# EDGAR Filing Document

**Accession Number:** 0001137774
**File Stem:** 0001137774-26-000087
**Filing Date:** 2026-4
**Character Count:** 377449
**Document Hash:** 52c2f1395d457dfd26770e6db91a8555
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001137774-26-000087.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001137774-26-000087

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260414

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**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:** 26861260

**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-20260414

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________________

**FORM 8-K** 

___________________________

**CURRENT REPORT** 

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

**Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): April 14, 2026**

___________________________

**PRUDENTIAL FINANCIAL, INC.**

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

___________________________

---

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

---

**751 Broad Street** 

**Newark, NJ 07102** 

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

**(973) 802-6000** 

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

___________________________

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:** | **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. ☐

------

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

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

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

Prudential Financial, Inc. (the "Company") is furnishing this Current Report to disclose certain (1) preliminary financial information regarding the quarter ended March 31, 2026, prior to the availability of the Company's quarterly earnings release and quarterly financial supplement for the period, scheduled for release on May 5, 2026; and (2) segment reporting changes.

<u>Assets Under Management of the PGIM Segment</u>

As of March 31, 2026, assets under management of the PGIM segment were $1.43 trillion.

<u>Other Related Revenues, Net of Related Expenses, of the PGIM Segment</u>

For the quarter ended March 31, 2026, PGIM's other related revenues, net of related expenses, were approximately $35 million on an adjusted operating income basis.<sup>(1)</sup> "Other related revenues" include incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations.

<u>Alternative Investment Income of the General Account</u>

For the quarter ended March 31, 2026, the alternative investment income of the Company's General Account, excluding the Closed Block Division and Funds Withheld portfolios, (the "GA Portfolio") is estimated to be approximately $75 - $95 million below the Company's near-term expectations. "Alternative investment income" includes the adjusted operating income of the GA Portfolio's interests in private equity, hedge fund and real estate-related investments, as well as real estate investments held through direct ownership, and excludes the results from those interests held by Divested Businesses and unaffiliated investors that have been consolidated on the Company's balance sheet.

The preliminary financial information presented above for the quarter ended March 31, 2026, is estimated and unaudited and has been prepared in good faith on a basis consistent with prior periods based on information available to management as of the date hereof and constitute forward-looking statements; however, we have not completed our financial closing procedures for the quarter ended March 31, 2026, and our actual results could be materially different from these preliminary financial results.

<u>First Quarter 2026 Resegmentation</u>

Effective January 1, 2026, the Company made the following segment reporting changes to isolate the impacts of certain discontinued products that were previously commingled with the results of actively sold products that more closely reflect the Company's current strategic focus. These changes are consistent with the Company's recent organizational changes and strategy and reflect how the chief operating decision maker assesses performance and allocates resources:

&nbsp;&nbsp;&nbsp;&nbsp;• "<u>U.S. Legacy Products</u>" segment: (i) Traditional Variable Annuities with guaranteed living benefit riders and certain other annuity products, previously included in the Individual Retirement Strategies segment, and (ii) Guaranteed Universal Life policies, previously included in the Individual Life segment, have been combined into a new reportable segment named "U.S. Legacy Products." This segment represents run-off blocks of business consisting of products that are no longer being sold in U.S. markets and will be managed with a focus on reducing risk and optimizing value.

&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Retirement</u>" segment: The blocks of business in the Individual Retirement Strategies segment that were not moved into the U.S. Legacy Products segment, discussed above, consisting primarily of registered index-linked annuity and fixed annuity products, and the products previously included in the Institutional Retirement Strategies segment have been combined into a new reportable segment named "Retirement." This combined segment better represents the Company's strategic management, growth trajectory, and resource allocation policies.

&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Individual Life</u>" segment: There were no other impacts to this segment other than the transfer of the Guaranteed Universal Life policies, discussed above. The remaining blocks of business contained within this segment primarily consist of term, indexed universal life, and variable universal life products.

These segment reporting changes are being applied retrospectively and do not have an impact on any of the Company's previously issued Consolidated Financial Statements.

------

The Company furnishes herewith, as Exhibit 99.1, a revised version of the Quarterly Financial Supplement (unaudited) for fourth quarter 2025, previously provided to investors on February 3, 2026, to provide investors with historical information reflecting these changes. The updates made for these revisions are highlighted in yellow throughout. The revised supplement does not reflect events occurring after the original filing thereof, nor does it modify or update disclosures in any way other than as required to reflect the resegmentation described above. The unaudited supplemental financial information furnished in Exhibit 99.1 has been prepared by, and is the responsibility of, the Company's management. This information should be read together with the consolidated financial statements and the related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K, filed on February 12, 2026, and the Company's other filings with the Securities and Exchange Commission.

The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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

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

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

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

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](exhibit991-4q25qfsrestatem.htm)</u> | <u>[Revised](exhibit991-4q25qfsrestatem.htm)[Quarterly Financial Supplement (unaudited) for Prudential Financial, Inc. for fourth quarter 2025 (furnished and not filed).](exhibit991-4q25qfsrestatem.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES** 

