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Prudential (NYSE: PRU) Q1 2026: $1.278B adjusted income, $1.576T AUM

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Rhea-AI Filing Summary

Prudential Financial, Inc. reported first quarter 2026 net income attributable to the company of $597 million, or $1.68 per diluted share, down from $707 million, or $1.96 per share, a year earlier. After-tax adjusted operating income, which excludes realized investment and market risk impacts, rose to $1.278 billion, or $3.61 per share, compared with $1.188 billion, or $3.29 per share, in the prior-year quarter.

PGIM’s adjusted operating income increased 22% year over year to $190 million, while U.S. Businesses rose 3% to $956 million. International Businesses generated $810 million of adjusted operating income, a 4% decline, reflecting higher expenses tied to the Prudential of Japan sales suspension, partly offset by strong growth in Brazil. Assets under management were $1.576 trillion, up from $1.522 trillion.

Parent company highly liquid assets were $3.7 billion, influenced by a prior hybrid securities redemption. Capital returned to shareholders totaled $746 million, including $250 million of share repurchases and $496 million of dividends, with dividends of $1.40 per common share. GAAP book value per diluted common share was $91.28, and adjusted book value per diluted share was $99.79.

Positive

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Insights

Q1 2026 shows solid core earnings growth despite weaker GAAP net income.

Prudential Financial delivered stronger underlying profitability, with after-tax adjusted operating income rising to $1.278 billion versus $1.188 billion a year earlier and adjusted EPS increasing to $3.61. By contrast, GAAP net income declined to $597 million due mainly to higher realized investment and market risk-related losses.

Segment results highlight balanced performance. PGIM adjusted operating income grew 22% to $190 million, supported by higher asset management and related revenues as assets under management increased to $1.433 trillion. U.S. Businesses generated $956 million of adjusted operating income, up 3%, helped by stronger investment spreads, while U.S. Legacy Products declined as expected with block run-off.

International Businesses produced $810 million of adjusted operating income, down 4%, as the Prudential of Japan voluntary sales suspension reduced sales and raised related expenses, partly offset by record earnings in Brazil. Company-wide assets under management reached $1.576 trillion. Shareholder returns remained meaningful, with $746 million returned via dividends and buybacks in Q1 2026. Future disclosures in company filings may provide additional detail on remediation progress in Japan and its impact on international earnings.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income attributable to Prudential $597 million Q1 2026 vs $707 million in Q1 2025
After-tax adjusted operating income $1.278 billion Q1 2026 vs $1.188 billion in Q1 2025
Adjusted operating income per share $3.61 per diluted share Q1 2026 vs $3.29 in Q1 2025
PGIM adjusted operating income $190 million Q1 2026, up 22% from $156 million
U.S. Businesses adjusted operating income $956 million Q1 2026, up 3% from $931 million
International Businesses adjusted operating income $810 million Q1 2026, down 4% from $848 million
Assets under management $1.576 trillion As of March 31, 2026 vs $1.522 trillion prior year
Capital returned to shareholders $746 million Q1 2026, including $250M buybacks and $496M dividends
after-tax adjusted operating income financial
"After-tax adjusted operating income was $1.278 billion ($3.61 per Common share) for the first quarter of 2026"
Net profit from a company’s regular business activities after taxes, calculated by starting with operating income and removing one-time items, non-operating gains or losses, and other adjustments that obscure ongoing performance. Investors use it like a homeowner checking monthly take-home pay after taxes and excluding unusual windfalls or repairs: it shows the sustainable earnings power available for reinvestment, dividends, or debt service.
assets under management financial
"Assets under management(2) of $1.576 trillion versus $1.522 trillion for the year-ago quarter."
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
market risk benefits financial
"Change in value of market risk benefits, net of related hedging gains (losses)"
Market risk benefits are the extra returns or advantages investors expect or receive for taking on broad, system‑wide swings in the overall market — essentially the premium for bearing risk that cannot be eliminated by diversification. This matters because it helps investors weigh whether the potential higher gains justify larger price swings, guides how portfolios are balanced, and sets expectations for compensation when choosing riskier market exposures; think of it as the extra pay you demand for riding a roller‑coaster instead of a calm bus ride.
pension risk transfer financial
"and $1.4 billion of pension risk transfer activity across four middle-market transactions."
A pension risk transfer is when a company pays an insurer to take over its obligation to pay retirees, effectively handing off future pension payments in exchange for a one-time fee. It matters to investors because it removes a long-term, uncertain liability from the company’s balance sheet and shifts the funding and longevity risk to the insurer, like moving a mortgage from a homeowner to a bank, which can make the company’s finances more predictable and change cash needs and valuation.
Registered Index-Linked Annuities financial
"reflecting strong momentum following the December 2025 launch of the Company's latest registered index-linked annuity product"
A registered index-linked annuity is a long-term insurance contract that promises regular income or a guaranteed minimum payout while letting the contract’s growth be tied to the performance of a market index. Think of it as a savings plan with a safety net: you can share in market gains up to certain limits, but you’re also protected from some losses by built-in rules. Investors care because it blends potential upside with downside protection, affecting retirement income, risk exposure, and how conservative or aggressive a portfolio can be.
Net income attributable to Prudential $597 million -16% vs Q1 2025
After-tax adjusted operating income $1.278 billion +8% vs Q1 2025
Adjusted operating income per share (diluted) $3.61 +10% vs $3.29 in Q1 2025
Net income per share (diluted) $1.68 -14% vs $1.96 in Q1 2025
Total adjusted operating income before tax $1.626 billion +7% vs $1.520 billion in Q1 2025
Assets under management $1.576 trillion up from $1.522 trillion at March 31, 2025
Understanding 8-K Material Events →
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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): May 5, 2026
___________________________
PRUDENTIAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
___________________________
New Jersey001-1670722-3703799
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, Par Value $.01PRUNew York Stock Exchange
5.950% Junior Subordinated NotesPRHNew York Stock Exchange
5.625% Junior Subordinated NotesPRSNew York Stock Exchange
4.125% Junior Subordinated NotesPFHNew 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 first 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 first quarter 2026.
B.
Conference Call and Related Materials. Members of the Company’s senior management will hold a conference call on Wednesday, May 6, 2026 at 11:00 A.M. ET, to discuss the Company’s first quarter 2026 results. Related materials are available on the Company’s Investor Relations website at www.investor.prudential.com.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
News release of Prudential Financial, Inc. dated May 5, 2026, announcing first quarter 2026 results (furnished and not filed).
99.2
Quarterly Financial Supplement for Prudential Financial, Inc. for first quarter 2026 (furnished and not filed).
104Cover 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: May 5, 2026
PRUDENTIAL FINANCIAL, INC.
By:/s/ Robert E. Boyle
 Name: Robert E. Boyle
Title:   Senior Vice President and Principal Accounting Officer
 


Exhibit 99.1
earningsreleasebanner.jpg
May 5, 2026

Prudential Financial, Inc. Announces
First Quarter 2026 Results

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported first quarter 2026 results.
•Net income attributable to Prudential Financial, Inc. of $597 million or $1.68 per Common share versus net income of $707 million or $1.96 per share for the year-ago quarter.
•After-tax adjusted operating income of $1.278 billion or $3.61 per Common share versus $1.188 billion or $3.29 per share for the year-ago quarter.
•Book value per Common share of $91.28 versus $83.59 per share for the year-ago quarter; adjusted book value per Common share of $99.79 versus $96.37 per share for the year-ago quarter.
•Parent company highly liquid assets(1) of $3.7 billion versus $4.9 billion for the year-ago quarter, primarily attributable to a $1.0 billion hybrid securities redemption in May 2025.
•Assets under management(2) of $1.576 trillion versus $1.522 trillion for the year-ago quarter.
•Capital returned to shareholders totaled $746 million, including $250 million of share repurchases and $496 million of dividends, versus $736 million in the year-ago quarter. Dividends paid in the first quarter were $1.40 per Common share, representing a yield on adjusted book value of over 5%.
•On April 21, 2026, Prudential issued a press release and held a call with the investment community to discuss the extension of the Prudential of Japan voluntary sales suspension. For more information, please visit our website at investor.prudential.com.

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Prudential Financial, Inc. First Quarter 2026 Earnings Release
Page 2
“We delivered a solid first quarter, reflecting the progress we have made over the past year to operate with greater consistency and discipline,” said Andy Sullivan, Chairman and Chief Executive Officer of Prudential Financial. "Momentum is growing across our businesses as we sharpen focus and strengthen execution.

PGIM delivered strong investment performance and is on track to achieve its margin expansion target. Our U.S. Businesses reflected the actions taken to enhance competitive positioning, enabling us to capture demand and improve the underlying fundamentals across retirement and insurance. While the results of our International Businesses were impacted by the sales suspension at Prudential of Japan, our broader Japan platform remains diversified and resilient. Outside of Japan, Emerging Markets delivered a robust first quarter, driven by record earnings in Brazil.

We have a strong foundation, distinctive capabilities, and we are building a stronger Prudential — positioned to deliver durable value across cycles."
OVERVIEW
Net income attributable to Prudential Financial, Inc. ("Prudential" or the "Company") was $597 million ($1.68 per Common share) for the first quarter of 2026, compared to net income of $707 million ($1.96 per Common share) for the first quarter of 2025. After-tax adjusted operating income was $1.278 billion ($3.61 per Common share) for the first quarter of 2026, compared to $1.188 billion ($3.29 per Common share) for the first 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 $190 million for the first quarter of 2026, up 22% compared to $156 million in the year-ago quarter. This increase primarily reflects higher asset management fees and other related revenues, mainly driven by agency earnings, partially offset by higher expenses resulting from growth initiatives.
PGIM assets under management of $1.433 trillion increased 3% from the year-ago quarter, primarily driven by equity market appreciation and strong investment performance. Total net outflows in the quarter of $0.1 billion reflected affiliated net outflows of $1.9 billion, mostly offset by third-party net inflows of $1.8 billion. Third-party institutional net inflows were $1.6 billion as public and private fixed income and real estate inflows were partially offset by public equity outflows. Third-party retail net inflows of $0.2 billion were primarily driven by public fixed income inflows, partially offset by public equity outflows.
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 $956 million for the first quarter of 2026, up 3% compared to $931 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by higher expenses in all businesses related to investments in enhancing service and distribution, and lower net fee income resulting from the continued run-off of the traditional variable annuity block.
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Prudential Financial, Inc. First Quarter 2026 Earnings Release
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Retirement:
•Reported adjusted operating income of $572 million in the quarter, up 9% compared to $526 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by higher expenses to support business growth and the investments mentioned above, and less favorable underwriting results.

