193) | (288) | (615) | (794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (371) | (374) | (372) | (381) | (383) | (1431) | (1510) |
| &nbsp;&nbsp;&nbsp;Ending balance | 54803 | 53323 | 57995 | 61376 | 62594 | 54803 | 62594 |
| **NET FACE AMOUNT IN FORCE (in billions) (3):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term life | 278 | 274 | 284 | 282 | 284 |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | 62 | 62 | 62 | 62 | 62 |  |  |
| &nbsp;&nbsp;&nbsp;Variable life | 167 | 165 | 170 | 174 | 176 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 507 | 501 | 516 | 518 | 522 |  |  |
| __________ |  |  |  |  |  |  |  |
| (1) Excludes corporate-owned life insurance. | (1) Excludes corporate-owned life insurance. | (1) Excludes corporate-owned life insurance. | (1) Excludes corporate-owned life insurance. | (1) Excludes corporate-owned life insurance. | (1) Excludes corporate-owned life insurance. | (1) Excludes corporate-owned life insurance. | (1) Excludes corporate-owned life insurance. |
| (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

---

------

<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** | **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** | **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** | **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** | **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 2665 | 3057 | 2709 | 2800 | 2627 | 11656 | 11193 | -4% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 81 | 88 | 92 | 96 | 104 | 324 | 380 | 17% |
| &nbsp;&nbsp;&nbsp;Net investment income | 1493 | 1469 | 1451 | 1540 | 1569 | 5723 | 6029 | 5% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 44 | 124 | 147 | 159 | 116 | 222 | 546 | 146% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4283 | 4738 | 4399 | 4595 | 4416 | 17925 | 18148 | 1% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 2463 | 2789 | 2446 | 2559 | 2428 | 10268 | 10222 | —% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 3 | (3) | 32 | (21) | 5 | 381 | 13 | -97% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 328 | 347 | 369 | 390 | 402 | 1210 | 1508 | 25% |
| &nbsp;&nbsp;&nbsp;Interest expense | (4) | (1) | 1 | 2 | 1 | (2) | 3 | 250% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (269) | (306) | (297) | (308) | (286) | (1138) | (1197) | -5% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 162 | 165 | 174 | 175 | 179 | 646 | 693 | 7% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 454 | 436 | 467 | 466 | 499 | 1793 | 1868 | 4% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 404 | 463 | 446 | 451 | 431 | 1661 | 1791 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 3541 | 3890 | 3638 | 3714 | 3659 | 14819 | 14901 | 1% |
| **Adjusted operating income (loss) before income taxes** | 742 | 848 | 761 | 881 | 757 | 3106 | 3247 | 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION** | **INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION** | **INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION** |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Actual exchange rate basis (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premiums, policy charges and fee income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | 2464 | 2860 | 2462 | 2548 | 2350 | 10799 | 10220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 282 | 285 | 339 | 348 | 381 | 1181 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2746 | 3145 | 2801 | 2896 | 2731 | 11980 | 11573 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | 402 | 478 | 453 | 453 | 410 | 1732 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 96 | 98 | 88 | 102 | 112 | 390 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 498 | 576 | 541 | 555 | 522 | 2122 | 2194 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums by distribution channel: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Planners | 205 | 258 | 216 | 227 | 224 | 842 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Consultants | 119 | 130 | 150 | 138 | 110 | 480 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 98 | 95 | 93 | 108 | 103 | 459 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Agency and Other | 76 | 93 | 82 | 82 | 85 | 341 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 498 | 576 | 541 | 555 | 522 | 2122 | 2194 |
| **Constant exchange rate basis (2):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premiums, policy charges and fee income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | 2530 | 2950 | 2475 | 2580 | 2424 | 11071 | 10429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 286 | 289 | 333 | 328 | 357 | 1102 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2816 | 3239 | 2808 | 2908 | 2781 | 12173 | 11736 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | 410 | 487 | 454 | 457 | 421 | 1761 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 97 | 99 | 87 | 96 | 104 | 363 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 507 | 586 | 541 | 553 | 525 | 2124 | 2205 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums by distribution channel: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Planners | 210 | 265 | 214 | 227 | 229 | 850 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Consultants | 121 | 132 | 151 | 139 | 112 | 486 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 99 | 95 | 93 | 106 | 100 | 448 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Agency and Other | 77 | 94 | 83 | 81 | 84 | 340 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 507 | 586 | 541 | 553 | 525 | 2124 | 2205 |
| __________ |  |  |  |  |  |  |  |
| (1) Translated based on applicable average exchange rates for the period shown. | (1) Translated based on applicable average exchange rates for the period shown. | (1) Translated based on applicable average exchange rates for the period shown. | (1) Translated based on applicable average exchange rates for the period shown. | (1) Translated based on applicable average exchange rates for the period shown. | (1) Translated based on applicable average exchange rates for the period shown. | (1) Translated based on applicable average exchange rates for the period shown. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION** | **INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION** |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 |
|  | 4Q | 1Q | 2Q | 3Q | 4Q |
| **Face amount of individual policies in force at end of period (in billions) (1)(2):** |  |  |  |  |  |
| **(Constant exchange rate basis)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan | 533 | 530 | 526 | 524 | 521 |
| &nbsp;&nbsp;&nbsp;Emerging Markets | 49 | 50 | 52 | 54 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 582 | 580 | 578 | 578 | 577 |
| **Policyholder Account Balances at end of period (in millions) (1)(2):** |  |  |  |  |  |
| **(Constant exchange rate basis)** |  |  |  |  |  |
| International Businesses | 55548 | 49858 | 51945 | 53903 | 55367 |
| **Number of individual policies in force at end of period (in thousands) (3):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan | 11078 | 11102 | 11116 | 11142 | 11136 |
| &nbsp;&nbsp;&nbsp;Emerging Markets | 842 | 855 | 869 | 884 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 11920 | 11957 | 11985 | 12026 | 12043 |