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

Date: April 14, 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

<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

**Exhibit 99.1**

---

| |
|:---|
| **Prudential Financial, Inc. (PRU)** |
| ![image40.jpg](image40.jpg) |
| ![image40.jpg](image40.jpg) |
| ![image40.jpg](image40.jpg) |
| **As Adjusted for Segmentation Changes** |
| **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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | |
|:---|:---|:---|
| Prudential Financial, Inc. | ![image40.jpg](image40.jpg) |  |
| Quarterly Financial Supplement | ![image40.jpg](image40.jpg) |  |
| Fourth Quarter 2025 | ![image40.jpg](image40.jpg) |  |
| **TABLE OF CONTENTS** | ![image40.jpg](image40.jpg) |  |
|  | ![image40.jpg](image40.jpg) | Page |
| <u>[HIGHLIGHTS](#ibe3e6b820e614fa58ec201192ffb89bf_10)</u> |  |  |
| <u>[Financial Metrics Summary](#ibe3e6b820e614fa58ec201192ffb89bf_13)</u> | <u>[1](#ibe3e6b820e614fa58ec201192ffb89bf_13)</u> |  |
| <u>[Financial Highlights](#ibe3e6b820e614fa58ec201192ffb89bf_16)</u> | <u>[2](#ibe3e6b820e614fa58ec201192ffb89bf_16)</u> |  |
| <u>[Other Financial Highlights](#ibe3e6b820e614fa58ec201192ffb89bf_19)</u> | <u>[3](#ibe3e6b820e614fa58ec201192ffb89bf_19)</u> |  |
| <u>[Operations Highlights](#ibe3e6b820e614fa58ec201192ffb89bf_22)</u> | <u>[4](#ibe3e6b820e614fa58ec201192ffb89bf_22)</u> |  |
| <u>[Combined Statements of Operations](#ibe3e6b820e614fa58ec201192ffb89bf_25)</u> | <u>[5](#ibe3e6b820e614fa58ec201192ffb89bf_25)</u> |  |
| <u>[Consolidated Balance Sheets](#ibe3e6b820e614fa58ec201192ffb89bf_28)</u> | <u>[6](#ibe3e6b820e614fa58ec201192ffb89bf_28)</u> |  |
| <u>[Combining Balance Sheets](#ibe3e6b820e614fa58ec201192ffb89bf_31)</u> | <u>[7](#ibe3e6b820e614fa58ec201192ffb89bf_31)</u> |  |
| <u>[Short-Term and Long-Term Debt - Unaffiliated](#ibe3e6b820e614fa58ec201192ffb89bf_34)</u> | <u>[8](#ibe3e6b820e614fa58ec201192ffb89bf_34)</u> |  |
| <u>[PGIM](#ibe3e6b820e614fa58ec201192ffb89bf_37)</u> |  |  |
| <u>[Statements of Operations](#ibe3e6b820e614fa58ec201192ffb89bf_40)</u> | <u>[9](#ibe3e6b820e614fa58ec201192ffb89bf_40)</u> |  |
| <u>[Supplementary Revenue and Assets Under Management Information](#ibe3e6b820e614fa58ec201192ffb89bf_43)</u> | <u>[10](#ibe3e6b820e614fa58ec201192ffb89bf_43)</u> |  |
| <u>[Supplementary Assets Under Management Information](#ibe3e6b820e614fa58ec201192ffb89bf_46)</u> | <u>[11](#ibe3e6b820e614fa58ec201192ffb89bf_46)</u> |  |
| <u>[U.S.BUSINESSES](#ibe3e6b820e614fa58ec201192ffb89bf_49)</u> |  |  |
| <u>[Combined Statements of Operations](#ibe3e6b820e614fa58ec201192ffb89bf_52)</u> | <u>[12](#ibe3e6b820e614fa58ec201192ffb89bf_52)</u> |  |
| &nbsp;&nbsp;<u>[Statements of Operations - Retirement](#ibe3e6b820e614fa58ec201192ffb89bf_55)</u> | <u>[13](#ibe3e6b820e614fa58ec201192ffb89bf_55)</u> |  |
| &nbsp;&nbsp;<u>[Retirement](#ibe3e6b820e614fa58ec201192ffb89bf_58)[Sales Results and Account Values](#ibe3e6b820e614fa58ec201192ffb89bf_58)</u> | <u>[14](#ibe3e6b820e614fa58ec201192ffb89bf_58)</u> |  |
| &nbsp;&nbsp;<u>[Statements of Operations - Group Insurance](#ibe3e6b820e614fa58ec201192ffb89bf_61)</u> | <u>[15](#ibe3e6b820e614fa58ec201192ffb89bf_61)</u> |  |
| &nbsp;&nbsp;<u>[Group Insurance Supplementary Information](#ibe3e6b820e614fa58ec201192ffb89bf_64)</u> | <u>[16](#ibe3e6b820e614fa58ec201192ffb89bf_64)</u> |  |
| &nbsp;&nbsp;<u>[Statements of Operations - Individual Life](#ibe3e6b820e614fa58ec201192ffb89bf_67)</u> | <u>[17](#ibe3e6b820e614fa58ec201192ffb89bf_67)</u> |  |
| &nbsp;&nbsp;<u>[Individual Life Supplementary Information](#ibe3e6b820e614fa58ec201192ffb89bf_70)</u>  | <u>[18](#ibe3e6b820e614fa58ec201192ffb89bf_70)</u> |  |
| &nbsp;&nbsp;<u>[Statements of Operations - U.S. Legacy Products](#ibe3e6b820e614fa58ec201192ffb89bf_73)</u> | <u>[19](#ibe3e6b820e614fa58ec201192ffb89bf_73)</u> |  |
| &nbsp;&nbsp;<u>[U.S. Legacy Products Supplementary Information](#ibe3e6b820e614fa58ec201192ffb89bf_76)</u> | <u>[20](#ibe3e6b820e614fa58ec201192ffb89bf_76)</u> |  |
| &nbsp;&nbsp;<u>[U.S. Legacy Products Market Risk Benefit Features](#ibe3e6b820e614fa58ec201192ffb89bf_79)</u> | <u>[21](#ibe3e6b820e614fa58ec201192ffb89bf_79)</u> |  |
| <u>[INTERNATIONAL BUSINESSES](#ibe3e6b820e614fa58ec201192ffb89bf_82)</u> |  |  |
| <u>[Statements of Operations - International Businesses](#ibe3e6b820e614fa58ec201192ffb89bf_85)</u> | <u>[22](#ibe3e6b820e614fa58ec201192ffb89bf_85)</u> |  |
| <u>[Sales Results and Supplementary Information](#ibe3e6b820e614fa58ec201192ffb89bf_88)</u> | <u>[23](#ibe3e6b820e614fa58ec201192ffb89bf_88)</u> |  |
| <u>[CORPORATE AND OTHER](#ibe3e6b820e614fa58ec201192ffb89bf_91)</u> |  |  |
| <u>[Statements of Operations](#ibe3e6b820e614fa58ec201192ffb89bf_94)</u> | <u>[25](#ibe3e6b820e614fa58ec201192ffb89bf_94)</u> |  |
| <u>[INVESTMENT PORTFOLIO](#ibe3e6b820e614fa58ec201192ffb89bf_97)</u>  |  |  |
| <u>[Investment Portfolio Composition](#ibe3e6b820e614fa58ec201192ffb89bf_100)</u> | <u>[26](#ibe3e6b820e614fa58ec201192ffb89bf_100)</u> |  |
| <u>[Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations](#ibe3e6b820e614fa58ec201192ffb89bf_103)</u> | <u>[27](#ibe3e6b820e614fa58ec201192ffb89bf_103)</u> |  |
| <u>[Investment Results](#ibe3e6b820e614fa58ec201192ffb89bf_106)</u> | <u>[28](#ibe3e6b820e614fa58ec201192ffb89bf_106)</u> |  |
| <u>[Investment Results - Japanese Insurance Operations](#ibe3e6b820e614fa58ec201192ffb89bf_109)</u> | <u>[29](#ibe3e6b820e614fa58ec201192ffb89bf_109)</u> |  |
| <u>[Investment Results - Excluding Japanese Insurance Operations](#ibe3e6b820e614fa58ec201192ffb89bf_112)</u> | <u>[30](#ibe3e6b820e614fa58ec201192ffb89bf_112)</u> |  |
| <u>[COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES](#ibe3e6b820e614fa58ec201192ffb89bf_115)</u> | <u>[31](#ibe3e6b820e614fa58ec201192ffb89bf_115)</u> |  |
| <u>[KEY DEFINITIONS AND FORMULAS](#ibe3e6b820e614fa58ec201192ffb89bf_118)</u> | <u>[35](#ibe3e6b820e614fa58ec201192ffb89bf_118)</u> |  |
| <u>[RATINGS AND INVESTOR INFORMATION](#ibe3e6b820e614fa58ec201192ffb89bf_121)</u> | <u>[38](#ibe3e6b820e614fa58ec201192ffb89bf_121)</u> |  |

---

ii

------

<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | |
|:---|:---|:---|
| Prudential Financial, Inc. |  | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  | ![image40.jpg](image40.jpg) |
|  | First Quarter 2026 Resegmentation <br>Effective January 1, 2026, the Company made the following segment reporting changes to isolate the impacts of certain discontinued products that were previously commingled with the results of actively sold products that more closely reflect the Company's current strategic focus. These changes are consistent with the Company's recent organizational changes and strategy and reflect how the chief operating decision maker assesses performance and allocates resources: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;"U.S. Legacy Products" segment: (i) Traditional Variable Annuities with guaranteed living benefit riders and certain other annuity products, previously included in the Individual Retirement Strategies segment, and (ii) Guaranteed Universal Life policies, previously included in the Individual Life segment, have been combined into a new reportable segment named "U.S. Legacy Products." This segment represents run-off blocks of business consisting of products that are no longer being sold in U.S. markets and will be managed with a focus on reducing risk and optimizing value. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;"Retirement" segment: The blocks of business in the Individual Retirement Strategies segment that were not moved into the U.S. Legacy Products segment, discussed above, consisting primarily of registered index-linked annuity and fixed annuity products, and the products previously included in the Institutional Retirement Strategies segment have been combined into a new reportable segment named "Retirement." This combined segment better represents the Company's strategic management, growth trajectory, and resource allocation policies. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;"Individual Life" segment: There were no other impacts to this segment other than the transfer of the Guaranteed Universal Life policies, discussed above. The remaining blocks of business contained within this segment primarily consist of term, indexed universal life, and variable universal life products. |  |
|  | The updates made for these revisions are highlighted in yellow throughout Exhibit 99.1. |  |