•Net account values of $356 billion increased 8% from the year-ago quarter, reflecting the benefits of market appreciation and business growth. Total sales in the quarter of $7.4 billion included $3.3 billion of retail annuities sales, reflecting strong momentum following the December 2025 launch of the Company's latest registered index-linked annuity product, and $1.4 billion of pension risk transfer activity across four middle-market transactions.
Group Insurance:
•Reported adjusted operating income of $38 million in the quarter, compared to $89 million in the year-ago quarter. Excluding the impact of a favorable reserve refinement of approximately $30 million last year, this decrease primarily reflects less favorable disability underwriting results, due to higher claims incidence and severity, and higher expenses related to investments supporting business growth and operational efficiency in claims and service, partially offset by more favorable mortality in the working-age population in life underwriting results.

•Sales of $526 million in the quarter increased 32% from the year-ago quarter, driven by strong growth in disability, including supplemental health products, and continued momentum in the Premier middle-market segment.
Individual Life:
•Reported adjusted operating income of $139 million in the quarter, more than doubling compared to $52 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results, due to more favorable mortality from lower claims severity, and higher net investment spread results.

•Sales of $251 million in the quarter increased 23% from the year-ago quarter, primarily driven by variable accumulation product sales.
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 new reporting segment represents run-off blocks consisting of products that are no longer being sold in U.S. markets.
•Reported adjusted operating income of $207 million in the quarter, down 22% compared to $264 million in the year-ago quarter. This decrease primarily reflects lower net fee income, resulting from the continued run-off of the traditional variable annuity block, partially offset by market appreciation, as well as less favorable underwriting results related to the guaranteed universal life block.
•Net legacy annuities account values of $74 billion decreased 8% 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 $810 million for the first quarter of 2026, down 4% compared to $848 million in the year-ago quarter. This decrease primarily reflects higher expenses related to the Prudential of Japan sales suspension, partially offset by higher net investment spread results and more favorable underwriting results primarily driven by new business growth in Brazil, which had a record earnings quarter.
Constant dollar basis sales(4) of $424 million in the quarter decreased 27% from the year-ago quarter, primarily driven by the Prudential of Japan sales suspension.
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Prudential Financial, Inc. First Quarter 2026 Earnings Release
Page 4
Corporate & Other
Corporate & Other reported a loss, on an adjusted operating income basis, of $330 million for the first quarter of 2026, compared to a loss of $415 million in the year-ago quarter. This lower loss primarily reflects lower expenses and favorable foreign exchange remeasurement impacts.
NET INCOME
Net income in the quarter included $621 million of pre-tax net realized investment losses and related charges and adjustments, including $101 million of pre-tax net credit-related losses, $295 million of pre-tax losses related to the net change in value of market risk benefits, $53 million of pre-tax earnings from divested and run-off businesses, and $15 million of pre-tax gains related to market experience updates.
Net income for the year-ago quarter included $351 million of pre-tax losses related to the net change in value of market risk benefits, $246 million of pre-tax net realized investment losses and related charges and adjustments, including $84 million of pre-tax net credit-related losses, $73 million of pre-tax losses from divested and run-off businesses, and $39 million of pre-tax gains related to market experience updates.
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management team will host a conference call on Wednesday, May 6, 2026, at 11:00 a.m. ET to review these results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through May 20. To access a replay via phone starting at 3:00 p.m. ET on May 6 through May 20, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13759428.

prurocklogoa04.jpg
FORWARD-LOOKING STATEMENTS
Certain of the statements included in this release, including those regarding our strategy and prospects for future performance, included the margin expansion target for PGIM, and the suspension of sales at Prudential of Japan, and our ability to deliver durable 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” 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.
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Prudential Financial, Inc. First Quarter 2026 Earnings Release
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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.

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Prudential Financial, Inc. First Quarter 2026 Earnings Release
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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 March 31, 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


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Financial Highlights
(in millions, unaudited)
Three Months Ended
March 31,
20262025
Adjusted operating income (loss) before income taxes (1):
PGIM$190 $156 
U.S. Businesses956 931 
International Businesses810 848 
Corporate and Other(330)(415)
Total adjusted operating income (loss) before income taxes$1,626 $1,520 
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments$(621)$(246)
Change in value of market risk benefits, net of related hedging gains (losses)(295)(351)
Market experience updates15 39 
Divested and Run-off Businesses:
Closed Block division(11)(22)
Other Divested and Run-off Businesses64 (51)
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests(42)3 
Other adjustments (2)(3)28 
Total reconciling items, before income taxes(893)(600)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities$733 $920 
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc.$597 $707 
Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests9 35 
Net income (loss)606 742 
Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests9 35 
Income (loss) attributable to Prudential Financial, Inc.597 707 
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests(7)(6)
Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities604 713 
Less: Total reconciling items, before income taxes(893)(600)
Less: Income taxes, not applicable to adjusted operating income (loss)(219)(125)
Total reconciling items, after income taxes(674)(475)
After-tax adjusted operating income (loss) (1)1,278 1,188 
Income taxes, applicable to adjusted operating income348 332 
Adjusted operating income (loss) before income taxes (1)$1,626 $1,520 
 See footnotes on last page.

Page 1

Financial Highlights
(in millions, except per share data, unaudited)
Three Months Ended
March 31,
20262025
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$1.68 $1.96 
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments(1.78)(0.69)
Change in value of market risk benefits, net of related hedging gains (losses)(0.84)(0.99)
Market experience updates0.04 0.11 
Divested and Run-off Businesses:
Closed Block division(0.03)(0.06)
Other Divested and Run-off Businesses0.18 (0.14)
Difference in earnings allocated to participating unvested share-based payment awards0.02 0.02 
Other adjustments (2)(0.01)0.08 
Total reconciling items, before income taxes(2.42)(1.67)
 Less: Income taxes, not applicable to adjusted operating income (loss)(0.49)(0.34)
Total reconciling items, after income taxes(1.93)(1.33)
After-tax adjusted operating income (loss)$3.61 $3.29 
Weighted average number of outstanding common shares - basic347.7 354.3 
Weighted average number of outstanding common shares - diluted349.4 356.1 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.$597 $707 
Less: Earnings allocated to participating unvested share-based payment awards9 10 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation$588 $697 
After-tax adjusted operating income (loss) (1)$1,278 $1,188 
Less: Earnings allocated to participating unvested share-based payment awards17 16 
After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1)$1,261 $1,172 
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period$31,975 $29,883 
Less: Accumulated other comprehensive income (AOCI)(3,450)(4,741)
GAAP book value excluding AOCI35,425 34,624 
Less: Cumulative change in fair value of funds withheld embedded derivatives60 62 
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses)409 108 
Adjusted book value$34,956 $34,454 
End of period number of common shares - diluted350.3 357.5 
GAAP book value per common share - diluted$91.28 $83.59 
GAAP book value excluding AOCI per share - diluted$101.13 $96.85 
Adjusted book value per common share - diluted$99.79 $96.37 
See footnotes on last page.
Page 2

Financial Highlights
(in millions, or as otherwise noted, unaudited)
Three Months Ended
March 31,
20262025
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period) :
Institutional customers - Third Party$638.8 $620.2 
Retail customers - Third Party259.0 240.6 
Affiliated535.5 524.5 
Total PGIM$1,433.3 $1,385.3 
Institutional Customers - Assets Under Management (in billions):
Gross additions, excluding money market$24.7 $23.8 
Net additions (withdrawals), excluding realizations, distributions and money market (3)$1.6 $7.6 
Retail Customers - Assets Under Management (in billions):
Gross additions, excluding money market $21.6 $17.7 
Net additions (withdrawals), excluding money market$0.2 $(0.2)
Affiliated - Assets Under Management (in billions):
Gross additions, excluding money market $18.2 $20.6 
Net additions (withdrawals), excluding realizations, distributions and money market$(1.9)$(0.1)
U.S. Businesses:
Retirement:
Gross sales and additions (4)$7,369 $10,524 
Net sales and additions (withdrawals) $(688)$3,232 
Total account value at end of period, net$355,745 $328,521 
Group Insurance:
Annualized New Business Premiums (5):
Group life$211 $225 
Group disability315 175 
Total$526 $400 
Individual Life:
Annualized New Business Premiums (5):
Term life$38 $32 
Universal life17 18 
Variable life196 154 
Total $251 $204 
U.S. Legacy Products:
Total annuities account value at end of period, net (6)$74,061 $80,531 
Total guaranteed universal life policyholder account balance, net (7)$5,648 $5,626 
International Businesses:
International Businesses:
Annualized New Business Premiums (5)(8):
Actual exchange rate basis$429 $576 
Constant exchange rate basis$424 $578 
See footnotes on last page.
Page 3

Financial Highlights
(in billions, as of end of period, unaudited)
March 31,
20262025
Assets and Assets Under Management and Administration:
Total assets $765.4 $739.3 
Assets under management (at fair market value):
PGIM$1,433.3 $1,385.3 
U.S. Businesses115.3 111.3 
International Businesses20.8 19.3 
Corporate and Other6.4 6.2 
Total assets under management1,575.8 1,522.1 
Assets under administration190.9 180.4 
Total assets under management and administration$1,766.7 $1,702.5 

Page 4

(1)Adjusted operating income is a non-GAAP measure of performance. See "Non-GAAP Measures" within the earnings release for additional information.
(2)Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3)Prior period amounts have been updated to conform to current period presentation.
(4)Represents retail annuities, longevity reinsurance, fee-based stable value, pension risk transfer, spread-based stable value, structured settlements and funding agreement-backed notes.
(5)Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company’s domestic individual life and international operations are included in annualized new business premiums based on a 10% credit.
(6)Represents discontinued annuities, guaranteed living benefits, alliance deposits and supplementary contracts.
(7)Includes fixed rate funds and deferred revenues on guaranteed universal life products.
(8)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.