| **International Businesses life insurance individual policy persistency:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13 months | 91.4% | 92.0% | 92.8% | 93.6% | 94.0% |
| &nbsp;&nbsp;&nbsp;25 months | 83.4% | 83.2% | 83.0% | 82.6% | 83.4% |
| **Number of Life Planners at end of period:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan | 4309 | 4356 | 4285 | 4282 | 4283 |
| &nbsp;&nbsp;&nbsp;Emerging Markets | 1726 | 1819 | 1876 | 1859 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Life Planners | 6035 | 6175 | 6161 | 6141 | 6235 |
| **Life Consultants** | 6844 | 6840 | 6822 | 6940 | 6983 |
| __________ |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (2) Net of reinsurance. | (2) Net of reinsurance. | (2) Net of reinsurance. | (2) Net of reinsurance. | (2) Net of reinsurance. |
| (3) Direct business only; policy count includes annuities. | (3) Direct business only; policy count includes annuities. | (3) Direct business only; policy count includes annuities. | (3) Direct business only; policy count includes annuities. | (3) Direct business only; policy count includes annuities. | (3) Direct business only; policy count includes annuities. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **STATEMENTS OF OPERATIONS - CORPORATE AND OTHER** | **STATEMENTS OF OPERATIONS - CORPORATE AND OTHER** | **STATEMENTS OF OPERATIONS - CORPORATE AND OTHER** | **STATEMENTS OF OPERATIONS - CORPORATE AND OTHER** | **STATEMENTS OF OPERATIONS - CORPORATE AND OTHER** | **STATEMENTS OF OPERATIONS - CORPORATE AND OTHER** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |
|  | 2024 | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 4Q | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | (2) | (9) | (7) | (6) |  | (20) | (22) | -10% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | (15) | (15) | (15) | (16) | (14) | (57) | (60) | -5% |
| &nbsp;&nbsp;&nbsp;Net investment income | 349 | 330 | 330 | 330 | 348 | 1234 | 1338 | 8% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | (303) | (323) | (252) | (201) | (284) | (1063) | (1060) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 29 | (17) | 56 | 107 | 50 | 94 | 196 | 109% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | (4) | (8) | (1) | (2) | 5 | (19) | (6) | 68% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 21 | 12 | 12 | 17 | 13 | 84 | 54 | -36% |
| &nbsp;&nbsp;&nbsp;Interest expense | 174 | 207 | 215 | 212 | 206 | 677 | 840 | 24% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | 27 | 33 | 39 | 35 | 37 | 188 | 144 | -23% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | (14) | (16) | (15) | (14) | (15) | (56) | (60) | -7% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 324 | 155 | 107 | 170 | 367 | 1102 | 799 | -27% |
| &nbsp;&nbsp;&nbsp;Variable expenses | (9) | 15 | (21) | 16 | (11) | (99) | (1) | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 519 | 398 | 336 | 434 | 602 | 1877 | 1770 | -6% |
| **Adjusted operating income (loss) before income taxes** | (490) | (415) | (280) | (327) | (552) | (1783) | (1574) | 12% |
| __________ |  |  |  |  |  |  |  |  |
| (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **INVESTMENT PORTFOLIO COMPOSITION** |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Total Portfolio | Closed Block Division | Funds Withheld (1) | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld |  |  | Total Portfolio | Closed Block Division | Funds Withheld (1) | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld |
|  | Total Portfolio | Closed Block Division | Funds Withheld (1) | Amount | % of Total |  |  | Total Portfolio | Closed Block Division | Funds Withheld (1) | Amount | % of Total |
| Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Public, available-for-sale, at fair value | 238205 | 18833 | 4576 | 214796 | 53.6% |  |  | 230018 | 19103 | 4837 | 206078 | 54.9% |
| &nbsp;&nbsp;&nbsp;Private, available-for-sale, at fair value | 92900 | 10049 | 2217 | 80634 | 20.2% |  |  | 81179 | 9625 | 2795 | 68759 | 18.3% |
| Fixed maturities, trading, at fair value | 14448 | 581 | 9049 | 4818 | 1.2% |  |  | 12447 | 647 | 7732 | 4068 | 1.1% |
| Assets supporting experience-rated contractholder liabilities, at fair value | 4842 |  |  | 4842 | 1.2% |  |  | 3707 |  |  | 3707 | 1.0% |
| Equity securities, at fair value | 10515 | 1593 |  | 8922 | 2.2% |  |  | 8896 | 1642 |  | 7254 | 1.9% |
| Commercial mortgage and other loans, at book value, net of allowance | 63921 | 7463 | 263 | 56195 | 14.0% |  |  | 61872 | 7652 | 233 | 53987 | 14.4% |
| Policy loans, at outstanding balance | 9958 | 3217 |  | 6741 | 1.7% |  |  | 9795 | 3348 |  | 6447 | 1.7% |
| Other invested assets, net of allowance (2) | 24066 | 4532 | 1850 | 17684 | 4.4% |  |  | 23577 | 4929 | 1867 | 16781 | 4.4% |
| Short-term investments, net of allowance | 6404 | 255 | 71 | 6078 | 1.5% |  |  | 9056 | 520 | 43 | 8493 | 2.3% |
| &nbsp;&nbsp;&nbsp;Subtotal (3) | 465259 | 46523 | 18026 | 400710 | 100.0% |  |  | 440547 | 47466 | 17507 | 375574 | 100.0% |
| Invested assets of other entities and operations (4) | 5260 |  |  | 5260 |  |  |  | 4233 |  |  | 4233 |  |
| Total investments | 470519 | 46523 | 18026 | 405970 |  |  |  | 444780 | 47466 | 17507 | 379807 |  |
| **Fixed Maturities by Credit Quality (3)(5):** | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld | PFI Excluding Closed Block Division and Funds Withheld |
|  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | % of Total | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | % of Total |
| **Public Fixed Maturities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NAIC Rating (6) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1 | 184052 | 2585 | 23277 |  | 163360 | 76.1% | 176693 | 3412 | 20161 |  | 159944 | 77.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;2 | 46660 | 907 | 2952 |  | 44615 | 20.8% | 43221 | 522 | 3744 |  | 39999 | 19.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - High or Highest Quality Securities | 230712 | 3492 | 26229 |  | 207975 | 96.9% | 219914 | 3934 | 23905 |  | 199943 | 97.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;3 | 5605 | 86 | 540 |  | 5151 | 2.4% | 4807 | 60 | 574 |  | 4293 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;4 | 1105 | 44 | 9 |  | 1140 | 0.5% | 1264 | 48 | 30 |  | 1282 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;5 | 480 | 16 | 25 | 7 | 464 | 0.2% | 439 | 16 | 12 | 7 | 436 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;6 | 87 | 6 | 5 | 22 | 66 | 0.0% | 196 | 7 | 9 | 70 | 124 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Other Securities | 7277 | 152 | 579 | 29 | 6821 | 3.1% | 6706 | 131 | 625 | 77 | 6135 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 237989 | 3644 | 26808 | 29 | 214796 | 100.0% | 226620 | 4065 | 24530 | 77 | 206078 | 100.0% |