---

iii

------

<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **FINANCIAL METRICS SUMMARY** |  |  |  |  |  |  |  |
| (in millions, except per share and return on equity data) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Earnings** |  |  |  |  |  |  |  |
| **Adjusted operating income (loss) before income taxes:** |  |  |  |  |  |  |  |
| PGIM | 156 | 229 | 244 | 249 | 875 | 878 | —% |
| U.S. Businesses | 931 | 955 | 1149 | 1051 | 3728 | 4086 | 10% |
| International Businesses | 848 | 761 | 881 | 757 | 3106 | 3247 | 5% |
| Corporate and Other | (415) | (280) | (327) | (552) | (1783) | (1574) | 12% |
| **Total adjusted operating income (loss) before income taxes** | 1520 | 1665 | 1947 | 1505 | 5926 | 6637 | 12% |
| Income taxes, applicable to adjusted operating income | 332 | 381 | 426 | 337 | 1338 | 1476 | 10% |
| **After-tax adjusted operating income (loss)** | 1188 | 1284 | 1521 | 1168 | 4588 | 5161 | 12% |
| **Income (loss) attributable to Prudential Financial, Inc.** | 707 | 533 | 1431 | 905 | 2727 | 3576 | 31% |
| **Return on Equity** |  |  |  |  |  |  |  |
| Operating Return on Average Equity (based on adjusted operating income) (1) | 13.8% | 14.9% | 17.5% | 13.3% | 13.1% | 14.9% |  |
| Return on Average Equity (based on net income (loss)) | 9.8% | 7.1% | 18.3% | 11.2% | 9.6% | 11.7% |  |
| **Distributions to Shareholders** |  |  |  |  |  |  |  |
| Dividends paid | 486 | 485 | 481 | 480 | 1892 | 1932 | 2% |
| Share repurchases | 250 | 250 | 250 | 250 | 1000 | 1000 | —% |
| Total capital returned | 736 | 735 | 731 | 730 | 2892 | 2932 | 1% |
| **Per Share Data** |  |  |  |  |  |  |  |
| Net income (loss) - diluted | 1.96 | 1.48 | 4.01 | 2.55 | 7.50 | 9.99 | 33% |
| Adjusted Operating Income - diluted | 3.29 | 3.58 | 4.26 | 3.30 | 12.62 | 14.43 | 14% |
| Shareholder dividends | 1.35 | 1.35 | 1.35 | 1.35 | 5.20 | 5.40 | 4% |
| GAAP book value - diluted | 83.59 | 85.98 | 90.69 | 92.05 |  |  |  |
| Adjusted book value - diluted (2) | 96.37 | 96.41 | 99.25 | 100.17 |  |  |  |
| **Shares Outstanding** |  |  |  |  |  |  |  |
| Weighted average number of common shares - basic | 354.3 | 353.1 | 351.1 | 349.0 | 357.5 | 351.8 | -2% |
| Weighted average number of common shares - diluted | 356.1 | 354.9 | 353.0 | 350.9 | 359.3 | 353.7 | -2% |
| End of period common shares - basic | 354.0 | 351.9 | 349.9 | 347.9 |  |  |  |
| End of period common shares - diluted | 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. |
| (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |
| (in millions, except per share data) |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Earnings per share of Common Stock (diluted):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After-tax adjusted operating income (loss) | 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 | (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) | (0.99) | (1.20) | 0.92 | (0.06) | (1.10) | (1.34) |
| &nbsp;&nbsp;&nbsp;Market experience updates | 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 | (0.06) | (0.05) | 0.03 | (0.11) | (0.31) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Divested and Run-off Businesses | (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 | 0.01 |  | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;Other adjustments (1) | 0.08 |  |  |  | (0.05) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, before income taxes | (1.67) | (2.53) | (0.42) | (0.83) | (7.44) | (5.49) |
| &nbsp;&nbsp;&nbsp;Income taxes, not applicable to adjusted operating income | (0.34) | (0.43) | (0.17) | (0.08) | (2.32) | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, after income taxes | (1.33) | (2.10) | (0.25) | (0.75) | (5.12) | (4.44) |
| **Net income (loss) attributable to Prudential Financial, Inc.** | 1.96 | 1.48 | 4.01 | 2.55 | 7.50 | 9.99 |
| Weighted average number of outstanding common shares - basic | 354.3 | 353.1 | 351.1 | 349.0 | 357.5 | 351.8 |
| Weighted average number of outstanding common shares - diluted | 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.** | 707 | 533 | 1431 | 905 | 2727 | 3576 |
| &nbsp;&nbsp;&nbsp;Less: Earnings allocated to participating unvested share-based payment awards | 10 | 6 | 15 | 10 | 32 | 41 |
| **Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation** | 697 | 527 | 1416 | 895 | 2695 | 3535 |
| **After-tax adjusted operating income (loss)** | 1188 | 1284 | 1521 | 1168 | 4588 | 5161 |
| &nbsp;&nbsp;&nbsp;Less: Earnings allocated to participating unvested share-based payment awards | 16 | 13 | 17 | 11 | 53 | 57 |
| **After-tax adjusted operating income for earnings per share of Common Stock calculation** | 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. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **COMBINED STATEMENTS OF OPERATIONS** |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 6446 | 6426 | 8691 | 7028 | 40745 | 28591 | -30% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 1108 | 1070 | 1126 | 1106 | 4277 | 4410 | 3% |
| &nbsp;&nbsp;&nbsp;Net investment income | 4519 | 4600 | 4872 | 4947 | 17375 | 18938 | 9% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 1339 | 1410 | 1550 | 1439 | 5656 | 5738 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 13412 | 13506 | 16239 | 14520 | 68053 | 57677 | -15% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 7344 | 7195 | 9485 | 7936 | 44075 | 31960 | -27% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | (14) | 100 | 96 | 50 | 108 | 232 | 115% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 1083 | 1135 | 1215 | 1271 | 3949 | 4704 | 19% |
| &nbsp;&nbsp;&nbsp;Interest expense | 522 | 526 | 531 | 533 | 2019 | 2112 | 5% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (684) | (689) | (699) | (681) | (2601) | (2753) | -6% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 376 | 392 | 395 | 408 | 1445 | 1571 | 9% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 1624 | 1634 | 1639 | 1876 | 6870 | 6773 | -1% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 1641 | 1548 | 1630 | 1622 | 6262 | 6441 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 11892 | 11841 | 14292 | 13015 | 62127 | 51040 | -18% |
| **Adjusted operating income (loss) before income taxes** | 1520 | 1665 | 1947 | 1505 | 5926 | 6637 | 12% |
| &nbsp;&nbsp;&nbsp;Income taxes, applicable to adjusted operating income | 332 | 381 | 426 | 337 | 1338 | 1476 | 10% |
| **After-tax adjusted operating income** | 1188 | 1284 | 1521 | 1168 | 4588 | 5161 | 12% |
| Reconciling items: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized investment gains (losses), net, and related charges and adjustments | (246) | (516) | (574) | (282) | (2150) | (1618) | 25% |
| &nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) | (351) | (426) | 324 | (22) | (397) | (475) | -20% |
| &nbsp;&nbsp;&nbsp;Market experience updates | 39 | 42 | (36) | 23 | (52) | 68 | 231% |
| &nbsp;&nbsp;&nbsp;Divested and Run-off Businesses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed Block division | (22) | (18) | 10 | (38) | (113) | (68) | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Divested and Run-off Businesses | (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 | 3 | (18) | (11) | 6 | (16) | (20) | -25% |
| &nbsp;&nbsp;&nbsp;Other adjustments (2) | 28 | (1) | (1) | (1) | (19) | 25 | 232% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, before income taxes | (600) | (925) | (165) | (291) | (2717) | (1981) | 27% |
| &nbsp;&nbsp;&nbsp;Income taxes, not applicable to adjusted operating income | (125) | (186) | (44) | (68) | (831) | (423) | 49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reconciling items, after income taxes | (475) | (739) | (121) | (223) | (1886) | (1558) | 17% |
| Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 920 | 740 | 1782 | 1214 | 3209 | 4656 | 45% |
| Income tax expense (benefit) | 207 | 195 | 382 | 269 | 507 | 1053 | 108% |
| Income (loss) before equity in earnings of joint ventures and other operating entities | 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 | (6) | (12) | 31 | (40) | 25 | (27) | -208% |
| **Income (loss) attributable to Prudential Financial, Inc.** | 707 | 533 | 1431 | 905 | 2727 | 3576 | 31% |
| Earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 35 | 33 | 52 | 36 | 119 | 156 | 31% |
| **Net income (loss)** | 742 | 566 | 1483 | 941 | 2846 | 3732 | 31% |
| Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 35 | 33 | 52 | 36 | 119 | 156 | 31% |
| **Net income (loss) attributable to Prudential Financial, Inc.** | 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 31-34 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 31-34 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 31-34 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 31-34 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 31-34 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 31-34 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 31-34 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 31-34 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. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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 | 56968 | 19393 | 1478 |
| &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 | 468937 | 187770 | 29835 |
| **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 | 4619 | 211 | 13399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 63388 | 3942 | 59446 | 3329 | 31421 | 8781 | 15915 |
| &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 | 451668 | 165915 | 36201 |
| **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 | 468937 | 187770 | 29835 |
|  | 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 | 55046 | 11056 | 4917 |
| &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 | 438987 | 180038 | 31703 |
| **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 | 4869 | 129 | 13549 |
| &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 | 423011 | 162253 | 37111 |
| **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 | 438987 | 180038 | 31703 |
| ____________ |  |  |  |  |  |  |  |
| (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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **STATEMENTS OF OPERATIONS - PGIM** |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 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 | 20 | 59 | 54 | 48 | 15 | 181 | 1107% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 965 | 984 | 1041 | 1060 | 4077 | 4050 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 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 | 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 | 504 | 477 | 503 | 489 | 1841 | 1973 | 7% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 304 | 313 | 321 | 342 | 1270 | 1280 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 829 | 814 | 851 | 859 | 3217 | 3353 | 4% |
| **Adjusted operating income (loss) before income taxes** | 156 | 229 | 244 | 249 | 875 | 878 | —% |
| Total revenues | 985 | 1043 | 1095 | 1108 | 4092 | 4231 | 3% |
| Less: Passthrough distribution revenue | 21 | 20 | 21 | 21 | 88 | 83 | -6% |
| Less: Revenue associated with consolidations | 18 | 50 | 45 | 42 | 141 | 155 | 10% |
| &nbsp;&nbsp;**Total adjusted revenues (2)** | 946 | 973 | 1029 | 1045 | 3863 | 3993 | 3% |
| **Adjusted operating margin (2)(3)** | 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. |
| (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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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** |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Supplementary Revenue Information (in millions):** |  |  |  |  |  |  |  |
| **Analysis of revenues by type:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management fees | 828 | 825 | 844 | 858 | 3179 | 3355 | 6% |
| &nbsp;&nbsp;&nbsp;Other related revenues (1) | 38 | 82 | 93 | 107 | 430 | 320 | -26% |
| &nbsp;&nbsp;&nbsp;Service, distribution and other revenues | 119 | 136 | 158 | 143 | 483 | 556 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PGIM revenues | 985 | 1043 | 1095 | 1108 | 4092 | 4231 | 3% |
| **Analysis of asset management fees by source:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional customers - Third Party | 387 | 387 | 395 | 399 | 1484 | 1568 | 6% |
| &nbsp;&nbsp;&nbsp;Retail customers - Third Party | 225 | 219 | 231 | 236 | 868 | 911 | 5% |
| &nbsp;&nbsp;&nbsp;Affiliated | 216 | 219 | 218 | 223 | 827 | 876 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total asset management fees | 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):** |  |  |  |  |
|  | 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION** |  |  |  |  |  |  |
| (in billions) |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Institutional Customers - Third Party - Assets Under Management (at fair market value):** |  |  |  |  |  |  |
| Beginning assets under management | 601.1 | 620.2 | 647.6 | 654.9 | 562.7 | 601.1 |
| &nbsp;&nbsp;&nbsp;Additions | 23.8 | 22.1 | 18.8 | 20.6 | 101.4 | 85.3 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (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 | 7.6 | 2.6 | 0.3 | (4.4) | 21.7 | 6.1 |
| &nbsp;&nbsp;&nbsp;Realizations and distributions (1) | (4.2) | (2.3) | (4.0) | (3.1) | (9.5) | (13.6) |
| &nbsp;&nbsp;&nbsp;Change in market value | 6.6 | 24.0 | 15.6 | 4.1 | 20.1 | 50.3 |
| &nbsp;&nbsp;&nbsp;Net money market flows | 1.7 | 0.8 | (0.3) | 0.5 | (3.6) | 2.7 |
| &nbsp;&nbsp;&nbsp;Other (2) | 7.4 | 2.3 | (4.3) |  | 9.7 | 5.4 |
| Ending assets under management | 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 | 244.9 | 240.6 | 256.7 | 265.2 | 215.5 | 244.9 |
| &nbsp;&nbsp;&nbsp;Additions | 17.7 | 16.0 | 16.2 | 21.5 | 65.6 | 71.4 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (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) | (2.8) | 0.3 | (1.3) | 1.4 | (4.0) |
| &nbsp;&nbsp;&nbsp;Change in market value | (5.5) | 18.6 | 9.2 | 2.7 | 29.7 | 25.0 |
| &nbsp;&nbsp;&nbsp;Net money market flows | 1.8 | 0.5 | 0.7 | 0.7 | 1.7 | 3.7 |
| &nbsp;&nbsp;&nbsp;Other (2) | (0.4) | (0.2) | (1.7) | (0.3) | (3.4) | (2.6) |
| Ending assets under management | 240.6 | 256.7 | 265.2 | 267.0 | 244.9 | 267.0 |
| **Affiliated - Assets Under Management (at fair market value):** |  |  |  |  |  |  |
| Beginning assets under management | 529.2 | 524.5 | 536.4 | 549.9 | 519.9 | 529.2 |
| &nbsp;&nbsp;&nbsp;Additions | 20.6 | 19.8 | 15.8 | 17.3 | 125.4 | 73.5 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (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 | (0.1) | 0.6 | 1.8 | (3.9) | 24.6 | (1.6) |
| &nbsp;&nbsp;&nbsp;Realizations and distributions (1) | (0.1) |  | (0.6) | (0.1) | (0.4) | (0.8) |
| &nbsp;&nbsp;&nbsp;Change in market value | 3.9 | 10.9 | 13.2 | 2.8 | 10.8 | 30.8 |
| &nbsp;&nbsp;&nbsp;Net money market flows | (5.3) | (2.1) |  | 1.5 | (4.6) | (5.9) |
| &nbsp;&nbsp;&nbsp;Other (2) | (3.1) | 2.5 | (0.9) | (3.1) | (21.1) | (4.6) |
| Ending assets under management | 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. |
| (2) 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) 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) 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) 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) 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) 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) 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 3398 | 3724 | 5897 | 4401 | 29110 | 17420 | -40% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 1035 | 993 | 1046 | 1016 | 4010 | 4090 | 2% |
| &nbsp;&nbsp;&nbsp;Net investment income | 2700 | 2760 | 2948 | 2982 | 10406 | 11390 | 9% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 573 | 531 | 552 | 548 | 2423 | 2204 | -9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 7706 | 8008 | 10443 | 8947 | 45949 | 35104 | -24% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 4563 | 4750 | 6928 | 5503 | 33826 | 21744 | -36% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | (11) | 68 | 117 | 45 | (273) | 219 | 180% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 724 | 754 | 808 | 856 | 2655 | 3142 | 18% |
| &nbsp;&nbsp;&nbsp;Interest expense | 295 | 286 | 291 | 299 | 1246 | 1171 | -6% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (411) | (431) | (426) | (432) | (1650) | (1700) | -3% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 227 | 233 | 234 | 244 | 853 | 938 | 10% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 529 | 583 | 500 | 521 | 2133 | 2133 | —% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 859 | 810 | 842 | 860 | 3431 | 3371 | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 6775 | 7053 | 9294 | 7896 | 42221 | 31018 | -27% |
| **Adjusted operating income (loss) before income taxes** | 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. |