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Exhibit 99.2
Prudential Financial, Inc. (PRU)
image5.jpg
Quarterly Financial Supplement
First 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
Table of Contents








Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First 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
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
31
KEY DEFINITIONS AND FORMULAS
34
RATINGS AND INVESTOR INFORMATION
37
ii
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM156 229 244 249 190 156 190 22%
U.S. Businesses931 955 1,149 1,051 956 931 956 3%
International Businesses848 761 881 757 810 848 810 -4%
Corporate and Other(415)(280)(327)(552)(330)(415)(330)20%
Total adjusted operating income (loss) before income taxes1,520 1,665 1,947 1,505 1,626 1,520 1,626 7%
Income taxes, applicable to adjusted operating income 332 381 426 337 348 332 348 5%
After-tax adjusted operating income (loss)1,188 1,284 1,521 1,168 1,278 1,188 1,278 8%
Income (loss) attributable to Prudential Financial, Inc.707 533 1,431 905 597 707 597 -16%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1)13.8 %14.9 %17.5 %13.3 %14.6 %13.8 %14.6 %
Return on Average Equity (based on net income (loss))9.8 %7.1 %18.3 %11.2 %7.4 %9.8 %7.4 %
Distributions to Shareholders
Dividends paid486 485 481 480 496 486 496 2%
Share repurchases250 250 250 250 250 250 250 —%
Total capital returned736 735 731 730 746 736 746 1%
Per Share Data
Net income (loss) - diluted1.96 1.48 4.01 2.55 1.68 1.96 1.68 -14%
Adjusted Operating Income - diluted3.29 3.58 4.26 3.30 3.61 3.29 3.61 10%
Shareholder dividends1.35 1.35 1.35 1.35 1.40 1.35 1.40 4%
GAAP book value - diluted83.59 85.98 90.69 92.05 91.28 
Adjusted book value - diluted (2)96.37 96.41 99.25 100.17 99.79 
Shares Outstanding
Weighted average number of common shares - basic354.3 353.1 351.1 349.0 347.7 354.3 347.7 -2%
Weighted average number of common shares - diluted356.1 354.9 353.0 350.9 349.4 356.1 349.4 -2%
End of period common shares - basic354.0 351.9 349.9 347.9 347.3 
End of period common shares - diluted357.5 355.7 353.9 352.4 350.3 
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.
(2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income (loss)3.29 3.58 4.26 3.30 3.61 3.29 3.61 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(0.69)(1.45)(1.63)(0.80)(1.78)(0.69)(1.78)
Change in value of market risk benefits, net of related hedging gains (losses)(0.99)(1.20)0.92 (0.06)(0.84)(0.99)(0.84)
Market experience updates0.11 0.12 (0.10)0.07 0.04 0.11 0.04 
Divested and Run-off Businesses:
Closed Block division(0.06)(0.05)0.03 (0.11)(0.03)(0.06)(0.03)
Other Divested and Run-off Businesses(0.14)0.03 0.35 0.07 0.18 (0.14)0.18 
Difference in earnings allocated to participating unvested share-based payment awards0.02 0.02 0.01 — 0.02 0.02 0.02 
Other adjustments (1)0.08 — — — (0.01)0.08 (0.01)
Total reconciling items, before income taxes(1.67)(2.53)(0.42)(0.83)(2.42)(1.67)(2.42)
Income taxes, not applicable to adjusted operating income(0.34)(0.43)(0.17)(0.08)(0.49)(0.34)(0.49)
Total reconciling items, after income taxes(1.33)(2.10)(0.25)(0.75)(1.93)(1.33)(1.93)
Net income (loss) attributable to Prudential Financial, Inc.1.96 1.48 4.01 2.55 1.68 1.96 1.68 
Weighted average number of outstanding common shares - basic354.3 353.1 351.1 349.0 347.7 354.3 347.7 
Weighted average number of outstanding common shares - diluted356.1 354.9 353.0 350.9 349.4 356.1 349.4 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.707 533 1,431 905 597 707 597 
Less: Earnings allocated to participating unvested share-based payment awards10 6 15 10 9 10 9 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation697 527 1,416 895 588 697 588 
After-tax adjusted operating income (loss)1,188 1,284 1,521 1,168 1,278 1,188 1,278 
Less: Earnings allocated to participating unvested share-based payment awards16 13 17 11 17 16 17 
After-tax adjusted operating income for earnings per share of Common Stock calculation1,172 1,271 1,504 1,157 1,261 1,172 1,261 
___________
(1) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.