| **Private Fixed Maturities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NAIC Rating (6) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1 | 21362 | 336 | 1431 |  | 20267 | 25.1% | 18756 | 257 | 1920 |  | 17093 | 24.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;2 | 47978 | 1777 | 1961 |  | 47794 | 59.3% | 44179 | 765 | 3453 |  | 41491 | 60.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - High or Highest Quality Securities | 69340 | 2113 | 3392 |  | 68061 | 84.4% | 62935 | 1022 | 5373 |  | 58584 | 85.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;3 | 7581 | 390 | 116 | 19 | 7836 | 9.7% | 6483 | 114 | 282 |  | 6315 | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;4 | 3343 | 54 | 52 | 22 | 3323 | 4.1% | 2646 | 15 | 101 | 28 | 2532 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;5 | 1228 | 22 | 20 | 44 | 1186 | 1.5% | 1051 | 30 | 34 | 29 | 1018 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;6 | 244 | 29 | 6 | 39 | 228 | 0.3% | 437 | 24 | 11 | 140 | 310 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Other Securities | 12396 | 495 | 194 | 124 | 12573 | 15.6% | 10617 | 183 | 428 | 197 | 10175 | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 81736 | 2608 | 3586 | 124 | 80634 | 100.0% | 73552 | 1205 | 5801 | 197 | 68759 | 100.0% |
| _____________ |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. | (5) Excludes fixed maturity securities classified as trading. |
| (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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. | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)** | **INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)** | **INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)** | **INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)** |  |
| (in millions) | (in millions) | (in millions) | (in millions) |  |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Amount | % of Total | Amount | % of Total |
| **Investment Portfolio Composition - Japanese Insurance Operations (2):** |  |  |  |  |
| Fixed maturities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Public, available-for-sale, at fair value | 102061 | 65.4% | 102904 | 65.1% |
| &nbsp;&nbsp;&nbsp;Private, available-for-sale, at fair value | 21284 | 13.6% | 21603 | 13.6% |
| Fixed maturities, trading, at fair value | 551 | 0.3% | 461 | 0.3% |
| Assets supporting experience-rated contractholder liabilities, at fair value | 4842 | 3.1% | 3707 | 2.3% |
| Equity securities, at fair value | 1652 | 1.1% | 1845 | 1.2% |
| Commercial mortgage and other loans, at book value, net of allowance | 14487 | 9.3% | 16137 | 10.2% |
| Policy loans, at outstanding balance | 2708 | 1.7% | 2608 | 1.6% |
| Other invested assets, net of allowance (3) | 6357 | 4.1% | 6588 | 4.2% |
| Short-term investments, net of allowance | 2166 | 1.4% | 2324 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 156108 | 100.0% | 158177 | 100.0% |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Amount | % of Total | Amount | % of Total |
| **Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):** |  |  |  |  |
| Fixed maturities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Public, available-for-sale, at fair value | 112735 | 46.1% | 103174 | 47.4% |
| &nbsp;&nbsp;&nbsp;Private, available-for-sale, at fair value | 59350 | 24.3% | 47156 | 21.7% |
| Fixed maturities, trading, at fair value | 4267 | 1.7% | 3607 | 1.7% |
| Assets supporting experience-rated contractholder liabilities, at fair value |  | 0.0% |  | 0.0% |
| Equity securities, at fair value | 7270 | 3.0% | 5409 | 2.5% |
| Commercial mortgage and other loans, at book value, net of allowance | 41708 | 17.1% | 37850 | 17.4% |
| Policy loans, at outstanding balance | 4033 | 1.6% | 3839 | 1.8% |
| Other invested assets, net of allowance (3) | 11327 | 4.6% | 10193 | 4.7% |
| Short-term investments, net of allowance | 3912 | 1.6% | 6169 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 244602 | 100.0% | 217397 | 100.0% |
| __________ |  |  |  |  |
| (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. |
| (2) Excludes assets classified as "Separate account assets" on our balance sheet. | (2) Excludes assets classified as "Separate account assets" on our balance sheet. | (2) Excludes assets classified as "Separate account assets" on our balance sheet. | (2) Excludes assets classified as "Separate account assets" on our balance sheet. | (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. | (3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. | (3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. | (3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **INVESTMENT RESULTS (1)** | **INVESTMENT RESULTS (1)** | **INVESTMENT RESULTS (1)** | **INVESTMENT RESULTS (1)** | **INVESTMENT RESULTS (1)** | **INVESTMENT RESULTS (1)** | **INVESTMENT RESULTS (1)** |
| (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Investment Income | Investment Income | Realized Gains (Losses) | Investment Income | Investment Income | Realized Gains (Losses) |
|  | Yield (2) | Amount | Realized Gains (Losses) | Yield (2) | Amount | Realized Gains (Losses) |
| General Account (3) |  |  |  |  |  |  |
| Fixed maturities (4) | 4.50% | 3605 | (304) | 4.33% | 3348 | (1270) |
| Equity securities | 3.07% | 60 |  | 4.19% | 61 |  |
| Commercial mortgage and other loans | 4.61% | 642 | 11 | 4.42% | 591 | (87) |
| Policy loans | 4.24% | 71 |  | 4.57% | 73 |  |
| Short-term investments and cash equivalents | 4.69% | 196 |  | 5.31% | 253 | (12) |
| Gross investment income before investment expenses | 4.49% | 4574 | (293) | 4.39% | 4326 | (1369) |
| Investment expenses | -0.19% | (335) |  | -0.18% | (310) |  |
| Subtotal | 4.30% | 4239 | (293) | 4.21% | 4016 | (1369) |
| Other investments (4) |  | 383 | (119) |  | 304 | 72 |
| Investment results of other entities and operations (5) |  | 62 | 15 |  | 40 | 47 |
| Investment results of Funds Withheld (6) |  | 381 | (159) |  | 360 | 376 |
| Less: investment income related to adjusted operating income reconciling items |  | (118) |  |  | (119) |  |
| Total |  | 4947 | (556) |  | 4601 | (874) |
|  | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Investment Income | Investment Income | Realized Gains (Losses) | Investment Income | Investment Income | Realized Gains (Losses) |
|  | Yield (2) | Amount | Realized Gains (Losses) | Yield (2) | Amount | Realized Gains (Losses) |
| General Account (3) |  |  |  |  |  |  |
| Fixed maturities (4) | 4.48% | 13834 | (452) | 4.33% | 12896 | (2076) |
| Equity securities | 2.48% | 173 |  | 3.25% | 170 |  |
| Commercial mortgage and other loans | 4.58% | 2461 | (164) | 4.38% | 2237 | (223) |
| Policy loans | 4.51% | 292 |  | 4.62% | 292 |  |
| Short-term investments and cash equivalents | 5.26% | 836 | 1 | 6.35% | 996 | (12) |
| Gross investment income before investment expenses | 4.49% | 17596 | (615) | 4.40% | 16591 | (2311) |
| Investment expenses | -0.17% | (1209) |  | -0.16% | (1116) |  |
| Subtotal | 4.32% | 16387 | (615) | 4.24% | 15475 | (2311) |
| Other investments (4) |  | 1393 | (1820) |  | 1035 | 267 |
| Investment results of other entities and operations (5) |  | 233 | 19 |  | 59 | 48 |
| Investment results of Funds Withheld (6) |  | 1404 | (1343) |  | 1292 | (664) |
| Less: investment income related to adjusted operating income reconciling items |  | (479) |  |  | (486) |  |
| Total |  | 18938 | (3759) |  | 17375 | (2660) |
| ________ |  |  |  |  |  |  |
| (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives. |
| (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. | (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. | (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. | (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. | (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. | (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. | (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. |