---

------

<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT** | **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums (2) | 1746 | 2127 | 4290 | 2832 | 22963 | 10995 | -52% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 30 | 25 | 31 | 28 | 96 | 114 | 19% |
| &nbsp;&nbsp;&nbsp;Net investment income | 1758 | 1819 | 1963 | 1998 | 6299 | 7538 | 20% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 131 | 105 | 121 | 129 | 572 | 486 | -15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 3665 | 4076 | 6405 | 4987 | 29930 | 19133 | -36% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 2440 | 2809 | 4889 | 3524 | 25768 | 13662 | -47% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | (25) | 123 | 112 | 53 | (363) | 263 | 172% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 474 | 512 | 559 | 607 | 1564 | 2152 | 38% |
| &nbsp;&nbsp;&nbsp;Interest expense | 15 | 9 | 7 | 12 | 22 | 43 | 95% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (208) | (206) | (181) | (166) | (718) | (761) | -6% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 64 | 68 | 68 | 87 | 193 | 287 | 49% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 137 | 138 | 138 | 134 | 487 | 547 | 12% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 242 | 226 | 215 | 200 | 922 | 883 | -4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 3139 | 3679 | 5807 | 4451 | 27875 | 17076 | -39% |
| **Adjusted operating income (loss) before income taxes** | 526 | 397 | 598 | 536 | 2055 | 2057 | —% |
| __________ |  |  |  |  |  |  |  |
| (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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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 and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES** |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Sales and Additions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail annuities (1) | 3473 | 3135 | 3377 | 3574 | 14036 | 13559 |
| &nbsp;&nbsp;&nbsp;Longevity reinsurance (2) | 4922 | 5581 | 1476 | 80 | 9977 | 12059 |
| &nbsp;&nbsp;&nbsp;Fee-based stable value | 1081 | 1048 | 551 | 1086 | 5774 | 3766 |
| &nbsp;&nbsp;&nbsp;Pension risk transfer and other (3) | 1048 | 2225 | 4326 | 2520 | 20580 | 10119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 10524 | 11989 | 9730 | 7260 | 50367 | 39503 |
| **Account Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning account value, gross | 333243 | 340617 | 359635 | 365143 | 295978 | 333243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and additions | 10524 | 11989 | 9730 | 7260 | 50367 | 39503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals and benefits | (7292) | (6188) | (7223) | (7682) | (27237) | (28385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 3232 | 5801 | 2507 | (422) | 23130 | 11118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value, interest credited and policy charges | 1627 | 5525 | 6207 | 4190 | 15181 | 17549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (4) | 2515 | 7692 | (3206) | 1127 | (1046) | 8128 |
| &nbsp;&nbsp;&nbsp;Ending account value, gross | 340617 | 359635 | 365143 | 370038 | 333243 | 370038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (12096) | (11579) | (11987) | (12888) | (11766) | (12888) |
| &nbsp;&nbsp;&nbsp;Ending account value, net | 328521 | 348056 | 353156 | 357150 | 321477 | 357150 |
| **Amounts included in net flows above:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail annuities (1) | 2823 | 2472 | 2614 | 2785 | 12126 | 10694 |
| &nbsp;&nbsp;&nbsp;Longevity reinsurance (2) | 3385 | 3873 | (311) | (1706) | 4147 | 5241 |
| &nbsp;&nbsp;&nbsp;Fee-based stable value | (883) | (25) | (1049) | (1191) | (3188) | (3148) |
| &nbsp;&nbsp;&nbsp;Pension risk transfer and other (3) | (2093) | (519) | 1253 | (310) | 10045 | (1669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 3232 | 5801 | 2507 | (422) | 23130 | 11118 |
| **Amounts included in ending account value, net above:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail annuities (1) | 43543 | 49649 | 54553 | 57532 | 42286 | 57532 |
| &nbsp;&nbsp;&nbsp;Longevity reinsurance (2) | 113480 | 125534 | 122682 | 123120 | 106877 | 123120 |
| &nbsp;&nbsp;&nbsp;Fee-based stable value | 66947 | 67362 | 67727 | 67763 | 66899 | 67763 |
| &nbsp;&nbsp;&nbsp;Pension risk transfer and other (3) | 104551 | 105511 | 108194 | 108735 | 105415 | 108735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 328521 | 348056 | 353156 | 357150 | 321477 | 357150 |
| __________ |  |  |  |  |  |  |
| (1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products. | (1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products. | (1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products. | (1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products. | (1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products. | (1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products. | (1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products. |
| (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. | (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. |
| (3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes. | (3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes. | (3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes. | (3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes. | (3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes. | (3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes. | (3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes. |
| (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. | (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. | (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. | (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. | (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. | (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. | (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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** |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 1396 | 1349 | 1353 | 1321 | 5129 | 5419 | 6% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 197 | 184 | 183 | 164 | 678 | 728 | 7% |
| &nbsp;&nbsp;&nbsp;Net investment income | 134 | 133 | 138 | 138 | 530 | 543 | 2% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 21 | 21 | 20 | 22 | 90 | 84 | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1748 | 1687 | 1694 | 1645 | 6427 | 6774 | 5% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 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 | 35 | 32 | 33 | 37 | 149 | 137 | -8% |
| &nbsp;&nbsp;&nbsp;Interest expense | 5 | 5 | 7 | 4 | 11 | 21 | 91% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs |  | (4) |  |  | (28) | (4) | 86% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 2 | 4 | 2 | 1 | 6 | 9 | 50% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 194 | 186 | 181 | 190 | 734 | 751 | 2% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 127 | 109 | 109 | 112 | 440 | 457 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 1659 | 1562 | 1604 | 1568 | 6113 | 6393 | 5% |
| **Adjusted operating income (loss) before income taxes** | 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. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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** |  |  |
| (dollar amounts in millions, or as otherwise noted) |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Annualized New Business Premiums:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 225 | 35 | 36 | 29 | 289 | 325 |
| &nbsp;&nbsp;&nbsp;Group disability | 175 | 42 | 42 | 27 | 261 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 400 | 77 | 78 | 56 | 550 | 611 |
| **Future Policy Benefits (1):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 2422 | 2396 | 2334 | 2306 |  |  |
| &nbsp;&nbsp;&nbsp;Group disability | 3283 | 3316 | 3345 | 3398 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 5705 | 5712 | 5679 | 5704 |  |  |
| **Policyholders' Account Balances (1):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 4519 | 4460 | 4503 | 4732 |  |  |
| &nbsp;&nbsp;&nbsp;Group disability | 117 | 104 | 99 | 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 4636 | 4564 | 4602 | 4832 |  |  |
| **Separate Account Liabilities (1):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Group life | 25547 | 26364 | 26988 | 26916 |  |  |
