Prudential offers 4.6%–5.45% notes due 2029–2036

PRUDENTIAL FINANCIAL INC (symbol PFH) is offering multiple tranches of InterNotes under an automatically effective shelf registration, each at a 100.000% selling price and issued as Senior Unsecured Notes with a survivor’s option.

Rhea-AI Filing Summary

PRUDENTIAL FINANCIAL INC (symbol PFH) is offering multiple tranches of InterNotes under an automatically effective shelf registration, each at a 100.000% selling price and issued as Senior Unsecured Notes with a survivor’s option. The notes are issued in minimum denominations of $1,000 and will settle on September 3, 2026.

The tranches include fixed-rate notes paying semi-annual interest on March 15 and September 15, starting March 15, 2027, with stated coupons of 4.600% maturing on September 15, 2029, 5.000% maturing on September 15, 2031, 5.150% maturing on September 15, 2033, and 5.450% maturing on September 15, 2036. The 2036 tranche is callable at 100.000% on September 15, 2028 and on any interest payment date thereafter. InspereX LLC acts as Purchasing Agent, with several major broker-dealers as selling agents, earning gross concessions ranging from 0.825% to 1.800% of principal amount depending on the tranche.

Key Figures

Coupon Rate 2029 Notes: 4.600% per annum Coupon Rate 2031 Notes: 5.000% per annum Coupon Rate 2033 Notes: 5.150% per annum +5 more

8 metrics

Coupon Rate 2029 Notes 4.600% per annum Fixed-rate Senior Unsecured Notes maturing September 15, 2029

Coupon Rate 2031 Notes 5.000% per annum Fixed-rate Senior Unsecured Notes maturing September 15, 2031

Coupon Rate 2033 Notes 5.150% per annum Fixed-rate Senior Unsecured Notes maturing September 15, 2033

Coupon Rate 2036 Notes 5.450% per annum Fixed-rate Senior Unsecured Notes maturing September 15, 2036

First Interest Payment Amount 2029 Notes $24.53 First semi-annual interest payment on March 15, 2027 per $1,000 principal

First Interest Payment Amount 2031 Notes $26.67 First semi-annual interest payment on March 15, 2027 per $1,000 principal

First Interest Payment Amount 2033 Notes $27.47 First semi-annual interest payment on March 15, 2027 per $1,000 principal

Minimum Denomination $1,000.00 Minimum denomination and increment for each note

Key Terms

Survivor’s Option, Senior Unsecured Notes, InterNotes, DTC Book-Entry, +1 more

5 terms

Survivor’s Option financial

"The survivor’s option feature of your note is subject to important limitations"

A survivor’s option is a built‑in choice in a pension, life insurance policy, or executive benefit that decides what a designated beneficiary receives if the primary recipient dies — for example a smaller continuing monthly payment, a one‑time lump sum, or continued coverage. It matters to investors because these options affect a company’s future cash obligations and the real value of executive pay; like choosing between a smaller steady income versus a one‑time payout, they change how much the company may owe later.

Senior Unsecured Notes financial

"Yes | | Senior Unsecured Notes We will pay you interest on the notes"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

InterNotes financial

"This tranche of Prudential Financial, Inc. InterNotes (CUSIP 74432BCJ5)"

DTC Book-Entry financial

"Initial trades settle flat and clear SDFS: DTC Book-Entry only"

gross concession financial

"Gross Concession | | 0.825% | | Net Proceeds"

Offering Details

shelf

Offering

Offering Type shelf

Price Range 100.000% of principal amount for each tranche

FAQ

What types of notes is PRUDENTIAL FINANCIAL INC (PFH) offering in this 424B2?

PFH is offering multiple tranches of Senior Unsecured InterNotes with fixed interest rates, semi-annual interest payments, and a survivor’s option, issued at 100.000% of principal under an automatically effective shelf registration.

What are the interest rates and maturities of the new PFH InterNotes?

The notes carry fixed coupons of 4.600% maturing September 15, 2029, 5.000% maturing September 15, 2031, 5.150% maturing September 15, 2033, and 5.450% maturing September 15, 2036, all paying interest semi-annually.

When do interest payments start on the PFH InterNotes?

Interest on all tranches begins with the first payment on March 15, 2027, then continues on March 15 and September 15 each year. Record dates are each business day preceding an interest payment date.

Is any PFH InterNotes tranche callable and on what terms?

The 2036 maturity tranche (CUSIP 74432BCJ5) is callable at 100.000% of principal on September 15, 2028 and on any subsequent interest payment date, plus accrued and unpaid interest, at Prudential Financial, Inc.’s option.

What are the dealer compensation terms for these PFH InterNotes?

Notes are sold at 100.000% of principal. Gross concessions to the Purchasing Agent range from 0.825% to 1.800% by tranche, with possible resale discounts to dealers of up to 0.9000% of principal depending on the specific series.

What is the offering and settlement timeline for the PFH InterNotes?

The offering period runs from August 24, 2026 through August 31, 2026, with a trade date of August 31, 2026 at 12:00 PM ET and a settlement date of September 3, 2026 via DTC book-entry.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/24/2026 - 03:34 PM Accepted by SEC EDGAR 08/24/2026 - 03:31 PM Learn about SEC filing dates

This pricing supplement, which is not complete, relates to an automatically effective Registration Statement under the Securities Act of 1933, as amended. We may not sell the notes until we deliver a final pricing supplement. This pricing supplement and the accompanying prospectus supplement and prospectus are not an offer to sell these notes in any jurisdiction where such an offer would not be permitted.