| (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS** |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |
|  | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Investment Income | Investment Income | Realized Gains (Losses) | Investment Income | Investment Income | Realized Gains (Losses) |
|  | Yield (1) | Amount | Realized Gains (Losses) | Yield (1) | Amount | Realized Gains (Losses) |
| **Japanese Insurance Operations:** |  |  |  |  |  |  |
| Fixed maturities (2) | 3.31% | 1178 | (123) | 3.16% | 1123 | (893) |
| Equity securities | 4.17% | 19 |  | 4.39% | 16 |  |
| Commercial mortgage and other loans | 3.83% | 140 | (7) | 3.75% | 154 | (27) |
| Policy loans | 3.75% | 26 |  | 3.79% | 25 |  |
| Short-term investments and cash equivalents | 3.59% | 39 |  | 3.98% | 34 | (1) |
| &nbsp;&nbsp;&nbsp;Gross investment income before investment expenses | 3.38% | 1402 | (130) | 3.26% | 1352 | (921) |
| &nbsp;&nbsp;&nbsp;Investment expenses | -0.13% | (89) |  | -0.12% | (83) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 3.25% | 1313 | (130) | 3.14% | 1269 | (921) |
| Other investments (2) |  | 191 | (109) |  | 142 | (251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | 1504 | (239) |  | 1411 | (1172) |
|  | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Investment Income | Investment Income | Realized Gains (Losses) | Investment Income | Investment Income | Realized Gains (Losses) |
|  | Yield (1) | Amount | Realized Gains (Losses) | Yield (1) | Amount | Realized Gains (Losses) |
| **Japanese Insurance Operations:** |  |  |  |  |  |  |
| Fixed maturities (2) | 3.24% | 4521 | (41) | 3.15% | 4358 | (805) |
| Equity securities | 3.35% | 59 |  | 3.29% | 49 |  |
| Commercial mortgage and other loans | 3.85% | 580 | (33) | 3.81% | 632 | (42) |
| Policy loans | 3.83% | 102 |  | 3.81% | 98 |  |
| Short-term investments and cash equivalents | 4.36% | 162 |  | 5.57% | 126 | (1) |
| &nbsp;&nbsp;&nbsp;Gross investment income before investment expenses | 3.33% | 5424 | (74) | 3.26% | 5263 | (848) |
| &nbsp;&nbsp;&nbsp;Investment expenses | -0.13% | (349) |  | -0.13% | (329) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 3.20% | 5075 | (74) | 3.13% | 4934 | (848) |
| Other investments (2) |  | 650 | (282) |  | 489 | (465) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | 5725 | (356) |  | 5423 | (1313) |
| __________ |  |  |  |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)** | **INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)** | **INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)** | **INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)** |  |  |  |
| (in millions) |  |  |  |  |  |  |
|  | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Investment Income | Investment Income | Realized Gains (Losses) | Investment Income | Investment Income | Realized Gains (Losses) |
|  | Yield (2) | Amount | Realized Gains (Losses) | Yield (2) | Amount | Realized Gains (Losses) |
| **Excluding Funds Withheld and Japanese Insurance Operations (3):** |  |  |  |  |  |  |
| Fixed maturities (4) | 5.47% | 2427 | (181) | 5.35% | 2225 | (377) |
| Equity securities | 2.73% | 41 |  | 4.13% | 45 |  |
| Commercial mortgage and other loans | 4.89% | 502 | 18 | 4.72% | 437 | (60) |
| Policy loans | 4.58% | 45 |  | 5.12% | 48 |  |
| Short-term investments and cash equivalents | 5.07% | 157 |  | 5.57% | 219 | (11) |
| Gross investment income before investment expenses | 5.26% | 3172 | (163) | 5.23% | 2974 | (448) |
| Investment expenses | -0.24% | (246) |  | -0.22% | (227) |  |
| Subtotal | 5.02% | 2926 | (163) | 5.01% | 2747 | (448) |
| Other investments (4) |  | 192 | (10) |  | 162 | 323 |
| Total |  | 3118 | (173) |  | 2909 | (125) |
|  | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Investment Income | Investment Income | Realized Gains (Losses) | Investment Income | Investment Income | Realized Gains (Losses) |
|  | Yield (2) | Amount | Realized Gains (Losses) | Yield (2) | Amount | Realized Gains (Losses) |
| **Excluding Funds Withheld and Japanese Insurance Operations (3):** |  |  |  |  |  |  |
| Fixed maturities (4) | 5.52% | 9313 | (411) | 5.36% | 8538 | (1271) |
| Equity securities | 2.18% | 114 |  | 3.23% | 121 |  |
| Commercial mortgage and other loans | 4.87% | 1881 | (131) | 4.65% | 1605 | (181) |
| Policy loans | 4.99% | 190 |  | 5.18% | 194 |  |
| Short-term investments and cash equivalents | 5.53% | 674 | 1 | 6.46% | 870 | (11) |
| &nbsp;&nbsp;&nbsp;Gross investment income before investment expenses | 5.32% | 12172 | (541) | 5.26% | 11328 | (1463) |
| &nbsp;&nbsp;&nbsp;Investment expenses | -0.20% | (860) |  | -0.19% | (787) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 5.12% | 11312 | (541) | 5.07% | 10541 | (1463) |
| Other investments (4) |  | 743 | (1538) |  | 546 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | 12055 | (2079) |  | 11087 | (731) |
| __________ |  |  |  |  |  |  |
| (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (1) Excludes Closed Block division. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 |
|  |  | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items |  |  | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items |  |  |
|  | Adjusted Operating Income (Loss) basis (1) | Total realized investment gains (losses), net, and related charges and adjustments | Change in value of market risk benefits, net of related hedging gains (losses) | Market experience updates | Closed Block Division | Other Divested and Run-off Businesses | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Other adjustments (2) | U.S. GAAP | Adjusted Operating Income (Loss) basis (1) | Total realized investment gains (losses), net, and related charges and adjustments | Change in value of market risk benefits, net of related hedging gains (losses) | Market experience updates | Closed Block Division | Other Divested and Run-off Businesses | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Other adjustments (2) | U.S. GAAP |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 28591 |  |  | (1) | 1719 | 488 |  |  | 30797 | 40745 |  |  | (1) | 1690 | 463 |  |  | 42897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges and fee income | 4410 | 268 |  | (12) |  |  |  |  | 4666 | 4277 | 99 |  | (87) |  | 9 |  |  | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 18938 | (12) |  |  | 2056 | 491 |  |  | 21473 | 17375 | (17) |  |  | 2048 | 503 |  |  | 19909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized investment gains (losses), net (3) | (598) | (3051) |  |  | (373) | (110) |  |  | (4132) | (585) | (1979) |  |  | (769) | (96) |  |  | (3429) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 6336 | 1604 |  |  | 349 | 342 | (186) |  | 8445 | 6241 | 156 |  |  | 318 | 547 | (135) |  | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) |  |  | (475) |  |  |  |  |  | (475) |  |  | (397) |  |  |  |  |  | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 57677 | (1191) | (475) | (13) | 3751 | 1211 | (186) |  | 60774 | 68053 | (1741) | (397) | (88) | 3287 | 1426 | (135) |  | 70405 |
| Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 31960 | 147 |  | (5) | 3406 | 792 |  |  | 36300 | 44075 | (3) |  | (3) | 2983 | 765 |  |  | 47817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 232 | (85) |  | (76) |  | 32 |  |  | 103 | 108 | 33 |  | (33) |  | (145) |  |  | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 4704 | 107 |  |  | 113 | 144 |  |  | 5068 | 3949 | 347 |  |  | 117 | 169 |  |  | 4582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2112 |  |  |  | (8) | 7 |  |  | 2111 | 2019 |  |  |  | (2) | 13 |  |  | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (2753) | (98) |  |  |  |  |  |  | (2851) | (2601) |  |  |  |  | (1) |  |  | (2602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 1571 | 51 |  |  | 13 |  |  |  | 1635 | 1445 | 32 |  |  | 12 | 3 |  |  | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 6773 |  |  |  | 270 | 99 |  | (27) | 7115 | 6870 |  |  |  | 283 | 457 |  | 17 | 7627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable expenses | 6441 | 305 |  |  | 25 | 30 | (166) | 2 | 6637 | 6262 |  |  |  | 7 | 135 | (119) | 2 | 6287 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total benefits and expenses** | 51040 | 427 |  | (81) | 3819 | 1104 | (166) | (25) | 56118 | 62127 | 409 |  | (36) | 3400 | 1396 | (119) | 19 | 67196 |
| __________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 |
|  |  | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items |  |  | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items |  |
|  | Adjusted Operating Income (Loss) basis (1) | Total realized investment gains (losses), net, and related charges and adjustments | Change in value of market risk benefits, net of related hedging gains (losses) | Market experience updates | Closed Block Division | Other Divested and Run-off Businesses | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Other adjustments (2) | U.S. GAAP | Adjusted Operating Income (Loss) basis (1) | Total realized investment gains (losses), net, and related charges and adjustments | Change in value of market risk benefits, net of related hedging gains (losses) | Market experience updates | Closed Block Division | Other Divested and Run-off Businesses | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Other adjustments (2) | U.S. GAAP |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 7028 |  |  | (1) | 463 | 112 |  |  | 7602 | 5935 |  |  | (1) | 455 | 106 |  |  | 6495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges and fee income | 1106 | 23 |  | (2) |  |  |  |  | 1127 | 1062 | (21) |  | 5 |  |  |  |  | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4947 | (3) |  |  | 524 | 121 |  |  | 5589 | 4601 | (5) |  |  | 521 | 124 |  |  | 5241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized investment gains (losses), net (3) | (174) | (360) |  |  | (121) | (22) |  |  | (677) | (136) | (664) |  |  | (237) | (74) |  |  | (1111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 1613 | 356 |  |  | 60 | 79 | (37) |  | 2071 | 1547 | (603) |  |  | (42) | 61 | (34) |  | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) |  |  | (22) |  |  |  |  |  | (22) |  |  | (77) |  |  |  |  |  | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 14520 | 16 | (22) | (3) | 926 | 290 | (37) |  | 15690 | 13009 | (1293) | (77) | 4 | 697 | 217 | (34) |  | 12523 |
| Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 7936 | 30 |  | (1) | 864 | 198 |  |  | 9027 | 6843 | 7 |  | 2 | 644 | 181 |  |  | 7677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 50 | (2) |  | (25) |  | 9 |  |  | 32 | 56 | 11 |  | (58) |  | (33) |  |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 1271 | 196 |  |  | 29 | 27 |  |  | 1523 | 1057 | 206 |  |  | 30 | 41 |  |  | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 533 |  |  |  | (2) | 2 |  |  | 533 | 525 |  |  |  | (2) | 3 |  |  | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (681) |  |  |  |  |  |  |  | (681) | (704) |  |  |  |  |  |  |  | (704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 408 | 7 |  |  | 3 |  |  |  | 418 | 364 | 8 |  |  | 3 |  |  |  | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 1876 |  |  |  | 67 | 23 |  |  | 1966 | 1810 |  |  |  | 71 | 40 |  | 2 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable expenses | 1622 | 67 |  |  | 3 | 8 | (43) | 1 | 1658 | 1687 |  |  |  | 3 | 5 | (131) | 1 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total benefits and expenses** | 13015 | 298 |  | (26) | 964 | 267 | (43) | 1 | 14476 | 11638 | 232 |  | (56) | 749 | 237 | (131) | 3 | 12672 |
| __________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million and $(178) million for three months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and $509 million and certain derivatives of $3 million and $(30) million for three months ended December 31, 2025 and December 31, 2024, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
|  |  | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items |  |  | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items |  |
|  | Adjusted Operating Income (Loss) basis (1) | Total realized investment gains (losses), net, and related charges and adjustments | Change in value of market risk benefits, net of related hedging gains (losses) | Market experience updates | Closed Block Division | Other Divested and Run-off Businesses | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Other adjustments (2) | U.S. GAAP | Adjusted Operating Income (Loss) basis (1) | Total realized investment gains (losses), net, and related charges and adjustments | Change in value of market risk benefits, net of related hedging gains (losses) | Market experience updates | Closed Block Division | Other Divested and Run-off Businesses | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Other adjustments (2) | U.S. GAAP |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 6446 |  |  |  | 417 | 137 |  |  | 7000 | 6426 |  |  | (1) | 445 | 112 |  |  | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges and fee income | 1108 | 46 |  | 3 |  |  |  |  | 1157 | 1070 | 174 |  | 5 |  |  |  |  | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4519 | (3) |  |  | 493 | 121 |  |  | 5130 | 4600 | (3) |  |  | 511 | 118 |  |  | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized investment gains (losses), net (3) | (157) | (489) |  |  | (57) | (27) |  |  | (730) | (148) | (1302) |  |  | (198) | (51) |  |  | (1699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 1496 | (190) |  |  | (33) | 23 | (32) |  | 1264 | 1558 | 609 |  |  | 189 | 89 | (51) |  | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) |  |  | (351) |  |  |  |  |  | (351) |  |  | (426) |  |  |  |  |  | (426) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 13412 | (636) | (351) | 3 | 820 | 254 | (32) |  | 13470 | 13506 | (522) | (426) | 4 | 947 | 268 | (51) |  | 13726 |
| Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 7344 | 2 |  | 2 | 729 | 208 |  |  | 8285 | 7195 | 200 |  | (5) | 864 | 186 |  |  | 8440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | (14) | 3 |  | (38) |  | (1) |  |  | (50) | 100 | (254) |  | (33) |  | 12 |  |  | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 1083 | (325) |  |  | 28 | 39 |  |  | 825 | 1135 | (64) |  |  | 29 | 38 |  |  | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 522 |  |  |  | (2) | 2 |  |  | 522 | 526 |  |  |  | (1) | 1 |  |  | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (684) | (98) |  |  |  |  |  |  | (782) | (689) |  |  |  |  |  |  |  | (689) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 376 | 28 |  |  | 3 |  |  |  | 407 | 392 | 12 |  |  | 3 |  |  |  | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 1624 |  |  |  | 65 | 43 |  | (28) | 1704 | 1634 |  |  |  | 69 | 14 |  |  | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable expenses | 1641 |  |  |  | 19 | 14 | (35) |  | 1639 | 1548 | 100 |  |  | 1 | 5 | (33) | 1 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total benefits and expenses** | 11892 | (390) |  | (36) | 842 | 305 | (35) | (28) | 12550 | 11841 | (6) |  | (38) | 965 | 256 | (33) | 1 | 12986 |
| __________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. |
| (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| Prudential Financial, Inc. |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** | **COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 |
|  |  | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items | Reconciling Items |  |
|  | Adjusted Operating Income (Loss) basis (1) | Total realized investment gains (losses), net, and related charges and adjustments | Change in value of market risk benefits, net of related hedging gains (losses) | Market experience updates | Closed Block Division | Other Divested and Run-off Businesses | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Other adjustments (2) | U.S. GAAP |
| Revenues: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 8691 |  |  | 1 | 394 | 127 |  |  | 9213 |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 1126 | 25 |  | (18) |  |  |  |  | 1133 |
| &nbsp;&nbsp;&nbsp;Net investment income | 4872 | (3) |  |  | 528 | 131 |  |  | 5528 |
| &nbsp;&nbsp;&nbsp;Realized investment gains (losses), net (3) | (119) | (900) |  |  | 3 | (10) |  |  | (1026) |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 1669 | 829 |  |  | 133 | 151 | (66) |  | 2716 |
| &nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) |  |  | 324 |  |  |  |  |  | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 16239 | (49) | 324 | (17) | 1058 | 399 | (66) |  | 17888 |
| Benefits and expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 9485 | (85) |  | (1) | 949 | 200 |  |  | 10548 |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 96 | 168 |  | 20 |  | 12 |  |  | 296 |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 1215 | 300 |  |  | 27 | 40 |  |  | 1582 |
| &nbsp;&nbsp;&nbsp;Interest expense | 531 |  |  |  | (3) | 2 |  |  | 530 |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (699) |  |  |  |  |  |  |  | (699) |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 395 | 4 |  |  | 4 |  |  |  | 403 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 1639 |  |  |  | 69 | 19 |  | 1 | 1728 |
| &nbsp;&nbsp;&nbsp;Variable expenses | 1630 | 138 |  |  | 2 | 3 | (55) |  | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total benefits and expenses** | 14292 | 525 |  | 19 | 1048 | 276 | (55) | 1 | 16106 |
| __________ |  |  |  |  |  |  |  |  |  |
| (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (1) See page 37 for a definition of adjusted operating income. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. 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 certain derivatives of $(15) million for three months ended September 30, 2025. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| Prudential Financial, Inc. | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 | ![image17.jpg](image17.jpg) |
|  | ![image17.jpg](image17.jpg) |
| **KEY DEFINITIONS AND FORMULAS** |  |
| ***<u>1. Adjusted operating income before income taxes:</u>*** |  |
| 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. | 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. | 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 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. | 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. |
| ***<u>2. After-tax adjusted operating income:</u>*** |  |
| 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. | 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. |
| ***<u>3. Annualized New Business Premiums:</u>*** |  |
| 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. | 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. |
| ***<u>4. Assets Under Administration:</u>*** |  |
| 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. | 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. |
| ***<u>5. Assets Under Management:</u>*** |  |
| 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. | 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. |
| ***<u>6. Book value per share of Common Stock:</u>*** |  |
| 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. | 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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | |
|:---|:---|
| Prudential Financial, Inc. | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 | ![image17.jpg](image17.jpg) |
|  | ![image17.jpg](image17.jpg) |
| **KEY DEFINITIONS AND FORMULAS** |  |
| ***<u>7. Borrowings - Capital Debt:</u>*** |  |
| Debt utilized to meet the capital requirements of our business. | Debt utilized to meet the capital requirements of our business. |
| ***<u>8. Borrowings - Operating Debt:</u>*** |  |
| 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. | 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. |
| ***<u>9. Divested and Run-off Businesses:</u>*** |  |
| 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. | 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. |
| ***<u>10. Earned Premiums:</u>*** |  |
| 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. | 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. |
| ***<u>11. General Account:</u>*** |  |
| 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. | 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. |
| ***<u>12. Group Insurance Benefits Ratios:</u>*** |  |
| Ratio of policyholder benefits to earned premiums, policy charges and fee income. | Ratio of policyholder benefits to earned premiums, policy charges and fee income. |
| ***<u>13. Group Life Insurance and Group Disability Insurance Administrative Expense Ratios:</u>*** |  |
| 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. | 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. |
| ***<u>14. Individual Retirement Strategies Account Values in General Account and Separate Account:</u>*** |  |
| Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company. | Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company. |
| ***<u>15. Individual Retirement Strategies - Net Amounts at Risk:</u>*** |  |
| 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. | 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. | 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. |
| ***<u>16. Insurance and Annuity Benefits:</u>*** |  |
| 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. | 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. |
| ***<u>17. International Life Planners:</u>*** |  |
| Captive insurance Advisors from Prudential of Japan and Brazil. | Captive insurance Advisors from Prudential of Japan and Brazil. |
| ***<u>18. Life Consultants:</u>*** |  |
| Captive insurance agents for Gibraltar Life. | Captive insurance agents for Gibraltar Life. |