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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20252026
1Q2Q3Q4Q1Q
Capitalization Data (1):
Senior debt:
Short-term debt1,406 1,373 1,386 1,443 946 
Long-term debt10,949 11,056 11,202 11,261 11,286 
Junior subordinated long-term debt8,591 7,595 7,595 7,595 7,596 
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period29,883 30,582 32,094 32,438 31,975 
Less: Accumulated other comprehensive income (AOCI)(4,741)(3,921)(3,175)(3,077)(3,450)
GAAP book value excluding AOCI (2)34,624 34,503 35,269 35,515 35,425 
Less: Cumulative change in fair value of funds withheld embedded derivatives (3)62 67 (47)(24)60 
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4)108 144 192 238 409 
Adjusted book value34,454 34,292 35,124 35,301 34,956 
Book Value per Share of Common Stock:
GAAP book value per common share - diluted83.59 85.98 90.69 92.05 91.28 
GAAP book value excluding AOCI per share - diluted (2)96.85 97.00 99.66 100.78 101.13 
Adjusted book value per common share - diluted96.37 96.41 99.25 100.17 99.79 
End of period number of common shares - diluted357.5 355.7 353.9 352.4 350.3 
Common Stock Price Range (based on closing price):
High122.33 112.71 109.89 117.60 118.72 
Low105.04 95.12 100.68 99.13 92.00 
Close111.68 107.44 103.74 112.88 97.69 
Common Stock market capitalization (1)39,535 37,808 36,299 39,271 33,928 
__________
(1) As of end of period.
(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.
(3) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
OPERATIONS HIGHLIGHTS
20252026
1Q2Q3Q4Q1Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers - Third Party620.2 647.6 654.9 652.0 638.8 
Retail customers - Third Party240.6 256.7 265.2 267.0 259.0 
Affiliated524.5 536.4 549.9 547.1 535.5 
Total PGIM1,385.3 1,440.7 1,470.0 1,466.1 1,433.3 
U.S. Businesses111.3 113.8 115.9 116.9 115.3 
International Businesses19.3 19.4 19.8 19.7 20.8 
Corporate and Other6.2 6.4 6.3 6.4 6.4 
Total assets under management1,522.1 1,580.3 1,612.0 1,609.1 1,575.8 
Assets under administration180.4 193.2 194.6 195.1 190.9 
Total assets under management and administration1,702.5 1,773.5 1,806.6 1,804.2 1,766.7 
Distribution Representatives (1):
Prudential Advisors2,906 2,985 3,034 3,061 3,112 
Life Planners6,175 6,161 6,141 6,235 6,281 
Life Consultants6,840 6,822 6,940 6,983 6,947 
__________
(1) As of end of period.
(2) At fair market value.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
COMBINED STATEMENTS OF OPERATIONS
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums6,446 6,426 8,691 7,028 7,838 6,446 7,838 22%
Policy charges and fee income1,108 1,070 1,126 1,106 1,108 1,108 1,108 —%
Net investment income4,519 4,600 4,872 4,947 5,008 4,519 5,008 11%
Asset management fees, commissions and other income1,339 1,410 1,550 1,439 1,280 1,339 1,280 -4%
Total revenues13,412 13,506 16,239 14,520 15,234 13,412 15,234 14%
Benefits and expenses (1):
Insurance and annuity benefits7,344 7,195 9,485 7,936 8,713 7,344 8,713 19%
Change in estimates of liability for future policy benefits(14)100 96 50 41 (14)41 393%
Interest credited to policyholders' account balances1,083 1,135 1,215 1,271 1,304 1,083 1,304 20%
Interest expense522 526 531 533 539 522 539 3%
Deferral of acquisition costs(684)(689)(699)(681)(624)(684)(624)9%
Amortization of acquisition costs376 392 395 408 397 376 397 6%
Operating expenses1,624 1,634 1,639 1,876 1,729 1,624 1,729 6%
Variable expenses1,641 1,548 1,630 1,622 1,509 1,641 1,509 -8%
Total benefits and expenses11,892 11,841 14,292 13,015 13,608 11,892 13,608 14%
Adjusted operating income (loss) before income taxes1,520 1,665 1,947 1,505 1,626 1,520 1,626 7%
Income taxes, applicable to adjusted operating income332 381 426 337 348 332 348 5%
After-tax adjusted operating income1,188 1,284 1,521 1,168 1,278 1,188 1,278 8%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(246)(516)(574)(282)(621)(246)(621)-152%
Change in value of market risk benefits, net of related hedging gains (losses)(351)(426)324 (22)(295)(351)(295)16%
Market experience updates39 42 (36)23 15 39 15 -62%
Divested and Run-off Businesses:
Closed Block division(22)(18)10 (38)(11)(22)(11)50%
Other Divested and Run-off Businesses(51)12 123 23 64 (51)64 225%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests3 (18)(11)6 (42)3 (42)-1500%
Other adjustments (2)28 (1)(1)(1)(3)28 (3)-111%
Total reconciling items, before income taxes(600)(925)(165)(291)(893)(600)(893)-49%
Income taxes, not applicable to adjusted operating income(125)(186)(44)(68)(219)(125)(219)-75%
Total reconciling items, after income taxes(475)(739)(121)(223)(674)(475)(674)-42%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities920 740 1,782 1,214 733 920 733 -20%
Income tax expense (benefit)207 195 382 269 129 207 129 -38%
Income (loss) before equity in earnings of joint ventures and other operating entities713 545 1,400 945 604 713 604 -15%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests(6)(12)31 (40)(7)(6)(7)-17%
Income (loss) attributable to Prudential Financial, Inc.707 533 1,431 905 597 707 597 -16%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests35 33 52 36 9 35 9 -74%
Net income (loss)742 566 1,483 941 606 742 606 -18%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests35 33 52 36 9 35 9 -74%
Net income (loss) attributable to Prudential Financial, Inc.707 533 1,431 905 597 707 597 -16%
____________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 31-33 for reconciliation.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
CONSOLIDATED BALANCE SHEETS
(in millions)
03/31/202506/30/202509/30/202512/31/202503/31/2026
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value315,914 328,302 335,414 331,455 330,851 
Fixed maturities, trading, at fair value13,278 14,020 14,575 14,869 15,831 
Assets supporting experience-rated contractholder liabilities, at fair value3,769 4,282 4,648 4,842 4,781 
Equity securities, at fair value8,720 7,434 8,794 10,972 12,552 
Commercial mortgage and other loans62,694 62,966 64,813 64,715 65,412 
Policy loans9,876 9,946 9,951 9,958 9,988 
Other invested assets 26,739 27,256 27,665 27,294 27,792 
Short-term investments 8,716 6,375 6,248 6,414 6,917 
Total investments449,706 460,581 472,108 470,519 474,124 
Cash and cash equivalents16,063 16,638 17,469 19,712 15,936 
Accrued investment income3,383 3,560 3,581 3,636 3,633 
Deferred policy acquisition costs20,790 21,222 21,468 21,530 21,730 
Value of business acquired446 450 430 397 382 
Market risk benefit assets2,139 2,188 2,252 2,330 2,166 
Reinsurance recoverables and deposit receivables43,982 44,152 44,947 44,077 43,213 
Income tax assets300 839 240 279 — 
Other assets14,262 14,561 15,267 15,009 15,176 
Separate account assets188,191 194,761 198,540 196,251 189,036 
Total assets739,262 758,952 776,302 773,740 765,396 
Liabilities:
Future policy benefits269,969 270,133 272,553 266,914 262,470 
Policyholders' account balances170,278 180,931 188,657 191,307 192,131 
Market risk benefit liabilities5,021 4,859 4,771 4,623 5,000 
Reinsurance and funds withheld payables17,347 17,126 17,874 18,844 19,270 
Securities sold under agreements to repurchase7,549 8,205 9,937 9,598 10,975 
Cash collateral for loaned securities9,507 9,167 8,597 8,700 8,905 
Income tax liabilities— — — — 255 
Short-term debt1,406 1,373 1,386 1,443 946 
Long-term debt19,540 18,651 18,797 18,856 18,882 
Other liabilities16,789 18,872 18,507 18,964 19,316 
Notes issued by consolidated variable interest entities1,443 1,758 1,868 2,659 3,283 
Separate account liabilities188,191 194,761 198,540 196,251 189,036 
Total liabilities707,040 725,836 741,487 738,159 730,469 
Mezzanine Equity:
Redeemable noncontrolling interests2,019 2,213 2,358 2,794 2,608 
Total mezzanine equity2,019 2,213 2,358 2,794 2,608 
Equity:
Accumulated other comprehensive income (loss)(4,741)(3,921)(3,175)(3,077)(3,450)
Other equity (1)34,624 34,503 35,269 35,515 35,425 
Total Prudential Financial, Inc. equity29,883 30,582 32,094 32,438 31,975 
Noncontrolling interests320 321 363 349 344 
Total equity30,203 30,903 32,457 32,787 32,319 
Total liabilities, mezzanine equity and equity739,262 758,952 776,302 773,740 765,396 
____________
(1) Includes $60 million, $(24) million, $(47) million, $67 million and $62 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
COMBINING BALANCE SHEETS
(in millions)
 As of March 31, 2026
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
Total investments474,124 46,004 428,120 4,657 242,616 158,502 22,345 
Deferred policy acquisition costs21,730 141 21,589 — 12,499 9,756 (666)
Other assets80,506 1,417 79,089 5,588 56,032 18,335 (866)
Separate account assets189,036 — 189,036 29,225 163,828 — (4,017)
Total assets765,396 47,562 717,834 39,470 474,975 186,593 16,796 
Liabilities:
Future policy benefits262,470 41,229 221,241 — 120,525 91,753 8,963 
Policyholders' account balances192,131 4,240 187,891 — 125,459 62,193 239 
Debt 19,828 — 19,828 1,860 4,517 212 13,239 
Other liabilities67,004 3,686 63,318 4,229 43,477 10,200 5,412 
Separate account liabilities189,036 — 189,036 29,225 163,828 — (4,017)
Total liabilities730,469 49,155 681,314 35,314 457,806 164,358 23,836 
Mezzanine Equity:
Redeemable noncontrolling interests2,608 — 2,608 930 — — 1,678 
Total mezzanine equity2,608 — 2,608 930 — — 1,678 
Equity:
Accumulated other comprehensive income (loss)(3,450)(158)(3,292)(48)(1,147)448 (2,545)
Other equity (1)35,425 (1,446)36,871 3,122 18,237 21,757 (6,245)
Total Prudential Financial, Inc. equity31,975 (1,604)33,579 3,074 17,090 22,205 (8,790)
Noncontrolling interests344 11 333 152 79 30 72 
Total equity32,319 (1,593)33,912 3,226 17,169 22,235 (8,718)
Total liabilities, mezzanine equity and equity765,396 47,562 717,834 39,470 474,975 186,593 16,796 
 As of December 31, 2025
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
Total investments (2)470,519 46,523 423,996 3,652 238,446 158,699 23,199 
Deferred policy acquisition costs21,530 144 21,386 — 12,359 9,678 (651)
Other assets85,440 1,428 84,012 6,173 56,968 19,393 1,478 
Separate account assets196,251 — 196,251 29,278 171,022 — (4,049)
Total assets773,740 48,095 725,645 39,103 478,795 187,770 19,977 
Liabilities:
Future policy benefits266,914 41,484 225,430 — 121,068 95,235 9,127 
Policyholders' account balances191,307 4,272 187,035 — 123,538 61,688 1,809 
Debt 20,299 — 20,299 2,070 4,619 211 13,399 
Other liabilities (2)63,388 3,942 59,446 3,329 41,279 8,781 6,057 
Separate account liabilities196,251 — 196,251 29,278 171,022 — (4,049)
Total liabilities738,159 49,698 688,461 34,677 461,526 165,915 26,343 
Mezzanine Equity:
Redeemable noncontrolling interest2,794 — 2,794 1,175 — — 1,619 
Total mezzanine equity2,794 — 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. equity32,438 (1,614)34,052 3,094 17,190 21,827 (8,059)
Noncontrolling interests349 11 338 157 79 28 74 
Total equity32,787 (1,603)34,390 3,251 17,269 21,855 (7,985)
Total liabilities, mezzanine equity and equity773,740 48,095 725,645 39,103 478,795 187,770 19,977 
____________
(1) Includes $60 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 March 31, 2026 and December 31, 2025, respectively.
(2) Prior period amounts have been updated to conform to current period presentation for U.S. Businesses and Corporate and Other.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
 As of March 31, 2026As of December 31, 2025
Senior DebtSenior Debt
Short-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal DebtShort-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal Debt
Borrowings by use of proceeds:
Capital Debt36 6,524 7,596 14,156 36 6,464 7,595 14,095 
Operating Debt874 4,360 — 5,234 1,374 4,359 — 5,733 
Limited recourse and non-recourse borrowing36 402 — 438 33 438 — 471 
Total Debt946 11,286 7,596 19,828 1,443 11,261 7,595 20,299 
 As of March 31, 2026As of December 31, 2025
Prudential Financial, Inc.The Prudential Insurance Company of America (1)Other AffiliatesTotal DebtPrudential Financial, Inc.The Prudential Insurance Company of America (1)Other AffiliatesTotal Debt
Borrowings by sources:
Capital Debt14,117 — 39 14,156 14,055 — 40 14,095 
Operating Debt4,385 849 — 5,234 4,884 849 — 5,733 
Limited recourse and non-recourse borrowing— 33 405 438 — 33 438 471 
Total Debt18,502 882 444 19,828 18,939 882 478 20,299 
__________
(1) Includes Prudential Funding, LLC.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
STATEMENTS OF OPERATIONS - PGIM
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums— — — — — — — —
Policy charges and fee income— — — — — — — —
Net investment income20 59 54 48 34 20 34 70%
Asset management fees, commissions and other income965 984 1,041 1,060 1,006 965 1,006 4%
Total revenues985 1,043 1,095 1,108 1,040 985 1,040 6%
Benefits and expenses (1):
Insurance and annuity benefits— — — — — — — —
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances— — — — — — — —
Interest expense21 24 27 28 25 21 25 19%
Deferral of acquisition costs— — — — — — — —
Amortization of acquisition costs— — — — — — — —
Operating expenses504 477 503 489 525 504 525 4%
Variable expenses304 313 321 342 300 304 300 -1%
Total benefits and expenses829 814 851 859 850 829 850 3%
Adjusted operating income (loss) before income taxes156 229 244 249 190 156 190 22%
Total revenues985 1,043 1,095 1,108 1,040 985 1,040 6%
Less: Passthrough distribution revenue21 20 21 21 20 21 20 -5%
Less: Revenue associated with consolidations18 50 45 42 23 18 23 28%
Total adjusted revenues (2)946 973 1,029 1,045 997 946 997 5%
Adjusted operating margin (2)(3)16.5 %23.5 %23.7 %23.8 %19.1 %16.5 %19.1 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 18.3%, 22.5%, 22.3%, 22.0% and 15.8% for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
(in millions, or as otherwise noted)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Supplementary Revenue Information:
Analysis of revenues by type:
Asset management fees828 825 844 858 847 828 847 2%
Other related revenues (1)38 82 93 107 65 38 65 71%
Service, distribution and other revenues119 136 158 143 128 119 128 8%
Total PGIM revenues985 1,043 1,095 1,108 1,040 985 1,040 6%
Analysis of asset management fees by source:
Institutional customers - Third Party387 387 395 399 398 387 398 3%
Retail customers - Third Party225 219 231 236 201 225 201 -11%
Affiliated216 219 218 223 248 216 248 15%
Total asset management fees828 825 844 858 847 828 847 2%
Trailing twelve months net flows by source (in billions):
Institutional customers - Third Party1.2 10.2 12.7 6.1 0.1 
Retail customers - Third Party0.7 (1.5)(2.5)(4.0)(3.6)
Affiliated17.3 16.0 11.3 (1.6)(3.4)
Total net flows19.2 24.7 21.5 0.5 (6.9)
Trailing twelve months net flows by asset class (in billions):
Public equity(10.9)(9.3)(15.2)(17.9)(22.6)
Public credit16.9 23.0 26.9 22.3 21.5 
Private credit9.2 8.4 7.3 5.2 3.8 
Real estate3.6 2.8 1.7 4.3 3.6 
Multi-asset0.8 0.1 (0.1)(14.6)(14.2)
Other alternatives(0.4)(0.3)0.9 1.2 1.0 
Total net flows19.2 24.7 21.5 0.5 (6.9)
Supplementary Assets Under Management Information (at fair market value) (in billions):
March 31, 2026
Public EquityPublic CreditPrivate CreditReal EstateMulti-AssetOther AlternativesTotal
Institutional customers - Third Party69.0 461.7 29.7 70.7 1.4 6.3 638.8 
Retail customers - Third Party94.0 162.5 0.1 — 2.1 0.3 259.0 
Affiliated37.8 272.7 89.1 64.3 70.5 1.1 535.5 
Total200.8 896.9 118.9 135.0 74.0 7.7 1,433.3 
March 31, 2025
Public EquityPublic CreditPrivate Credit (2)Real EstateMulti-AssetOther Alternatives (2)Total
Institutional customers - Third Party69.2 447.5 28.2 68.4 1.4 5.5 620.2 
Retail customers - Third Party95.0 142.8 — 0.2 2.3 0.3 240.6 
Affiliated33.8 266.4 86.5 62.0 74.5 1.3 524.5 
Total198.0 856.7 114.7 130.6 78.2 7.1 1,385.3 
__________
(1) Other related revenues, net of related expenses are $35 million, $57 million, $64 million, $49 million and $19 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(2) Prior period amounts have been updated to conform to current period presentation.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026
Institutional Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management 601.1 620.2 647.6 654.9 652.0 601.1 652.0 
Additions23.8 22.1 18.8 20.6 24.7 23.8 24.7 
Withdrawals(16.2)(19.5)(18.5)(25.0)(23.1)(16.2)(23.1)
Net institutional additions (withdrawals), excluding realizations, distributions and money market activity7.6 2.6 0.3 (4.4)1.6 7.6 1.6 
Realizations and distributions (1)(4.2)(2.3)(4.0)(3.1)(3.1)(4.2)(3.1)
Change in market value6.6 24.0 15.6 4.1 (8.3)6.6 (8.3)
Net money market flows1.7 0.8 (0.3)0.5 (3.7)1.7 (3.7)
Other (2)7.4 2.3 (4.3)— 0.3 7.4 0.3 
Ending assets under management620.2 647.6 654.9 652.0 638.8 620.2 638.8 
Retail Customers - Third Party - Assets Under Management (at fair market value):
Beginning assets under management244.9 240.6 256.7 265.2 267.0 244.9 267.0 
Additions17.7 16.0 16.2 21.5 21.6 17.7 21.6 
Withdrawals(17.9)(18.8)(15.9)(22.8)(21.4)(17.9)(21.4)
Net retail additions (withdrawals), excluding money market activity(0.2)(2.8)0.3 (1.3)0.2 (0.2)0.2 
Change in market value(5.5)18.6 9.2 2.7 (8.6)(5.5)(8.6)
Net money market flows1.8 0.5 0.7 0.7 1.1 1.8 1.1 
Other (2)(0.4)(0.2)(1.7)(0.3)(0.7)(0.4)(0.7)
Ending assets under management240.6 256.7 265.2 267.0 259.0 240.6 259.0 
Affiliated - Assets Under Management (at fair market value):
Beginning assets under management529.2 524.5 536.4 549.9 547.1 529.2 547.1 
Additions20.6 19.8 15.8 17.3 18.2 20.6 18.2 
Withdrawals(20.7)(19.2)(14.0)(21.2)(20.1)(20.7)(20.1)
Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity(0.1)0.6 1.8 (3.9)(1.9)(0.1)(1.9)
Realizations and distributions (1)(0.1)— (0.6)(0.1)(0.1)(0.1)(0.1)
Change in market value3.9 10.9 13.2 2.8 (6.4)3.9 (6.4)
Net money market flows(5.3)(2.1)— 1.5 (2.5)(5.3)(2.5)
Other (2)(3.1)2.5 (0.9)(3.1)(0.7)(3.1)(0.7)
Ending assets under management524.5 536.4 549.9 547.1 535.5 524.5 535.5 
__________
(1) Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations.
(2) First quarter 2025 includes $6.1 billion related to the reinsurance of certain Japanese whole life policies to Prismic Life Reinsurance, Ltd. which were transferred from affiliated to institutional assets under management. In third quarter 2025, Prudential completed the sale of its ownership in the PGIM SITE business in Taiwan to E.SUN Financial Holding Co., Ltd. and the outflows of $4.0 billion and $1.4 billion are reflected in institutional and retail, respectively.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums3,398 3,724 5,897 4,401 4,894 3,398 4,894 44%
Policy charges and fee income1,035 993 1,046 1,016 1,006 1,035 1,006 -3%
Net investment income2,700 2,760 2,948 2,982 3,066 2,700 3,066 14%
Asset management fees, commissions and other income573 531 552 548 484 573 484 -16%
Total revenues7,706 8,008 10,443 8,947 9,450 7,706 9,450 23%
Benefits and expenses (1):
Insurance and annuity benefits4,563 4,750 6,928 5,503 6,049 4,563 6,049 33%
Change in estimates of liability for future policy benefits(11)68 117 45 21 (11)21 291%
Interest credited to policyholders' account balances724 754 808 856 886 724 886 22%
Interest expense295 286 291 299 295 295 295 —%
Deferral of acquisition costs(411)(431)(426)(432)(393)(411)(393)4%
Amortization of acquisition costs227 233 234 244 241 227 241 6%
Operating expenses529 583 500 521 555 529 555 5%
Variable expenses859 810 842 860 840 859 840 -2%
Total benefits and expenses6,775 7,053 9,294 7,896 8,494 6,775 8,494 25%
Adjusted operating income (loss) before income taxes931 955 1,149 1,051 956 931 956 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, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums (2)1,746 2,127 4,290 2,832 3,245 1,746 3,245 86%
Policy charges and fee income30 25 31 28 31 30 31 3%
Net investment income1,758 1,819 1,963 1,998 2,085 1,758 2,085 19%
Asset management fees, commissions and other income131 105 121 129 96 131 96 -27%
Total revenues3,665 4,076 6,405 4,987 5,457 3,665 5,457 49%
Benefits and expenses (1):
Insurance and annuity benefits2,440 2,809 4,889 3,524 3,935 2,440 3,935 61%
Change in estimates of liability for future policy benefits(25)123 112 53 25 (25)25 200%
Interest credited to policyholders' account balances474 512 559 607 648 474 648 37%
Interest expense15 9 7 12 11 15 11 -27%
Deferral of acquisition costs(208)(206)(181)(166)(174)(208)(174)16%
Amortization of acquisition costs64 68 68 87 79 64 79 23%
Operating expenses137 138 138 134 145 137 145 6%
Variable expenses242 226 215 200 216 242 216 -11%
Total benefits and expenses3,139 3,679 5,807 4,451 4,885 3,139 4,885 56%
Adjusted operating income (loss) before income taxes526 397 598 536 572 526 572 9%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Includes pension risk transfer premiums of $1.4 billion, $1.0 billion, $2.4 billion, $0.2 billion and $0.0 billion for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026
Sales and Additions:
Retail annuities (1)3,473 3,135 3,377 3,574 3,284 3,473 3,284 
Longevity reinsurance (2)4,922 5,581 1,476 80 154 4,922 154 
Fee-based stable value1,081 1,048 551 1,086 1,113 1,081 1,113 
Pension risk transfer and other (3)1,048 2,225 4,326 2,520 2,818 1,048 2,818 
Total10,524 11,989 9,730 7,260 7,369 10,524 7,369 
Account Value:
Beginning account value, gross333,243 340,617 359,635 365,143 370,038 333,243 370,038 
Sales and additions 10,524 11,989 9,730 7,260 7,369 10,524 7,369 
Withdrawals and benefits (7,292)(6,188)(7,223)(7,682)(8,057)(7,292)(8,057)
Net flows3,232 5,801 2,507 (422)(688)3,232 (688)
Change in market value, interest credited and policy charges1,627 5,525 6,207 4,190 1,517 1,627 1,517 
Other (4)2,515 7,692 (3,206)1,127 (1,786)2,515 (1,786)
Ending account value, gross340,617 359,635 365,143 370,038 369,081 340,617 369,081 
Reinsurance ceded(12,096)(11,579)(11,987)(12,888)(13,336)(12,096)(13,336)
Ending account value, net328,521 348,056 353,156 357,150 355,745 328,521 355,745 
Amounts included in net flows above:
Retail annuities (1)2,823 2,472 2,614 2,785 2,429 2,823 2,429 
Longevity reinsurance (2)3,385 3,873 (311)(1,706)(1,664)3,385 (1,664)
Fee-based stable value(883)(25)(1,049)(1,191)(1,257)(883)(1,257)
Pension risk transfer and other (3)(2,093)(519)1,253 (310)(196)(2,093)(196)
Total3,232 5,801 2,507 (422)(688)3,232 (688)
Amounts included in ending account value, net above:
Retail annuities (1)43,543 49,649 54,553 57,532 58,177 
Longevity reinsurance (2)113,480 125,534 122,682 123,120 120,015 
Fee-based stable value66,947 67,362 67,727 67,763 67,518 
Pension risk transfer and other (3)104,551 105,511 108,194 108,735 110,035 
Total328,521 348,056 353,156 357,150 355,745 
__________
(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.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums1,396 1,349 1,353 1,321 1,390 1,396 1,390 —%
Policy charges and fee income197 184 183 164 186 197 186 -6%
Net investment income134 133 138 138 138 134 138 3%
Asset management fees, commissions and other income21 21 20 22 20 21 20 -5%