| **Group Life Insurance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross premiums, policy charges and fee income (2) | 1196 | 1195 | 1155 | 1159 | 4526 | 4705 |
| &nbsp;&nbsp;&nbsp;Earned premiums | 996 | 935 | 952 | 916 | 3615 | 3799 |
| &nbsp;&nbsp;&nbsp;Earned policy charges and fee income | 171 | 156 | 154 | 137 | 577 | 618 |
| &nbsp;&nbsp;&nbsp;Benefits ratio (3) | 87.1% | 83.1% | 84.1% | 81.3% | 86.9% | 84.0% |
| &nbsp;&nbsp;&nbsp;Administrative expense ratio | 10.8% | 11.5% | 10.5% | 11.7% | 11.3% | 11.1% |
| &nbsp;&nbsp;&nbsp;Persistency ratio | 97.0% | 96.8% | 96.5% | 96.1% |  |  |
| **Group Disability Insurance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross premiums, policy charges and fee income (2) | 429 | 447 | 434 | 432 | 1639 | 1742 |
| &nbsp;&nbsp;&nbsp;Earned premiums | 400 | 414 | 401 | 405 | 1514 | 1620 |
| &nbsp;&nbsp;&nbsp;Earned policy charges and fee income | 26 | 28 | 29 | 27 | 101 | 110 |
| &nbsp;&nbsp;&nbsp;Benefits ratio (3) | 65.6% | 75.3% | 79.7% | 85.3% | 73.3% | 76.5% |
| &nbsp;&nbsp;&nbsp;Administrative expense ratio | 25.8% | 24.8% | 24.0% | 24.9% | 25.0% | 24.9% |
| &nbsp;&nbsp;&nbsp;Persistency ratio | 95.3% | 94.1% | 92.9% | 91.8% |  |  |
| **Total Group Insurance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits ratio (3) | 81.3% | 80.9% | 82.8% | 82.5% | 83.1% | 81.9% |
| &nbsp;&nbsp;&nbsp;Administrative expense ratio | 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) | 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. |
| (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. |
| (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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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** |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 237 | 232 | 236 | 231 | 957 | 936 | -2% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 430 | 354 | 454 | 445 | 1620 | 1683 | 4% |
| &nbsp;&nbsp;&nbsp;Net investment income | 360 | 348 | 371 | 358 | 1392 | 1437 | 3% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 84 | 80 | 82 | 90 | 296 | 336 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1111 | 1014 | 1143 | 1124 | 4265 | 4392 | 3% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 522 | 427 | 482 | 422 | 1910 | 1853 | -3% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 7 | (38) | (5) | (3) | 44 | (39) | -189% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 146 | 143 | 153 | 149 | 586 | 591 | 1% |
| &nbsp;&nbsp;&nbsp;Interest expense | 111 | 102 | 104 | 105 | 366 | 422 | 15% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (190) | (209) | (236) | (250) | (855) | (885) | -4% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 106 | 104 | 105 | 106 | 413 | 421 | 2% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 109 | 156 | 105 | 104 | 453 | 474 | 5% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 248 | 247 | 282 | 305 | 1048 | 1082 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 1059 | 932 | 990 | 938 | 3965 | 3919 | -1% |
| **Adjusted operating income (loss) before income taxes** | 52 | 82 | 153 | 186 | 300 | 473 | 58% |
| __________ |  |  |  |  |  |  |  |
| (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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
|  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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** |  |  |  |
| (in millions, or as otherwise noted) |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **ANNUALIZED NEW BUSINESS PREMIUMS (1):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term life | 32 | 39 | 37 | 36 | 134 | 144 |
| &nbsp;&nbsp;&nbsp;Universal life | 18 | 18 | 24 | 21 | 59 | 81 |
| &nbsp;&nbsp;&nbsp;Variable life | 154 | 160 | 186 | 201 | 687 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 204 | 217 | 247 | 258 | 880 | 926 |
| **ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prudential Advisors | 38 | 43 | 48 | 49 | 167 | 178 |
| &nbsp;&nbsp;&nbsp;Third party distribution | 166 | 174 | 199 | 209 | 713 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 204 | 217 | 247 | 258 | 880 | 926 |
| **ACCOUNT VALUE ACTIVITY:** |  |  |  |  |  |  |
| **Policyholders' Account Balances (2):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning account balance, gross | 19161 | 19289 | 19679 | 19940 | 18666 | 19161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 347 | 346 | 349 | 361 | 1090 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (417) | (467) | (419) | (557) | (1547) | (1860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions) | (70) | (121) | (70) | (196) | (457) | (457) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (31) | (27) | (31) | 53 | (56) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (101) | (148) | (101) | (143) | (513) | (493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and other | 224 | 508 | 304 | 179 | 963 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from separate account | 145 | 168 | 193 | 288 | 615 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (140) | (138) | (135) | (146) | (570) | (559) |
| &nbsp;&nbsp;&nbsp;Ending account balance, gross | 19289 | 19679 | 19940 | 20118 | 19161 | 20118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ending account balance, net | 19289 | 19679 | 19940 | 20118 | 19161 | 20118 |
| **Separate Account Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning account balance | 54803 | 53323 | 57995 | 61376 | 46453 | 54803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 963 | 1084 | 1117 | 1293 | 3895 | 4457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (326) | (315) | (442) | (558) | (1238) | (1641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions) | 637 | 769 | 675 | 735 | 2657 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (184) | (165) | (170) | (244) | (651) | (763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 453 | 604 | 505 | 491 | 2006 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value, interest credited and other | (1414) | 4608 | 3450 | 1398 | 8390 | 8042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers (to) from general account | (145) | (168) | (193) | (288) | (615) | (794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (374) | (372) | (381) | (383) | (1431) | (1510) |
| &nbsp;&nbsp;&nbsp;Ending account balance | 53323 | 57995 | 61376 | 62594 | 54803 | 62594 |
| **NET FACE AMOUNT IN FORCE (in billions) (3):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term life | 274 | 284 | 282 | 284 |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | 25 | 25 | 25 | 25 |  |  |
| &nbsp;&nbsp;&nbsp;Variable life | 165 | 170 | 174 | 176 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 464 | 479 | 481 | 485 |  |  |
| __________ |  |  |  |  |  |  |
| (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. |
| (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. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS** |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 19 | 16 | 18 | 17 | 61 | 70 | 15% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 378 | 430 | 378 | 379 | 1616 | 1565 | -3% |
| &nbsp;&nbsp;&nbsp;Net investment income | 448 | 460 | 476 | 488 | 2185 | 1872 | -14% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 337 | 325 | 329 | 307 | 1465 | 1298 | -11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1182 | 1231 | 1201 | 1191 | 5327 | 4805 | -10% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 305 | 284 | 285 | 333 | 1347 | 1207 | -10% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 7 | (17) | 10 | (5) | 46 | (5) | -111% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 69 | 67 | 63 | 63 | 356 | 262 | -26% |
| &nbsp;&nbsp;&nbsp;Interest expense | 164 | 170 | 173 | 178 | 847 | 685 | -19% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (13) | (12) | (9) | (16) | (49) | (50) | -2% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 55 | 57 | 59 | 50 | 241 | 221 | -8% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 89 | 103 | 76 | 93 | 459 | 361 | -21% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 242 | 228 | 236 | 243 | 1021 | 949 | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 918 | 880 | 893 | 939 | 4268 | 3630 | -15% |
| **Adjusted operating income (loss) before income taxes** | 264 | 351 | 308 | 252 | 1059 | 1175 | 11% |
| __________ |  |  |  |  |  |  |  |
| (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. |