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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | |
|:---|:---|
| Prudential Financial, Inc. | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 | ![image17.jpg](image17.jpg) |
|  | ![image17.jpg](image17.jpg) |
| **KEY DEFINITIONS AND FORMULAS** |  |
| ***<u>19. Non-recourse and Limited-recourse Debt:</u>*** |  |
| 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. | 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. |
| ***<u>20. Other Related Revenues:</u>*** |  |
| Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues. |  |
| ***<u>21. PGIM Asset Under Management:</u>*** |  |
| Institutional Customers - Third Party - Consists of third-party institutional assets. | 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. | 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. | 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 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). | 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. | 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. | 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. | Multi-Asset - Includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds. |
| ***<u>22. Policy Persistency - Group Insurance:</u>*** |  |
| 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). | 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). |
| ***<u>23. Policy Persistency - International Businesses:</u>*** |  |
| 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. | 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. |
| ***<u>24. Prudential Advisors:</u>*** |  |
| Captive financial professionals selling across all products in the United States. | Captive financial professionals selling across all products in the United States. |
| ***<u>25. Prudential Financial, Inc. Equity:</u>*** |  |
| 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. | 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. |
| ***<u>26. Separate Accounts:</u>*** |  |
| 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. | 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. |
| ***<u>27. Wrap-Fee Products:</u>*** |  |
| Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds. | 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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<u>[**Table of Contents**](#ibac7d289aa20485d991e7e7bd4104ba3_4)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Quarterly Financial Supplement |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| Fourth Quarter 2025 |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
|  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
|  |  |  | ![image17.jpg](image17.jpg) | ![image17.jpg](image17.jpg) |
| **RATINGS AND INVESTOR INFORMATION** |  |  |  |  |
| **FINANCIAL STRENGTH RATINGS** |  |  |  |  |
| **as of February 3, 2026** |  |  |  |  |
|  |  | Standard & |  | Fitch |
|  | A.M. Best\* | Poor's | Moody's\* | Ratings\* |
| The Prudential Insurance Company of America | A+ | AA- | Aa3 | AA- |
| PRUCO Life Insurance Company | A+ | AA- | Aa3 | AA- |
| PRUCO Life Insurance Company of New Jersey | A+ | AA- | NR | AA- |
| The Prudential Life Insurance Co., Ltd. (Prudential of Japan) | NR | A+ | NR | NR |
| Gibraltar Life Insurance Company, Ltd. | NR | A+ | NR | NR |
| The Prudential Gibraltar Financial Life Insurance Co. Ltd. | NR | A+ | NR | NR |
| **CREDIT RATINGS:** |  |  |  |  |
| **as of February 3, 2026** |  |  |  |  |
| Prudential Financial, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Borrowings | AMB-1 | A-1 | P-2 | F1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Senior Debt | a- | A | A3 | A- |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior Subordinated Long-Term Debt | bbb | BBB+ | Baa1 | BBB |
| The Prudential Insurance Company of America: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital and surplus notes | a | A | A2 | A |
| Prudential Funding, LLC: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Debt | AMB-1 | A-1+ | P-1 | F1+ |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Senior Debt | a+ | AA- | (P)A1 | NR |
| PRICOA Global Funding I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Senior Debt | aa- | AA- | Aa3 | AA- |
| \* NR indicates not rated. |  |  |  |  |
| **INVESTOR INFORMATION:** |  |  |  |  |
| *Corporate Office:* |  |  |  |  |
| Prudential Financial, Inc. |  |  |  |  |
| 751 Broad Street |  |  |  |  |
| Newark, New Jersey 07102 |  |  |  |  |
| *Common Stock:* |  |  |  |  |
| Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU. |  |  |  |  |
| For more information, please visit our website at investor.prudential.com. |  |  |  |  |