Total revenues1,748 1,687 1,694 1,645 1,734 1,748 1,734 -1%
Benefits and expenses (1):
Insurance and annuity benefits1,296 1,230 1,272 1,224 1,318 1,296 1,318 2%
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances35 32 33 37 33 35 33 -6%
Interest expense5 5 7 4 5 5 5 —%
Deferral of acquisition costs— (4)— — — — — —
Amortization of acquisition costs2 4 2 1 2 2 2 —%
Operating expenses194 186 181 190 206 194 206 6%
Variable expenses127 109 109 112 132 127 132 4%
Total benefits and expenses1,659 1,562 1,604 1,568 1,696 1,659 1,696 2%
Adjusted operating income (loss) before income taxes89 125 90 77 38 89 38 -57%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
First Quarter 2026
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026
Annualized New Business Premiums:
Group life225 35 36 29 211 225 211 
Group disability175 42 42 27 315 175 315 
Total400 77 78 56 526 400 526 
Future Policy Benefits (1):
Group life2,422 2,396 2,334 2,306 2,328 
Group disability3,283 3,316 3,345 3,398 3,472 
Total5,705 5,712 5,679 5,704 5,800 
Policyholders' Account Balances (1):
Group life4,519 4,460 4,503 4,732 4,493 
Group disability117 104 99 100 106 
Total4,636 4,564 4,602 4,832 4,599 
Separate Account Liabilities (1):
Group life 25,547 26,364 26,988 26,916 26,737 
Group Life Insurance:
Gross premiums, policy charges and fee income (2)1,196 1,195 1,155 1,159 1,141 1,196 1,141 
Earned premiums996 935 952 916 946 996 946 
Earned policy charges and fee income171 156 154 137 156 171 156 
Benefits ratio (3)87.1 %83.1 %84.1 %81.3 %86.0 %87.1 %86.0 %
Administrative expense ratio10.8 %11.5 %10.5 %11.7 %11.5 %10.8 %11.5 %
Persistency ratio97.0 %96.8 %96.5 %96.1 %96.5 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2)429 447 434 432 477 429 477 
Earned premiums400 414 401 405 444 400 444 
Earned policy charges and fee income26 28 29 27 30 26 30 
Benefits ratio (3)65.6 %75.3 %79.7 %85.3 %78.4 %65.6 %78.4 %
Administrative expense ratio25.8 %24.8 %24.0 %24.9 %26.2 %25.8 %26.2 %
Persistency ratio95.3 %94.1 %92.9 %91.8 %94.2 %
Total Group Insurance:
Benefits ratio (3)81.3 %80.9 %82.8 %82.5 %83.7 %81.3 %83.7 %
Administrative expense ratio14.8 %15.2 %14.2 %15.5 %15.9 %14.8 %15.9 %
Net face amount of policies in force (in billions) (4)2,1272,1182,1182,1172,059
__________
(1) As of end of period.
(2) Before returns of premiums to participating policyholders for favorable claims experience.
(3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively.
(4) At end of period; net of reinsurance.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
First Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums237 232 236 231 234 237 234 -1%
Policy charges and fee income430 354 454 445 431 430 431 —%
Net investment income360 348 371 358 368 360 368 2%
Asset management fees, commissions and other income84 80 82 90 88 84 88 5%
Total revenues1,111 1,014 1,143 1,124 1,121 1,111 1,121 1%
Benefits and expenses (1):
Insurance and annuity benefits522 427 482 422 462 522 462 -11%
Change in estimates of liability for future policy benefits7 (38)(5)(3)(8)7 (8)-214%
Interest credited to policyholders' account balances146 143 153 149 147 146 147 1%
Interest expense111 102 104 105 105 111 105 -5%
Deferral of acquisition costs(190)(209)(236)(250)(216)(190)(216)-14%
Amortization of acquisition costs106 104 105 106 108 106 108 2%
Operating expenses109 156 105 104 115 109 115 6%
Variable expenses248 247 282 305 269 248 269 8%
Total benefits and expenses1,059 932 990 938 982 1,059 982 -7%
Adjusted operating income (loss) before income taxes52 82 153 186 139 52 139 167%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
First Quarter 2026
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life32 39 37 36 38 32 38 
Universal life18 18 24 21 17 18 17 
Variable life154 160 186 201 196 154 196 
Total 204 217 247 258 251 204 251 
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors38 43 48 49 44 38 44 
Third party distribution166 174 199 209 207 166 207 
Total204 217 247 258 251 204 251 
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning account balance19,161 19,289 19,679 19,940 20,118 19,161 20,118 
Premiums and deposits347 346 349 361 392 347 392 
Surrenders and withdrawals(417)(467)(419)(557)(460)(417)(460)
Net sales (redemptions)(70)(121)(70)(196)(68)(70)(68)
Benefit payments(31)(27)(31)53 (19)(31)(19)
Net flows(101)(148)(101)(143)(87)(101)(87)
Interest credited and other224 508 304 179 131 224 131 
Net transfers (to) from separate account145 168 193 288 219 145 219 
Policy charges(140)(138)(135)(146)(143)(140)(143)
Ending account balance19,289 19,679 19,940 20,118 20,238 19,289 20,238 
Separate Account Liabilities:
Beginning account balance54,803 53,323 57,995 61,376 62,594 54,803 62,594 
Premiums and deposits963 1,084 1,117 1,293 1,177 963 1,177 
Surrenders and withdrawals(326)(315)(442)(558)(349)(326)(349)
Net sales (redemptions)637 769 675 735 828 637 828 
Benefit payments(184)(165)(170)(244)(288)(184)(288)
Net flows453 604 505 491 540 453 540 
Change in market value, interest credited and other (1,414)4,608 3,450 1,398 (1,825)(1,414)(1,825)
Net transfers (to) from general account(145)(168)(193)(288)(219)(145)(219)
Policy charges (374)(372)(381)(383)(386)(374)(386)
Ending account balance53,323 57,995 61,376 62,594 60,704 53,323 60,704 
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life274 284 282 284 289 
Universal life25 25 25 25 25 
Variable life165 170 174 176 177 
Total464 479 481 485 491 
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums19 16 18 17 25 19 25 32%
Policy charges and fee income378 430 378 379 358 378 358 -5%
Net investment income448 460 476 488 475 448 475 6%
Asset management fees, commissions and other income337 325 329 307 280 337 280 -17%
Total revenues1,182 1,231 1,201 1,191 1,138 1,182 1,138 -4%
Benefits and expenses (1):
Insurance and annuity benefits305 284 285 333 334 305 334 10%
Change in estimates of liability for future policy benefits7 (17)10 (5)4 7 4 -43%
Interest credited to policyholders' account balances69 67 63 63 58 69 58 -16%
Interest expense164 170 173 178 174 164 174 6%
Deferral of acquisition costs(13)(12)(9)(16)(3)(13)(3)77%
Amortization of acquisition costs55 57 59 50 52 55 52 -5%
Operating expenses89 103 76 93 89 89 89 —%
Variable expenses242 228 236 243 223 242 223 -8%
Total benefits and expenses918 880 893 939 931 918 931 1%
Adjusted operating income (loss) before income taxes264 351 308 252 207 264 207 -22%
__________
(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.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
First Quarter 2026
U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026
Annuities Account Value (1):
Beginning account value, gross93,598 89,139 90,263 90,034 87,203 93,598 87,203 
Premiums and deposits (2)6 8 4 6 5 6 5 
Full surrenders and death benefits(2,477)(2,170)(2,633)(2,576)(2,425)(2,477)(2,425)
Premiums and deposits net of full surrenders and death benefits(2,471)(2,162)(2,629)(2,570)(2,420)(2,471)(2,420)
Partial withdrawals and other benefit payments(1,181)(1,036)(1,049)(1,228)(1,131)(1,181)(1,131)
Net flows(3,652)(3,198)(3,678)(3,798)(3,551)(3,652)(3,551)
Change in market value interest credited and other(332)4,802 3,935 1,433 (1,583)(332)(1,583)
Policy charges(475)(480)(486)(466)(433)(475)(433)
Ending account value, gross89,139 90,263 90,034 87,203 81,636 89,139 81,636 
Reinsurance ceded(8,608)(8,393)(8,315)(7,954)(7,575)(8,608)(7,575)
Ending account value, net80,531 81,870 81,719 79,249 74,061 80,531 74,061 
Guaranteed Universal Life Policyholders' Account Balances (3):
Beginning account balance, gross14,611 14,655 14,685 14,720 14,897 14,611 14,897 
Premiums and deposits (2)350 342 338 479 331 350 331 
Surrenders and withdrawals(32)(26)(26)(29)(24)(32)(24)
Net premiums (redemptions)318 316 312 450 307 318 307 
Benefit payments(30)(44)(29)(24)(31)(30)(31)
Net flows288 272 283 426 276 288 276 
Interest credited and other141 139 140 140 131 141 131 
Policy charges(385)(381)(388)(389)(383)(385)(383)
Ending account balance, gross14,655 14,685 14,720 14,897 14,921 14,655 14,921 
Reinsurance ceded(9,029)(9,043)(9,077)(9,244)(9,273)(9,029)(9,273)
Ending account balance, net5,626 5,642 5,643 5,653 5,648 5,626 5,648 
Net Face Amount In Force (in billions) (4):
Guaranteed Universal Life37 37 37 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.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
U.S. BUSINESSES - U.S. LEGACY PRODUCTS - MARKET RISK BENEFIT FEATURES
(in millions)
20252026
1Q2Q3Q4Q1Q
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 Prudential61,716 62,634 62,435 60,554 56,589 
Account Values with Auto-Rebalancing Feature - externally reinsured1,763 1,758 1,713 1,628 1,493 
Account Values without Auto-Rebalancing Feature21,588 21,733 21,711 20,937 19,584 
Total85,067 86,125 85,859 83,119 77,666 
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature6,938 6,104 5,575 5,558 6,252 
Net Amount at Risk without Auto-Rebalancing Feature2,779 2,632 2,421 2,517 2,750 
Total9,717 8,736 7,996 8,075 9,002 
__________
(1) At end of period.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums3,057 2,709 2,800 2,627 2,949 3,057 2,949 -4%
Policy charges and fee income88 92 96 104 117 88 117 33%
Net investment income1,469 1,451 1,540 1,569 1,607 1,469 1,607 9%
Asset management fees, commissions and other income124 147 159 116 114 124 114 -8%
Total revenues4,738 4,399 4,595 4,416 4,787 4,738 4,787 1%
Benefits and expenses (1):
Insurance and annuity benefits2,789 2,446 2,559 2,428 2,667 2,789 2,667 -4%
Change in estimates of liability for future policy benefits(3)32 (21)5 20 (3)20 767%
Interest credited to policyholders' account balances347 369 390 402 414 347 414 19%
Interest expense(1)1 2 1 3 (1)3 400%
Deferral of acquisition costs(306)(297)(308)(286)(263)(306)(263)14%
Amortization of acquisition costs165 174 175 179 173 165 173 5%
Operating expenses436 467 466 499 563 436 563 29%
Variable expenses463 446 451 431 400 463 400 -14%
Total benefits and expenses3,890 3,638 3,714 3,659 3,977 3,890 3,977 2%
Adjusted operating income (loss) before income taxes848 761 881 757 810 848 810 -4%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan2,860 2,462 2,548 2,350 2,688 2,860 2,688 
Emerging Markets285 339 348 381 378 285 378 
Total3,145 2,801 2,896 2,731 3,066 3,145 3,066 
Annualized new business premiums:
Japan478 453 453 410 328 478 328 
Emerging Markets98 88 102 112 101 98 101 
Total 576 541 555 522 429 576 429 
Annualized new business premiums by distribution channel:
Life Planners258 216 227 224 154 258 154 
Life Consultants 130 150 138 110 105 130 105 
Banks 95 93 108 103 85 95 85 
Independent Agency and Other93 82 82 85 85 93 85 
Total 576 541 555 522 429 576 429 
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan2,913 2,440 2,550 2,395 2,770 2,913 2,770 
Emerging Markets280 321 317 345 332 280 332 
Total3,193 2,761 2,867 2,740 3,102 3,193 3,102 
Annualized new business premiums:
Japan483 451 453 417 335 483 335 
Emerging Markets95 84 93 101 89 95 89 
Total 578 535 546 518 424 578 424 
Annualized new business premiums by distribution channel:
Life Planners260 211 223 225 152 260 152 
Life Consultants 131 150 138 111 107 131 107 
Banks 95 92 105 100 82 95 82 
Independent Agency and Other92 82 80 82 83 92 83 
Total 578 535 546 518 424 578 424 
__________
(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.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
20252026
1Q2Q3Q4Q1Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan520 517 515 512 506 
Emerging Markets49 51 52 53 57 
Total569 568 567 565 563 
Policyholder Account Balances at end of period (in millions) (1)(2):
(Constant exchange rate basis)
International Businesses49,311 51,391 53,342 54,797 55,531 
Number of individual policies in force at end of period (in thousands) (3):
Japan11,102 11,116 11,142 11,136 11,045 
Emerging Markets855 869 884 907 925 
Total 11,957 11,985 12,026 12,043 11,970 
International Businesses life insurance individual policy persistency:
13 months92.0 %93.0 %94.0 %94.0 %93.8 %
25 months83.0 %83.0 %83.0 %83.0 %84.7 %
Number of Life Planners at end of period:
Japan4,356 4,285 4,282 4,283 4,243 
Emerging Markets1,819 1,876 1,859 1,952 2,038 
Total Life Planners6,175 6,161 6,141 6,235 6,281 
Life Consultants6,840 6,822 6,940 6,983 6,947 
__________
(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.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
20252026Year-to-date
1Q2Q3Q4Q1Q20252026% change
Revenues (1):
Premiums(9)(7)(6)— (5)(9)(5)44%
Policy charges and fee income(15)(15)(16)(14)(15)(15)(15)—%
Net investment income330 330 330 348 301 330 301 -9%
Asset management fees, commissions and other income(323)(252)(202)(285)(324)(323)(324)—%
Total revenues(17)56 106 49 (43)(17)(43)-153%
Benefits and expenses (1):
Insurance and annuity benefits(8)(1)(2)5 (3)(8)(3)63%
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances12 12 17 13 4 12 4 -67%
Interest expense207 215 211 205 216 207 216 4%
Deferral of acquisition costs33 39 35 37 32 33 32 -3%
Amortization of acquisition costs(16)(15)(14)(15)(17)(16)(17)-6%
Operating expenses155 107 170 367 86 155 86 -45%
Variable expenses15 (21)16 (11)(31)15 (31)-307%
Total benefits and expenses398 336 433 601 287 398 287 -28%
Adjusted operating income (loss) before income taxes(415)(280)(327)(552)(330)(415)(330)20%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
March 31, 2026December 31, 2025
Total PortfolioClosed Block DivisionFunds Withheld (1)PFI Excluding Closed Block Division and Funds WithheldTotal PortfolioClosed Block DivisionFunds Withheld (1)PFI Excluding Closed Block Division and Funds Withheld
Amount% of TotalAmount% of Total
Fixed maturities:
Public, available-for-sale, at fair value238,652 18,588 4,528 215,536 53.4 %238,205 18,833 4,576 214,796 53.6 %
Private, available-for-sale, at fair value91,771 9,776 2,301 79,694 19.7 %92,900 10,049 2,217 80,634 20.2 %
Fixed maturities, trading, at fair value14,913 541 9,273 5,099 1.3 %14,448 581 9,049 4,818 1.2 %
Assets supporting experience-rated contractholder liabilities, at fair value4,781 — — 4,781 1.2 %4,842 — — 4,842 1.2 %
Equity securities, at fair value12,178 1,494 — 10,684 2.6 %10,515 1,593 — 8,922 2.2 %
Commercial mortgage and other loans, at book value, net of allowance64,187 7,450 301 56,436 14.0 %63,921 7,463 263 56,195 14.0 %
Policy loans, at outstanding balance9,988 3,185 — 6,803 1.7 %9,958 3,217 — 6,741 1.7 %
Other invested assets, net of allowance (2)24,752 4,706 1,995 18,051 4.5 %24,066 4,532 1,850 17,684 4.4 %
Short-term investments, net of allowance6,914 264 17 6,633 1.6 %6,404 255 71 6,078 1.5 %
Subtotal (3)468,136 46,004 18,415 403,717 100.0 %465,259 46,523 18,026 400,710 100.0 %
Invested assets of other entities and operations (4)5,988 — — 5,988 5,260 — — 5,260 
Total investments474,124 46,004 18,415 409,705 470,519 46,523 18,026 405,970 
Fixed Maturities by Credit Quality (3)(5):March 31, 2026December 31, 2025
PFI Excluding Closed Block Division and Funds WithheldPFI Excluding Closed Block Division and Funds Withheld
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value% of TotalAmortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value% of Total
Public Fixed Maturities:
  NAIC Rating (6)
1185,872 1,781 25,025 — 162,628 75.5 %184,052 2,585 23,277 — 163,360 76.1 %
248,856 580 3,543 1 45,892 21.3 %46,660 907 2,952 — 44,615 20.8 %
                     Subtotal - High or Highest Quality Securities234,728 2,361 28,568 1 208,520 96.8 %230,712 3,492 26,229 — 207,975 96.9 %
36,016 61 621 — 5,456 2.5 %5,605 86 540 — 5,151 2.4 %
41,053 26 21 — 1,058 0.5 %1,105 44 9 — 1,140 0.5 %
5452 12 23 8 433 0.2 %480 16 25 7 464 0.2 %
697 7 5 30 69 0.0 %87 6 5 22 66 0.0 %
                     Subtotal - Other Securities7,618 106 670 38 7,016 3.2 %7,277 152 579 29 6,821 3.1 %
                         Total242,346 2,467 29,238 39 215,536 100.0 %237,989 3,644 26,808 29 214,796 100.0 %
Private Fixed Maturities:
  NAIC Rating (6)
121,320 225 1,642 — 19,903 25.0 %21,362 336 1,431 — 20,267 25.1 %
248,600 1,183 2,443 — 47,340 59.4 %47,978 1,777 1,961 — 47,794 59.3 %
                     Subtotal - High or Highest Quality Securities69,920 1,408 4,085 — 67,243 84.4 %69,340 2,113 3,392 — 68,061 84.4 %
37,737 253 173 26 7,791 9.8 %7,581 390 116 19 7,836 9.7 %
43,894 29 100 — 3,823 4.8 %3,343 54 52 22 3,323 4.1 %
5711 18 15 48 666 0.8 %1,228 22 20 44 1,186 1.5 %
6235 28 4 88 171 0.2 %244 29 6 39 228 0.3 %
                     Subtotal - Other Securities12,577 328 292 162 12,451 15.6 %12,396 495 194 124 12,573 15.6 %
                         Total82,497 1,736 4,377 162 79,694 100.0 %81,736 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 March 31, 2026 and December 31, 2025, 1,826 securities with amortized cost of $11,119 million (fair value $10,928 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.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
First Quarter 2026
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
March 31, 2026December 31, 2025
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value101,777 65.4 %102,061 65.4 %
Private, available-for-sale, at fair value20,607 13.2 %21,284 13.6 %
Fixed maturities, trading, at fair value 575 0.4 %551 0.3 %
Assets supporting experience-rated contractholder liabilities, at fair value4,781 3.1 %4,842 3.1 %
Equity securities, at fair value 1,636 1.1 %1,652 1.1 %
Commercial mortgage and other loans, at book value, net of allowance14,247 9.2 %14,487 9.3 %
Policy loans, at outstanding balance2,698 1.7 %2,708 1.7 %
Other invested assets, net of allowance (3)6,573 4.2 %6,357 4.1 %
Short-term investments, net of allowance2,698 1.7 %2,166 1.4 %
Total155,592 100.0 %156,108 100.0 %
March 31, 2026December 31, 2025
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value113,759 45.9 %112,735 46.1 %
Private, available-for-sale, at fair value59,087 23.8 %59,350 24.3 %
Fixed maturities, trading, at fair value 4,524 1.8 %4,267 1.7 %
Assets supporting experience-rated contractholder liabilities, at fair value— 0.0 %— 0.0 %
Equity securities, at fair value9,048 3.6 %7,270 3.0 %
Commercial mortgage and other loans, at book value, net of allowance42,189 17.0 %41,708 17.1 %
Policy loans, at outstanding balance4,105 1.7 %4,033 1.6 %
Other invested assets, net of allowance (3)11,478 4.6 %11,327 4.6 %
Short-term investments, net of allowance3,935 1.6 %3,912 1.6 %
Total248,125 100.0 %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.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
First Quarter 2026
INVESTMENT RESULTS (1)
(in millions)
Three Months Ended March 31,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
General Account (3)
Fixed maturities (4)4.63 %3,702 (616)4.38 %3,313 40 
Equity securities2.33 %57 — 2.10 %37 — 
Commercial mortgage and other loans4.64 %650 (25)4.46 %600 (50)
Policy loans4.47 %75 — 4.51 %73 — 
Short-term investments and cash equivalents4.77 %200 (7)4.93 %230 — 
Gross investment income before investment expenses4.58 %4,684 (648)4.38 %4,253 (10)
Investment expenses-0.17 %(302)— -0.16 %(283)— 
Subtotal4.41 %4,382 (648)4.22 %3,970 (10)
Other investments (4)323 272 285 (296)
Investment results of other entities and operations (5)49 40 32 23 
Investment results of Funds Withheld (6)381 — 350 (390)
Less: investment income related to adjusted operating income reconciling items(127)— (118)— 
Total5,008 (336)4,519 (673)
________
(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.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
First Quarter 2026
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
Three Months Ended March 31,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)3.41 %1,201 (549)3.18 %1,094 111 
Equity securities2.45 %10 — 2.14 %9 — 
Commercial mortgage and other loans3.81 %136 — 3.82 %151 (6)
Policy loans3.78 %25 — 3.83 %25 — 
Short-term investments and cash equivalents4.17 %46 (2)3.96 %37 — 
Gross investment income before investment expenses3.46 %1,418 (551)3.26 %1,316 105 
Investment expenses-0.12 %(84)— -0.13 %(82)— 
Subtotal3.34 %1,334 (551)3.13 %1,234 105 
Other investments (2)146 20 142 56 
Total1,480 (531)1,376 161 
__________
(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(2) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments". Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains / (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
Three Months Ended March 31,
20262025
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (2)AmountYield (2)Amount
Excluding Funds Withheld and Japanese Insurance Operations (3):
Fixed maturities (4)5.62 %2,501 (67)5.41 %2,219 (71)
Equity securities2.31 %47 — 2.09 %28 — 
Commercial mortgage and other loans4.93 %514 (25)4.73 %449 (44)
Policy loans4.93 %50 — 4.98 %48 — 
Short-term investments and cash equivalents4.98 %154 (5)5.15 %193 — 
Gross investment income before investment expenses5.34 %3,266 (97)5.19 %2,937 (115)
Investment expenses-0.20 %(218)— -0.18 %(201)— 
Subtotal5.14 %3,048 (97)5.01 %2,736 (115)
Other investments (4)177 252 143 (352)
Total3,225 155 2,879 (467)
__________
(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.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums7,838 — — — 403 121 — — 8,362 6,446 — — — 417 137 — — 7,000 
Policy charges and fee income1,108 14 — 10 — — — — 1,132 1,108 46 — 3 — — — — 1,157 
Net investment income5,008 1 — — 530 126 — — 5,665 4,519 (3)— — 493 121 — — 5,130 
Realized investment gains (losses), net (3)(194)(164)— — (28)22 — — (364)(157)(489)— — (57)(27)— — (730)
Asset management fees, commissions and other income1,474 (420)— — (26)48 (50)— 1,026 1,496 (190)— — (33)23 (32)— 1,264 
Change in value of market risk benefits, net of related hedging gains (losses)— — (295)— — — — — (295)— — (351)— — — — — (351)
Total revenues15,234 (569)(295)10 879 317 (50)— 15,526 13,412 (636)(351)3 820 254 (32)— 13,470 
Benefits and expenses:
Insurance and annuity benefits8,713 67 — 3 788 194 — — 9,765 7,344 2 — 2 729 208 — — 8,285 
Change in estimates of liability for future policy benefits41 1 — (8)— 5 — — 39 (14)3 — (38)— (1)— — (50)
Interest credited to policyholders' account balances1,304 (239)— — 28 16 — — 1,109 1,083 (325)— — 28 39 — — 825 
Interest expense539 — — — (2)— — — 537 522 — — — (2)2 — — 522 
Deferral of acquisition costs(624)— — — — — — — (624)(684)(98)— — — — — — (782)
Amortization of acquisition costs397 11 — — 3 — — — 411 376 28 — — 3 — — — 407 
Operating expenses1,729 — — — 70 32 — 3 1,834 1,624 — — — 65 43 — (28)1,704 
Variable expenses1,509 212 — — 3 6 (8)— 1,722 1,641 — — — 19 14 (35)— 1,639 
Total benefits and expenses13,608 52 — (5)890 253 (8)3 14,793 11,892 (390)— (36)842 305 (35)(28)12,550 
__________
(1) See page 34 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 and $(55) million for three months ended March 31, 2026 and March 31, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $120 million and $(104) million and certain derivatives of $(16) million and $5 million for three months ended March 31, 2026 and March 31, 2025, respectively.