Subject to completion, dated August 24, 2026

Prudential Financial InterNotes® , Due Six Months or More from Date of Issue Filed under Rule 424(b)(2), Registration Statement No. 333-277590 Preliminary Pricing Supplement No. 48 - Dated Monday, August 24, 2026. To Prospectus Dated March 1, 2024 and Prospectus Supplement dated August 5, 2024 Investors should read this pricing supplement in conjunction with the Prospectus and Prospectus Supplement.  

CUSIP Number

Aggregate Principal Amount

Selling Price

Gross Concession

Net Proceeds

Interest Type

Interest Rate

Payment Frequency

Maturity Date

1st Interest Payment Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BCF3

[]

100.000%

0.825%

[]

Fixed

4.600%

Semi-Annual

09/15/2029

03/15/2027

$24.53

Yes

Senior Unsecured Notes

We will pay you interest on the notes on a Semi-Annual basis on Mar 15th and Sep 15th. The first such payment will be made on Mar 15, 2027. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid. Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.3000% of the principal amount. Redemption Information: Non-Callable Purchasing Agent: InspereX LLC  Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

CUSIP Number

Aggregate Principal Amount

Selling Price

Gross Concession

Net Proceeds

Interest Type

Interest Rate

Payment Frequency

Maturity Date

1st Interest Payment Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BCG1

[]

100.000%

1.250%

[]

Fixed

5.000%

Semi-Annual

09/15/2031

03/15/2027

$26.67

Yes

Senior Unsecured Notes

We will pay you interest on the notes on a Semi-Annual basis on Mar 15th and Sep 15th. The first such payment will be made on Mar 15, 2027. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid. Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.6000% of the principal amount. Redemption Information: Non-Callable Purchasing Agent: InspereX LLC  Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

CUSIP Number

Aggregate Principal Amount

Selling Price

Gross Concession

Net Proceeds

Interest Type

Interest Rate

Payment Frequency

Maturity Date

1st Interest Payment Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BCH9

[]

100.000%

1.450%

[]

Fixed

5.150%

Semi-Annual

09/15/2033

03/15/2027

$27.47

Yes

Senior Unsecured Notes

We will pay you interest on the notes on a Semi-Annual basis on Mar 15th and Sep 15th. The first such payment will be made on Mar 15, 2027. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid. Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.6500% of the principal amount. Redemption Information: Non-Callable Purchasing Agent: InspereX LLC  Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

CUSIP Number

Aggregate Principal Amount

Selling Price

Gross Concession

Net Proceeds

Interest Type

Interest Rate

Payment Frequency

Maturity Date

1st Interest Payment Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BCJ5

[]

100.000%

1.800%

[]

Fixed

5.450%

Semi-Annual

09/15/2036

03/15/2027

$29.07

Yes

Senior Unsecured Notes

Subject to our redemption right, we will pay you interest on the notes on a Semi-Annual basis on Mar 15th and Sep 15th. The first such payment will be made on Mar 15, 2027. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid. Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.9000% of the principal amount. Redemption Information: Callable at 100.000% on 09/15/2028 and every interest payment date thereafter. This tranche of Prudential Financial, Inc. InterNotes (CUSIP 74432BCJ5) will be subject to redemption at the option of Prudential Financial, Inc., in whole on the interest payment date occurring on 09/15/2028 and on any interest payment date thereafter at a redemption price equal to 100% of the principal amount of this tranche of Prudential Financial, Inc. InterNotes plus accrued and unpaid interest thereon, if any, upon at least 30 Calendar Days prior notice to the noteholder and the trustee, as described in the prospectus supplement. Additional Information: The notes do not amortize and are not zero coupon or original discount notes. Purchasing Agent: InspereX LLC Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

Offering Date: Monday, August 24, 2026 through Monday, August 31, 2026		Prudential Financial, Inc.
Trade Date: Monday, August 31, 2026 @ 12:00 PM ET		Prudential Financial Internotes®

Settle Date: Thursday, September 3, 2026 Minimum Denomination/Increments: $1,000.00/$1,000.00 Initial trades settle flat and clear SDFS: DTC Book-Entry only DTC Number 0235 via RBC Dain Rauscher Inc.				Prospectus Dated March 1, 2024 and Prospectus Supplement Dated August 5, 2024
If the maturity date, redemption date or an interest payment date for any note is not a business day (as that term is defined in the prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date, redemption date or interest payment date (following unadjusted business day convention). * The survivor’s option feature of your note is subject to important limitations, restrictions and procedural requirements further described on page S-32 of your prospectus supplement. The Bank of New York will act as trustee for the Notes. Citibank, N.A., will act as paying agent, registrar and transfer agent for the Notes and will administer any survivor’s options with respect thereto. Notes will be sold to you at the selling price specified in this Pricing Supplement. The Purchasing Agent shall purchase notes from us at the selling price less the applicable gross concession specified in this Pricing Supplement. The Purchasing Agent may resell the notes it purchases to the agents and selected dealers at the selling price less a concession that, at the discretion of the Purchasing Agent, may be less than or equal to the gross concession received by the Purchasing Agent. Notes purchased by the agents and selected dealers on behalf of level-fee investment advisory accounts may be sold to such accounts at the selling price less the applicable concession, and such agents and selected dealers shall not retain, as compensation, any portion of such concession applicable to such selling agents and dealers. In that instance, the Purchasing Agent may retain the portion of the gross concession applicable to the Purchasing Agent. InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved.