# Prudential Financial (PRU) 8-K SEC filing - Filed: Aug 4, 2026, 4:24 PM EDT - Accession: 0001137774-26-000170 - OpenCapital page: https://www.opencapital.sh/filings/0001137774-26-000170 - Markdown URL: https://www.opencapital.sh/filings/0001137774-26-000170.md - Official SEC filing index: https://www.sec.gov/Archives/edgar/data/1137774/000113777426000170/0001137774-26-000170-index.htm ## Filing documents - [8-K (pru-20260804.htm)](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000170/pru-20260804.htm) - [EX-99.1 (exhibit991-2q26earningspre.htm)](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000170/exhibit991-2q26earningspre.htm) - [EX-99.2 (exhibit992-2q26qfs.htm)](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000170/exhibit992-2q26qfs.htm) --- ## 8-K SEC source: [pru-20260804.htm](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000170/pru-20260804.htm) ### 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): August 4, 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:** | Title of Each Class / Common Stock, Par Value $.01 | Trading Symbol(s) / PRU | Name of Each Exchange on Which Registered / New York Stock Exchange | | --- | --- | --- | | 5.950% Junior Subordinated Notes | PRH | New York Stock Exchange | | 5.625% Junior Subordinated Notes | PRS | New York Stock Exchange | | 4.125% Junior Subordinated Notes | PFH | New York Stock Exchange | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ## Item 2.02 Results of Operations and Financial Condition. Prudential Financial, Inc. (the “Company”) furnishes herewith, as Exhibit 99.1, a news release announcing second quarter 2026 results. ## Item 7.01 Regulation FD Disclosure. A. Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for second quarter 2026. B. Conference Call and Related Materials. Members of the Company’s senior management will hold a conference call on Wednesday, August 5, 2026 at 11:00 A.M. ET, to discuss the Company’s strategy and second quarter 2026 results. Related materials are available on the Company’s Investor Relations website at www.investor.prudential.com and additional materials will be made available immediately prior to the call. Investors and others should note that the Company routinely uses its Investor Relations website to post presentations to investors and other important information, including information that may be deemed material to investors. Accordingly, the Company encourages investors and others interested in the Company to review the information that it shares at www.investor.prudential.com. Interested parties may register to receive automatic email alerts when presentations and other information are posted to the Investor Relations website by clicking on “Subscribe to Email Alerts” at www.investor.prudential.com and following the instructions provided. ## Item 9.01 Financial Statements and Exhibits. (d) Exhibits. | Exhibit No. | Description | | --- | --- | | 99.1 | News release of Prudential Financial, Inc. dated August 4, 2026, announcing second quarter 2026 results (furnished and not filed). | | 99.2 | Quarterly Financial Supplement for Prudential Financial, Inc. for second quarter 2026 (furnished and not filed). | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 4, 2026 PRUDENTIAL FINANCIAL, INC. By: /s/ Robert E. Boyle Name: Robert E. Boyle Title: Senior Vice President and Principal Accounting Officer --- ## EX-99.1 SEC source: [exhibit991-2q26earningspre.htm](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000170/exhibit991-2q26earningspre.htm) Exhibit 99.1 August 4, 2026 Prudential Financial, Inc. Announces Second Quarter 2026 Results NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported second quarter 2026 results. - Net income attributable to Prudential Financial, Inc. of $985 million or $2.80 per Common share versus net income of $533 million or $1.48 per share for the year-ago quarter. - The current quarter included a net after-tax charge from our annual assumption update and other refinements of $299 million or $0.85 per Common share versus a charge of $134 million or $0.37 per share in the year-ago quarter. - After-tax adjusted operating income of $1.438 billion or $4.08 per Common share versus $1.284 billion or $3.58 per share for the year-ago quarter. - The current quarter included a net after-tax benefit from our annual assumption update and other refinements of $51 million or $0.15 per Common share versus a charge of $36 million or $0.10 per share in the year-ago quarter. - Book value per Common share of $90.50 versus $85.98 per share for the year-ago quarter; adjusted book value per Common share of $100.91 versus $96.41 per share for the year-ago quarter. - Parent company highly liquid assets(1) of $4.2 billion versus $3.9 billion for the year-ago quarter. - Assets under management(2) of $1.642 trillion versus $1.580 trillion for the year-ago quarter. - Capital returned to shareholders totaled $743 million, including $250 million of share repurchases and $493 million of dividends, versus $735 million of capital returned to shareholders in the year-ago quarter. Dividends paid in the second quarter were $1.40 per Common share, representing a yield on adjusted book value of over 5%. - Members of Prudential’s senior management team will host an extended conference call on Wednesday, August 5, 2026, at 11:00 a.m. ET to provide an update on the Company’s strategy and long-term vision at the beginning of its second quarter earnings call. The call is expected to last approximately 90 minutes and will be available via live webcast. “Our second quarter results were strong as we continued to execute with discipline and build momentum,” said Andy Sullivan, Chairman and Chief Executive Officer of Prudential Financial. “The strength of our business and the progress we are making to operate more consistently and effectively is evident. PGIM delivered another quarter of strong investment performance and progressed its platform integration. Our U.S. Businesses continued to see benefits of investments in distribution and product diversification to meet evolving customer needs while supporting growth. Our International businesses generated strong earnings despite the impact of the sales suspension in Prudential of Japan, reflecting resilience of the underlying businesses and continued growth in Brazil. - more - | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Prudential Financial, Inc. Second Quarter 2026 Earnings Release | | | | | | Page 2 | | | Prudential is a uniquely integrated financial services company with a strong foundation in businesses and markets benefiting from favorable structural growth trends, reinforced by clear competitive advantages. Our strategy is to build on those advantages by unlocking the full power of our asset management, retirement, and protection capabilities through deeper integration and greater leverage of our scale and expertise. We are confident this will enhance our ability to win in the markets where we choose to compete, accelerating earnings and free cash flow growth while creating sustainable shareholder value.” ### OVERVIEW Net income attributable to Prudential Financial, Inc. ("Prudential" or the "Company") was $985 million ($2.80 per Common share) for the second quarter of 2026, compared to net income of $533 million ($1.48 per Common share) for the second quarter of 2025. After-tax adjusted operating income was $1.438 billion ($4.08 per Common share) for the second quarter of 2026, compared to $1.284 billion ($3.58 per Common share) for the second quarter of 2025. Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3) ### RESULTS OF ONGOING OPERATIONS Prudential's ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results. ### PGIM PGIM, the Company’s global investment management business, reported adjusted operating income of $294 million for the second quarter of 2026, up compared to $229 million in the year-ago quarter. This increase primarily reflects higher asset management fees, mainly driven by equity market appreciation and strong investment performance, partially offset by the impact of net outflows and higher interest rates. This increase also includes higher net service, distribution, and other revenues. PGIM assets under management of $1.491 trillion increased 4% from the year-ago quarter, primarily driven by equity market appreciation and strong investment performance. Total net inflows in the quarter of $1.6 billion reflected third-party net inflows of $4.6 billion, partially offset by affiliated net outflows of $3.0 billion. Third-party institutional net inflows were $3.1 billion as public and private credit inflows were partially offset by public equity outflows. Third-party retail net inflows of $1.5 billion were primarily driven by public credit inflows, partially offset by public equity outflows. Third-party public equity outflows were consistent with the ongoing industry trend away from active equities. ### U.S. Businesses U.S. Businesses, which includes the Company's Retirement, Group Insurance, Individual Life, and U.S. Legacy Products segments, reported adjusted operating income of $957 million for the second quarter of 2026, essentially unchanged compared to $955 million in the year-ago quarter. These results include a favorable comparable impact from our annual assumption update and other refinements of $26 million. Excluding this amount, the year-over-year decrease primarily reflects higher expenses to support continued business growth and less favorable underwriting results, partially offset by higher net investment spread results. - more - | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Prudential Financial, Inc. Second Quarter 2026 Earnings Release | | | | | | Page 3 | | | ### Retirement: - Reported adjusted operating income of $392 million in the quarter, essentially unchanged compared to $397 million in the year-ago quarter. These results include a favorable comparable impact from our annual assumption update and other refinements of $2 million. Excluding this amount, the year-over-year decrease primarily reflects higher expenses, driven by continued business growth, and less favorable underwriting results, driven by mortality and run-off in our PRT block, partially offset by higher net investment spread results. - Net account values of $363 billion increased 4% from the year-ago quarter, reflecting the benefits of market appreciation and business growth. - Total sales in the quarter of $6.8 billion included $3.6 billion of retail annuity sales, reflecting continued strong momentum following the December 2025 launch of our latest registered index-linked annuity product. ### Group Insurance: - Reported adjusted operating income of $155 million in the quarter, up compared to $125 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $17 million. Excluding this amount, the year-over-year increase primarily reflects more favorable mortality in the working-age population in life underwriting results and higher net investment spread results, partially offset by higher expenses to support continued business growth. - Year-to-date sales of $599 million increased 26% from the prior year period, driven by strong growth in disability product sales, including supplemental health products, and continued momentum in the Premier middle-market segment. ### Individual Life: - Reported adjusted operating income of $176 million in the quarter, more than doubling compared to $82 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $56 million. Excluding this amount, the year-over-year increase primarily reflects more favorable underwriting results and higher net investment spread results. - Record second quarter sales of $237 million increased 9% from the year-ago quarter, primarily driven by variable accumulation products. ### U.S. Legacy Products: - Effective January 1, 2026, Prudential established the U.S. Legacy Products reporting segment, consisting of traditional variable annuities with guaranteed living benefit riders and certain other annuities products, previously included in the former Individual Retirement Strategies segment, as well as guaranteed universal life policies previously included in the Individual Life segment. This reporting segment represents run-off blocks consisting of products that are no longer being sold in U.S. markets. - Reported adjusted operating income of $234 million in the quarter, down compared to $351 million in the year-ago quarter. This decrease includes an unfavorable comparable impact from our annual assumption update and other refinements of $49 million. Excluding this amount, the year-over-year decrease primarily reflects less favorable underwriting results related to the guaranteed universal life block and lower net fee income resulting from the continued run-off of the traditional variable annuity block, partially offset by market appreciation, and lower net investment spread results. - Net legacy annuities account values of $76 billion decreased 7% from the year-ago quarter, driven by net outflows from the continued run-off of the block, partially offset by market appreciation. ### International Businesses International Businesses reported adjusted operating income of $855 million for the second quarter, up compared to $761 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $81 million. Excluding this amount, the year-over-year increase primarily reflects higher net investment spread results, higher joint venture earnings, and business growth in Brazil. These were partially offset by the impact of the Prudential of Japan sales suspension, including higher expenses, as well as less favorable underwriting results. - more - | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Prudential Financial, Inc. Second Quarter 2026 Earnings Release | | | | | | Page 4 | | | Constant dollar basis sales(4) of $361 million in the quarter decreased 33% from the year-ago quarter, primarily driven by the Prudential of Japan sales suspension. ### Corporate & Other Corporate & Other reported a loss, on an adjusted operating income basis, of $279 million for the second quarter of 2026, essentially unchanged compared to a loss of $280 million in the year-ago quarter. These results include a favorable comparable impact from our annual assumption update and other refinements of $4 million. ### NET INCOME Net income of $985 million in the quarter included $655 million of pre-tax net realized investment losses and related charges and adjustments, including $76 million of