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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2025Three Months Ended September 30, 2025
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums6,426 — — (1)445 112 — — 6,982 8,691 — — 1 394 127 — — 9,213 
Policy charges and fee income1,070 174 — 5 — — — — 1,249 1,126 25 — (18)— — — — 1,133 
Net investment income4,600 (3)— — 511 118 — — 5,226 4,872 (3)— — 528 131 — — 5,528 
Realized investment gains (losses), net (3)(148)(1,302)— — (198)(51)— — (1,699)(119)(900)— — 3 (10)— — (1,026)
Asset management fees, commissions and other income1,558 609 — — 189 89 (51)— 2,394 1,669 829 — — 133 151 (66)— 2,716 
Change in value of market risk benefits, net of related hedging gains (losses)— — (426)— — — — — (426)— — 324 — — — — — 324 
Total revenues13,506 (522)(426)4 947 268 (51)— 13,726 16,239 (49)324 (17)1,058 399 (66)— 17,888 
Benefits and expenses:
Insurance and annuity benefits7,195 200 — (5)864 186 — — 8,440 9,485 (85)— (1)949 200 — — 10,548 
Change in estimates of liability for future policy benefits100 (254)— (33)— 12 — — (175)96 168 — 20 — 12 — — 296 
Interest credited to policyholders' account balances1,135 (64)— — 29 38 — — 1,138 1,215 300 — — 27 40 — — 1,582 
Interest expense526 — — — (1)1 — — 526 531 — — — (3)2 — — 530 
Deferral of acquisition costs(689)— — — — — — — (689)(699)— — — — — — — (699)
Amortization of acquisition costs392 12 — — 3 — — — 407 395 4 — — 4 — — — 403 
Operating expenses1,634 — — — 69 14 — — 1,717 1,639 — — — 69 19 — 1 1,728 
Variable expenses1,548 100 — — 1 5 (33)1 1,622 1,630 138 — — 2 3 (55)— 1,718 
Total benefits and expenses11,841 (6)— (38)965 256 (33)1 12,986 14,292 525 — 19 1,048 276 (55)1 16,106 
__________
(1) See page 34 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.
(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(27) million and $(91) million for three months ended June 30, 2025 and September 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 $(47) million and $(129) million and certain derivatives of $55 million and $(15) million for three months ended June 30, 2025 and September 30, 2025, respectively.