---

------

<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION** |  |  |  |  |  |  |
| (in millions, or as otherwise noted) |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 |
| **Annuities Account Value (1):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning account value, gross | 93598 | 89139 | 90263 | 90034 | 101384 | 93598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits (2) | 6 | 8 | 4 | 6 | 31 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full surrenders and death benefits | (2477) | (2170) | (2633) | (2576) | (9831) | (9856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits net of full surrenders and death benefits | (2471) | (2162) | (2629) | (2570) | (9800) | (9832) |
| &nbsp;&nbsp;&nbsp;&nbsp;Partial withdrawals and other benefit payments | (1181) | (1036) | (1049) | (1228) | (4532) | (4494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (3652) | (3198) | (3678) | (3798) | (14332) | (14326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market value interest credited and other | (332) | 4802 | 3935 | 1433 | 8637 | 9838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (475) | (480) | (486) | (466) | (2091) | (1907) |
| &nbsp;&nbsp;&nbsp;Ending account value, gross | 89139 | 90263 | 90034 | 87203 | 93598 | 87203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (8608) | (8393) | (8315) | (7954) | (8764) | (7954) |
| &nbsp;&nbsp;&nbsp;Ending account value, net | 80531 | 81870 | 81719 | 79249 | 84834 | 79249 |
| **Guaranteed Universal Life Policyholders' Account Balances (3):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning account balance, gross | 14611 | 14655 | 14685 | 14720 | 14357 | 14611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits (2) | 350 | 342 | 338 | 479 | 1443 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (32) | (26) | (26) | (29) | (131) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums (redemptions) | 318 | 316 | 312 | 450 | 1312 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (30) | (44) | (29) | (24) | (106) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 288 | 272 | 283 | 426 | 1206 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and other | 141 | 139 | 140 | 140 | 576 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (385) | (381) | (388) | (389) | (1528) | (1543) |
| &nbsp;&nbsp;&nbsp;Ending account balance, gross | 14655 | 14685 | 14720 | 14897 | 14611 | 14897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded | (9029) | (9043) | (9077) | (9244) | (8995) | (9244) |
| &nbsp;&nbsp;&nbsp;Ending account balance, net | 5626 | 5642 | 5643 | 5653 | 5616 | 5653 |
| **Net Face Amount In Force (in billions) (4):** |  |  |  |  |  |  |
| Guaranteed Universal Life | 37 | 37 | 37 | 37 |  |  |
| __________ |  |  |  |  |  |  |
| (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. | (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. | (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. | (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. | (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. | (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. | (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. |
| (2) Represents renewal premiums or additional deposits on existing policies/contracts. | (2) Represents renewal premiums or additional deposits on existing policies/contracts. | (2) Represents renewal premiums or additional deposits on existing policies/contracts. | (2) Represents renewal premiums or additional deposits on existing policies/contracts. | (2) Represents renewal premiums or additional deposits on existing policies/contracts. | (2) Represents renewal premiums or additional deposits on existing policies/contracts. | (2) Represents renewal premiums or additional deposits on existing policies/contracts. |
| (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. | (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. | (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. | (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. | (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. | (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. | (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. |
| (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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **U.S. BUSINESSES - U.S. LEGACY PRODUCTS - 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 | 62435 | 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 | 22519 | 21588 | 21733 | 21711 | 20937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 89353 | 85067 | 86125 | 85859 | 83119 |
| **Market Risk Benefits Net Amount at Risk by Product Design Type:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Amount at Risk with Auto-Rebalancing Feature | 6510 | 6938 | 6104 | 5575 | 5558 |
| &nbsp;&nbsp;&nbsp;Net Amount at Risk without Auto-Rebalancing Feature | 2775 | 2779 | 2632 | 2421 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 9285 | 9717 | 8736 | 7996 | 8075 |
| __________ |  |  |  |  |  |
| (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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** | **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** | **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** | **STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES** |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 3057 | 2709 | 2800 | 2627 | 11656 | 11193 | -4% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | 88 | 92 | 96 | 104 | 324 | 380 | 17% |
| &nbsp;&nbsp;&nbsp;Net investment income | 1469 | 1451 | 1540 | 1569 | 5723 | 6029 | 5% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 124 | 147 | 159 | 116 | 222 | 546 | 146% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4738 | 4399 | 4595 | 4416 | 17925 | 18148 | 1% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 2789 | 2446 | 2559 | 2428 | 10268 | 10222 | —% |
| &nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | (3) | 32 | (21) | 5 | 381 | 13 | -97% |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 347 | 369 | 390 | 402 | 1210 | 1508 | 25% |
| &nbsp;&nbsp;&nbsp;Interest expense | (1) | 1 | 2 | 1 | (2) | 3 | 250% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (306) | (297) | (308) | (286) | (1138) | (1197) | -5% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 165 | 174 | 175 | 179 | 646 | 693 | 7% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 436 | 467 | 466 | 499 | 1793 | 1868 | 4% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 463 | 446 | 451 | 431 | 1661 | 1791 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 3890 | 3638 | 3714 | 3659 | 14819 | 14901 | 1% |
| **Adjusted operating income (loss) before income taxes** | 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. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION** | **INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION** |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date |
|  | 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 | 2860 | 2462 | 2548 | 2350 | 10799 | 10220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 285 | 339 | 348 | 381 | 1181 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 3145 | 2801 | 2896 | 2731 | 11980 | 11573 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | 478 | 453 | 453 | 410 | 1732 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 98 | 88 | 102 | 112 | 390 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 576 | 541 | 555 | 522 | 2122 | 2194 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums by distribution channel: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Planners | 258 | 216 | 227 | 224 | 842 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Consultants | 130 | 150 | 138 | 110 | 480 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 95 | 93 | 108 | 103 | 459 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Agency and Other | 93 | 82 | 82 | 85 | 341 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 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 | 2950 | 2475 | 2580 | 2424 | 11071 | 10429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 289 | 333 | 328 | 357 | 1102 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 3239 | 2808 | 2908 | 2781 | 12173 | 11736 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | 487 | 454 | 457 | 421 | 1761 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 99 | 87 | 96 | 104 | 363 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 586 | 541 | 553 | 525 | 2124 | 2205 |
| &nbsp;&nbsp;&nbsp;Annualized new business premiums by distribution channel: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Planners | 265 | 214 | 227 | 229 | 850 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Consultants | 132 | 151 | 139 | 112 | 486 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 95 | 93 | 106 | 100 | 448 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Agency and Other | 94 | 83 | 81 | 84 | 340 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 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. |
| (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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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** |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | Year-to-date | Year-to-date | Year-to-date |
|  | 1Q | 2Q | 3Q | 4Q | 2024 | 2025 | % change |
| **Revenues (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | (9) | (7) | (6) |  | (21) | (22) | -5% |
| &nbsp;&nbsp;&nbsp;Policy charges and fee income | (15) | (15) | (16) | (14) | (57) | (60) | -5% |
| &nbsp;&nbsp;&nbsp;Net investment income | 330 | 330 | 330 | 348 | 1231 | 1338 | 9% |
| &nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | (323) | (252) | (202) | (285) | (1066) | (1062) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | (17) | 56 | 106 | 49 | 87 | 194 | 123% |