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## Exhibit 99.3

**Exhibit 99.3**

![untitleda.jpg](untitleda.jpg)

**PRUDENTIAL OF JAPAN IMPLEMENTS VOLUNTARY 90-DAY SUSPENSION OF NEW SALES TO ADDRESS PREVIOUSLY DISCLOSED EMPLOYEE MISCONDUCT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Prudential of Japan implementing action plan to address employee misconduct issues* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Establishing independent program to reimburse impacted customers* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Support for existing POJ customers and servicing of in-force policies is not impacted*

**TOKYO, JAPAN/NEWARK, N.J., Feb. 4/3, 2026:** The Prudential Life Insurance Company, Ltd. ("Prudential of Japan" or "POJ") and its parent company, Prudential Financial, Inc. ("PRU"), today announced a voluntary 90-day suspension of new sales activity at Prudential of Japan.

The suspension of new sales activity, which begins Feb. 9, 2026, will support Prudential of Japan's implementation of comprehensive operational, organizational, and governance changes to address previously disclosed incidents of misconduct by employees. Prudential of Japan will also introduce actions to rebuild trust in its business and care for impacted customers, including establishing an independent customer reimbursement program.

"I would like to deeply apologize for the harm this matter has caused to our customers and stakeholders," said **Hiromitsu Tokumaru, president and chief executive officer of Prudential of Japan.** "The decision to enter into a voluntary suspension of new sales activity is an important step to rebuild trust and implement necessary changes to our organization."

In January of this year, Prudential of Japan announced findings of an internal investigation into instances of misconduct by certain employees of Prudential of Japan, which include inappropriate investment solicitations. Prudential of Japan also announced actions to address the misconduct, including measures to reimburse impacted customers, restructure employee incentive compensation, as well as strengthen oversight of sales practices, governance, and risk management. The plans also include enhanced education, training, and recruitment standards for Prudential of Japan employees.

Kan Mabara, president and CEO of POJ, has left Prudential of Japan as of Feb. 1, 2026 and will not be an advisor to the company. He has been succeeded by Tokumaru, previously president and CEO of Prudential Gibraltar Financial Life, who brings over 20 years of industry experience and a commitment to restoring customer trust at POJ. Tokumaru has not previously been involved with POJ's management.

"On behalf of Prudential of Japan, we apologize for letting our customers down," said **Brad Hearn, president and chief executive officer of Prudential Holdings of Japan**. "The conduct that led to this outcome is completely unacceptable and inconsistent with the standards of excellence we set for ourselves. We are taking focused actions intended to prevent future misconduct; support and reimburse our impacted customers; and restore the deep trust that is the cornerstone of our business."

"Doing right by our customers is core to who we are at Prudential and we take this matter extremely seriously," said **Andy Sullivan, chief executive officer of Prudential Financial**. "We are taking decisive actions to address the compliance, operational, and governance issues identified by the investigation. Rebuilding customer trust is a top priority. For nearly 40 years, Prudential has been a symbol of exceptional customer care in Japan, and we are committed to restoring the standing that has long set us apart."

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**About Prudential Financial**

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Dec. 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.

**FORWARD-LOOKING STATEMENTS** 

Certain of the statements included in this release, including those regarding the remedial steps we intend to implement, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "includes," "plans," "assumes," "estimates," "projects," "intends," "should," "will," "shall" or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.'s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements include, among others, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; and uncertainty regarding investigations into and remediation of matters such as the misconduct in Japan. Additional factors and uncertainties that could cause actual results to differ can be found in the "Risk Factors" and "Forward-Looking Statements" sections included in Prudential Financial, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.

**Prudential Media Contact:** Bill Launder; bill.launder@prudential.com

**Prudential Investor Contact:** Tina Madon; tina.madon@prudential.com

<br>