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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended December 31, 2025
Reconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums7,028 — — (1)463 112 — — 7,602 
Policy charges and fee income1,106 23 — (2)— — — — 1,127 
Net investment income4,947 (3)— — 524 121 — — 5,589 
Realized investment gains (losses), net (3)(174)(360)— — (121)(22)— — (677)
Asset management fees, commissions and other income1,613 356 — — 60 79 (37)— 2,071 
Change in value of market risk benefits, net of related hedging gains (losses)— — (22)— — — — — (22)
Total revenues14,520 16 (22)(3)926 290 (37)— 15,690 
Benefits and expenses:
Insurance and annuity benefits7,936 30 — (1)864 198 — — 9,027 
Change in estimates of liability for future policy benefits50 (2)— (25)— 9 — — 32 
Interest credited to policyholders' account balances1,271 196 — — 29 27 — — 1,523 
Interest expense533 — — — (2)2 — — 533 
Deferral of acquisition costs(681)— — — — — — — (681)
Amortization of acquisition costs408 7 — — 3 — — — 418 
Operating expenses1,876 — — — 67 23 — — 1,966 
Variable expenses1,622 67 — — 3 8 (43)1 1,658 
Total benefits and expenses13,015 298 — (26)964 267 (43)1 14,476 
__________
(1) See page 34 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 $(49) million for three months ended December 31, 2025. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and certain derivatives of $3 million for three months ended December 31, 2025.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First 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.