| **Benefits and expenses (1):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance and annuity benefits | (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 | 12 | 12 | 17 | 13 | 84 | 54 | -36% |
| &nbsp;&nbsp;&nbsp;Interest expense | 207 | 215 | 211 | 205 | 670 | 838 | 25% |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | 33 | 39 | 35 | 37 | 188 | 144 | -23% |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition costs | (16) | (15) | (14) | (15) | (56) | (60) | -7% |
| &nbsp;&nbsp;&nbsp;Operating expenses | 155 | 107 | 170 | 367 | 1103 | 799 | -28% |
| &nbsp;&nbsp;&nbsp;Variable expenses | 15 | (21) | 16 | (11) | (100) | (1) | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 398 | 336 | 433 | 601 | 1870 | 1768 | -5% |
| **Adjusted operating income (loss) before income taxes** | (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. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **INVESTMENT PORTFOLIO COMPOSITION** |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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, |  |  |  |
|  | 2025 | 2025 | 2025 |  |  |  |
|  | Investment Income | Investment Income | Realized Gains (Losses) |  |  |  |
|  | Yield (2) | Amount | Realized Gains (Losses) |  |  |  |
| General Account (3) |  |  |  |  |  |  |
| Fixed maturities (4) | 4.50% | 3605 | (304) |  |  |  |
| Equity securities | 3.07% | 60 |  |  |  |  |
| Commercial mortgage and other loans | 4.61% | 642 | 11 |  |  |  |
| Policy loans | 4.24% | 71 |  |  |  |  |
| Short-term investments and cash equivalents | 4.69% | 196 |  |  |  |  |
| Gross investment income before investment expenses | 4.49% | 4574 | (293) |  |  |  |
| Investment expenses | -0.19% | (335) |  |  |  |  |
| Subtotal | 4.30% | 4239 | (293) |  |  |  |
| Other investments (4) |  | 383 | (119) |  |  |  |
| Investment results of other entities and operations (5) |  | 62 | 15 |  |  |  |
| Investment results of Funds Withheld (6) |  | 381 | (159) |  |  |  |
| Less: investment income related to adjusted operating income reconciling items |  | (118) |  |  |  |  |
| Total |  | 4947 | (556) |  |  |  |
|  | 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS** |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |
|  | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, |  |  |  |
|  | 2025 | 2025 | 2025 |  |  |  |
|  | Investment Income | Investment Income | Realized Gains (Losses) |  |  |  |
|  | Yield (1) | Amount | Realized Gains (Losses) |  |  |  |
| **Japanese Insurance Operations:** |  |  |  |  |  |  |
| Fixed maturities (2) | 3.31% | 1178 | (123) |  |  |  |
| Equity securities | 4.17% | 19 |  |  |  |  |
| Commercial mortgage and other loans | 3.83% | 140 | (7) |  |  |  |
| Policy loans | 3.75% | 26 |  |  |  |  |
| Short-term investments and cash equivalents | 3.59% | 39 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross investment income before investment expenses | 3.38% | 1402 | (130) |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment expenses | -0.13% | (89) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 3.25% | 1313 | (130) |  |  |  |
| Other investments (2) |  | 191 | (109) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | 1504 | (239) |  |  |  |
|  | 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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, |  |  |  |
|  | 2025 | 2025 | 2025 |  |  |  |
|  | Investment Income | Investment Income | Realized Gains (Losses) |  |  |  |
|  | Yield (2) | Amount | Realized Gains (Losses) |  |  |  |
| **Excluding Funds Withheld and Japanese Insurance Operations (3):** |  |  |  |  |  |  |
| Fixed maturities (4) | 5.47% | 2427 | (181) |  |  |  |
| Equity securities | 2.73% | 41 |  |  |  |  |
| Commercial mortgage and other loans | 4.89% | 502 | 18 |  |  |  |
| Policy loans | 4.58% | 45 |  |  |  |  |
| Short-term investments and cash equivalents | 5.07% | 157 |  |  |  |  |
| Gross investment income before investment expenses | 5.26% | 3172 | (163) |  |  |  |
| Investment expenses | -0.24% | (246) |  |  |  |  |
| Subtotal | 5.02% | 2926 | (163) |  |  |  |
| Other investments (4) |  | 192 | (10) |  |  |  |
| Total |  | 3118 | (173) |  |  |  |
|  | 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
|  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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 |
|  |  | 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;&nbsp;Premiums | 7028 |  |  | (1) | 463 | 112 |  |  | 7602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges and fee income | 1106 | 23 |  | (2) |  |  |  |  | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4947 | (3) |  |  | 524 | 121 |  |  | 5589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized investment gains (losses), net (3) | (174) | (360) |  |  | (121) | (22) |  |  | (677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fees, commissions and other income | 1613 | 356 |  |  | 60 | 79 | (37) |  | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of market risk benefits, net of related hedging gains (losses) |  |  | (22) |  |  |  |  |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 14520 | 16 | (22) | (3) | 926 | 290 | (37) |  | 15690 |
| Benefits and expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and annuity benefits | 7936 | 30 |  | (1) | 864 | 198 |  |  | 9027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimates of liability for future policy benefits | 50 | (2) |  | (25) |  | 9 |  |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 1271 | 196 |  |  | 29 | 27 |  |  | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 533 |  |  |  | (2) | 2 |  |  | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (681) |  |  |  |  |  |  |  | (681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquisition costs | 408 | 7 |  |  | 3 |  |  |  | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 1876 |  |  |  | 67 | 23 |  |  | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable expenses | 1622 | 67 |  |  | 3 | 8 | (43) | 1 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total benefits and expenses** | 13015 | 298 |  | (26) | 964 | 267 | (43) | 1 | 14476 |
| __________ |  |  |  |  |  |  |  |  |  |
| (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 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 $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. 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 certain derivatives of $3 million for three months ended December 31, 2025. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement | Quarterly Financial Supplement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 | Fourth Quarter 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| Prudential Financial, Inc. |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  |  |  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.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 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 for a definition of adjusted operating income. | (1) See page 35 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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | |
|:---|:---|
| Prudential Financial, Inc. | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 | ![image40.jpg](image40.jpg) |
|  | ![image40.jpg](image40.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**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | |
|:---|:---|
| Prudential Financial, Inc. | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 | ![image40.jpg](image40.jpg) |
|  | ![image40.jpg](image40.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. 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>15. International Life Planners:</u>*** |  |
| Captive insurance Advisors from Prudential of Japan and Brazil. | Captive insurance Advisors from Prudential of Japan and Brazil. |
| ***<u>16. Life Consultants:</u>*** |  |
| Captive insurance agents for Gibraltar Life. | Captive insurance agents for Gibraltar Life. |
| ***<u>17. 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>18. Other Related Revenues:</u>*** |  |
| Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues. | Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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| | |
|:---|:---|
| Prudential Financial, Inc. | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 | ![image40.jpg](image40.jpg) |
|  | ![image40.jpg](image40.jpg) |
| **KEY DEFINITIONS AND FORMULAS** |  |
| ***<u>19. 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>20. 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>21. 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>22. 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>23. 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>24. 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>25. U.S. Legacy Products - 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. |

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<u>[**Table of Contents**](#ibe3e6b820e614fa58ec201192ffb89bf_4)</u>

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|:---|:---|:---|:---|:---|
| Prudential Financial, Inc. |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Quarterly Financial Supplement |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| Fourth Quarter 2025 |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
|  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
|  |  |  | ![image40.jpg](image40.jpg) | ![image40.jpg](image40.jpg) |
| **RATINGS AND INVESTOR INFORMATION** |  |  |  |  |
| **FINANCIAL STRENGTH RATINGS** |  |  |  |  |
| **as of April 14, 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 April 14, 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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