pre-tax net credit-related losses, $71 million of pre-tax losses related to the net change in value of market risk benefits, $20 million of pre-tax losses related to market experience updates, and $123 million of pre-tax earnings from divested and run-off businesses. Net income of $533 million in the year-ago quarter included $516 million of pre-tax net realized investment losses and related charges and adjustments, including $78 million of pre-tax net credit-related losses, $426 million of pre-tax losses related to the net change in value of market risk benefits, $6 million of pre-tax losses from divested and run-off businesses, and $42 million of pre-tax gains related to market experience updates. ### EARNINGS CONFERENCE CALL Members of Prudential’s senior management team will host an extended conference call on Wednesday, August 5, 2026, at 11:00 a.m. ET to review these results and provide an update on Prudential’s strategy and long-term vision. The call is expected to last approximately 90 minutes and will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through August 19. To access a replay via phone starting at 3:00 p.m. ET on August 5 through August 19, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13761358. ### FORWARD-LOOKING STATEMENTS Certain of the statements included in this release, including those regarding our strategy and prospects for future performance and our ability to deliver earnings and free cash flow growth while creating sustainable shareholder value 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” and words that express a degree of confidence in a potential outcome, or variations of such words, are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements include, among others, that our remediation efforts at Prudential of Japan may be unsuccessful or take longer than we expect, that we may uncover additional misconduct, that the sales suspension may continue for longer than we expect, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, and morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products. Additional factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document. - more - | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Prudential Financial, Inc. Second Quarter 2026 Earnings Release | | | | | | Page 5 | | | ### NON-GAAP MEASURES Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in this release. We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com. Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments”. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors. Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments, are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. 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. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments. - more - | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Prudential Financial, Inc. Second Quarter 2026 Earnings Release | | | | | | Page 6 | | | Adjusted operating income does not equate to “Net income” as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above. Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions. ### FOOTNOTES (1) Highly liquid assets predominantly include cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. For more information about highly liquid assets, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. (2) For more information about assets under management, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Segment Measures” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. (3) While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280. (4) For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of June 30, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com. MEDIA CONTACT: Ashley Pope, ashley.pope@prudential.com INVESTOR RELATIONS CONTACT: Tina Madon, investor.relations@prudential.com - more - | Financial Highlights / (in millions, unaudited) | Three Months Ended / June 30, 2026 | Three Months Ended / June 30, 2025 | Six Months Ended / June 30, 2026 | Six Months Ended / June 30, 2025 | | --- | --- | --- | --- | --- | | Adjusted operating income (loss) before income taxes (1): | | | | | | PGIM | $294 | $229 | $484 | $385 | | U.S. Businesses | 957 | 955 | 1,913 | 1,886 | | International Businesses | 855 | 761 | 1,665 | 1,609 | | Corporate and Other | (279) | (280) | (609) | (695) | | Total adjusted operating income (loss) before income taxes | $1,827 | $1,665 | $3,453 | $3,185 | | Reconciling Items: | | | | | | Realized investment gains (losses), net, and related charges and adjustments | $(655) | $(516) | $(1,276) | $(762) | | Change in value of market risk benefits, net of related hedging gains (losses) | (71) | (426) | (366) | (777) | | Market experience updates | (20) | 42 | (5) | 81 | | Divested and Run-off Businesses: | | | | | | Closed Block division | (12) | (18) | (23) | (40) | | Other Divested and Run-off Businesses | 135 | 12 | 199 | (39) | | Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | (25) | (18) | (67) | (15) | | Other adjustments (2) | (1) | (1) | (4) | 27 | | Total reconciling items, before income taxes | (649) | (925) | (1,542) | (1,525) | | Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $1,178 | $740 | $1,911 | $1,660 | | Income Statement Data: | | | | | | Net income (loss) attributable to Prudential Financial, Inc. | $985 | $533 | $1,582 | $1,240 | | Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 51 | 33 | 60 | 68 | | Net income (loss) | 1,036 | 566 | 1,642 | 1,308 | | Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 51 | 33 | 60 | 68 | | Income (loss) attributable to Prudential Financial, Inc. | 985 | 533 | 1,582 | 1,240 | | Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 25 | (12) | 18 | (18) | | Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities | 960 | 545 | 1,564 | 1,258 | | Less: Total reconciling items, before income taxes | (649) | (925) | (1,542) | (1,525) | | Less: Income taxes, not applicable to adjusted operating income (loss) | (171) | (186) | (390) | (311) | | Total reconciling items, after income taxes | (478) | (739) | (1,152) | (1,214) | | After-tax adjusted operating income (loss) (1) | 1,438 | 1,284 | 2,716 | 2,472 | | Income taxes, applicable to adjusted operating income | 389 | 381 | 737 | 713 | | Adjusted operating income (loss) before income taxes (1) | $1,827 | $1,665 | $3,453 | $3,185 | | See footnotes on last page. | | | | | | Financial Highlights / (in millions, except per share data, unaudited) | Three Months Ended / June 30, 2026 | Three Months Ended / June 30, 2025 | Six Months Ended / June 30, 2026 | Six Months Ended / June 30, 2025 | | --- | --- | --- | --- | --- | | Earnings per share of Common Stock: | | | | | | Net income (loss) attributable to Prudential Financial, Inc. | $2.80 | $1.48 | $4.48 | $3.44 | | Less: Reconciling Items: | | | | | | Realized investment gains (losses), net, and related charges and adjustments | (1.88) | (1.45) | (3.66) | (2.14) | | Change in value of market risk benefits, net of related hedging gains (losses) | (0.20) | (1.20) | (1.05) | (2.19) | | Market experience updates | (0.06) | 0.12 | (0.01) | 0.23 | | Divested and Run-off Businesses: | | | | | | Closed Block division | (0.03) | (0.05) | (0.07) | (0.11) | | Other Divested and Run-off Businesses | 0.39 | 0.03 | 0.57 | (0.11) | | Difference in earnings allocated to participating unvested share-based payment awards | 0.01 | 0.02 | 0.04 | 0.04 | | Other adjustments (2) | — | — | (0.01) | 0.08 | | Total reconciling items, before income taxes | (1.77) | (2.53) | (4.19) | (4.20) | | Less: Income taxes, not applicable to adjusted operating income (loss) | (0.49) | (0.43) | (0.98) | (0.77) | | Total reconciling items, after income taxes | (1.28) | (2.10) | (3.21) | (3.43) | | After-tax adjusted operating income (loss) | $4.08 | $3.58 | $7.69 | $6.87 | | Weighted average number of outstanding common shares - basic | 346.4 | 353.1 | 347.0 | 353.7 | | Weighted average number of outstanding common shares - diluted | 348.1 | 354.9 | 348.8 | 355.5 | | For earnings per share of Common Stock calculation: | | | | | | Net income (loss) attributable to Prudential Financial, Inc. | $985 | $533 | $1,582 | $1,240 | | Less: Earnings allocated to participating unvested share-based payment awards | 12 | 6 | 21 | 16 | | Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation | $973 | $527 | $1,561 | $1,224 | | After-tax adjusted operating income (loss) (1) | $1,438 | $1,284 | $2,716 | $2,472 | | Less: Earnings allocated to participating unvested share-based payment awards | 17 | 13 | 34 | 29 | | After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) | $1,421 | $1,271 | $2,682 | $2,443 | | Prudential Financial, Inc. Equity (as of end of period): | | | | | | GAAP book value (total PFI equity) at end of period | $31,577 | $30,582 | | | | Less: Accumulated other comprehensive income (AOCI) | (4,060) | (3,921) | | | | GAAP book value excluding AOCI | 35,637 | 34,503 | | | | Less: Cumulative change in fair value of funds withheld embedded derivatives | 20 | 67 | | | | Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) | 410 | 144 | | | | Adjusted book value | $35,207 | $34,292 | | | | End of period number of common shares - diluted | 348.9 | 355.7 | | | | GAAP book value per common share - diluted | $90.50 | $85.98 | | | | GAAP book value excluding AOCI per share - diluted | $102.14 | $97.00 | | | | Adjusted book value per common share - diluted | $100.91 | $96.41 | | | | See footnotes on last page. | | | | | | Financial Highlights / (in millions, or as otherwise noted, unaudited) | Three Months Ended / June 30, 2026 | Three Months Ended / June 30, 2025 | Six Months Ended / June 30, 2026 | Six Months Ended / June 30, 2025 | | --- | --- | --- | --- | --- | | PGIM: | | | | | | PGIM: | | | | | | Assets Managed by PGIM (in billions, as of end of period) : | | | | | | Institutional customers - Third Party | $663.0 | $647.6 | | | | Retail customers - Third Party | 282.3 | 256.7 | | | | Affiliated | 546.0 | 536.4 | | | | Total PGIM | $1,491.3 | $1,440.7 | | | | Institutional Customers - Assets Under Management (in billions): | | | | | | Gross additions, excluding money market | $22.3 | $22.1 | $47.0 | $45.9 | | Net additions (withdrawals), excluding realizations, distributions and money market | $3.1 | $2.6 | $4.7 | $10.2 | | Retail Customers - Assets Under Management (in billions): | | | | | | Gross additions, excluding money market | $19.9 | $16.0 | $41.5 | $33.7 | | Net additions (withdrawals), excluding money market | $1.5 | $(2.8) | $1.7 | $(3.0) | | Affiliated - Assets Under Management (in billions): | | | | | | Gross additions, excluding money market | $16.8 | $19.8 | $35.0 | $40.4 | | Net additions (withdrawals), excluding realizations, distributions and money market | $(3.0) | $0.6 | $(4.9) | $0.5 | | U.S. Businesses: | | | | | | Retirement: | | | | | | Gross sales and additions (3) | $6,847 | $11,989 | $14,216 | $22,513 | | Net sales and additions (withdrawals) | $220 | $5,801 | $(468) | $9,033 | | Total account value at end of period, net | $362,730 | $348,056 | | | | Group Insurance: | | | | | | Annualized New Business Premiums (4): | | | | | | Group life | $17 | $35 | $228 | $260 | | Group disability | 56 | 42 | 371 | 217 | | Total | $73 | $77 | $599 | $477 | | Individual Life: | | | | | | Annualized New Business Premiums (4): | | | | | | Term life | $42 | $39 | $80 | $71 | | Universal life | 20 | 18 | 37 | 36 | | Variable life | 175 | 160 | 371 | 314 | | Total | $237 | $217 | $488 | $421 | | U.S. Legacy Products: | | | | | | Total annuities account value at end of period, net (5) | $76,094 | $81,870 | | | | Total guaranteed universal life policyholder account balance, net (6) | $5,645 | $5,642 | | | | International Businesses: | | | | | | International Businesses: | | | | | | Annualized New Business Premiums (4)(7): | | | | | | Actual exchange rate basis | $376 | $541 | $805 | $1,117 | | Constant exchange rate basis | $361 | $535 | $785 | $1,113 | | See footnotes on last page. | | | | | | Financial Highlights / (in billions, as of end of period, unaudited) | June 30, 2026 | June 30, 2025 | | --- | --- | --- | | Assets and Assets Under Management and Administration: | | | | Total assets | $783.6 | $759.0 | | Assets under management (at fair market value): | | | | PGIM | $1,491.3 | $1,440.7 | | U.S. Businesses | 122.1 | 113.8 | | International Businesses | 22.0 | 19.4 | | Corporate and Other | 6.7 | 6.4 | | Total assets under management | 1,642.1 | 1,580.3 | | Assets under administration | 193.7 | 193.2 | | Total assets under management and administration | $1,835.8 | $1,773.5 | | | | | --- | --- | | (1) | Adjusted operating income is a non-GAAP measure of performance. See "Non-GAAP Measures" within the earnings release for additional information. | | (2) | Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. | | (3) | Represents retail annuities, longevity reinsurance, fee-based stable value, pension risk transfer, spread-based stable value, structured settlements and funding agreement-backed notes. | | (4) | Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company’s domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. | | (5) | Represents discontinued annuities, guaranteed living benefits, alliance deposits and supplementary contracts. | | (6) | Includes fixed rate funds and deferred revenues on guaranteed universal life products. | | (7) | Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. | --- ## EX-99.2 SEC source: [exhibit992-2q26qfs.htm](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000170/exhibit992-2q26qfs.htm) [Table of Contents](#i40e1b3a9d6e54cd78eb03ed587c0ae2d_4) Exhibit 99.2 - Prudential Financial, Inc. (PRU) - Quarterly Financial Supplement - Second Quarter 2026 - Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited. i | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 | | | --- | --- | | TABLE OF CONTENTS | | | | Page | | HIGHLIGHTS | | | Financial Metrics Summary | 1 | | Financial Highlights | 2 | | Other Financial Highlights | 3 | | Operations Highlights | 4 | | Combined Statements of Operations | 5 | | Consolidated Balance Sheets | 6 | | Combining Balance Sheets | 7 | | Short-Term and Long-Term Debt - Unaffiliated | 8 | | PGIM | | | Statements of Operations | 9 | | Supplementary Revenue and Assets Under Management Information | 10 | | Supplementary Assets Under Management Information | 11 | | U.S.BUSINESSES | | | Combined Statements of Operations | 12 | | Statements of Operations - Retirement | 13 | | Retirement Sales Results and Account Values | 14 | | Statements of Operations - Group Insurance | 15 | | Group Insurance Supplementary Information | 16 | | Statements of Operations - Individual Life | 17 | | Individual Life Supplementary Information | 18 | | Statements of Operations - U.S. Legacy Products | 19 | | U.S. Legacy Products Supplementary Information | 20 | | U.S. Legacy Products Market Risk Benefit Features | 21 | | INTERNATIONAL BUSINESSES | | | Statements of Operations - International Businesses | 22 | | Sales Results and Supplementary Information | 23 | | CORPORATE AND OTHER | | | Statements of Operations | 25 | | INVESTMENT PORTFOLIO | | | Investment Portfolio Composition | 26 | | Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations | 27 | | Investment Results | 28 | | Investment Results - Japanese Insurance Operations | 29 | | Investment Results - Excluding Japanese Insurance Operations | 30 | | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS | 31 | | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES | 32 | | KEY DEFINITIONS AND FORMULAS | 36 | | RATINGS AND INVESTOR INFORMATION | 39 | ii | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / FINANCIAL METRICS SUMMARY / (in millions, except per share and return on equity data) | 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Earnings | | | | | Adjusted operating income (loss) before income taxes: | | | | | PGIM | 249 | 294 | 484 | | U.S. Businesses | 1,051 | 957 | 1,913 | | International Businesses | 757 | 855 | 1,665 | | Corporate and Other | (552) | (279) | (609) | | Total adjusted operating income (loss) before income taxes | 1,505 | 1,827 | 3,453 | | Income taxes, applicable to adjusted operating income | 337 | 389 | 737 | | After-tax adjusted operating income (loss) | 1,168 | 1,438 | 2,716 | | Income (loss) attributable to Prudential Financial, Inc. | 905 | 985 | 1,582 | | Return on Equity | | | | | Operating Return on Average Equity (based on adjusted operating income) (1) | 13.3%%% | 16.4%% | 15.5%% | | Return on Average Equity (based on net income (loss)) | 11.2%%% | 12.4%% | 9.9%% | | Distributions to Shareholders | | | | | Dividends paid | 480 | 493 | 989 | | Share repurchases | 250 | 250 | 500 | | Total capital returned | 730 | 743 | 1,489 | | Per Share Data | | | | | Net income (loss) - diluted | 2.55 | 2.80 | 4.48 | | Adjusted Operating Income - diluted | 3.30 | 4.08 | 7.69 | | Shareholder dividends | 1.35 | 1.40 | 2.80 | | GAAP book value - diluted | 92.05 | 90.50 | | | Adjusted book value - diluted (2) | 100.17 | 100.91 | | | Shares Outstanding | | | | | Weighted average number of common shares - basic | 349.0 | 346.4 | 347.0 | | Weighted average number of common shares - diluted | 350.9 | 348.1 | 348.8 | | End of period common shares - basic | 347.9 | 345.2 | | | End of period common shares - diluted | 352.4 | 348.9 | | | __________ | | | | | (1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3. | | | | | (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / FINANCIAL HIGHLIGHTS / (in millions, except per share data) | 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Earnings per share of Common Stock (diluted): | | | | | After-tax adjusted operating income (loss) | 3.30 | 4.08 | 7.69 | | Reconciling items: | | | | | Realized investment gains (losses), net, and related charges and adjustments | (0.80) | (1.88) | (3.66) | | Change in value of market risk benefits, net of related hedging gains (losses) | (0.06) | (0.20) | (1.05) | | Market experience updates | 0.07 | (0.06) | (0.01) | | Divested and Run-off Businesses: | | | | | Closed Block division | (0.11) | (0.03) | (0.07) | | Other Divested and Run-off Businesses | 0.07 | 0.39 | 0.57 | | Difference in earnings allocated to participating unvested share-based payment awards | — | 0.01 | 0.04 | | Other adjustments (1) | — | — | (0.01) | | Total reconciling items, before income taxes | (0.83) | (1.77) | (4.19) | | Income taxes, not applicable to adjusted operating income | (0.08) | (0.49) | (0.98) | | Total reconciling items, after income taxes | (0.75) | (1.28) | (3.21) | | Net income (loss) attributable to Prudential Financial, Inc. | 2.55 | 2.80 | 4.48 | | Weighted average number of outstanding common shares - basic | 349.0 | 346.4 | 347.0 | | Weighted average number of outstanding common shares - diluted | 350.9 | 348.1 | 348.8 | | For earnings per share of Common Stock calculation: | | | | | Net income (loss) attributable to Prudential Financial, Inc. | 905 | 985 | 1,582 | | Less: Earnings allocated to participating unvested share-based payment awards | 10 | 12 | 21 | | Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation | 895 | 973 | 1,561 | | After-tax adjusted operating income (loss) | 1,168 | 1,438 | 2,716 | | Less: Earnings allocated to participating unvested share-based payment awards | 11 | 17 | 34 | | After-tax adjusted operating income for earnings per share of Common Stock calculation | 1,157 | 1,421 | 2,682 | | ___________ | | | | | (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. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / OTHER FINANCIAL HIGHLIGHTS / (in millions, except per share data) | 2025 | 2026 | | --- | --- | --- | | | 4Q | 2Q | | Capitalization Data (1): | | | | Senior debt: | | | | Short-term debt | 1,443 | 955 | | Long-term debt | 11,261 | 11,324 | | Junior subordinated long-term debt | 7,595 | 8,339 | | Prudential Financial, Inc. Equity: | | | | GAAP book value (total PFI equity) at end of period | 32,438 | 31,577 | | Less: Accumulated other comprehensive income (AOCI) | (3,077) | (4,060) | | GAAP book value excluding AOCI (2) | 35,515 | 35,637 | | Less: Cumulative change in fair value of funds withheld embedded derivatives (3) | (24) | 20 | | Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) | 238 | 410 | | Adjusted book value | 35,301 | 35,207 | | Book Value per Share of Common Stock: | | | | GAAP book value per common share - diluted | 92.05 | 90.50 | | GAAP book value excluding AOCI per share - diluted (2) | 100.78 | 102.14 | | Adjusted book value per common share - diluted | 100.17 | 100.91 | | End of period number of common shares - diluted | 352.4 | 348.9 | | Common Stock Price Range (based on closing price): | | | | High | 117.60 | 109.20 | | Low | 99.13 | 94.21 | | Close | 112.88 | 107.93 | | Common Stock market capitalization (1) | 39,271 | 37,257 | | __________ | | | | (1) As of end of period. | | | | (2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income. | | | | (3) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | | | | (4) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses. | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / OPERATIONS HIGHLIGHTS | 2025 | 2026 | | --- | --- | --- | | | 4Q | 2Q | | Assets Under Management and Administration (in billions) (1)(2): | | | | PGIM: | | | | Institutional customers - Third Party | 652.0 | 663.0 | | Retail customers - Third Party | 267.0 | 282.3 | | Affiliated | 547.1 | 546.0 | | Total PGIM | 1,466.1 | 1,491.3 | | U.S. Businesses | 116.9 | 122.1 | | International Businesses | 19.7 | 22.0 | | Corporate and Other | 6.4 | 6.7 | | Total assets under management | 1,609.1 | 1,642.1 | | Assets under administration | 195.1 | 193.7 | | Total assets under management and administration | 1,804.2 | 1,835.8 | | Distribution Representatives (1): | | | | Prudential Advisors | 3,061 | 3,159 | | Life Planners | 6,235 | 6,169 | | Life Consultants | 6,983 | 6,917 | | __________ | | | | (1) As of end of period. | | | | (2) At fair market value. | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS / (in millions) | 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums | 7,028 | 6,325 | 10% | | Policy charges and fee income | 1,106 | 1,138 | 3% | | Net investment income | 4,947 | 5,152 | 11% | | Asset management fees, commissions and other income | 1,439 | 1,540 | 3% | | Total revenues | 14,520 | 14,155 | 9% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 7,936 | 6,993 | 8% | | Change in estimates of liability for future policy benefits | 50 | 347 | 351% | | Interest credited to policyholders' account balances | 1,271 | 1,380 | 21% | | Interest expense | 533 | 541 | 3% | | Deferral of acquisition costs | (681) | (635) | 8% | | Amortization of acquisition costs | 408 | 418 | 6% | | Operating expenses | 1,876 | 1,734 | 6% | | Variable expenses | 1,622 | 1,550 | -4% | | Total benefits and expenses | 13,015 | 12,328 | 9% | | Adjusted operating income (loss) before income taxes | 1,505 | 1,827 | 8% | | Income taxes, applicable to adjusted operating income | 337 | 389 | 3% | | After-tax adjusted operating income | 1,168 | 1,438 | 10% | | Reconciling items: | | | | | Realized investment gains (losses), net, and related charges and adjustments | (282) | (655) | -67% | | Change in value of market risk benefits, net of related hedging gains (losses) | (22) | (71) | 53% | | Market experience updates | 23 | (20) | -106% | | Divested and Run-off Businesses: | | | | | Closed Block division | (38) | (12) | 43% | | Other Divested and Run-off Businesses | 23 | 135 | 610% | | Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 6 | (25) | -347% | | Other adjustments (2) | (1) | (1) | -115% | | Total reconciling items, before income taxes | (291) | (649) | -1% | | Income taxes, not applicable to adjusted operating income | (68) | (171) | -25% | | Total reconciling items, after income taxes | (223) | (478) | 5% | | Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 1,214 | 1,178 | 15% | | Income tax expense (benefit) | 269 | 218 | -14% | | Income (loss) before equity in earnings of joint ventures and other operating entities | 945 | 960 | 24% | | Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | (40) | 25 | 200% | | Income (loss) attributable to Prudential Financial, Inc. | 905 | 985 | 28% | | Earnings attributable to noncontrolling interests and redeemable noncontrolling interests | 36 | 51 | -12% | | Net income (loss) | 941 | 1,036 | 26% | | Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 36 | 51 | -12% | | Net income (loss) attributable to Prudential Financial, Inc. | 905 | 985 | 28% | | ____________ | | | | | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 32-35 for reconciliation. | | | | | (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / CONSOLIDATED BALANCE SHEETS / (in millions) | 06/30/2025 | 09/30/2025 | 12/31/2025 | 03/31/2026 | 06/30/2026 | | --- | --- | --- | --- | --- | --- | | Assets: | | | | | | | Investments: | | | | | | | Fixed maturities, available-for-sale, at fair value | 328,302 | 335,414 | 331,455 | 330,851 | 333,526 | | Fixed maturities, trading, at fair value | 14,020 | 14,575 | 14,869 | 15,831 | 16,758 | | Assets supporting experience-rated contractholder liabilities, at fair value | 4,282 | 4,648 | 4,842 | 4,781 | 5,405 | | Equity securities, at fair value | 7,434 | 8,794 | 10,972 | 12,552 | 14,389 | | Commercial mortgage and other loans | 62,966 | 64,813 | 64,715 | 65,412 | 65,985 | | Policy loans | 9,946 | 9,951 | 9,958 | 9,988 | 9,984 | | Other invested assets | 27,256 | 27,665 | 27,294 | 27,792 | 28,574 | | Short-term investments | 6,375 | 6,248 | 6,414 | 6,917 | 7,216 | | Total investments | 460,581 | 472,108 | 470,519 | 474,124 | 481,837 | | Cash and cash equivalents | 16,638 | 17,469 | 19,712 | 15,936 | 15,162 | | Accrued investment income | 3,560 | 3,581 | 3,636 | 3,633 | 3,758 | | Deferred policy acquisition costs | 21,222 | 21,468 | 21,530 | 21,730 | 21,880 | | Value of business acquired | 450 | 430 | 397 | 382 | 366 | | Market risk benefit assets | 2,188 | 2,252 | 2,330 | 2,166 | 2,430 | | Reinsurance recoverables and deposit receivables | 44,152 | 44,947 | 44,077 | 43,213 | 44,218 | | Income tax assets | 839 | 240 | 279 | — | 37 | | Other assets | 14,561 | 15,267 | 15,009 | 15,176 | 14,916 | | Separate account assets | 194,761 | 198,540 | 196,251 | 189,036 | 198,950 | | Total assets | 758,952 | 776,302 | 773,740 | 765,396 | 783,554 | | Liabilities: | | | | | | | Future policy benefits | 270,133 | 272,553 | 266,914 | 262,470 | 260,944 | | Policyholders' account balances | 180,931 | 188,657 | 191,307 | 192,131 | 202,223 | | Market risk benefit liabilities | 4,859 | 4,771 | 4,623 | 5,000 | 4,731 | | Reinsurance and funds withheld payables | 17,126 | 17,874 | 18,844 | 19,270 | 19,864 | | Securities sold under agreements to repurchase | 8,205 | 9,937 | 9,598 | 10,975 | 10,069 | | Cash collateral for loaned securities | 9,167 | 8,597 | 8,700 | 8,905 | 9,236 | | Income tax liabilities | — | — | — | 255 | — | | Short-term debt | 1,373 | 1,386 | 1,443 | 946 | 955 | | Long-term debt | 18,651 | 18,797 | 18,856 | 18,882 | 19,663 | | Other liabilities | 18,872 | 18,507 | 18,964 | 19,316 | 18,315 | | Notes issued by consolidated variable interest entities | 1,758 | 1,868 | 2,659 | 3,283 | 4,017 | | Separate account liabilities | 194,761 | 198,540 | 196,251 | 189,036 | 198,950 | | Total liabilities | 725,836 | 741,487 | 738,159 | 730,469 | 748,967 | | Mezzanine Equity: | | | | | | | Redeemable noncontrolling interests | 2,213 | 2,358 | 2,794 | 2,608 | 2,652 | | Total mezzanine equity | 2,213 | 2,358 | 2,794 | 2,608 | 2,652 | | Equity: | | | | | | | Accumulated other comprehensive income (loss) | (3,921) | (3,175) | (3,077) | (3,450) | (4,060) | | Other equity (1) | 34,503 | 35,269 | 35,515 | 35,425 | 35,637 | | Total Prudential Financial, Inc. equity | 30,582 | 32,094 | 32,438 | 31,975 | 31,577 | | Noncontrolling interests | 321 | 363 | 349 | 344 | 358 | | Total equity | 30,903 | 32,457 | 32,787 | 32,319 | 31,935 | | Total liabilities, mezzanine equity and equity | 758,952 | 776,302 | 773,740 | 765,396 | 783,554 | | ____________ | | | | | | | (1) Includes $20 million, $60 million, $(24) million, $(47) million and $67 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively. | | | | | | _As of June 30, 2026_ | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINING BALANCE SHEETS / (in millions) | COMBINING BALANCE SHEETS / Consolidated PFI | COMBINING BALANCE SHEETS / Closed Block Division | PFI Excluding Closed Block Division | PGIM | U.S. Businesses | International Businesses | Corporate and Other | | --- | --- | --- | --- | --- | --- | --- | --- | | Assets: | | | | | | | | | Total investments | 481,837 | 45,668 | 436,169 | 4,455 | 253,923 | 157,603 | 20,188 | | Deferred policy acquisition costs | 21,880 | 138 | 21,742 | — | 12,661 | 9,763 | (682) | | Other assets | 80,887 | 964 | 79,923 | 5,580 | 56,742 | 18,603 | (1,002) | | Separate account assets | 198,950 | — | 198,950 | 29,673 | 173,344 | — | (4,067) | | Total assets | 783,554 | 46,770 | 736,784 | 39,708 | 496,670 | 185,969 | 14,437 | | Liabilities: | | | | | | | | | Future policy benefits | 260,944 | 40,582 | 220,362 | — | 120,130 | 90,919 | 9,313 | | Policyholders' account balances | 202,223 | 4,212 | 198,011 | — | 134,265 | 63,611 | 135 | | Debt | 20,618 | — | 20,618 | 1,936 | 4,516 | 225 | 13,941 | | Other liabilities | 66,232 | 3,563 | 62,669 | 3,944 | 46,087 | 9,880 | 2,758 | | Separate account liabilities | 198,950 | — | 198,950 | 29,673 | 173,344 | — | (4,067) | | Total liabilities | 748,967 | 48,357 | 700,610 | 35,553 | 478,342 | 164,635 | 22,080 | | Mezzanine Equity: | | | | | | | | | Redeemable noncontrolling interests | 2,652 | — | 2,652 | 946 | — | — | 1,706 | | Total mezzanine equity | 2,652 | — | 2,652 | 946 | — | — | 1,706 | | Equity: | | | | | | | | | Accumulated other comprehensive income (loss) | (4,060) | (159) | (3,901) | (59) | (1,153) | (201) | (2,488) | | Other equity (1) | 35,637 | (1,439) | 37,076 | 3,096 | 19,404 | 21,507 | (6,931) | | Total Prudential Financial, Inc. equity | 31,577 | (1,598) | 33,175 | 3,037 | 18,251 | 21,306 | (9,419) | | Noncontrolling interests | 358 | 11 | 347 | 172 | 77 | 28 | 70 | | Total equity | 31,935 | (1,587) | 33,522 | 3,209 | 18,328 | 21,334 | (9,349) | | Total liabilities, mezzanine equity and equity | 783,554 | 46,770 | 736,784 | 39,708 | 496,670 | 185,969 | 14,437 | | | 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: | | | | | | | | | Total investments | 470,519 | 46,523 | 423,996 | 3,652 | 238,446 | 158,699 | 23,199 | | Deferred policy acquisition costs | 21,530 | 144 | 21,386 | — | 12,359 | 9,678 | (651) | | Other assets | 85,440 | 1,428 | 84,012 | 6,173 | 56,968 | 19,393 | 1,478 | | Separate account assets | 196,251 | — | 196,251 | 29,278 | 171,022 | — | (4,049) | | Total assets | 773,740 | 48,095 | 725,645 | 39,103 | 478,795 | 187,770 | 19,977 | | Liabilities: | | | | | | | | | Future policy benefits | 266,914 | 41,484 | 225,430 | — | 121,068 | 95,235 | 9,127 | | Policyholders' account balances | 191,307 | 4,272 | 187,035 | — | 123,538 | 61,688 | 1,809 | | Debt | 20,299 | — | 20,299 | 2,070 | 4,619 | 211 | 13,399 | | Other liabilities | 63,388 | 3,942 | 59,446 | 3,329 | 41,279 | 8,781 | 6,057 | | Separate account liabilities | 196,251 | — | 196,251 | 29,278 | 171,022 | — | (4,049) | | Total liabilities | 738,159 | 49,698 | 688,461 | 34,677 | 461,526 | 165,915 | 26,343 | | Mezzanine Equity: | | | | | | | | | Redeemable noncontrolling interest | 2,794 | — | 2,794 | 1,175 | — | — | 1,619 | | Total mezzanine equity | 2,794 | — | 2,794 | 1,175 | — | — | 1,619 | | Equity: | | | | | | | | | Accumulated other comprehensive income (loss) | (3,077) | (155) | (2,922) | (50) | (365) | 65 | (2,572) | | Other equity (1) | 35,515 | (1,459) | 36,974 | 3,144 | 17,555 | 21,762 | (5,487) | | Total Prudential Financial, Inc. equity | 32,438 | (1,614) | 34,052 | 3,094 | 17,190 | 21,827 | (8,059) | | Noncontrolling interests | 349 | 11 | 338 | 157 | 79 | 28 | 74 | | Total equity | 32,787 | (1,603) | 34,390 | 3,251 | 17,269 | 21,855 | (7,985) | | Total liabilities, mezzanine equity and equity | 773,740 | 48,095 | 725,645 | 39,103 | 478,795 | 187,770 | 19,977 | | ____________ | | | | | | | | | (1) Includes $20 million and $(24) million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2026 and December 31, 2025, respectively. | | | | | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED / (in millions) | SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED / As of June 30, 2026 / Senior Debt / Short-term Debt | SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED / As of June 30, 2026 / Senior Debt / Long-term Debt | SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED / As of June 30, 2026 / Junior Subordinated Long-term Debt | As of June 30, 2026 / Total Debt | As of December 31, 2025 / Senior Debt / Short-term Debt | As of December 31, 2025 / Senior Debt / Long-term Debt | As of December 31, 2025 / Junior Subordinated Long-term Debt | As of December 31, 2025 / Total Debt | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Borrowings by use of proceeds: | | | | | | | | | | Capital Debt | 48 | 6,568 | 7,590 | 14,206 | 36 | 6,464 | 7,595 | 14,095 | | Operating Debt | 875 | 4,361 | 749 | 5,985 | 1,374 | 4,359 | — | 5,733 | | Limited recourse and non-recourse borrowing | 32 | 395 | — | 427 | 33 | 438 | — | 471 | | Total Debt | 955 | 11,324 | 8,339 | 20,618 | 1,443 | 11,261 | 7,595 | 20,299 | | | As of June 30, 2026 | | | | As of December 31, 2025 | | | | | | Prudential Financial, Inc. | The Prudential Insurance Company of America (1) | Other Affiliates | Total Debt | Prudential Financial, Inc. | The Prudential Insurance Company of America (1) | Other Affiliates | Total Debt | | Borrowings by sources: | | | | | | | | | | Capital Debt | 14,168 | — | 38 | 14,206 | 14,055 | — | 40 | 14,095 | | Operating Debt | 5,135 | 850 | — | 5,985 | 4,884 | 849 | — | 5,733 | | Limited recourse and non-recourse borrowing | — | 28 | 399 | 427 | — | 33 | 438 | 471 | | Total Debt | 19,303 | 878 | 437 | 20,618 | 18,939 | 882 | 478 | 20,299 | | __________ | | | | | | | | | | (1) Includes Prudential Funding, LLC. | | | | | | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / STATEMENTS OF OPERATIONS - PGIM / (in millions) | 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Revenues (1): | | | | | Premiums | — | — | — | | Policy charges and fee income | — | — | — | | Net investment income | 48 | 73 | 107 | | Asset management fees, commissions and other income | 1,060 | 1,034 | 2,040 | | Total revenues | 1,108 | 1,107 | 2,147 | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | — | — | — | | Change in estimates of liability for future policy benefits | — | — | — | | Interest credited to policyholders' account balances | — | — | — | | Interest expense | 28 | 24 | 49 | | Deferral of acquisition costs | — | — | — | | Amortization of acquisition costs | — | — | — | | Operating expenses | 489 | 469 | 994 | | Variable expenses | 342 | 320 | 620 | | Total benefits and expenses | 859 | 813 | 1,663 | | Adjusted operating income (loss) before income taxes | 249 | 294 | 484 | | Total revenues | 1,108 | 1,107 | 2,147 | | Less: Passthrough distribution revenue | 21 | 20 | 40 | | Less: Revenue associated with consolidations | 42 | 44 | 67 | | Total adjusted revenues (2) | 1,045 | 1,043 | 2,040 | | Adjusted operating margin (2)(3) | 23.8%%% | 28.2%% | 23.7%% | | __________ | | | | | (1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions. | | | | | (2) Not calculated in accordance with GAAP. Adjusted revenue excludes pass-through distribution revenue, revenue attributable to consolidated entities and revenue associated with certain incentive fee-related compensation expense. Adjusted operating income before income taxes as a percentage of total adjusted revenues. | | | | | (3) Reported Operating Margin based on total revenues is 26.8%, 18.3%, 22.5%, 22.3% and 22.0% for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and 22.7% and 19.0% for the six months ended June 30, 2026 and June 30, 2025, respectively. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION / (in millions, or as otherwise noted) | PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION / 2025 | PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 1Q | 2026 | | Supplementary Revenue Information: | | | | | Analysis of revenues by type: | | | | | Asset management fees | 858 | 847 | 1,711 | | Other related revenues (1) | 107 | 65 | 159 | | Service, distribution and other revenues | 143 | 128 | 277 | | Total PGIM revenues | 1,108 | 1,040 | 2,147 | | Analysis of asset management fees by source: | | | | | Institutional customers - Third Party | 399 | 398 | 800 | | Retail customers - Third Party (2) | 236 | 216 | 440 | | Affiliated (2) | 223 | 233 | 471 | | Total asset management fees | 858 | 847 | 1,711 | | Trailing twelve months net flows by source (in billions): | | | | | Institutional customers - Third Party | 6.1 | 0.1 | | | Retail customers - Third Party | (4.0) | (3.6) | | | Affiliated | (1.6) | (3.4) | | | Total net flows | 0.5 | (6.9) | | | Trailing twelve months net flows by asset class (in billions): | | | | | Public equity | (17.9) | (22.6) | | | Public credit | 22.3 | 21.5 | | | Private credit | 5.2 | 3.8 | | | Real estate | 4.3 | 3.6 | | | Multi-asset | (14.6) | (14.2) | | | Other alternatives | 1.2 | 1.0 | | | Total net flows | 0.5 | (6.9) | | | Supplementary Assets Under Management Information (at fair market value) (in billions): | | | | | | June 30, 2026 | | | | | Private Credit | Real Estate | Total | | Institutional customers - Third Party | 30.5 | 71.1 | 663.0 | | Retail customers - Third Party | 0.1 | — | 282.3 | | Affiliated | 89.1 | 64.6 | 546.0 | | Total | 119.7 | 135.7 | 1,491.3 | | | June 30, 2025 | | | | | Private Credit | Real Estate | Total | | Institutional customers - Third Party | 28.3 | 69.2 | 647.6 | | Retail customers - Third Party | — | 0.2 | 256.7 | | Affiliated | 87.7 | 62.9 | 536.4 | | Total | 116.0 | 132.3 | 1,440.7 | | __________ | | | | | (1) Other related revenues, net of related expenses are $57 million, $35 million, $57 million, $64 million and $49 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $92 million and $68 million for the six months ended June 30, 2026 and June 30, 2025, respectively. | | | | | (2) First quarter 2026 has been updated to conform to current period presentation. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION / (in billions) | 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Institutional Customers - Third Party - Assets Under Management (at fair market value): | | | | | Beginning assets under management | 654.9 | 638.8 | 652.0 | | Additions | 20.6 | 22.3 | 47.0 | | Withdrawals | (25.0) | (19.2) | (42.3) | | Net institutional additions (withdrawals), excluding realizations, distributions and money market activity | (4.4) | 3.1 | 4.7 | | Realizations and distributions (1) | (3.1) | (1.9) | (5.0) | | Change in market value | 4.1 | 21.9 | 13.6 | | Net money market flows | 0.5 | 1.3 | (2.4) | | Other (2) | — | (0.2) | 0.1 | | Ending assets under management | 652.0 | 663.0 | 663.0 | | Retail Customers - Third Party - Assets Under Management (at fair market value): | | | | | Beginning assets under management | 265.2 | 259.0 | 267.0 | | Additions | 21.5 | 19.9 | 41.5 | | Withdrawals | (22.8) | (18.4) | (39.8) | | Net retail additions (withdrawals), excluding money market activity | (1.3) | 1.5 | 1.7 | | Change in market value | 2.7 | 19.6 | 11.0 | | Net money market flows | 0.7 | 2.4 | 3.5 | | Other (2) | (0.3) | (0.2) | (0.9) | | Ending assets under management | 267.0 | 282.3 | 282.3 | | Affiliated - Assets Under Management (at fair market value): | | | | | Beginning assets under management | 549.9 | 535.5 | 547.1 | | Additions | 17.3 | 16.8 | 35.0 | | Withdrawals | (21.2) | (19.8) | (39.9) | | Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity | (3.9) | (3.0) | (4.9) | | Realizations and distributions (1) | (0.1) | (0.1) | (0.2) | | Change in market value | 2.8 | 14.9 | 8.5 | | Net money market flows | 1.5 | (0.6) | (3.1) | | Other (2) | (3.1) | (0.7) | (1.4) | | Ending assets under management | 547.1 | 546.0 | 546.0 | | __________ | | | | | (1) Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations. | | | | | (2) In third quarter 2025, Prudential completed the sale of its ownership in the PGIM SITE business in Taiwan to E.SUN Financial Holding Co., Ltd. and the outflows of $4.0 billion and $1.4 billion are reflected in institutional and retail, respectively. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES / (in millions) | COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES / 2025 | COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums | 4,401 | 3,575 | 19% | | Policy charges and fee income | 1,016 | 1,041 | 1% | | Net investment income | 2,982 | 3,091 | 13% | | Asset management fees, commissions and other income | 548 | 505 | -10% | | Total revenues | 8,947 | 8,212 | 12% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 5,503 | 4,629 | 15% | | Change in estimates of liability for future policy benefits | 45 | 160 | 218% | | Interest credited to policyholders' account balances | 856 | 953 | 24% | | Interest expense | 299 | 294 | 1% | | Deferral of acquisition costs | (432) | (428) | 2% | | Amortization of acquisition costs | 244 | 255 | 8% | | Operating expenses | 521 | 542 | -1% | | Variable expenses | 860 | 850 | 1% | | Total benefits and expenses | 7,896 | 7,255 | 14% | | Adjusted operating income (loss) before income taxes | 1,051 | 957 | 1% | | __________ | | | | | (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. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT / (in millions) | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT / 2025 | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums (2) | 2,832 | 1,952 | 34% | | Policy charges and fee income | 28 | 33 | 16% | | Net investment income | 1,998 | 2,096 | 17% | | Asset management fees, commissions and other income | 129 | 92 | -20% | | Total revenues | 4,987 | 4,173 | 24% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 3,524 | 2,642 | 25% | | Change in estimates of liability for future policy benefits | 53 | 153 | 82% | | Interest credited to policyholders' account balances | 607 | 690 | 36% | | Interest expense | 12 | 7 | -25% | | Deferral of acquisition costs | (166) | (177) | 15% | | Amortization of acquisition costs | 87 | 89 | 27% | | Operating expenses | 134 | 145 | 5% | | Variable expenses | 200 | 232 | -4% | | Total benefits and expenses | 4,451 | 3,781 | 27% | | Adjusted operating income (loss) before income taxes | 536 | 392 | 4% | | __________ | | | | | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. | | | | | (2) Includes pension risk transfer premiums of $0.2 billion, $1.4 billion, $1.0 billion, $2.4 billion and $0.2 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $1.6 billion and $0.2 billion for the six months ended June 30, 2026 and June 30, 2025, respectively. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES / (in millions) | U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES / 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Sales and Additions: | | | | | Retail annuities (1) | 3,574 | 3,585 | 6,869 | | Longevity reinsurance (2) | 80 | 980 | 1,134 | | Fee-based stable value | 1,086 | 915 | 2,028 | | Pension risk transfer and other (3) | 2,520 | 1,367 | 4,185 | | Total | 7,260 | 6,847 | 14,216 | | Account Value: | | | | | Beginning account value, gross | 365,143 | 369,081 | 370,038 | | Sales and additions | 7,260 | 6,847 | 14,216 | | Withdrawals and benefits | (7,682) | (6,627) | (14,684) | | Net flows | (422) | 220 | (468) | | Change in market value, interest credited and policy charges | 4,190 | 7,029 | 8,546 | | Other (4) | 1,127 | 349 | (1,437) | | Ending account value, gross | 370,038 | 376,679 | 376,679 | | Reinsurance ceded | (12,888) | (13,949) | (13,949) | | Ending account value, net | 357,150 | 362,730 | 362,730 | | Amounts included in net flows above: | | | | | Retail annuities (1) | 2,785 | 2,629 | 5,058 | | Longevity reinsurance (2) | (1,706) | (838) | (2,502) | | Fee-based stable value | (1,191) | (99) | (1,356) | | Pension risk transfer and other (3) | (310) | (1,472) | (1,668) | | Total | (422) | 220 | (468) | | Amounts included in ending account value, net above: | | | | | Retail annuities (1) | 57,532 | 65,648 | | | Longevity reinsurance (2) | 123,120 | 120,662 | | | Fee-based stable value | 67,763 | 67,060 | | | Pension risk transfer and other (3) | 108,735 | 109,360 | | | Total | 357,150 | 362,730 | | | __________ | | | | | (1) Primarily includes FlexGuard suite (Registered Index-Linked Annuities) and fixed annuity products. | | | | | (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. | | | | | (3) Includes spread-based stable value, structured settlements and funding agreement-backed notes. | | | | | (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE / (in millions) | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE / 2025 | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums | 1,321 | 1,360 | —% | | Policy charges and fee income | 164 | 178 | -4% | | Net investment income | 138 | 146 | 6% | | Asset management fees, commissions and other income | 22 | 24 | 5% | | Total revenues | 1,645 | 1,708 | —% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 1,224 | 1,208 | —% | | Change in estimates of liability for future policy benefits | — | (3) | — | | Interest credited to policyholders' account balances | 37 | 32 | -3% | | Interest expense | 4 | 4 | -10% | | Deferral of acquisition costs | — | (25) | -525% | | Amortization of acquisition costs | 1 | 2 | -33% | | Operating expenses | 190 | 199 | 7% | | Variable expenses | 112 | 136 | 14% | | Total benefits and expenses | 1,568 | 1,553 | 1% | | Adjusted operating income (loss) before income taxes | 77 | 155 | -10% | | __________ | | | | | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION / (dollar amounts in millions, or as otherwise noted) | U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION / 2025 | U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Annualized New Business Premiums: | | | | | Group life | 29 | 17 | 228 | | Group disability | 27 | 56 | 371 | | Total | 56 | 73 | 599 | | Future Policy Benefits (1): | | | | | Group life | 2,306 | 2,198 | | | Group disability | 3,398 | 3,529 | | | Total | 5,704 | 5,727 | | | Policyholders' Account Balances (1): | | | | | Group life | 4,732 | 4,618 | | | Group disability | 100 | 108 | | | Total | 4,832 | 4,726 | | | Separate Account Liabilities (1): | | | | | Group life | 26,916 | 28,058 | | | Group Life Insurance: | | | | | Gross premiums, policy charges and fee income (2) | 1,159 | 1,209 | 2,350 | | Earned premiums | 916 | 907 | 1,853 | | Earned policy charges and fee income | 137 | 147 | 303 | | Benefits ratio (3) | 81.3%%% | 81.2%% | 83.6%% | | Administrative expense ratio | 11.7%%% | 11.3%% | 11.4%% | | Persistency ratio | 96.1%%% | 96.3%% | | | Group Disability Insurance: | | | | | Gross premiums, policy charges and fee income (2) | 432 | 490 | 967 | | Earned premiums | 405 | 453 | 897 | | Earned policy charges and fee income | 27 | 31 | 61 | | Benefits ratio (3) | 85.3%%% | 78.5%% | 78.4%% | | Administrative expense ratio | 24.9%%% | 23.8%% | 25.0%% | | Persistency ratio | 91.8%%% | 93.7%% | | | Total Group Insurance: | | | | | Benefits ratio (3) | 82.5%%% | 80.4%% | 82.0%% | | Administrative expense ratio | 15.5%%% | 15.1%% | 15.5%% | | Net face amount of policies in force (in billions) (4) | 2,117 | 2,108 | | | __________ | | | | | (1) As of end of period. | | | | | (2) Before returns of premiums to participating policyholders for favorable claims experience. | | | | | (3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 76.2%, 82.7% and 78.3% for the three months ended June 30, 2026, respectively, and 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively. | | | | | (4) At end of period; net of reinsurance. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE / (in millions) | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE / 2025 | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums | 231 | 232 | -1% | | Policy charges and fee income | 445 | 460 | 14% | | Net investment income | 358 | 377 | 5% | | Asset management fees, commissions and other income | 90 | 92 | 10% | | Total revenues | 1,124 | 1,161 | 7% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 422 | 457 | -3% | | Change in estimates of liability for future policy benefits | (3) | (7) | 52% | | Interest credited to policyholders' account balances | 149 | 163 | 7% | | Interest expense | 105 | 104 | -2% | | Deferral of acquisition costs | (250) | (222) | -10% | | Amortization of acquisition costs | 106 | 111 | 4% | | Operating expenses | 104 | 110 | -15% | | Variable expenses | 305 | 269 | 9% | | Total benefits and expenses | 938 | 985 | -1% | | Adjusted operating income (loss) before income taxes | 186 | 176 | 135% | | __________ | | | | | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION / (in millions, or as otherwise noted) | U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION / 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | ANNUALIZED NEW BUSINESS PREMIUMS (1): | | | | | Term life | 36 | 42 | 80 | | Universal life | 21 | 20 | 37 | | Variable life | 201 | 175 | 371 | | Total | 258 | 237 | 488 | | ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1): | | | | | Prudential Advisors | 49 | 50 | 94 | | Third party distribution | 209 | 187 | 394 | | Total | 258 | 237 | 488 | | ACCOUNT VALUE ACTIVITY: | | | | | Policyholders' Account Balances (2): | | | | | Beginning account balance | 19,940 | 20,238 | 20,118 | | Premiums and deposits | 361 | 348 | 740 | | Surrenders and withdrawals | (557) | (454) | (914) | | Net sales (redemptions) | (196) | (106) | (174) | | Benefit payments | 53 | (20) | (39) | | Net flows | (143) | (126) | (213) | | Interest credited and other | 179 | 593 | 724 | | Net transfers (to) from separate account | 288 | 242 | 461 | | Policy charges | (146) | (140) | (283) | | Ending account balance | 20,118 | 20,807 | 20,807 | | Separate Account Liabilities: | | | | | Beginning account balance | 61,376 | 60,704 | 62,594 | | Premiums and deposits | 1,293 | 1,115 | 2,292 | | Surrenders and withdrawals | (558) | (424) | (773) | | Net sales (redemptions) | 735 | 691 | 1,519 | | Benefit payments | (244) | (98) | (386) | | Net flows | 491 | 593 | 1,133 | | Change in market value, interest credited and other | 1,398 | 6,935 | 5,110 | | Net transfers (to) from general account | (288) | (242) | (461) | | Policy charges | (383) | (390) | (776) | | Ending account balance | 62,594 | 67,600 | 67,600 | | NET FACE AMOUNT IN FORCE (in billions) (3): | | | | | Term life | 284 | 293 | | | Universal life | 25 | 25 | | | Variable life | 176 | 182 | | | Total | 485 | 500 | | | __________ | | | | | (1) Excludes corporate-owned life insurance. | | | | | (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. | | | | | (3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS / (in millions) | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS / 2025 | STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums | 17 | 31 | 60% | | Policy charges and fee income | 379 | 370 | -10% | | Net investment income | 488 | 472 | 4% | | Asset management fees, commissions and other income | 307 | 297 | -13% | | Total revenues | 1,191 | 1,170 | -4% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 333 | 322 | 11% | | Change in estimates of liability for future policy benefits | (5) | 17 | 310% | | Interest credited to policyholders' account balances | 63 | 68 | -7% | | Interest expense | 178 | 179 | 6% | | Deferral of acquisition costs | (16) | (4) | 72% | | Amortization of acquisition costs | 50 | 53 | -6% | | Operating expenses | 93 | 88 | -8% | | Variable expenses | 243 | 213 | -7% | | Total benefits and expenses | 939 | 936 | 4% | | Adjusted operating income (loss) before income taxes | 252 | 234 | -28% | | __________ | | | | | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION / (in millions, or as otherwise noted) | U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION / 2025 | U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Annuities Account Value (1): | | | | | Beginning account value, gross | 90,034 | 81,636 | 87,203 | | Premiums and deposits (2) | 6 | 5 | 10 | | Full surrenders and death benefits | (2,576) | (2,613) | (5,038) | | Premiums and deposits net of full surrenders and death benefits | (2,570) | (2,608) | (5,028) | | Partial withdrawals and other benefit payments | (1,228) | (934) | (2,065) | | Net flows | (3,798) | (3,542) | (7,093) | | Change in market value interest credited and other | 1,433 | 5,787 | 4,204 | | Policy charges | (466) | (426) | (859) | | Ending account value, gross | 87,203 | 83,455 | 83,455 | | Reinsurance ceded | (7,954) | (7,361) | (7,361) | | Ending account value, net | 79,249 | 76,094 | 76,094 | | Guaranteed Universal Life Policyholders' Account Balances (3): | | | | | Beginning account balance, gross | 14,720 | 14,921 | 14,897 | | Premiums and deposits (2) | 479 | 316 | 647 | | Surrenders and withdrawals | (29) | (26) | (50) | | Net premiums (redemptions) | 450 | 290 | 597 | | Benefit payments | (24) | (31) | (62) | | Net flows | 426 | 259 | 535 | | Interest credited and other | 140 | 137 | 268 | | Policy charges | (389) | (381) | (764) | | Ending account balance, gross | 14,897 | 14,936 | 14,936 | | Reinsurance ceded | (9,244) | (9,291) | (9,291) | | Ending account balance, net | 5,653 | 5,645 | 5,645 | | Net Face Amount In Force (in billions) (4): | | | | | Guaranteed Universal Life | 37 | 37 | | | __________ | | | | | (1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts. | | | | | (2) Represents renewal premiums or additional deposits on existing policies/contracts. | | | | | (3) Includes fixed rate funds and deferred revenues on guaranteed universal life products. | | | | | (4) At end of period; net of reinsurance. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / U.S. BUSINESSES - U.S. LEGACY PRODUCTS - MARKET RISK BENEFIT FEATURES / (in millions) | 2025 | 2026 | | --- | --- | --- | | | 4Q | 2Q | | MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1): | | | | Market Risk Benefits Account Values by Risk Management Design: | | | | Account Values with Auto-Rebalancing Feature - risk retained by Prudential | 60,554 | 58,028 | | Account Values with Auto-Rebalancing Feature - externally reinsured | 1,628 | 1,495 | | Account Values without Auto-Rebalancing Feature | 20,937 | 19,867 | | Total | 83,119 | 79,390 | | Market Risk Benefits Net Amount at Risk by Product Design Type: | | | | Net Amount at Risk with Auto-Rebalancing Feature | 5,558 | 5,325 | | Net Amount at Risk without Auto-Rebalancing Feature | 2,517 | 2,588 | | Total | 8,075 | 7,913 | | __________ | | | | (1) At end of period. | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES / (in millions) | STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES / 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums | 2,627 | 2,755 | -1% | | Policy charges and fee income | 104 | 114 | 28% | | Net investment income | 1,569 | 1,643 | 11% | | Asset management fees, commissions and other income | 116 | 179 | 8% | | Total revenues | 4,416 | 4,691 | 4% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 2,428 | 2,368 | -4% | | Change in estimates of liability for future policy benefits | 5 | 187 | 614% | | Interest credited to policyholders' account balances | 402 | 425 | 17% | | Interest expense | 1 | 6 | —% | | Deferral of acquisition costs | (286) | (240) | 17% | | Amortization of acquisition costs | 179 | 179 | 4% | | Operating expenses | 499 | 535 | 22% | | Variable expenses | 431 | 376 | -15% | | Total benefits and expenses | 3,659 | 3,836 | 4% | | Adjusted operating income (loss) before income taxes | 757 | 855 | 3% | | __________ | | | | | (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, 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. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION / (in millions) | 2025 | 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | 2026 | | Actual exchange rate basis (1): | | | | | Net premiums, policy charges and fee income: | | | | | Japan | 2,350 | 2,445 | 5,133 | | Emerging Markets | 381 | 424 | 802 | | Total | 2,731 | 2,869 | 5,935 | | Annualized new business premiums: | | | | | Japan | 410 | 258 | 586 | | Emerging Markets | 112 | 118 | 219 | | Total | 522 | 376 | 805 | | Annualized new business premiums by distribution channel: | | | | | Life Planners | 224 | 78 | 232 | | Life Consultants | 110 | 109 | 214 | | Banks | 103 | 86 | 171 | | Independent Agency and Other | 85 | 103 | 188 | | Total | 522 | 376 | 805 | | Constant exchange rate basis (2): | | | | | Net premiums, policy charges and fee income: | | | | | Japan | 2,395 | 2,531 | 5,301 | | Emerging Markets | 345 | 359 | 691 | | Total | 2,740 | 2,890 | 5,992 | | Annualized new business premiums: | | | | | Japan | 417 | 262 | 597 | | Emerging Markets | 101 | 99 | 188 | | Total | 518 | 361 | 785 | | Annualized new business premiums by distribution channel: | | | | | Life Planners | 225 | 69 | 221 | | Life Consultants | 111 | 110 | 217 | | Banks | 100 | 81 | 163 | | Independent Agency and Other | 82 | 101 | 184 | | Total | 518 | 361 | 785 | | __________ | | | | | (1) Translated based on applicable average exchange rates for the period shown. | | | | | (2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION | 2025 | 2026 | | --- | --- | --- | | | 4Q | 2Q | | Face amount of individual policies in force at end of period (in billions) (1)(2): | | | | (Constant exchange rate basis) | | | | Japan | 512 | 501 | | Emerging Markets | 53 | 59 | | Total | 565 | 560 | | Policyholder Account Balances at end of period (in millions) (1)(2): | | | | (Constant exchange rate basis) | | | | International Businesses | 54,797 | 56,936 | | Number of individual policies in force at end of period (in thousands) (3): | | | | Japan | 11,136 | 10,945 | | Emerging Markets | 907 | 939 | | Total | 12,043 | 11,884 | | International Businesses life insurance individual policy persistency: | | | | 13 months | 94.0%%% | 93.7%% | | 25 months | 83.0%%% | 85.6%% | | Number of Life Planners at end of period: | | | | Japan | 4,283 | 4,068 | | Emerging Markets | 1,952 | 2,101 | | Total Life Planners | 6,235 | 6,169 | | Life Consultants | 6,983 | 6,917 | | __________ | | | | (1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. | | | | (2) Net of reinsurance. | | | | (3) Direct business only; policy count includes annuities. | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / STATEMENTS OF OPERATIONS - CORPORATE AND OTHER / (in millions) | STATEMENTS OF OPERATIONS - CORPORATE AND OTHER / 2025 | STATEMENTS OF OPERATIONS - CORPORATE AND OTHER / 2026 | Year-to-date | | --- | --- | --- | --- | | | 4Q | 2Q | % change | | Revenues (1): | | | | | Premiums | — | (5) | 38% | | Policy charges and fee income | (14) | (17) | -7% | | Net investment income | 348 | 345 | -2% | | Asset management fees, commissions and other income | (285) | (178) | 13% | | Total revenues | 49 | 145 | 162% | | Benefits and expenses (1): | | | | | Insurance and annuity benefits | 5 | (4) | 22% | | Change in estimates of liability for future policy benefits | — | — | — | | Interest credited to policyholders' account balances | 13 | 2 | -75% | | Interest expense | 205 | 217 | 3% | | Deferral of acquisition costs | 37 | 33 | -10% | | Amortization of acquisition costs | (15) | (16) | -6% | | Operating expenses | 367 | 188 | 5% | | Variable expenses | (11) | 4 | -350% | | Total benefits and expenses | 601 | 424 | -3% | | Adjusted operating income (loss) before income taxes | (552) | (279) | 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. | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INVESTMENT PORTFOLIO COMPOSITION / (in millions) | June 30, 2026 / Total Portfolio | June 30, 2026 / Closed Block Division | June 30, 2026 / Funds Withheld (1) | June 30, 2026 / PFI Excluding Closed Block Division and Funds Withheld / Amount | June 30, 2026 / PFI Excluding Closed Block Division and Funds Withheld / % of Total | December 31, 2025 / Total Portfolio | December 31, 2025 / Closed Block Division | December 31, 2025 / Funds Withheld (1) | December 31, 2025 / PFI Excluding Closed Block Division and Funds Withheld / Amount | December 31, 2025 / PFI Excluding Closed Block Division and Funds Withheld / % of Total | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fixed maturities: | | | | | | | | | | | | Public, available-for-sale, at fair value | 239,451 | 17,934 | 4,714 | 216,803 | 52.8% | 238,205 | 18,833 | 4,576 | 214,796 | 53.6% | | Private, available-for-sale, at fair value | 93,913 | 10,018 | 2,087 | 81,808 | 19.9% | 92,900 | 10,049 | 2,217 | 80,634 | 20.2% | | Fixed maturities, trading, at fair value | 15,429 | 550 | 9,945 | 4,934 | 1.2% | 14,448 | 581 | 9,049 | 4,818 | 1.2% | | Assets supporting experience-rated contractholder liabilities, at fair value | 5,405 | — | — | 5,405 | 1.3% | 4,842 | — | — | 4,842 | 1.2% | | Equity securities, at fair value | 13,900 | 1,631 | 58 | 12,211 | 3.0% | 10,515 | 1,593 | — | 8,922 | 2.2% | | Commercial mortgage and other loans, at book value, net of allowance | 65,301 | 7,475 | 368 | 57,458 | 14.0% | 63,921 | 7,463 | 263 | 56,195 | 14.0% | | Policy loans, at outstanding balance | 9,984 | 3,157 | — | 6,827 | 1.7% | 9,958 | 3,217 | — | 6,741 | 1.7% | | Other invested assets, net of allowance (2) | 25,220 | 4,621 | 2,049 | 18,550 | 4.5% | 24,066 | 4,532 | 1,850 | 17,684 | 4.4% | | Short-term investments, net of allowance | 7,214 | 282 | 115 | 6,817 | 1.6% | 6,404 | 255 | 71 | 6,078 | 1.5% | | Subtotal (3) | 475,817 | 45,668 | 19,336 | 410,813 | 100.0% | 465,259 | 46,523 | 18,026 | 400,710 | 100.0% | | Invested assets of other entities and operations (4) | 6,020 | — | — | 6,020 | | 5,260 | — | — | 5,260 | | | Total investments | 481,837 | 45,668 | 19,336 | 416,833 | | 470,519 | 46,523 | 18,026 | 405,970 | | | Fixed Maturities by Credit Quality (3)(5): | June 30, 2026 | | | | | December 31, 2025 | | | | | | | 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 | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | % of Total | | Public Fixed Maturities: | | | | | | | | | | | | NAIC Rating (6) | | | | | | | | | | | | 1 | 186,020 | 1,728 | 25,045 | — | 162,703% | 2,585 | 23,277 | — | 163,360 | 76.1% | | 2 | 49,396 | 621 | 3,161 | 2 | 46,854% | 907 | 2,952 | — | 44,615 | 20.8% | | Subtotal - High or Highest Quality Securities | 235,416 | 2,349 | 28,206 | 2 | 209,557% | 3,492 | 26,229 | — | 207,975 | 96.9% | | 3 | 6,333 | 67 | 741 | — | 5,659% | 86 | 540 | — | 5,151 | 2.4% | | 4 | 1,116 | 32 | 15 | — | 1,133% | 44 | 9 | — | 1,140 | 0.5% | | 5 | 436 | 12 | 13 | 22 | 413% | 16 | 25 | 7 | 464 | 0.2% | | 6 | 59 | 6 | 1 | 23 | 41% | 6 | 5 | 22 | 66 | 0.0% | | Subtotal - Other Securities | 7,944 | 117 | 770 | 45 | 7,246% | 152 | 579 | 29 | 6,821 | 3.1% | | Total | 243,360 | 2,466 | 28,976 | 47 | 216,803% | 3,644 | 26,808 | 29 | 214,796 | 100.0% | | Private Fixed Maturities: | | | | | | | | | | | | NAIC Rating (6) | | | | | | | | | | | | 1 | 22,032 | 241 | 1,599 | — | 20,674% | 336 | 1,431 | — | 20,267 | 25.1% | | 2 | 49,648 | 1,257 | 2,295 | — | 48,610% | 1,777 | 1,961 | — | 47,794 | 59.3% | | Subtotal - High or Highest Quality Securities | 71,680 | 1,498 | 3,894 | — | 69,284% | 2,113 | 3,392 | — | 68,061 | 84.4% | | 3 | 7,644 | 285 | 148 | 45 | 7,736% | 390 | 116 | 19 | 7,836 | 9.7% | | 4 | 3,992 | 34 | 91 | — | 3,935% | 54 | 52 | 22 | 3,323 | 4.1% | | 5 | 696 | 15 | 21 | 34 | 656% | 22 | 20 | 44 | 1,186 | 1.5% | | 6 | 197 | 33 | 4 | 29 | 197% | 29 | 6 | 39 | 228 | 0.3% | | Subtotal - Other Securities | 12,529 | 367 | 264 | 108 | 12,524% | 495 | 194 | 124 | 12,573 | 15.6% | | Total | 84,209 | 1,865 | 4,158 | 108 | 81,808% | 2,608 | 3,586 | 124 | 80,634 | 100.0% | | _____________ | | | | | | | | | | | | (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | | | | | | | | | | | | (2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. | | | | | | | | | | | | (3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet. | | | | | | | | | | | | (4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet. | | | | | | | | | | | | (5) Excludes fixed maturity securities classified as trading. | | | | | | | | | | | | (6) Reflects equivalent ratings for investments of the international operations. Includes, as of June 30, 2026 and December 31, 2025, 2,018 securities with amortized cost of $10,759 million (fair value $10,766 million) and 1,482 securities with amortized cost of $9,683 million (fair value $9,598 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings. | | | | | | | | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1) / (in millions) | INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1) / (in millions) / June 30, 2026 / Amount | INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1) / (in millions) / June 30, 2026 / % of Total | INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1) / (in millions) / December 31, 2025 / Amount | December 31, 2025 / % of Total | | --- | --- | --- | --- | --- | | Investment Portfolio Composition - Japanese Insurance Operations (2): | | | | | | Fixed maturities: | | | | | | Public, available-for-sale, at fair value | 100,483 | 65.1% | 102,061 | 65.4% | | Private, available-for-sale, at fair value | 20,540 | 13.3% | 21,284 | 13.6% | | Fixed maturities, trading, at fair value | 718 | 0.5% | 551 | 0.3% | | Assets supporting experience-rated contractholder liabilities, at fair value | 5,405 | 3.5% | 4,842 | 3.1% | | Equity securities, at fair value | 1,610 | 1.0% | 1,652 | 1.1% | | Commercial mortgage and other loans, at book value, net of allowance | 14,139 | 9.1% | 14,487 | 9.3% | | Policy loans, at outstanding balance | 2,667 | 1.7% | 2,708 | 1.7% | | Other invested assets, net of allowance (3) | 6,862 | 4.4% | 6,357 | 4.1% | | Short-term investments, net of allowance | 2,230 | 1.4% | 2,166 | 1.4% | | Total | 154,654 | 100.0% | 156,108 | 100.0% | | | June 30, 2026 | | December 31, 2025 | | | | Amount | % of Total | Amount | % of Total | | Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2): | | | | | | Fixed maturities: | | | | | | Public, available-for-sale, at fair value | 116,320 | 45.5% | 112,735 | 46.1% | | Private, available-for-sale, at fair value | 61,268 | 23.9% | 59,350 | 24.3% | | Fixed maturities, trading, at fair value | 4,216 | 1.6% | 4,267 | 1.7% | | Assets supporting experience-rated contractholder liabilities, at fair value | — | 0.0% | — | 0.0% | | Equity securities, at fair value | 10,601 | 4.1% | 7,270 | 3.0% | | Commercial mortgage and other loans, at book value, net of allowance | 43,319 | 16.9% | 41,708 | 17.1% | | Policy loans, at outstanding balance | 4,160 | 1.6% | 4,033 | 1.6% | | Other invested assets, net of allowance (3) | 11,688 | 4.6% | 11,327 | 4.6% | | Short-term investments, net of allowance | 4,587 | 1.8% | 3,912 | 1.6% | | Total | 256,159 | 100.0% | 244,602 | 100.0% | | __________ | | | | | | (1) Excludes Closed Block division. | | | | | | (2) Excludes assets classified as "Separate account assets" on our balance sheet. | | | | | | (3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. | | | | | _(in millions)_ | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INVESTMENT RESULTS (1) | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INVESTMENT RESULTS (1) / Three Months Ended June 30, 2026 / Investment Income / Yield (2) | INVESTMENT RESULTS (1) / Three Months Ended June 30, 2026 / Investment Income / Amount | INVESTMENT RESULTS (1) / Three Months Ended June 30, 2026 / Realized Gains (Losses) | INVESTMENT RESULTS (1) / Three Months Ended June 30, 2025 / Investment Income / Yield (2) | INVESTMENT RESULTS (1) / Three Months Ended June 30, 2025 / Investment Income / Amount | INVESTMENT RESULTS (1) / Three Months Ended June 30, 2025 / Realized Gains (Losses) | | --- | --- | --- | --- | --- | --- | --- | | General Account (3) | | | | | | | | Fixed maturities (4) | 4.67% | 3,791 | (314) | 4.39% | 3,406 | (78) | | Equity securities | 2.99% | 85 | — | 2.63% | 41 | — | | Commercial mortgage and other loans | 4.77% | 674 | (25) | 4.42% | 597 | (64) | | Policy loans | 4.40% | 75 | — | 4.52% | 74 | — | | Short-term investments and cash equivalents | 4.97% | 185 | 2 | 4.82% | 202 | — | | Gross investment income before investment expenses | 4.64% | 4,810 | (337) | 4.39% | 4,320 | (142) | | Investment expenses | -0.17% | (320) | — | -0.16% | (293) | — | | Subtotal | 4.47% | 4,490 | (337) | 4.23% | 4,027 | (142) | | Other investments (4) | | 304 | (674) | | 261 | (1,133) | | Investment results of other entities and operations (5) | | 88 | (10) | | 72 | (25) | | Investment results of Funds Withheld (6) | | 388 | (508) | | 355 | (201) | | Less: investment income related to adjusted operating income reconciling items | | (118) | — | | (115) | — | | Total | | 5,152 | (1,529) | | 4,600 | (1,501) | | | Six Months Ended June 30, | | | | | | | | 2026 | | | 2025 | | | | | Investment Income | | Realized Gains (Losses) | Investment Income | | Realized Gains (Losses) | | | Yield (2) | Amount | | Yield (2) | Amount | | | General Account (3) | | | | | | | | Fixed maturities (4) | 4.68% | 7,493 | (930) | 4.40% | 6,719 | (38) | | Equity securities | 2.70% | 142 | — | 2.38% | 78 | — | | Commercial mortgage and other loans | 4.73% | 1,324 | (50) | 4.46% | 1,197 | (114) | | Policy loans | 4.46% | 150 | — | 4.54% | 147 | — | | Short-term investments and cash equivalents | 4.86% | 385 | (5) | 4.45% | 432 | — | | Gross investment income before investment expenses | 4.64% | 9,494 | (985) | 4.40% | 8,573 | (152) | | Investment expenses | -0.17% | (622) | — | -0.16% | (576) | — | | Subtotal | 4.47% | 8,872 | (985) | 4.24% | 7,997 | (152) | | Other investments (4) | | 627 | (402) | | 546 | (1,429) | | Investment results of other entities and operations (5) | | 137 | 30 | | 104 | (2) | | Investment results of Funds Withheld (6) | | 769 | (508) | | 705 | (591) | | Less: investment income related to adjusted operating income reconciling items | | (245) | — | | (233) | — | | Total | | 10,160 | (1,865) | | 9,119 | (2,174) | | ________ | | | | | | | | (1) Excludes Closed Block division. | | | | | | | | (2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. | | | | | | | | (3) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties, assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | | | | | | | | (4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives. | | | | | | | | (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. | | | | | | | | (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | | | | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS / (in millions) | Three Months Ended June 30, 2026 / Investment Income / Yield (1) | Three Months Ended June 30, 2026 / Investment Income / Amount | Three Months Ended June 30, 2026 / Realized Gains (Losses) | Three Months Ended June 30, 2025 / Investment Income / Yield (1) | Three Months Ended June 30, 2025 / Investment Income / Amount | Three Months Ended June 30, 2025 / Realized Gains (Losses) | | --- | --- | --- | --- | --- | --- | --- | | Japanese Insurance Operations: | | | | | | | | Fixed maturities (2) | 3.45% | 1,219 | (238) | 3.16% | 1,108 | (27) | | Equity securities | 5.10% | 20 | — | 4.78% | 21 | — | | Commercial mortgage and other loans | 3.93% | 139 | (15) | 3.72% | 145 | (8) | | Policy loans | 3.63% | 25 | — | 3.70% | 26 | — | | Short-term investments and cash equivalents | 4.14% | 40 | 1 | 4.31% | 44 | — | | Gross investment income before investment expenses | 3.53% | 1,443 | (252) | 3.26% | 1,344 | (35) | | Investment expenses | -0.12% | (87) | — | -0.13% | (89) | — | | Subtotal | 3.41% | 1,356 | (252) | 3.13% | 1,255 | (35) | | Other investments (2) | | 174 | (15) | | 119 | (194) | | Total | | 1,530 | (267) | | 1,374 | (229) | | | Six Months Ended June 30, | | | | | | | | 2026 | | | 2025 | | | | | Investment Income | | Realized Gains (Losses) | Investment Income | | Realized Gains (Losses) | | | Yield (1) | Amount | | Yield (1) | Amount | | | Japanese Insurance Operations: | | | | | | | | Fixed maturities (2) | 3.45% | 2,420 | (787) | 3.17% | 2,202 | 84 | | Equity securities | 3.78% | 30 | — | 3.42% | 30 | — | | Commercial mortgage and other loans | 3.88% | 275 | (15) | 3.78% | 296 | (14) | | Policy loans | 3.73% | 50 | — | 3.79% | 51 | — | | Short-term investments and cash equivalents | 4.11% | 86 | (1) | 4.14% | 81 | — | | Gross investment income before investment expenses | 3.51% | 2,861 | (803) | 3.26% | 2,660 | 70 | | Investment expenses | -0.12% | (171) | — | -0.13% | (171) | — | | Subtotal | 3.39% | 2,690 | (803) | 3.13% | 2,489 | 70 | | Other investments (2) | | 320 | 5 | | 261 | (138) | | Total | | 3,010 | (798) | | 2,750 | (68) | | __________ | | | | | | | | (1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. | | | | | | | | (2) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments". Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains / (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives. | | | | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1) / (in millions) | INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1) / Three Months Ended June 30, 2026 / Investment Income / Yield (2) | INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1) / Three Months Ended June 30, 2026 / Investment Income / Amount | INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1) / Three Months Ended June 30, 2026 / Realized Gains (Losses) | Three Months Ended June 30, 2025 / Investment Income / Yield (2) | Three Months Ended June 30, 2025 / Investment Income / Amount | Three Months Ended June 30, 2025 / Realized Gains (Losses) | | --- | --- | --- | --- | --- | --- | --- | | Excluding Funds Withheld and Japanese Insurance Operations (3): | | | | | | | | Fixed maturities (4) | 5.63% | 2,572 | (76) | 5.43% | 2,298 | (51) | | Equity securities | 2.64% | 65 | — | 1.78% | 20 | — | | Commercial mortgage and other loans | 5.04% | 535 | (10) | 4.70% | 452 | (56) | | Policy loans | 4.89% | 50 | — | 5.09% | 48 | — | | Short-term investments and cash equivalents | 5.26% | 145 | 1 | 4.99% | 158 | — | | Gross investment income before investment expenses | 5.37% | 3,367 | (85) | 5.20% | 2,976 | (107) | | Investment expenses | -0.20% | (233) | — | -0.18% | (204) | — | | Subtotal | 5.17% | 3,134 | (85) | 5.02% | 2,772 | (107) | | Other investments (4) | | 130 | (659) | | 142 | (939) | | Total | | 3,264 | (744) | | 2,914 | (1,046) | | | Six Months Ended June 30, | | | | | | | | 2026 | | | 2025 | | | | | Investment Income | | Realized Gains (Losses) | Investment Income | | Realized Gains (Losses) | | | Yield (2) | Amount | | Yield (2) | Amount | | | Excluding Funds Withheld and Japanese Insurance Operations (3): | | | | | | | | Fixed maturities (4) | 5.65% | 5,073 | (143) | 5.46% | 4,517 | (122) | | Equity securities | 2.50% | 112 | — | 2.00% | 48 | — | | Commercial mortgage and other loans | 5.01% | 1,049 | (35) | 4.74% | 901 | (100) | | Policy loans | 4.94% | 100 | — | 5.06% | 96 | — | | Short-term investments and cash equivalents | 5.13% | 299 | (4) | 4.54% | 351 | — | | Gross investment income before investment expenses | 5.39% | 6,633 | (182) | 5.23% | 5,913 | (222) | | Investment expenses | -0.20% | (451) | — | -0.18% | (405) | — | | Subtotal | 5.19% | 6,182 | (182) | 5.05% | 5,508 | (222) | | Other investments (4) | | 307 | (407) | | 285 | (1,291) | | Total | | 6,489 | (589) | | 5,793 | (1,513) | | __________ | | | | | | | | (1) Excludes Closed Block division. | | | | | | | | (2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. | | | | | | | | (3) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. | | | | | | | | (4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives. | | | | | | | _Three Months Ended June 30, 2026_ | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / (in millions) | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Premiums | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Policy Charges and Fee Income | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Net investment income | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Asset Management Fees, Commissions and Other Income | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Insurance and Annuity Benefits | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Change in Estimates of Liability for Future Policy Benefits | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Deferral of Acquisition Costs | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Amortization of Acquisition Costs | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Operating Expenses | ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS / Adjusted Operating Income (Loss) Before Income Taxes | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Retirement | 21 | — | (9) | — | (14) | 117 | — | — | — | (91) | | Group Insurance | (22) | — | — | — | (50) | — | — | — | — | 28 | | Individual Life | — | 24 | — | — | 2 | (8) | — | — | — | 30 | | U.S. Legacy Products | — | 36 | — | — | — | 21 | — | — | — | 15 | | International Businesses | 263 | — | — | 9 | — | 193 | — | — | — | 79 | | Corporate and Other | — | — | — | — | — | (4) | — | — | — | 4 | | Total | 262 | 60 | (9) | 9 | (62) | 319 | — | — | — | 65 | | | Three Months Ended June 30, 2025 | | | | | | | | | | | | Premiums | Policy Charges and Fee Income | Net investment income | Asset Management Fees, Commissions and Other Income | Insurance and Annuity Benefits | Change in Estimates of Liability for Future Policy Benefits | Deferral of Acquisition Costs | Amortization of Acquisition Costs | Operating Expenses | Adjusted Operating Income (Loss) Before Income Taxes | | Retirement | 54 | — | — | — | 24 | 140 | — | (17) | — | (93) | | Group Insurance | — | — | — | — | (11) | — | — | — | — | 11 | | Individual Life | — | (51) | — | — | (33) | (38) | (2) | — | 48 | (26) | | U.S. Legacy Products | — | 60 | — | — | 5 | (29) | — | — | 20 | 64 | | International Businesses | 56 | — | — | 3 | (1) | 61 | — | 1 | — | (2) | | Corporate and Other | — | — | — | — | — | — | — | — | — | — | | Total | 110 | 9 | — | 3 | (16) | 134 | (2) | (16) | 68 | (46) | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / (in millions) | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Adjusted Operating Income (Loss) basis (1) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Reconciling Items / Total realized investment gains (losses), net, and related charges and adjustments | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Reconciling Items / Change in value of market risk benefits, net of related hedging gains (losses) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Reconciling Items / Market experience updates | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Reconciling Items / Closed Block Division | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Reconciling Items / Other Divested and Run-off Businesses | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Reconciling Items / Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / Reconciling Items / Other adjustments (2) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Six Months Ended June 30, 2026 / U.S. GAAP | Six Months Ended June 30, 2025 / Adjusted Operating Income (Loss) basis (1) | Six Months Ended June 30, 2025 / Reconciling Items / Total realized investment gains (losses), net, and related charges and adjustments | Six Months Ended June 30, 2025 / Reconciling Items / Change in value of market risk benefits, net of related hedging gains (losses) | Six Months Ended June 30, 2025 / Reconciling Items / Market experience updates | Six Months Ended June 30, 2025 / Reconciling Items / Closed Block Division | Six Months Ended June 30, 2025 / Reconciling Items / Other Divested and Run-off Businesses | Six Months Ended June 30, 2025 / Reconciling Items / Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Six Months Ended June 30, 2025 / Reconciling Items / Other adjustments (2) | Six Months Ended June 30, 2025 / U.S. GAAP | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenues: | | | | | | | | | | | | | | | | | | | | Premiums | 14,163 | — | — | — | 829 | 250 | — | — | 15,242 | 12,872 | — | — | (1) | 862 | 249 | — | — | 13,982 | | Policy charges and fee income | 2,246 | 133 | — | — | — | — | — | — | 2,379 | 2,178 | 220 | — | 8 | — | — | — | — | 2,406 | | Net investment income | 10,160 | (4) | — | — | 1,043 | 249 | — | — | 11,448 | 9,119 | (6) | — | — | 1,004 | 239 | — | — | 10,356 | | Realized investment gains (losses), net (3) | (327) | (1,555) | — | — | (65) | 17 | — | — | (1,930) | (305) | (1,791) | — | — | (255) | (78) | — | — | (2,429) | | Asset management fees, commissions and other income | 3,147 | 871 | — | — | 203 | 319 | (126) | — | 4,414 | 3,054 | 419 | — | — | 156 | 112 | (83) | — | 3,658 | | Change in value of market risk benefits, net of related hedging gains (losses) | — | — | (366) | — | — | — | — | — | (366) | — | — | (777) | — | — | — | — | — | (777) | | Total revenues | 29,389 | (555) | (366) | — | 2,010 | 835 | (126) | — | 31,187 | 26,918 | (1,158) | (777) | 7 | 1,767 | 522 | (83) | — | 27,196 | | Benefits and expenses: | | | | | | | | | | | | | | | | | | | | Insurance and annuity benefits | 15,706 | 55 | — | (2) | 1,838 | 397 | — | — | 17,994 | 14,539 | 202 | — | (3) | 1,593 | 394 | — | — | 16,725 | | Change in estimates of liability for future policy benefits | 388 | 1 | — | 7 | — | 156 | — | — | 552 | 86 | (251) | — | (71) | — | 11 | — | — | (225) | | Interest credited to policyholders' account balances | 2,684 | 319 | — | — | 55 | 25 | — | — | 3,083 | 2,218 | (389) | — | — | 57 | 77 | — | — | 1,963 | | Interest expense | 1,080 | — | — | — | (3) | 1 | — | — | 1,078 | 1,048 | — | — | — | (3) | 3 | — | — | 1,048 | | Deferral of acquisition costs | (1,259) | — | — | — | — | — | — | — | (1,259) | (1,373) | (98) | — | — | — | — | — | — | (1,471) | | Amortization of acquisition costs | 815 | 20 | — | — | 6 | — | — | — | 841 | 768 | 40 | — | — | 6 | — | — | — | 814 | | Operating expenses | 3,463 | — | — | — | 134 | 47 | — | 3 | 3,647 | 3,258 | — | — | — | 134 | 57 | — | (28) | 3,421 | | Variable expenses | 3,059 | 326 | — | — | 3 | 10 | (59) | 1 | 3,340 | 3,189 | 100 | — | — | 20 | 19 | (68) | 1 | 3,261 | | Total benefits and expenses | 25,936 | 721 | — | 5 | 2,033 | 636 | (59) | 4 | 29,276 | 23,733 | (396) | — | (74) | 1,807 | 561 | (68) | (27) | 25,536 | | __________ | | | | | | | | | | | | | | | | | | | | (1) See page 36 for a definition of adjusted operating income. | | | | | | | | | | | | | | | | | | | | (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. | | | | | | | | | | | | | | | | | | | | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(150) million and $(82) million for six months ended June 30, 2026 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $64 million and $(151) million and certain derivatives of $(14) million and $60 million for six months ended June 30, 2026 and June 30, 2025, respectively. | | | | | | | | | | | | | | | | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / (in millions) | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Adjusted Operating Income (Loss) basis (1) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Reconciling Items / Total realized investment gains (losses), net, and related charges and adjustments | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Reconciling Items / Change in value of market risk benefits, net of related hedging gains (losses) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Reconciling Items / Market experience updates | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Reconciling Items / Closed Block Division | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Reconciling Items / Other Divested and Run-off Businesses | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Reconciling Items / Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / Reconciling Items / Other adjustments (2) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended June 30, 2026 / U.S. GAAP | Three Months Ended June 30, 2025 / Adjusted Operating Income (Loss) basis (1) | Three Months Ended June 30, 2025 / Reconciling Items / Total realized investment gains (losses), net, and related charges and adjustments | Three Months Ended June 30, 2025 / Reconciling Items / Change in value of market risk benefits, net of related hedging gains (losses) | Three Months Ended June 30, 2025 / Reconciling Items / Market experience updates | Three Months Ended June 30, 2025 / Reconciling Items / Closed Block Division | Three Months Ended June 30, 2025 / Reconciling Items / Other Divested and Run-off Businesses | Three Months Ended June 30, 2025 / Reconciling Items / Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Three Months Ended June 30, 2025 / Reconciling Items / Other adjustments (2) | Three Months Ended June 30, 2025 / U.S. GAAP | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenues: | | | | | | | | | | | | | | | | | | | | Premiums | 6,325 | — | — | — | 426 | 129 | — | — | 6,880 | 6,426 | — | — | (1) | 445 | 112 | — | — | 6,982 | | Policy charges and fee income | 1,138 | 119 | — | (10) | — | — | — | — | 1,247 | 1,070 | 174 | — | 5 | — | — | — | — | 1,249 | | Net investment income | 5,152 | (5) | — | — | 513 | 123 | — | — | 5,783 | 4,600 | (3) | — | — | 511 | 118 | — | — | 5,226 | | Realized investment gains (losses), net (3) | (133) | (1,391) | — | — | (37) | (5) | — | — | (1,566) | (148) | (1,302) | — | — | (198) | (51) | — | — | (1,699) | | Asset management fees, commissions and other income | 1,673 | 1,291 | — | — | 229 | 271 | (76) | — | 3,388 | 1,558 | 609 | — | — | 189 | 89 | (51) | — | 2,394 | | Change in value of market risk benefits, net of related hedging gains (losses) | — | — | (71) | — | — | — | — | — | (71) | — | — | (426) | — | — | — | — | — | (426) | | Total revenues | 14,155 | 14 | (71) | (10) | 1,131 | 518 | (76) | — | 15,661 | 13,506 | (522) | (426) | 4 | 947 | 268 | (51) | — | 13,726 | | Benefits and expenses: | | | | | | | | | | | | | | | | | | | | Insurance and annuity benefits | 6,993 | (12) | — | (5) | 1,050 | 203 | — | — | 8,229 | 7,195 | 200 | — | (5) | 864 | 186 | — | — | 8,440 | | Change in estimates of liability for future policy benefits | 347 | — | — | 15 | — | 151 | — | — | 513 | 100 | (254) | — | (33) | — | 12 | — | — | (175) | | Interest credited to policyholders' account balances | 1,380 | 558 | — | — | 27 | 9 | — | — | 1,974 | 1,135 | (64) | — | — | 29 | 38 | — | — | 1,138 | | Interest expense | 541 | — | — | — | (1) | 1 | — | — | 541 | 526 | — | — | — | (1) | 1 | — | — | 526 | | Deferral of acquisition costs | (635) | — | — | — | — | — | — | — | (635) | (689) | — | — | — | — | — | — | — | (689) | | Amortization of acquisition costs | 418 | 9 | — | — | 3 | — | — | — | 430 | 392 | 12 | — | — | 3 | — | — | — | 407 | | Operating expenses | 1,734 | — | — | — | 64 | 15 | — | — | 1,813 | 1,634 | — | — | — | 69 | 14 | — | — | 1,717 | | Variable expenses | 1,550 | 114 | — | — | — | 4 | (51) | 1 | 1,618 | 1,548 | 100 | — | — | 1 | 5 | (33) | 1 | 1,622 | | Total benefits and expenses | 12,328 | 669 | — | 10 | 1,143 | 383 | (51) | 1 | 14,483 | 11,841 | (6) | — | (38) | 965 | 256 | (33) | 1 | 12,986 | | __________ | | | | | | | | | | | | | | | | | | | | (1) See page 36 for a definition of adjusted operating income. | | | | | | | | | | | | | | | | | | | | (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. | | | | | | | | | | | | | | | | | | | | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(104) million and $(27) million for three months ended June 30, 2026 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(56) million and $(47) million and certain derivatives of $2 million and $55 million for three months ended June 30, 2026 and June 30, 2025, respectively. | | | | | | | | | | | | | | | | | | | | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / (in millions) | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Adjusted Operating Income (Loss) basis (1) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Reconciling Items / Total realized investment gains (losses), net, and related charges and adjustments | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Reconciling Items / Change in value of market risk benefits, net of related hedging gains (losses) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Reconciling Items / Market experience updates | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Reconciling Items / Closed Block Division | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Reconciling Items / Other Divested and Run-off Businesses | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Reconciling Items / Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / Reconciling Items / Other adjustments (2) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Three Months Ended September 30, 2025 / U.S. GAAP | Three Months Ended December 31, 2025 / Adjusted Operating Income (Loss) basis (1) | Three Months Ended December 31, 2025 / Reconciling Items / Total realized investment gains (losses), net, and related charges and adjustments | Three Months Ended December 31, 2025 / Reconciling Items / Change in value of market risk benefits, net of related hedging gains (losses) | Three Months Ended December 31, 2025 / Reconciling Items / Market experience updates | Three Months Ended December 31, 2025 / Reconciling Items / Closed Block Division | Three Months Ended December 31, 2025 / Reconciling Items / Other Divested and Run-off Businesses | Three Months Ended December 31, 2025 / Reconciling Items / Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Three Months Ended December 31, 2025 / Reconciling Items / Other adjustments (2) | Three Months Ended December 31, 2025 / U.S. GAAP | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenues: | | | | | | | | | | | | | | | | | | | | Premiums | 8,691 | — | — | 1 | 394 | 127 | — | — | 9,213 | 7,028 | — | — | (1) | 463 | 112 | — | — | 7,602 | | Policy charges and fee income | 1,126 | 25 | — | (18) | — | — | — | — | 1,133 | 1,106 | 23 | — | (2) | — | — | — | — | 1,127 | | Net investment income | 4,872 | (3) | — | — | 528 | 131 | — | — | 5,528 | 4,947 | (3) | — | — | 524 | 121 | — | — | 5,589 | | Realized investment gains (losses), net (3) | (119) | (900) | — | — | 3 | (10) | — | — | (1,026) | (174) | (360) | — | — | (121) | (22) | — | — | (677) | | Asset management fees, commissions and other income | 1,669 | 829 | — | — | 133 | 151 | (66) | — | 2,716 | 1,613 | 356 | — | — | 60 | 79 | (37) | — | 2,071 | | Change in value of market risk benefits, net of related hedging gains (losses) | — | — | 324 | — | — | — | — | — | 324 | — | — | (22) | — | — | — | — | — | (22) | | Total revenues | 16,239 | (49) | 324 | (17) | 1,058 | 399 | (66) | — | 17,888 | 14,520 | 16 | (22) | (3) | 926 | 290 | (37) | — | 15,690 | | Benefits and expenses: | | | | | | | | | | | | | | | | | | | | Insurance and annuity benefits | 9,485 | (85) | — | (1) | 949 | 200 | — | — | 10,548 | 7,936 | 30 | — | (1) | 864 | 198 | — | — | 9,027 | | Change in estimates of liability for future policy benefits | 96 | 168 | — | 20 | — | 12 | — | — | 296 | 50 | (2) | — | (25) | — | 9 | — | — | 32 | | Interest credited to policyholders' account balances | 1,215 | 300 | — | — | 27 | 40 | — | — | 1,582 | 1,271 | 196 | — | — | 29 | 27 | — | — | 1,523 | | Interest expense | 531 | — | — | — | (3) | 2 | — | — | 530 | 533 | — | — | — | (2) | 2 | — | — | 533 | | Deferral of acquisition costs | (699) | — | — | — | — | — | — | — | (699) | (681) | — | — | — | — | — | — | — | (681) | | Amortization of acquisition costs | 395 | 4 | — | — | 4 | — | — | — | 403 | 408 | 7 | — | — | 3 | — | — | — | 418 | | Operating expenses | 1,639 | — | — | — | 69 | 19 | — | 1 | 1,728 | 1,876 | — | — | — | 67 | 23 | — | — | 1,966 | | Variable expenses | 1,630 | 138 | — | — | 2 | 3 | (55) | — | 1,718 | 1,622 | 67 | — | — | 3 | 8 | (43) | 1 | 1,658 | | Total benefits and expenses | 14,292 | 525 | — | 19 | 1,048 | 276 | (55) | 1 | 16,106 | 13,015 | 298 | — | (26) | 964 | 267 | (43) | 1 | 14,476 | | __________ | | | | | | | | | | | | | | | | | | | | (1) See page 36 for a definition of adjusted operating income. | | | | | | | | | | | | | | | | | | | | (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. | | | | | | | | | | | | | | | | | | | | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million and $(49) million for three months ended September 30, 2025 and December 31, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(129) million and $27 million and certain derivatives of $(15) million and $3 million for three months ended September 30, 2025 and December 31, 2025, respectively. | | | | | | | | | | | | | | | | | | | _Three Months Ended March 31, 2026_ | Prudential Financial, Inc. / Quarterly Financial Supplement / Second Quarter 2026 / COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / (in millions) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Adjusted Operating Income (Loss) basis (1) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Reconciling Items / Total realized investment gains (losses), net, and related charges and adjustments | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Reconciling Items / Change in value of market risk benefits, net of related hedging gains (losses) | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Reconciling Items / Market experience updates | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Reconciling Items / Closed Block Division | COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES / Reconciling Items / Other Divested and Run-off Businesses | Reconciling Items / Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests | Reconciling Items / Other adjustments (2) | U.S. GAAP | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenues: | | | | | | | | | | | Premiums | 7,838 | — | — | — | 403 | 121 | — | — | 8,362 | | Policy charges and fee income | 1,108 | 14 | — | 10 | — | — | — | — | 1,132 | | Net investment income | 5,008 | 1 | — | — | 530 | 126 | — | — | 5,665 | | Realized investment gains (losses), net (3) | (194) | (164) | — | — | (28) | 22 | — | — | (364) | | Asset management fees, commissions and other income | 1,474 | (420) | — | — | (26) | 48 | (50) | — | 1,026 | | Change in value of market risk benefits, net of related hedging gains (losses) | — | — | (295) | — | — | — | — | — | (295) | | Total revenues | 15,234 | (569) | (295) | 10 | 879 | 317 | (50) | — | 15,526 | | Benefits and expenses: | | | | | | | | | | | Insurance and annuity benefits | 8,713 | 67 | — | 3 | 788 | 194 | — | — | 9,765 | | Change in estimates of liability for future policy benefits | 41 | 1 | — | (8) | — | 5 | — | — | 39 | | Interest credited to policyholders' account balances | 1,304 | (239) | — | — | 28 | 16 | — | — | 1,109 | | Interest expense | 539 | — | — | — | (2) | — | — | — | 537 | | Deferral of acquisition costs | (624) | — | — | — | — | — | — | — | (624) | | Amortization of acquisition costs | 397 | 11 | — | — | 3 | — | — | — | 411 | | Operating expenses | 1,729 | — | — | — | 70 | 32 | — | 3 | 1,834 | | Variable expenses | 1,509 | 212 | — | — | 3 | 6 | (8) | — | 1,722 | | Total benefits and expenses | 13,608 | 52 | — | (5) | 890 | 253 | (8) | 3 | 14,793 | | __________ | | | | | | | | | | | (1) See page 36 for a definition of adjusted operating income. | | | | | | | | | | | (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. | | | | | | | | | | | (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(46) million for three months ended March 31, 2026. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $120 million and certain derivatives of $(16) million for three months ended March 31, 2026. | | | | | | | | | | | | | --- | | Prudential Financial, Inc. | | Quarterly Financial Supplement | | Second Quarter 2026 | | KEY DEFINITIONS AND FORMULAS | | 1. Adjusted operating income before income taxes: | | Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments." A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors. | | Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items. | | Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses),” which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. | | Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above. | | 2. After-tax adjusted operating income: | | Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments. | | 3. Annualized New Business Premiums: | | Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Life Consultants include production by captive agents associated with the Japan operation. | | 4. Assets Under Administration: | | Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee. | | 5. Assets Under Management: | | Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses. | | 6. Book value per share of Common Stock: | | GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position. | | | | --- | | Prudential Financial, Inc. | | Quarterly Financial Supplement | | Second Quarter 2026 | | KEY DEFINITIONS AND FORMULAS | | 7. Borrowings - Capital Debt: | | Debt utilized to meet the capital requirements of our business. | | 8. Borrowings - Operating Debt: | | Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences. | | 9. Divested and Run-off Businesses: | | Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. | | 10. Earned Premiums: | | The portion of premium, net of returns to participating policyholders and amounts ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed. | | 11. General Account: | | Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting "Future Policy Benefits" and "Policyholders' Account Balances". General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account. | | 12. Group Insurance Benefits Ratios: | | Ratio of policyholder benefits to earned premiums, policy charges and fee income. | | 13. Group Life Insurance and Group Disability Insurance Administrative Expense Ratios: | | Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third party administrators passthrough fees and expenses. | | 14. Insurance and Annuity Benefits: | | Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses. | | 15. International Life Planners: | | Captive insurance Advisors from Prudential of Japan and Brazil. | | 16. Life Consultants: | | Captive insurance agents for Gibraltar Life. | | 17. Non-recourse and Limited-recourse Debt: | | Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets. | | 18. Other Related Revenues: | | Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues. | | | | --- | | Prudential Financial, Inc. | | Quarterly Financial Supplement | | Second Quarter 2026 | | KEY DEFINITIONS AND FORMULAS | | 19. PGIM Asset Under Management: | | Institutional Customers - Third Party - Consists of third-party institutional assets. | | Retail Customers - Third Party - Consists of individual mutual funds and third-party sub-advisory relationships. | | Affiliated - Includes the Company's general account assets, as well as certain separate account assets of the Company's insurance and retirement businesses managed by PGIM. | | Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust. | | Public Credit - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages). | | Private Credit - Represents debt financing issued by entities directly to investors outside of public capital markets. | | Real Estate - Includes direct real estate equity and real estate mortgages | | Multi-Asset - Represents funds or products that invest in more than one asset class, balancing equity, public credit, and target date funds. | | Other Alternatives - Represents private equity, hedge funds, and other alternative strategies. | | 20. Policy Persistency - Group Insurance: | | Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan). | | 21. Policy Persistency - International Businesses: | | 13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month. | | 22. Prudential Advisors: | | Captive financial professionals selling across all products in the United States. | | 23. Prudential Financial, Inc. Equity: | | Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests and redeemable noncontrolling interests. | | 24. Separate Accounts: | | Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account. | | 25. U.S. Legacy Products - Net Amounts at Risk: | | Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. | | Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. | - Prudential Financial, Inc. - Quarterly Financial Supplement - Second Quarter 2026 - RATINGS AND INVESTOR INFORMATION - FINANCIAL STRENGTH RATINGS - as of August 4, 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 August 4, 2026 - Prudential Financial, Inc.: - Short-Term Borrowings AMB-1 A-1 P-2 F1 - Long-Term Senior Debt a- A A3 A- - Junior Subordinated Long-Term Debt bbb BBB+ Baa1 BBB - The Prudential Insurance Company of America: - Capital and surplus notes a A A2 A - Prudential Funding, LLC: - Short-Term Debt AMB-1 A-1+ P-1 F1+ - Long-Term Senior Debt a+ AA- (P)A1 NR - PRICOA Global Funding I: - Long-Term Senior Debt aa- AA- Aa3 AA- - * NR indicates not rated. - INVESTOR INFORMATION: - Corporate Office: - Prudential Financial, Inc. - 751 Broad Street - Newark, New Jersey 07102 - Common Stock: - Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU. - For more information, please visit our website at investor.prudential.com.