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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First 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.








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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First 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.
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Prudential Financial, Inc.
image5.jpg
Quarterly Financial Supplement
First Quarter 2026
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of May 5, 2026
Standard &Fitch
A.M. Best*Poor'sMoody's*Ratings*
The Prudential Insurance Company of AmericaA+AA-Aa3AA-
PRUCO Life Insurance CompanyA+AA-Aa3AA-
PRUCO Life Insurance Company of New JerseyA+AA-NRAA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NRA+NRNR
Gibraltar Life Insurance Company, Ltd.NRA+NRNR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NRA+NRNR
CREDIT RATINGS:
as of May 5, 2026
Prudential Financial, Inc.:
  Short-Term BorrowingsAMB-1A-1P-2F1
  Long-Term Senior Debta-AA3A-
  Junior Subordinated Long-Term DebtbbbBBB+Baa1BBB
The Prudential Insurance Company of America:
  Capital and surplus notesaAA2A
Prudential Funding, LLC:
  Short-Term DebtAMB-1A-1+P-1F1+
  Long-Term Senior Debta+AA-(P)A1NR
PRICOA Global Funding I:
  Long-Term Senior Debtaa-AA-Aa3AA-
 * NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.
For more information, please visit our website at investor.prudential.com.
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Source: View Original Filing on SEC EDGAR

FAQ

How did Prudential Financial (PFH) perform in Q1 2026?

Prudential Financial reported Q1 2026 net income of $597 million, or $1.68 per diluted share, versus $707 million a year earlier. After-tax adjusted operating income improved to $1.278 billion, or $3.61 per share, reflecting stronger underlying operations despite investment-related losses.

What was Prudential Financial’s adjusted operating income in Q1 2026?

After-tax adjusted operating income for Q1 2026 was $1.278 billion, up from $1.188 billion in Q1 2025. On a per-share basis, adjusted operating income rose to $3.61 from $3.29, highlighting improved core profitability once investment and market risk-related items are excluded.

How did PGIM and U.S. Businesses contribute to Prudential’s Q1 2026 results?

In Q1 2026, PGIM generated adjusted operating income of $190 million, a 22% increase year over year. U.S. Businesses delivered $956 million of adjusted operating income, up 3%. These segments benefited from higher asset management fees and stronger net investment spread results.

What were Prudential Financial’s assets under management at March 31, 2026?

Total assets under management were $1.576 trillion at March 31, 2026, compared with $1.522 trillion a year earlier. PGIM accounted for $1.433 trillion of this, with growth primarily driven by equity market appreciation and strong investment performance across public and private asset classes.

How much capital did Prudential Financial return to shareholders in Q1 2026?

Prudential Financial returned $746 million to shareholders in Q1 2026. This included $250 million of share repurchases and $496 million of dividends. Dividends were $1.40 per common share, representing a yield of over 5% on adjusted book value per share.

How did the Prudential of Japan sales suspension affect Q1 2026 results?

International Businesses’ adjusted operating income declined 4% year over year to $810 million, partly due to higher expenses related to the Prudential of Japan sales suspension. Constant dollar sales fell 27%, though broader Japan operations remained diversified and Brazil delivered record earnings.

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